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Australian housing Ponzi prepares for implosion. Two million could people default in months.; More than 2 million Aussies at risk of default in next twelve months
Topic Started: 5 Oct 2014, 09:48 PM (4,312 Views)
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16 million Australains using credit.....fmd.....

http://m.smh.com.au/money/borrowing/default-looms-for-millions-of-australians-20141002-10p59k.html

More than 2 million people, or 13 per cent of the estimated 16 million Australians using credit, are at risk of credit default.

That includes about 600,000 people who are at "high to extreme risk" of defaulting, an analysis of credit records by credit agency Veda shows.

The analysis comes from extrapolation of almost 1 million "VedaScores", which is a number up to 1200 that summarises an individual's credit record.

The national average VedaScore is 760 and a score of 200 means the person has a 50 per cent chance of having an "adverse credit event" within the next 12 months.
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Is it, keeping up with the jones ' syndrome.

Buddha one said' comparison is the their of joy''.

We see it here on the forum, many seem to have donated their lives at willing the price of their house up.

Will they be 'rich' some day. or ' better off' some day, will they live long enough to see it, will it ever be as much as they liked or wanted it to be, or just never seem like enough and always wanting more.

What about TODAY, what could you do today, the simple pleasures in life, to go out and do something with the kids or friends. A simple bbq in the park or the beach. A walk with the dog.go fishing. what about the museum, the local market, go an cook up something new, discover one of lifes true riches, fine food, made just as good or better than any restaurant, by yourself, for a fraction of the cost, share it with others and enjoy.Life and its basics advetures are all around you, many sit stuck in front of a screen all day, for some of you here, its look like some have spend years at the keyboard. What about your kids, are they at a screen all day too.

We see those little asain countries , and look at these people and think they are poor, but they always seem to be smiling and laughing, cooking up foods for all to enjoy and share, with there friends and family and most importantly, actually interacting with their kids. Life is short folks, you only live once, and we don't know how long that once lasts.

If you keep comparing yourself to those with more than yourself, you may be in for a life of dissapiontment, as you will never get there. Learn to be happy with what you have and what you got, your family , your health and whatever. And stop wasting your lives trying to achieve sometching you never will, because with greed, you can't reach the point of satisfaction or happiness and seem unable to enjoy the simple things.

Who is richer, the little poor asain out laughing with his kids and family, not posting on some forum how much his house price went up today, while he wife sits nearby with her head in the screen along with the kid or two.

Not sure exactly what we have created here , but it does not look too pretty. Very sad really......
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Drgonzo
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Although I am sure Veda do this to pump its subscription service it makes one question how people can apparently be on average two years ahead on their mortgage and saving at record levels yet at risk of default.
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Dr Watson
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Edited by Dr Watson, 6 Oct 2014, 10:01 AM.
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
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Foxy
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Zero is coming...

Drgonzo
6 Oct 2014, 09:40 AM
Although I am sure Veda do this to pump its subscription service it makes one question how people can apparently be on average two years ahead on their mortgage and saving at record levels yet at risk of default.
Hi,
I am in Perth Western Australia.
I can answer your question very easily,
2 people working on the mines, great income stream.
Clunk, one job lost.
Tighten the belts.
Heaven forbid the other person losses their job.
I am seeing so many empty apartments here in Perth.
Agents are telling me that the prices have dropped 10% at least.
Home opens are a very quiet event.
A friend of mine is looking for a 2 bedroom villa or duplex and we have been going to home opens.
It is not uncommon to be the only people there and more often than not the home is empty.
I got exited yesterday when the villa was tenanted, only to be told that the tenant was leaving in 2 weeks time.
Get it very straight the market has changed in Perth.
I would be very reluctant to buy anything at the moment.
I have a feeling the government may have to bring in a beefed up FHO program for established properties.
Peter
By the way my friend was telling me 2 months ago that properties where still going up, yesterday the 2 agents representing the villa in unison explained that the price had been reduced in an attempt to secure a sale.
BUYER BEWARE
Edited by Foxy, 6 Oct 2014, 10:26 AM.
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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Drgonzo
6 Oct 2014, 09:40 AM
Although I am sure Veda do this to pump its subscription service it makes one question how people can apparently be on average two years ahead on their mortgage and saving at record levels yet at risk of default.
Some previous stats have counted house price increases as savings in their figures, even though people have ACTUALLY SAVED NOTHING at ALL.

I also find it hard to believe when we know most are now paying Interest only loans, not only investors, but people upgrading and also first home buyers.

How can you be ahead when your only paying interest only loans..I can Imagine that many actually paying down debt may be ahead with these low rates, but they seem to be the minority today. The scam now is to put down nothing and pay off nothing and borrow as much as possible with rates at record lows while the economy around us crumbles. Then hope for the best.


The government and banks have now robbed the future of our economy through complete ignorance and greed. Such an arrogant and short sighted measure of greed, without realizing they are not only shooting themselves in the foot , but guaranteeing the future here will be bleak for our economy for a very long time.

But what do you expect when your country is run by dopes who were never good enough to make it in the real economic world, and seem only too happy to destroy and degrade our lovely country.
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Jimbo
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Mustapha Mond
6 Oct 2014, 10:18 AM
2 people working on the mines, great income stream.
Clunk, one job lost.
Tighten the belts.
I got in from SK on Saturday morning and in the afternoon we took the kids down to Mandurah for fish and chips at Nino's Dolphin Quay.

Now bearing in mind that it is the school holidays, the weather was excellent and it was peak hours for eating out (between 5 and 7pm), the place was pretty dead.

Parking was easy, all the restaurants were practically empty and Nino's was also doing happy hour on drinks (beer for $4.95 a pint between 5 and 6 and decent MR white wines at $3.00 a glass).

Back last year in spring you had to fight for a table at any of the eateries and they certainly wouldn't be flogging beer at half price during peak hour to pull in the punters.

Something has changed.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be :?: rising.
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skamy
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6 Oct 2014, 08:06 AM
Is it, keeping up with the jones ' syndrome.

Nice made up fantasy you got going there. The property market bears are all Buddhists who will live in poverty with happy smiling faces. While the property bulls spend their lives in misery behind a keyboard never enjoying their security and wealth.







Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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Chris
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I have no idea what psychological factors are behind someone posting as a guest who then goes and posts as s guest to reaffirm their original comments.

It appears at times This site has lost the plot
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skamy
6 Oct 2014, 11:47 AM
Nice made up fantasy you got going there.






Is it ??????

Could not be further from the truth.

Seems to be your response to anything that does not suit your fantasy :bye:

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