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Thursday, September 4, 2008
South African Mortgage Growth Slows In August
According to the Absa Group, which is South Africa's biggest mortgage lender, South African house-price growth slowed to an annual 1.7 percent in August, the slowest pace since January 1993, as rising interest rates curbed demand. Growth in house prices fell back from a revised 2.6 percent in July. The average price of a house was 962,500 rand ($122,294) last month. Adjusted for inflation, prices in the middle-segment of the market dropped by an annual 9.6 percent in July, the sixth monthly decline in real terms, and the biggest drop in real terms since November 1992.
Posted by Edward Hugh at 10:57 AM