I raised the issue that the Absa house price index was late. As you can see they were just delaying the bad news. 9.6% decrease in real terms of large segment housing. Check out the link
25 September 2008
ABSA Finally Releases House Price Index: Down 9.6% In Real Terms
In our last Saturday Open Thread a reader wondered why ABSA had delayed releasing their August house price index report? Well he emailed later:
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Why is this not headline news? Answer: because South Africans are so deep in denial that this has bounced right off them. I think they genuinely believe the estate agents that we're just taking a breather before another 300% climb in 2009 and 2010. How else do you explain people resolutely refusing to lower their prices despite their places being on the market for almost a year?
Wow. Maybe our crash is going to be worse than I thought. Yay! Cash in the bank, no debt - come to me, my little half-priced City Bowl apartment!
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