Help
Quote
This blue-collar district, where modest houses sit alongside freshly-minted apartments, is one of the areas where Australia's very own property crunch is playing out.
Recent figures from the Supreme Court show that in New South Wales, which has Sydney as its capital and is Australia's most populous state, the number of people having their homes repossessed by banks has risen to 22.5% this year.
Put more simply, that means that almost one out of every four mortgages could end up in repossession.
A report by insurance provider Genworth does not give detailed figures for arrears but states that "no previous survey has seen mortgage stress levels hit 25%, not even during the depths" of the global financial crisis.
Recent figures from the Supreme Court show that in New South Wales, which has Sydney as its capital and is Australia's most populous state, the number of people having their homes repossessed by banks has risen to 22.5% this year.
Put more simply, that means that almost one out of every four mortgages could end up in repossession.
A report by insurance provider Genworth does not give detailed figures for arrears but states that "no previous survey has seen mortgage stress levels hit 25%, not even during the depths" of the global financial crisis.
Unless I've missed something rather significant they must mean repossessions are up 22.5%. Not risen to 22.5%
