Government 'in denial' over rate pain : "'Mortgagee defaults have now doubled since 2002 and they are up 50 per cent since 1991 at the height of the recession.'"
I have blogged before this is the last cycle of any so called property boom and I thank my original land agent for giving me all this wisdom. You have to have the mortgagee sales..the banks make money and the people with real money come in a invest. We have 2 people in this street whose homes are up for sale because they cannot afford to keep them. Two families out. Maybe they will be able to get a cheaper property and stay in the market. It's the sad part of others feathering their own nests. I survived the last one and I went without food to keep children fed and pay exorbitant rate hikes. It goes in cycles...it's a matter of whether you can manage the bad times and it is very, very hard.
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