The future is down down, prices are down.
From RPdata.
Melbourne qtr -1.49% yr/yr -7.17%
5 capital city aggregate qtr -1.03% yr/yr -5.00%
Looks like RP Data can't fudge the figures any more.
Exactly, it is for all to see, but don't worry Mr Burns it is not as bad as the share market apparently. Really depends on your choice of cancer.
Sales of existing U.S. homes probably rose in April for the first time in three months, indicating the industry is stabilizing, economists said before a report today.
Purchases climbed 2.9 percent to a 4.61 million annual rate last month, according to the median forecast of 73 economists surveyed by Bloomberg News. The pace would be just shy of the 4.63 million reached in January that was the strongest in more than a year.
India faces mass default and restructuring as devaluation looms | Reuters
By Jonathan Rogers
Tue May 22, 2012 8:57am EDT
SINGAPORE, May 22 (IFR) - India's mounting economic and political woes are prompting market players to raise the specter of a Greek-style crisis in Asia's third largest economy.
This is not simply idle speculation. Last Friday, the rupee crashed to an all-time low against the dollar of 54.9 and it was stuck most of Tuesday at the psychologically significant Rs55/USD level, where the currency is seen as having no obvious technical support. And the implications of a rupee collapse would be immense.
One of the Australian property permabulls in this thread was lipping on about how India's middle class is about to come online and send demand for resources through the roof along with His house price ...... aside from the BHP boss dissagreeing with the said thread contributor here is some more evidence to the contrary ....
http://www.reuters.com/article/2012/05/22/us-india-devaluation-idUSBRE84L0N920120522
I think some people just assume that Large populations equal large economy - but the opposite can be very much more the reality. Kind of like if your own Home had 10 dependant mouths to feed instead of four -
Well, India's economy is pretty damn big! In 2011 India's economy was ranked 11th with GDP of US$1.676143 Trillion, ahead of Spain (1.493513 Trillion) & Australia (13th with 1.488221 Trillion).
Lowly Greece was 35th with a GDP of a mere .303065 Trillion - around 1/5th of India's!
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)
If we are in such doo-doos with piddling little Greece, I shudder to think what an Indian crash might lead to with regard to the world and our economy/housing sector et all ....
Oh well, who cares - as long as the Gwhizz8+20 are in total control, nothing bad can possibly happen.
SPEND like there's no tomorrow!
I should of said Healthy rather than large
Too right she is a huge economy !
I've never heard of Mr Partridge. I did, however, have a free trial of "Money Morning" some years ago and found it contained some of the most awful rubbish I've ever read.Meanwhile, the latest economic surveys show that both the manufacturing and service sectors are in deep trouble, with activity in both shrinking rapidly. No wonder the Aussie dollar has toppled back through parity with the US dollar.
Matthew Partridge
Contributing Editor, Money Morning
Yep, agree.The OECD predicting that Oz will outperform the rest of the developed World , says more about the rest of the World than it does about Oz Im thinking.....
The OECD predicting that Oz will outperform the rest of the developed World , says more about the rest of the World than it does about Oz Im thinking.....
Lets see what they have to say when they see next years figures.....
No one seriously believes we will run a surplus do they?
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