Monday, Jul 30, 2007
Is it inefficiency or jitters?
Firstrung: Housing market transactions still lack efficiency
During 2005 and 2006, the average of number of days between notification of sale and exchange was 47 which is already 17% lower than for 2007 to date. The same data also reveals cancellations to be on the rise with well over one in ten instructions being cancelled. This represents a 4% increase since January 2007 and, if this trend continues, the market will be witnessing a 20% cancellation rate by the end of the year.
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