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  • Ticking Timebomb? Thousands of Australian mortgages propped up by virus benefits

    From reuters.com

    Nearly 20,000 Commonwealth Bank of Australia (CBA.AX) mortgages are held by people receiving jobless benefits due to COVID-19, raising concerns for the economy of possible forced property sales and sharp house price declines once support runs out.The data, released by the country’s biggest bank along with its annual profit announcement on Wednesday, shows Australia’s A$7.2 trillion housing market is being propped up by temporary relief payments for people left jobless by shutdowns to stop the virus spreading. That raises the risk of a sharp downturn in house prices when the payments stop and banks call in loans ... (full story)

You can start writing the same article for Canada but maybe crank up the numbers a bit.
these economies are broken. no production, no substance. only thing that keeps them up is borrowing and more borrowing. Similar situation to before implosion of Turkish empire in early 20 century. Implosion itself was rapid and unexpected.
Quoting enarco
You can start writing the same article for Canada but maybe crank up the numbers a bit.
Add in UK.........
Quoting enarco
You can start writing the same article for Canada but maybe crank up the numbers a bit.
And for the Netherlands. Even worse .... Heavely mortgaged country ...
Apparently in London, mortgage surveyors are knocking 20% of the estate agents valuations and then offering a maximum 70% loan on the reduced valuation
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  • Posted: Aug 12, 2020 5:27am
  • Submitted by:
     Newsstand
    Category: Fundamental Analysis
    Comments: 5  /  Views: 6,312