House price index needs to get a grip on reality
Submitted by admin on Thu, 05/28/2009 - 10:30
FURTHER GLOOMY news on the state of the property market yesterday with the latest Permanent TSB/ESRI house price index showing prices have fallen back to summer 2004 levels.
Sounds bad, but the market is a lot worse off than in 2004.
The Permanent TSB/ESRI will have to go a bit further back for comparisons – try 2002 post-9/11 when a similar, though short-lived, paralysis gripped the market.