Why Australia’s Housing Bubble is Critical to its Economy
As is the case in the U.S. housing market, many Australian homeowners who are having difficulty affording their mortgages have had relief from payment deferrals. Yet the banks who are granting these deferrals are still accounting for these loans as performing loans. Once deferral periods end, it will result in defaults and foreclosures as well as many rental vacancies. This will be especially critical for an economy that’s become far too dependent on frothy housing market bubbles.
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