Thursday January 19, 2006 
Thursday January 19, 2006
peakoil.com -> dailytelegraph.news.com.au :
A record number of NSW [New South Wales] families lost their homes last year as growing numbers struggled to meet mortgage commitments. The number of homeowners facing the threat of a court repossession order on their property rocketed by one-third. For the first time, the figure hit 4000 - or about 11 a day - compared with 3061 in 2004.
An interest rate rise, higher petrol prices, record levels of debt and other bills have combined to leave many families unable to pay mortgages. Families worst affected are those that bought at the height of the property boom. They believed that prices would never come down, tempting them to borrow more than they could really afford if circumstances changed. The live-for-today attitude led to staggering numbers borrowing against the rising value of their homes, taking on ever more mortgage debt, to repay credit cards or buy big ticket items such as cars and holidays.
Katherine Lane at the NSW Consumer Credit Legal Centre said that in the past, it could be a year before a home was repossessed, but now, it could be as little as three months.
See also :
1. The housing bubble has burst
2. "Affordable Housing"
3. Shanghai housing bubble pops
4. Say goodbye to the days of million-dollar HDB flats
(2006-01-19 11:23:08 SGT)
[Biz]
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