Article: "Warning that house prices may fall by 80%"
Source: Irish Times
Excerpt(s): HOUSING MARKET: IRELAND WILL see more demolition than construction of houses over the next decade, as the economy struggles to recover from the collapse of the housing market and the emergence of “zombie” banks, UCD economist Morgan Kelly told the conference. In a presentation that drew several collective intakes of breath, Mr Kelly predicted that house prices would fall by 80 per cent from peak to trough in real terms. “Construction, but not demolition, of residential and commercial property will fall to zero for the foreseeable future,” he said.
Link to Full Story: http://www.irishtimes.com/newspaper/finance/2009/0113/1231738220759.html