Thursday, May 01, 2008

The way of America ?

A key stage was reached in the housing market this week. Nationwide, the largest building society is now recording year on year falls in house prices.

Of course this does not apply everywhere and to everyone but it is the first time since 1996 that on average a house was worth less today than it was a year ago. Previously all the talking was of a slowing rate of increase.

Whether this is the start of something bigger remains to be seen.

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