Sunday, 20 July 2008
Read the rest of this interesting article here.
House prices are falling more steeply than official figures suggest, sending household wealth tumbling and curbing consumer spending.
Two weeks ago, the Real Estate Institute said house prices had fallen just 2 per cent, but Sunday Star-Times analysis shows the fall is much bigger. And the outlook is grim - one economic pundit predicts a 30 per cent drop in prices, and says the heights of November 2007 will not be seen again for 10 years.
Two weeks ago, the Real Estate Institute said house prices had fallen just 2 per cent, but Sunday Star-Times analysis shows the fall is much bigger. And the outlook is grim - one economic pundit predicts a 30 per cent drop in prices, and says the heights of November 2007 will not be seen again for 10 years.