Like the deserts miss the rain...
In my day-to-day experience transaction after transaction in the housing market is being delayed, knocked back, or outright rejected on some of the most trivial matters I've come across.
The pendulum has swung back so far that stock turnover has now sunk to the lowest level in nearly 30 years, since the time of the early 1990s recession.
Via the Scutt at Business Insider:
And this is legit analysis by market experts (not the bogus 'record lows' reported every quarter from the preliminary ABS data).
State budgets are being shredded as stamp duty receipts have evaporated.
Curiously the Reserve Bank has spent the last few years assuring everyone how high lending standards are and how low financial stability risks are, a view well supported by the remarkably low level of mortgage arrears, and bank loss rates of close to zero.
Paradoxically, a problem is now being created, because banks are faffing around with forensic analysis of plain vanilla home loan applications.
Pro tip for aspiring homeowners: go easy on your household pet food expenditure, folks!
Stranger than fiction...
