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Monday, November 28, 2011

South-west Sydney suffers greatest housing stress, entire streets foreclosing: Australia

Shocking new data has revealed that a whole street of New South Wales families lose their home every month.

A report by the Australians for Affordable Housing revealed areas where renters and home purchasers are experiencing housing stress, meaning they spend more than 30 per cent of their income on housing costs — and the figures are dire. (More From Yahoo!7 Finance: Australia's Most Expensive Suburbs)

AAH research shows that a whopping 80 houses are confiscated each month while up to a third of people in the hardest hit areas are struggling to cover rent and pay for "essential items".

"Housing is the single biggest cost of living issue in Australia. When low income households spend more than 30 per cent of their income on housing costs they are officially in housing stress. This means they have very little left over to cover other costs like food, transport, bills or money for emergencies" said AAH Campaign Manager Sarah Toohey. (More From Yahoo!7 Finance: How Thieves Steal Your Credit Card Data)

The study shows the worst hit areas in NSW are Sydney, Wyong the mid north coast, the Hunter and far north coast. more