From Realestateweb.co.za: Job losses expected to add to interest rate pressure as real house prices plummet not far off 10% - new bank stats. Job losses are expected to add pressure to the beleaguered South African housing market, according to big-four bank FNB.
It said this week that, although real house prices are falling, a lack of affordability continues to apply its brakes on the market. The September FNB House Price Index released on Wednesday showed a slight year-on-year increase (1,8%), but prices declining month-on-month (-0,1%). Residential values - when taking inflation into account - dropped by a whopping 9,5%….. Full Article: Source