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In case you need some
humor today, please consider No risk of housing bust: RBA

Australia is not at
danger of a collapse in the housing market, a top central banker says, again
playing down concerns that Australia could suffer price falls like those seen
in the United States or parts of Europe.

Speaking at a mortgage conference, Reserve Bank assistant governor Guy Debelle said he was more concerned about the outlook for
the European Union and the uncertainty that was causing globally.

Asked about fears of a housing collapse in Australia, Mr
Debelle said there was no oversupply of housing in
the country, households were well able to manage their debt levels and
mortgage arrears remained very low.

“This (housing risk) is not something that keeps me awake at
night,” he added.

No Oversupply?

For years I have had people emailing me that a housing bust was impossible
because there was a critical shortage of houses in Australia.

I calmly point out we heard the same story in the US for years as well. Of
course, in the midst of a bubble, no one wants to hear any rational
explanations.

Thus, a few days ago I had to laugh at this Bloomberg

Article source: http://www.24hgold.com/english/news-gold-silver-laugh-of-the-day--no-risk-of-housing-bust-says-australia-central-banker.aspx?article=3963640812G10020&redirect=false&contributor=Mish