Mortgage stress on the rise again

More than half a million households in Australia are currently experiencing ‘mortgage stress’ according to Fujitsu Consulting. The number of households struggling to pay their mortgage is expected to rise to almost 900,000 by the end of 2010 as interest rates rise.

The number of "severely" stressed households also jumped a significant 7 per cent last month. Severely stressed means these households are facing foreclosure of their mortgages and a forced house sale.