4 May 2009
First National Bank’s House Price Index shows that the steady deterioration in house prices continued in
This is the result of a sizeable oversupply that had built-up in the residential market. The number of owners trying to sell houses due to financial pressure was a key driver of the oversupply.
According to property economists, the average house price level is now back to the level at the end of 2006.
Economist predict that the house price decline might be around for the entire year, despite interest rate cuts.
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