Inquiring minds are looking at ANSAmed’s report regarding Greek house prices slumping an additional 15 percent over the next two years:
ATHENS, FEBRUARY 9 – Home prices in Greece are expected to fall by 15% in the next two years, Fitch Ratings said on Tuesday, as ANA reported.
The credit-rating agency, in a survey, said higher interbank rates and fiscal-consolidation measures would raise the percentage of borrowers who would be unable to repay their mortgage loans. ”It seems that a rising number of borrowers delaying payment of their mortgage loans will end up in a higher number of non-performing loans,” Fitch said in the report.
This global economic downturn is not almost over…in fact, it is still in the early innings.
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