Wednesday, Jun 18, 2008
strange that Goldman thinks house prices will only drop 6% this year, aren't they already at 4.4 yoy?
Yahoo News: Housebuilders suffer as Goldman sees
Housebuilders suffer as Goldman sees "deep downturn"
By Jana Weigand
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LONDON (ShareCast) - Housebuilders were under pressure again today after Goldman Sachs (NYSE: GS - news) warned of a "deep downturn" in the property market that could last up to three years.
Goldman predicts that house prices could fall 6% this year and 8% in 2009 as sales volumes continue to fall.
"We believe the sharp contraction in mortgage availability has accelerated the house price correction and as a result, the downturn should be shorter than in the early 1990s," said Goldman analysts in a note to clients. "However, we believe that this is highly dependant on lending banks returning to the market w
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1. jonb said...
And the are down 7% from the peak about 9 months ago - depends which index you use.