Monday November 17, 2008

Singapore property market crash : Oct 2008 new home sales dive 70% month-on-month

This article belongs to the Singapore property market story arc.

channelnewsasia.com :

New home sales in Singapore dived 70% in Oct 2008 compared to Sep as home buying sentiment continued to sour. According to URA data, developers sold 112 new and uncompleted private residential homes last month, versus 380 units sold in September. They launched just 159 units for sale, compared to nearly 767 in September.

- Guess there won't be too many buyers in this kind of environment. Who'd be buying anyway? Besides the rich and the foolhardy, that is. I have warned fellow forummers to beware of catching a falling knife. If you can believe it, sentiment in the Singapore housing market is not nearly negative enough yet. The contrarian community is talking Second Great Depression and the locals are still raring to go in? Quite a discrepancy there. Prices are not low enough. The bottom is a long way down.

See also :

1. Property prices softening fast in Singapore
2. Singapore property market boom ends : URA expects Q3 2008 private home prices to fall 1.8%
3. Property developers crash on negative Singapore real-estate, rental housing market outlook
4. Singapore property market downturn : Q3 2008 private home prices down 2.4% from Q2

(2008-11-17 23:29:02 SGT) [Biz] Permalink Comments [1]

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