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Accounting rules exacerbate Spain’s property market crash

Posted on 30 November 2010

From Iol.co.za: South Africa is not alone in experiencing a severe slump in its residential property market. Bloomberg reports that mortgage bond foreclosures in Spain may triple next year. However, the worst appears to be over in the South African market in terms of home repossessions although house price growth is still erratic.
FNB Home Loans expects the average price of houses to decline next year after an expected increase of 6.4 percent this year compared with last year. Absa has forecast average nominal house price growth of 7 percent year on year for this year and says it is expected to remain low next year……………………………………….Full Article: Source

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