“I’m surprised there isn’t a lot more, not rioting in the streets, but close to it,” he says....But not to worry. There is no linkage with declining U.S. auto sales:
Figures prepared for Guardian Australia by BIS Oxford Economics show the Sydney housing market is as unaffordable as any time over the past 26 years. As of December 2016, 42% of the average disposable income of a New South Wales household was swallowed up by monthly mortgage payments on a median-priced house in the capital – after a 25% deposit.
It was the same in 2008, still the highwater mark of housing unaffordability in all but one Australian capital.
US car sales from some of the industry’s largest producers declined faster than expected in April, underscoring fears over the speed of cooling in the market and the broader economic outlook for the US.[Financial Times].As long as someone is making money, everything's OK, right? As long as those who never dripped a drop of sweat can bring home the bacon ... hey, the "economy" is OK, right? As long as someone -- but not me -- is getting fucked, things are OK, right?