Housing bubble pain from Australia: "seduced by the promise of riches at the height of the boom"

I find it interesting to read the news from some of the other countries who are just a few months ahead of the US when it comes to their bubble deflating. Here's the transcript of a story from Australia that's interesting. There will be so many tales and stories like these in the following months, from Miami, from Phoenix, from San Diego, and even from Boise...

GRAHAM DAVIS: They call it "good debt" nowadays - bricks and mortar, with its steady record of increasing in value, but it's debt nonetheless, and all up the Kilnics are servicing loans of $840,000. When you realise that you owe the banks $840,000, how do you sleep at night?

MEHTAP KILNIC: Look, it doesn't really. If you're going to think about that, then you'll never do anything, would you? So the best thing is not to think about it.
______________

JOHN SYMOND, AUSSIE HOME LOANS: Blind Freddy can see that the housing market is coming off and will continue to come off, and anyone that thinks that this softening of the real estate market is about to turn around quickly, I think they're in for a shock because this gradual decline, I believe, will go for several years.

LOUIS CHRISTOPHER, AUSTRALIAN PROPERTY MONITORS: There would be a number of people who bought in late '02, '03 and '04 that would be sitting on considerable negative equity right now.