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Over the 12 month period median house prices dropped in real terms in spite of the govt tipping in further cash so I think the impact is self-evident. We will have to wait and see what impact the reduction in government largesse will have. The other interesting variable not yet in play is...

Exactly. Arrears in Oz are at record highs and that's not counting the various tricks available to handle stressed borrowers in a way that avoids them showing up in arrears rates and scaring the analysts. The key issue that young Shadow fails to address that the cost and availability of funds...

But Where Will the Money Come From? Said it before and I'll say it again, it doesn't matter how much demand there is for property if the supply of money is limited or less flexible in comparative terms. Vendors won't take pigs and chickens. The second stage of the sub-prime crisis - the...