Why a US-Style Housing Bust & Mortgage Crisis Can Happen in Canada, Australia, and Other Bubble Markets

Why a US-Style Housing Bust & Mortgage Crisis Can Happen in Canada, Australia, and Other Bubble Markets

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And this is why a US-style or Spanish-style housing bust and mortgage crisis can happen in Canada, in Australia, and other over-inflated markets. As banks pull back from mortgage lending amid inflated prices and rising rates, "shadow banks" have become very aggressive.

United States housing bubble. Because of the large market share of Federal National Mortgage Association (Fannie Mae) and the federal home loan mortgage Corporation (Freddie Mac) (both of which are government-sponsored enterprises) as well as the Federal Housing Administration, they received a substantial share of government support,

Even though the housing markets have substantial strength, the world is a very connected place. If China and other economies were to collapse, it might be enough to send the stock markets and real estate markets plummeting. Dent says New York, Los Angeles, San Francisco, Chicago and Boston are the riskiest markets.

Such a crisis could easily happen in Australia and Canada where prices are at all time highs, interest rates are climbing and defaults are beginning to increase. No country is immune from housing busts and mortgage crises. And because memories are short,

Despite persistent and false claims to the contrary, what happened in the US can happen in Canada and Australia. Read. Why a US-Style Housing Bust & Mortgage Crisis Can Happen in Canada, Australia, and Other Bubble Markets Would you like to be notified via email when WOLF STREET publishes a new article? Sign up here.

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Much of the commentary on why a US-style mortgage crisis cannot happen in Canada or Australia is based on this. And this is wrong. In the US, each state has its own mortgage laws.

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