09.10.2008 - Residential property prices: "worst fall in 16 years"
From Real Estate Web: High inflation means your money has been much better off in a bank than in property lately - new Absa stats. Absa's latest house price index figures show real property prices, where inflation is taken into account, dropping by more than 10%. That means your money, lately, has been much better off in an interest-bearing bank account than residential bricks-and-mortar. The Absa House Price Indices for September 2008 show middle-segment price growth at a nominal 1,5% year-on-year last month (2,1% in August). In real terms prices were down by 10,2% year-on-year in August, noted the bank's senior property analyst Jacques du Toit..... Full Article: Source