Add South Africa to housing victims list

When the Economist warned in 2005 that residential property prices were in bubble territory in many national markets, South Africa led the list by far with an eight-year price appreciation of 244%. Now it seems that bubble has popped too.The South African website Fin24 says that data from South African banks shows that the outlook for residential property in South Africa is dim. Prices were still rising at a rapid clip this time last year. Now they are down over 10% in the last year.Data released by banks and other residential property players over the past few days suggests that the outlook for the housing market has taken a sharp turn for the worse.In January this year most property analysts were still debating whether or not house price growth will dip below 10% in 2008. At the time,...


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