Mortgage arrears rise coast to coast

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And it is not seasonal, on the contrary, from S&P:

Australian prime home loan arrears rose in October, according to a recently published report by S&P Global Ratings. The Standard & Poor’s Performance Index (SPIN) for Australian prime mortgages, increased to 1.35% in October from 1.33% in September.

The trend was consistent in all states and territories except Tasmania, where arrears fell to 1.14% in October from 1.26% the previous month, according to the report, titled “RMBS Arrears Statistics: Australia.” New South Wales recorded the largest increase in arrears in October, rising to 1.12% from 1.04% a month earlier. Arrears in New South Wales have been gradually rising throughout 2018, but remain the second lowest in the country, behind Australian Capital Territory.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.