The year-on-year decline in the FNB House Price Index continued to gather momentum in February, from a January revised rate of 4.7% to -6.9% last month, the latest FNB house price index revealed.
This is the fourth consecutive month of average year-on-year house price deflation, and it continues to appear likely that this situation of national house price decline will continue for most of 2009.
On a month-on-month basis -2.2% deflation was recorded, worse than the revised -1.9% of the previous month.
Times (Johannesburg)
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