oz's construction bust : sorry no shortage !

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    http://www.abc.net.au/news/stories/2011/06/07/3237538.htm

    Housing Industry Association senior economist Andrew Harvey says weakness in the apartment sector is surprisingly bad, and the deterioration is accelerating.

    "I think one of the main reasons [for the fall] apart from the interest rate hikes last year and the speculation over further hikes, is credit constraints," he told ABC News.

    "So the banks basically are quite jittery about lending to apartment builders, and also house building continues to be very weak, we've had 12 straight months of falls in activity and also new orders point to that fall continuing."
 
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