As the old saying goes..."What goes around comes around." All one has to do is tune in to an episode of "Property Brothers" on HGTV to see for themselves the enormous bubble the English-colonies real estate market is still in. While the twins are in Toronto fixing up and selling tiny row houses and duplexes that are probably innately worth about 1/5 of what they are selling for, Canada's fellow colony "down under" is in a very similar mess.
West Sydney is a microcosm of Toronto, L.A. (and almost any big city in the western world for that matter...) and it is showing the same signs of crashing as it did back in 2003, when it preceded the last global real estate meltdown. Now, I use a small "m" on meltdown, so as to distinguish it from the MELTDOWN which is likely on the way...and soon. There is no way on earth that real estate prices in these markets bare any relationship to reality. There is NO WAY that people owning some of these monstrously upside down mortgages will survive the next wave of foreclosures. In fact, when the next great market downturn does hit, it will make the '07-'08 recession feel like a walk in the park.
Many of these mortgages are held by people who count completely (or mostly) on government payments of one form or another for their very survival. When that stops, the world stops. Game over. These English colonies actually have a per capita national debt even higher than the atrocious $120,000 per resident in even the grossly debt-loaded USA, and they will have an even harder road to recovery--if there ever is a recovery.
(Oh snap...you thought Australia was a country?!...lol....)
Check out this article by TheMoneyMaven:
This is an important excerpt from the above link:
"Selling agents are starting to reveal the truth behind recent listings in Sydney’s west with Belle Property Strathfield’s Jimmy Kang saying up to 50 per cent of his clients were asking him to sell their homes in Sydney’s western suburbs because they can no longer afford their new principal-and-interest mortgages.
…A couple asked him to sell a two-bedroom weatherboard home in Veron Street in Wentworthville, 27 kilometres west of Sydney, for $950,000 when it was only worth about between $820,000 and $830,000. They bought the home for $790,000, two years ago."
West Sydney is just the canary in the Aussie real estate market coal mine...and she is wheezing hard. When Sydney collapses, Australia will collapse, and we have all learned that the globalists have interlinked international banking and real estate market so tightly that whenever one over-priced Western nation goes down hard, the rest will follow like dominoes. The saddest part for Aussies and their Canadian and American cousins is the admission in the article that if you haven't gotten out now, there will be no getting out.
The piper must be paid for all the excesses in the market since the western world learned exactly ZERO from the experience of '07-'08. While the banks did tighten up regulations as to mortgage approvals (and who was really likely to be able to pay those mortgages) for awhile. They have since loosened back up again, and this time the easy credit has combined with very low interest rates to puff up these markets even above their heights of the '07-08 crisis.
It isn't going to be pretty, and real estate is NOT the only bubble. Western stock markets are way overvalued (by at least a factor of 3), meaning a realistic Dow at this point is somewhere in the 8000-10,000 range and due for a massive tumble.
Then there are derivatives...And don't even let's think about that 200 trillion dollar gorilla in the room that no one ever talks about.
Go get storable food, people. If you can find some...AND DO IT NOW while there is still time to do so.