Greek Home Prices to Take Big Fall Over Next Two Years

The Island of Hydra would probably be ruled out as a sensible place of residence… No motorised vehicles show their headlamps or bumpers here. Also, the island has no source of water (it is shipped in by tanker every day), and the houses are not centrally heated.

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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