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)