2010-12-31

Australian housing bubble

Australia's housing bubble is approaching the end, given the behavior of the banking sector. Here's Steve Keen on the subject:

Loan standards drop to keep the bubble afloat

I’ve just been alerted by Banking Day (a subscriber-only service) that Westpac–via its subsidiary St George–is now allowing potential borrowers to treat their rental payments as “evidence of genuine savings” when applying for a home loan.

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