The 2009 House Price Forecast
Recently, house price forecast are rapidly falling way more than 10% as compared to the previous forecasts over the years. The main factors dragging the downfall of these house prices are due to shortage of mortgages and credits, economy undergoing recession, and ratio of house price to earning are still relatively high.
As mortgage companies now require minimum deposits of up to 25%, the number of people getting a mortgage and several mortgage transactions has slowed down while other mortgages have been withdrawn.
Because of the worldwide crisis, the increase in unemployment is still counting. If this will continue, home repossession rate will eventually increase.
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