Fall In House Prices In Hungary Comes To A Halt
- 30 Sep 2010 1:00 AM
"The latest FHB housing price index shows that the fall in property values has ceased. The index fell from 179 points in the first quarter to 174 points in the second quarter. It peaked at 200 in the first quarter of 2008; with the base level calculated as 100, based on the house prices in the year 2000.
The housing market absorbed the biggest hit from the crisis in the second half of 2009. Home prices fell 13% in nominal terms and 23% in real terms from the beginning of 2008, and now stand at 2005 levels.
FHB has reduced its annual forecast for the fall in home prices for 2010 from 9.3% in February to 7%. Deputy-CEO László Harmati estimated the number of home owners impacted by the freeze on foreclosures at 50,000-80,000.
The number of homes changing hands fell to their lowest level in a decade last year."
Source: Hungary Around the Clock.
This news item is one of many published daily by HATC, a premier subscription news service which distributes English-language info about Hungary via email or fax. For a free trial of HATC follow this link and click on 'Free Trial Subscription'.
LATEST NEWS IN property