Rough Australian Residential Market Prompts New Plan

Sydney–Australia’s housing market is rapidly declining, according to One News.Newly released figures indicate some homes have lost 40 percent of their value since the 2004 property boom high point. In Sydney’s surrounding area, some homeowners are seeing $450 a week fall off their property value.As a result, Australian Prime Minister Kevin Rudd plans to announce a plan Monday to help families battling with hard-to-pay mortgages.