Housing prices fell by an average of 3% nationwide in November.
Geocartography Knowledge Ltd. predicts that housing demand will fall 25% in January 2009 compared with December 2008, continuing the decline during the fourth quarter.
Geocartography president and CEO Avi Degani noted that housing prices nationwide were stable until October 2008, although prices for both new and second-hand homes in some localities fell sharply. However, housing prices fell by an average of 3% nationwide in November.
Degani added, "Two-thirds of the public expect residential real estate prices to fall, while 18% expect no significant drop or even a slight increase. This is the group that is in the market to buy and is actively seeking deals."
Published by Globes [online], Israel business news - www.globes-online.com - on December 28, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008