From the ABC -
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Consumers suffer as mortgage default rates hit record high
Mortgage defaults in Victoria reached record levels in the first two months of this year, and they are not likely to improve any time soon.
According to real estate experts, the same trends are likely to occur elsewhere, particularly in the so-called "aspirational" suburbs of greater Sydney.
A record number of Victorians lost their homes in January and February this year due to higher interest rates and the rising cost of living.
Figures contained in Supreme Court documents obtained by The Age newspaper show that the number of land repossession cases reached a seven-year high, when the Reserve Bank was delivering back to back interest rate rises.
Melbourne Consumer Law Action Centre policy and campaigns director Gerard Brody says more consumers are becoming stressed by the expenses of everyday living.
(http://
Consumers suffer as mortgage default rates hit record high
Mortgage defaults in Victoria reached record levels in the first two months of this year, and they are not likely to improve any time soon.
According to real estate experts, the same trends are likely to occur elsewhere, particularly in the so-called "aspirational" suburbs of greater Sydney.
A record number of Victorians lost their homes in January and February this year due to higher interest rates and the rising cost of living.
Figures contained in Supreme Court documents obtained by The Age newspaper show that the number of land repossession cases reached a seven-year high, when the Reserve Bank was delivering back to back interest rate rises.
Melbourne Consumer Law Action Centre policy and campaigns director Gerard Brody says more consumers are becoming stressed by the expenses of everyday living.
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