Australia's housing bubble is built on a deadly, about-to-burst credit bubble
by Cory Doctorow from on (#31NH3)
If you buy a house in Australia -- where housing prices are out of control, even by global standards -- you can wait a couple months for the house's book value to go up, and then borrow against that "unrealised capital gain" to buy another house...and then you can do it again. (more")