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Mortgage defaults in South Australia have surged more than 40 per cent this year, according to figures obtained under the Freedom of Information Act.
There have been 365 applications for home and land repossessions so far this year, 110 more than this time last year, The Adelaide Advertiser reported today.
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Dun and Bradstreet's chief executive, Christine Christian, said young people were the most likely to default on their mortgage repayments.
"There are a lot of young people who have been enticed into buying their first home as a result of the first-home buyer's grant, who ordinarily wouldn't have been able to buy a home,'' she said.
"As a result of people over-leveraging way beyond what they should have, we would expect there would be foreclosures and people losing their homes.''
