Real estatebuyingExperts warn of 'debt bomb' as housing downturn worsensEXPERTS have issued a grim warning for homeowners, claiming up to two fifths of your home's worth could be wiped out in 2019.According to reporter Tom Steinfort, Hermes 2002 - 20 the current slump is actually like falling off a cliff with a number of real estate and finance experts claiming houses could plummet in value by up to 40 per cent in the next 12 months.If that happens, it would also cause an economic Steinfort spoke with data scientist Martin North from Digital Finance Analytics, who said Australia was uniquely vulnerable when it came to an economic crash tied to a property downturn.How kitchen sold this housethe worst end of the spectrum, if everything turns against us we could see property prices 40 45 per cent down from their peaks, which is a huge deal, he said.$1.7 trillion held by the banks in mortgages for owner occupies and investors. And that about 65 per cent of their total lending.higher than any other country in the Western world by a long way.
probably no country in the world more susceptible to the ramifications of a housing crash than Australia. We are uniquely exposed at the moment. North said Australia was now in the same position as the US was back in 2006 and 2007 a position which triggered an economic collapse.a society, and as a government, and as a regulatory system, Minutes reveals you could lose 40 Hermes we all banking on the home price engine that just goes on giving and giving and giving. It not going to, he said.got a debt bomb, we got a debt crisis and at some point it going to explode in our face. Picture: 60 MinutesSource:Supplied.It a sentiment shared by Laing and Simmons real estate agent Peter Younan, who said the median house price in his patch in Granville in Sydney west had dropped from $1.2 million to $1 million in just one year a shocking $200,000 plummet.He said foreclosures had also risen by 600 per cent in the region.mortgage stress is definitely being felt especially in this area, he said.60 Minutes also spoke with several Aussie homeowners who gave harrowing details of the stress they faced trying to pay off their mortgages, including having their power turned off and being by their banks.
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