The Foreclosure Report

The Financial Standard reports from Australia. "The latest quarterly figures from the Insolvency and Trustee Service Australia (ITSA) have shown record levels of bankruptcies in NSW with accountancy specialist Hall Chadwick warning 'more bumps' are ahead."

"Compared to an already high 1,900 bankruptcies for NSW last year, the numbers have risen by 10 per cent to 2,153 this year. This is the highest number of bankruptcies to occur for any state over a three month period since 1986."

"'Nervousness about fundamental household variables such as falling or stagnant housing prices, high petrol prices and the possible threat of rising interest rates have made the Australian public a lot more uncertain about their future,' said Paul Leroy, partner at Hall Chadwick."

"Bankruptcies in the otherwise booming local economy of Western Australia are on the rise too. 'The 2005/06 period had particularly low bankruptcies (314) compared to 382 for 2004/05. They have now returned to where they were (383),' said Leroy."

"With the holiday season just around the corner, Leroy advised consumers against maxing out their credit cards. 'Proceed with caution – there may be a few more bumps on the road ahead.'"

posted by Ben Jones @ 2:14 PM