Around 13 per cent of Australian households are in mortgage stress according to JPMorgan’s Anatomy of Australian Mortgage Stress report released today.
According to JP Morgan, of the 13 per cent of households that suffer mortgage stress, around half of those suffer from severe mortgage stress – and it anticipates it to worsen throughout 2008.
Severe mortgage stress was found to be most apparent in Western Australia, while mild stress was worst in New South Wales.
Rather than using the traditional ‘greater than 30 per cent of income’ indicator to measure mortgage stress, JPMorgan developed an alternative mechanism for the report that takes many more details into consideration.
Those suffering from mild stress feature behaviours such as cutting back on spending, increasing their number of credit cards and refinancing. Severe stress sufferers are likely to miss repayments, receive default notices and possibly foreclose.
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