Same story, different slant. Just shows how the media can manipulate news as they wish.
And while we are at it there has been talk of mortgage interest rate rises by the banks. The ANZ for instance has raised rates by 10 basis points i.e 1/10%.
Do the sums, If the rate was at 5.4 % then went to 5.5% a typical mortgage if say $500,000 would increase by a mere $500 per annum or $9.61 a week, equivalent to a cup of coffee and a biscuit. And why should the banks offer special rates when people are queuing up for loans?
Interest rates are still on the floor in almost all western countries and could even go lower so why would it be different here?
House sales downturn in June
GREG NINNESS <
House sales fell sharply throughout the country last month although the median price rose slightly.
Latest figures from the Real Estate Institute of NZ (REINZ) show that 6135 homes were sold in June, down 20.5 per cent on May, while the national median price rose by $2000 over the same period to $394,000.
The decline in sales appears to reflect a normal winter downturn, with the number of sales in June this year exactly the same as in June last year, and still well up on the low of 4305 homes sold in June 2008.
In Auckland the number of sales dropped from 3061 in May to 2485 in June and the median price declined from $565,000 to $555,000 over the same period.
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