Main Thesis
The purpose of this article is to articulate why I believe the Australia and New Zealand Banking Group (OTCPK:ANZBY) is not an attractive investment option at its current market price. While I have recommended the stock in the past, recent performance leaves little to be desired, and too many headwinds exist on the horizon to make the stock a solid buy. Specifically, housing prices across the continent are on the decline. While helping affordability for new buyers, this has decreased the net worth of current homeowners, which may impact future consumer