Housing Debt Hits Record Levels As Speculative Contagion Spreads. 

Auckland’s speculative housing bubble might be cooling in the wake of the Reserve Bank’s new loan to value ratios, but there is little to suggest that our days of housing speculation are over. The pause in Auckland may only be temporary , and the bubble is showing all the hallmarks of spreading across the rest of the country’s main centres. Meanwhile even bank economists are sounding warning bells about rising debt levels. 
The only reason this state of affairs is affordable is because interest rates are at an all time low. We are literally betting the house that they stay that way. In fact we may be betting our entire economy on it. The Morgan Foundation 

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