February 23, 2022 12:32
More than half of Koreans expect the prices of residential real estate to drop over the next year for the first time in 21 months.
The Bank of Korea said Tuesday that an index that gauges the housing market sentiment declined three points to 97 in February compared to the previous month. A reading below 100 means a majority expect home prices to fall.
The last time the index fell below 100 was in May 2020, though that was a false flag and prices in fact went up.
Meanwhile, the consumer sentiment index, which reflects overall expectations of the economy, dropped 1.3 points to 103.1 in February.
That still means there are more optimists than pessimists, but the gap is narrowing. The index edged up in January but dropped again this month due to the surge in coronavirus infections.
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