Falling house prices points to slowing economy, economists
03 Nov 2008 6:29 PMFalling house prices points to slowing economy, economists
Economists say a larger-than-expected fall in house prices in the September quarter suggests the economy may slow more sharply than originally anticipated.
The Bureau of Statistics' house price index shows house prices backpedalled1.8 per cent in the September quarter.
It's the index's second consecutive quarterly fall and much worse than market expectations of an 0.5 per cent decline.
ICAP senior economist ADAM CARR says the house price data .. plus the similarly weak ANZ job advertisements survey for October and September retail sales .. points to an ongoing deterioration in the economy.
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