Overall, existing home sales are 99% back to normal, even though foreclosures and short sales still make up roughly one eighth of all existing home sales. The delinquency + foreclosure rate continued its downward march. The share of mortgages in delinquency or foreclosure dropped to 8.66% in August, the lowest level in over 5 years.
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RBA monitors warning signs amid fears of housing bubble
While a definitive checklist on what constitutes a housing bubble does not exist, economists say four factors – property prices, credit growth, lending standards and speculation activity – are central to any analysis. A rapid rise in housing prices is seen as one of the first indicators that click a housing market is approaching bubble territory. RP Data-Rismark figures showed Australian capital city house prices rose 4 per cent in the three months to August, the largest growth since April 2010. For Sydney, home prices are projected to soar by 15 to 20 per cent next year, following a growth of 9 to 12 per cent this year, SQM Research said.
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