Monday, Jan 14, 2008
Up to 17 percent of South Africans could lose their homes this year.
Business Report (South Africa): Repossessions escalate as debt skyrockets
Johannesburg - Auction warehouses are full of glittering 4x4s and expensive sedans, driving the message home to the previous owners the high price to be paid for over-indebtedness.
Yes, South Africans love debt and hate saving.
Household debt reached a record high of 77.4 percent of disposable income in the third quarter of last year, up from 49.8 percent in the fourth quarter of 2002.
Posted by landedgentry @ 05:07 PM (324 views) Add Comment
4 Comments
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1. alan said...
House prices are faltering all over the world. Bloomberg says the latest country to suffer is New Zealand.
2. Quiet Guy said...
I wonder what the history books will say about the global house price boom and slump? It will not be pretty reading I suspect.
3. planning4acrash said...
To what extent does Zimbabwean inflation and black market distort the South African money supply? Is part of this imported inflation?
4. Yellerkat said...
But the commodities boom is still underpinning a LOT of growth in SA. Until China falls off the pottie.