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No lampooning here Michael! You're spot on. So many householders in the US have walked away from their homes and moved in with family its caused oversupply. And what's worse, with the lending free for all (aka subprime crisis) they had, there was so much moneth that builders were building...

Kenneth I think you are overstating the impact the Govt has on the housing market. In fact, the only impact they have had on it over the last few years is fuelling demand with FHOGs, and limiting supply by ensuring we fall about 10% short of our needs for new property each year. Fact is...

The problem was a massive oversupply when everyone who had a subprime mortgage found their interest rate doubled overnight, and they had to sell. Too much supply, not enough demand = dropping prices. Since we dont have sub-prime type loans, the number of defaults are insignificant in...

The problem in the US is oversupply of houses, and low demand, because so many have gone broke and can't afford houses. In Oz, we have an undersupply of property by around 30,000 houses a year (there was an article posted on this yesterday). We also dont have sub-prime loans here, just...