Wednesday, July 9, 2008
Ozzies reaching tipping point?
Bouyed by a commodities & mining economy but still have the same credit and banking problems. 8% drop in ONE month. What's going to happen? 'Home-loan approvals fell to an eight-year low in May as decade-high interest rates, rising inflation and a bearish outlook for business turned people away from buying houses. The number of home loans, seasonally adjusted, dropped 7.9% in May, according to the Australian Bureau of Statistics, the lowest since June 2000, according to data from Bloomberg.'