The index fell 2.4% in March, indicating worsening conditions for homebuyers.
The Mishkan Hapoalim Mortgage Bank Homebuyers Index fell 3.1 points in March 2011 to 128.6 points, its lowest level since June 2003. The 2.4% drop in the index reflects the worsening position of homebuyers.
The Mishkan Homebuyers Index has fallen 25% from its 171-point peak reached in July 2008.
Bank Hapoalim cited the 1.7% rise the Central Bureau of Statistics' survey of prices of resident-owned apartments in March. Home prices rose 16.1% in nominal terms and 10.5% in real terms over the preceding 12 months. The bank also cites the rise in the average 17-20 mortgage interest rate by 0.12% in March to 3.22%.
Published by Globes [online], Israel business news - www.globes-online.com - on May 1, 2011
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