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90 at 9, Monday March 03, 2008 Tube. Duration : 1.65 Mins.We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Mortgage Rates Forecast . Welcome to interest.co.nz's morning briefing of what's news here and around the world. Everything you need to start the day in 90 seconds at 9'oclock.... Starting now Firstly, we have news that the housing bubble is obviously at hits bursting stage if you look at recent auction results. The Sunday Star Times watched 21 house auctions in the last week and found that not one of them sold at auction. None of them even sold after the auction and many of them didn't receive any bids at all. Just 30 % of homes are selling at auction these days. That's half the rate from a year ago. Meanwhile, a survey by interest.co.nz shows a significant increase in the number of properties listed as mortgagee sales in the last week. The bubble is definitely bursting and prices have a way to fall yet. We forecast average prices will have to fall 30% before it becomes affordable again and gets back to the trend it's been on since the early 1980s. Meanwhile looking ahead for the rest of the week. It's a big one for interest rates. The Reserve Bank of Australia is widely expected to raise official interest rates on Tuesday to 7.25% as it grapples with an inflation problem there. Our Reserve Bank will be announcing its official interest rate decision on Thursday. All economists expected Governor Alan Bollard to leave rates on hold at 8.25%. The big focus will be on his comments about future interest rates and whether he will give a nod or a wink about rate cuts. Bollard also has an inflation ...
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