I discussed why Genworth might represent an interesting proxy for housing market sentiment in a little more detail here.
Delinquencies very low
Strip out those exceptional items and mortgage books in the remainder of the Sunshine State are in reasonably solid nick.
This is particularly so given that the share price dipped sharply in September as the APRA crackdown on property investors bit hard, adversely impacting expected volumes through 2016.
The Genworth share price had slumped to a 52 week low of $2.21 on September 2015 as the Glencore share price crash rocked commodities companies and share market confidence.