Tuesday, April 12, 2011

Aussie Home Prices Display Foretelling Direction? (MISH)

Australian Home Sales Sink, Luxury Units Sell for Half Cost; New Home Loans at 10-Year Low; Australia Retailers in Deep Trouble; Party Officially Over

Things are not looking too hot down under. Not only is the Australia housing collapse picking up steam, but Australian retailers are struggling mightily in spite of rising sales numbers.

Bloomberg reports Australia Retail Sales, Loans Rose in February, Sending Dollar to Record
Australian retail sales rose in February and lending to businesses climbed for the first time in nine months, according to government reports that sent the nation’s currency to a record against the U.S. dollar.

Sales advanced 0.5 percent from a month earlier, when they gained 0.4 percent, the Bureau of Statistics said in Sydney today. That was the biggest increase since July and was higher than the median forecast in a Bloomberg News survey of 24 economists for a 0.4 percent increase.

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