The main reasons for the drop in the index were higher interest rates and home prices.
Mishkan Hapoalim Mortgage Bank Homebuyers Index fell by a further 3.2 points (2.5%) in April 2011 to 127.3 points, its lowest level since June 2003. A decline in the index indicates worsening conditions for homebuyers.
The main reasons for the drop in the index were higher interest rates and home prices.
The Central Bureau of Statistics reports that home prices rose by 1% in April. Home prices rose by a nominal 13.9% in the preceding 12 months and by 9.2% in real terms. Since mid-2007, home prices have risen by 61% in nominal terms and by 40% in real terms.
The Mishkan Index has fallen 25% since its peak at 171 points in July 2008.
Published by Globes [online], Israel business news - www.globes-online.com - on June 14, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011