Suddenly everyone is a bear, at The Guardian:
Australians should prepare for the “longest and deepest” housing downturn in the country’s modern history as the full effects of tighter credit and rising mortgage rates are felt, a leading economist has warned.
As figures released on Monday showed that house prices fell across Australia for the 11th consecutive month in August, Paul Dales, the chief economist for Capital Economics in Australia, said values could slide by 12% over the next four years.
