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Bleak outlook for private home sales, estimates see Q1 figures plummeting

Estimates see Q1 figures plummeting some 68% from same period in 2013

Published on Apr 12, 2014 12:02 PM

Anyone trying to sell a private home in the first quarter would not need reminding that an air of gloom has settled over the market.

The number of new and resale homes changing hands plunged in the first quarter, according to latest estimates.

This is as stark a signal as any that the caution that enveloped the market after the introduction of tough home loan curbs last year has now morphed into pessimism, consultants said.

They added that the outlook for this quarter appears bleak as well.

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