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Mortage Defaults higher – Melbourne, Australia. The end of the boom? Now the fall in the market?

Posted by Adrian on May 21, 2007

According to The Age article (Australian newspaper), mortgage defaults and repossession is at an all time high. Also intermixed with this is the huge credit card debt household accumulation.

This might be the beginning of the housing market collapse in Melbourne (city in Australia). In which Melbourne City had unprecedented housing price growth in the last 5 years, mostly in the inner city upper middle class suburbs, and inner city working class suburbs.

The Age article

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