Bankruptcies up 24%
In the March quarter of 2006 there were 6,038 people who entered bankruptcy ? up 24% on the same quarter last year. Of these 1,001 were business related (up 15%) and 5,037 personal circumstances (up25%). Top states were NSW (up 34%) and Victoria (up 38%). Three years ago at the height of the housing boom (Sydney House prices up 30% and The Block was the top TV show) banks were falling over themselves to lend 100% of ?valuation? and then even extend home loans to cover plasma TV?s, new four wheel drives and jet set holidays ? anything you want. Well the chickens have to come home to roost sometime and that time looks like now. Sydney house prices have been falling now for 4 out of the last 6 quarters ? could be some distressed selling around the corner.
If you want to learn more about bankruptcy try the following site http://www.itsa.gov.au/
Posted Thursday, 13 April 2006
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