Consumers 'hit by home loans stress'

Friday 13 November 2009

Article by Mozo

Consumers are becoming increasingly anxious about their home loans, it has been suggested.

A new report released by Fujitsu revealed that households deemed "severely stressed" have increased in number by seven per cent last month, compared to September.

This refers to the number of people facing foreclosure on their mortgages and a forced house sale.

In addition, the survey showed a 1.4 per cent rise in those classed as being "stressed" in October, reaching 563,000 people.

The report suggested this figure could climb to 900,000 by the end of 2010.

People with mortgages, including low interest home loans, residing on the Gold Coast, may be the hardest hit, according to spokesperson for the consultancy Martin North.

"Stress levels on the Gold Coast are even higher than those in Sydney, Melbourne and Brisbane," he remarked.

In other home loans news elsewhere in the country, house prices in Adelaide have soared over the last decade, according to Valuer General, which showed average values are $250,000 more than a decade ago.

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