Use access key #2 to skip to page content.

Big hurt'n Australia...



May 12, 2008 – Comments (7)

I wrote about the disaster coming to Australia in this post.  Not being from there and only having mainstream media to rely on, well, I didn't find news of problems then...

Mish did a post and my goodness, the price declines are enormous.  It would be interesting to see how fast these declines are happening because the information I was working with only 3 months ago did not indicate anything of the sort that today's story reports.  "The worst hit was the Waverley house bought in July 2003 for $725,000 and sold for $465,000 in March."  That looks so California...

Every where you look, major over supply...  Every where...

Not good... 


7 Comments – Post Your Own

#1) On May 12, 2008 at 9:06 AM, LordZ wrote:

Please tell me your not talking about real estate prices, if you are im sick of all the news about people who didnt invest any money into their housing purchases and all the news about that real estate prices are down, it almost seems like the news is creating problems and encouraging people to check their home values and putting ideas in peoples heads as to possibly being irresponsible and walking away from obligations.

MY god... make them stop.. a home is a home and things change however your home should be a place for you to live not an atm machine or something tradeable like stocks.

ITs a freaking place for you to live with liberty and to pursue happiness,

Just because it may be worth less shouldnt be the end of the world.

Report this comment
#2) On May 12, 2008 at 9:07 AM, LordZ wrote:

MY gosh you only talk about doom DWot...

ANyways good news out of AUstralia BHP finds huge reserve of metals......



Report this comment
#3) On May 12, 2008 at 9:09 AM, dwot (29.01) wrote:

What is this "adjusted" basis BS?

Very occasionally a company does sell out of a bad piece and has a one time loss, but look at Sprint.   The losses have grown from 7c to 18c/share over the past year.  This doesn't have the one time only kind of feel.  They are loosing subscriptions.  That means they were sticking it to customers and the customers are now sticking it back.

It lost a freaking 1 million customers in a single quarter.  Sure, with adjustments it would have made 2c...  Who are they trying to kid?  Are you fooled? 

Report this comment
#4) On May 12, 2008 at 9:41 AM, dwot (29.01) wrote:

Good luck with BHP LordZ.  I wouldn't touch it at all. 

And here's some more doom....

Report this comment
#5) On May 12, 2008 at 9:57 AM, dwot (29.01) wrote:

Oh dear, Dad's too busy for junior?

Report this comment
#6) On May 12, 2008 at 12:46 PM, AnomaLee (28.91) wrote:

Australia's market problems have so far been ahead of the U.S... I'd guess that we might not get to that 50% level since our policies  dramatically differ....

Well, if I could - I definitely would had taken Halo and hookers over Disneyland any day!!!

I bet that kid had a blast... But this is just another failure of parents to teach their children that money doesn't come from trees or about the abuse of credit cards...


Report this comment
#7) On May 12, 2008 at 2:32 PM, dwot (29.01) wrote:

Look at company debt before investing...

Report this comment

Featured Broker Partners