"We shouldn't be seeing mortgage stress rising, and we shouldn't be seeing risk of default rising," he said.International ratings agency Moody's recently revealed Australia's mortgage delinquency rate was at its highest level in at least five years, with 1.58 per cent of people at least 30 days behind on their mortgage repayments late last year.
Towns and cities suffering the steepest house price falls are experiencing the worst of it, with regional Australia posting much higher levels of mortgage arrears than the capital city in their state or territory.
Happens when people buy houses & speculate on property, out of FOMO, when they can't afford it, helped by the taxpayer via negative gearing inflating the market with help from greedy banks. Seen this story play out in the US, Europe, Ireland. Australian property reality check.
The term 'no shit', springs instantly to mind.