During the latest quarter the downturn appears to have accelerated, with house price falls in 26 countries, and house price gains in only 10. In nominal terms only 16 countries experienced house price falls during the year, while 20 countries recorded house price rises. But the Global Property Guide's statistical presentation uses price changes after inflation, giving a more realistic picture than the more upbeat nominal figures usually preferred by real estate agents.
Europe is deteriorating faster. (There's a surprise.)
The correction continues to maul inhabitants of one of the most absurd bubbles: Ireland is down 19% year on year after falling 13% the year before. That's what massive oversupply will do to a market on the downside. On the upside all those houses are just more poker chips for the table. The extra houses do nothing to stem the bubble being blown because people are not buying out of a need for shelter. The sight of all the construction only seems to add to the frenzy.
There was also an alarming increase in momentum of house-price declines in Athens, Greece (-11.68%); in Warsaw, Poland (-10.94%); in Portugal (-10.45%); in Spain (-9%); in the Netherlands (-6.05%); and in the Slovak Republic (-5.89%). All saw bigger house-price declines this year than the previous year.Netherlands was a bit of a sleeper in that the correction was long delayed. A big banking country that blew prices up 80% over from 96 to 2001, 111% in Amsterdam over that time. (source)
India-Delhi appears to have topped out, the rocket drifting on the wind way up high.
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