Time to 'short' Australia's housing bubble (update 3). Fitch rating agency coming stress tests: AUST HOUSING

• mild stress (2.5% of mortgage defaults with a 20% property price decline)
• medium stress (6% mortgage defaults with a 30% property price decline)
• severe stress (8% mortgage defaults and a 40% property price decline).

Good to watch Aust bond yields as the AUD reaches bubble status.