The Housing Industry Association says interest rate rises are impacting real estate sales in Victoria. Figures for August show sales of new homes and units fell more than 19 percent to a 10-month low.

Look at today’s headlines on Floriday Property markets and you will realize that it’s buyers’ market. Home prices and sales decline in Florida, Waterfront Wonderland is 50% off sale, area’s existing home sales, prices down in July… the list goes on and on. Some even call the state of Florida to intervene and help to deflect disaster in foreclosures.

The US economy will grow less than previously forecast as a rout in subprime borrowing hampers consumer spending.

At least one US government official has spoken out regarding mortgage practices in no uncertain terms; unfortunately he probably had little leverage over lenders generally and still doesn't:

Are we subjects or citizens? Something has to done about defective, atrocious, uninhabitable housing; and stop the homebuilders who shamefully erect them, ignore new homeowners' complaints, change the company name, and go right on building.