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Economy in Brief

RICS House Prices Continue to Drop to New Lows
by Robert Brusca March 11, 2008

The RICs survey by surveyors that tells the tendency of house prices to rise or fall is at its weakest level ever. The index is an up/down net balance reading and the balance of house prices falling is the largest negative excess over this rising going back to 1999. Expectations for prices did up tick slightly in February but they too are near historic lows. Sales expectations are in much better shape by comparison. They turned higher after a string of negative readings and stand at a level of +2 in the 41st percentile of their historic range. That is below the mid-point of the range at 50 but still only a moderately weak reading.

RICS: House prices and expectations for prices and sales
  Feb-08 Jan-08 Dec-07 3Mo Avg 6Mo Avg 12Mo Avg Range Percentile
Prices -64 -55 -49 -56 -41 -13 0.0%
Price Expectations -58 -62 -62 -61 -48 -24 4.0%
Sales expectations 2 -11 -19 -9 -9 0 41.2%
New Sales -31 -28 -20 -26 -29 -18 7.3%
Range percentile takes range back to 1999
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