Australian Mortgage Stress Increases

ABC News:  New figures show the number of people getting behind in mortgage payments has increased considerably across Australia, in the 12 months to September, 2010.Research from Fitch Ratings agency reveals 1 per cent of borrowers were a month or more behind in scheduled payments.  The number of Western Australians’ behind in the mortgage repayments was double the national average.  That may come as a surprise given that Western Australia is perceived as an economically strong state.

One of the report’s authors David Carroll says the main driver is generally unemployment.  Read more…..