FNB: Prices Are Still Weakening

The Times reports:

Average house price growth has continued to slow, according to the November FNB House Price Index released on Wednesday.

"The average house price growth slowdown continues, with the November FNB House Price Index recording a year-on-year rate of increase of 3.8 percent," said John Loos, FNB Home Loans strategist, in a statement.

Here's a lovely little snippet from later on

Loos warned that long term, a high household debt-to-disposable income ratio would hold back the residential housing market. In the second quarter of 2010, this ratio was 78 percent.

Payment on debt still accounts for nearly 80% of disposable income. That is horrendous.