Some sobering news this morning with figures showing an increase of home repossessions (foreclosures).
In New South Wales, some 300 homes are being repossessed every month despite huge falls in interest repayments.
About 20,000 mortgages are now over 90 days behind in repayments.

smh.com.au reports:

A GROWING number of NSW residents are on the cusp of losing their homes to banks and other lenders despite the steep fall in interest rates.

The number of repossession orders in the state dropped at the end of last year, as lower interest rates offered relief to borrowers struggling to repay loans, according to figures made public by the NSW Attorney-General’s Department yesterday. But that trend reversed in January, and consumer credit advocates blame an increase in joblessness.

Repossession writs are issued once a lender seeks an order from the Supreme Court to take possession of a property. If successful, the Sheriff’s office sets a date for the borrower to leave. If the borrower fails to leave, the Sheriff turns up at the house, signs the property over to the lender, and changes the locks.

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