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United Kingdom Economy

FSA indicates plausible scenario to assume property prices fall by 40 per cent and that 35 per cent of mortgages in default.

Nothing like doing a bit of planning. The Financial Services Authority in the UK is suggesting some financial institutions are complacent and not adequately modeling risks. It suggests an “appropriate” benchmark was to assume property prices fell by 40 per cent and that 35 per cent of mortgages in default

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United States Economy

U.S. new-home prices plunging at fastest pace in 36 years

Overnight we saw the data released showing prices of new homes in the US fall 9.7% yoy to September. This is believed to be the fastest falls for 36 years. New home sales are now down 14.2% for the year with inventories up 14.4% over the same period. » New-home

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Australian Housing

Bargains in Sydney’s West – 64% discount.

The weekend has highlighted some potential bargains in Sydney. In Cabramatta, a 1 bedroom unit sold for an entire $95,000. At the peak of Sydney’s property boom in 2003, it had changed hands for $262,000. That’s a fall of 64% for the mortgagee repossession. Over in Annandale another mortgagee repossession