Housing report: Listings show extra pressure looming on house prices, rentals

Watch on our video home page here. Watch on YouTube here. Bernard Hickey delivers a Housing Report in association with BNZ, including news that the number of home sale listings on realestate.co.nz and trademe.co.nz has spiked in recent weeks. This is similar to the spike seen through late 2008 as the housing market went into a downturn and home sellers tried to sell at the peak. The numbers of houses listed for rent has also moved sharply in recent weeks, falling much faster than it did through early 2009. A fall is usual at this time of year, but this seems sharper, possibly as some landlords put their houses up for sale, sensing house prices have peaked. Meanwhile, the number of mortgagee listings has also risen sharply, reversing a 3-6 month down trend as banks and receivers for finance companies get tougher now the worst of the recession is over and they work through their backlogs of delinquent loans. All these factors are likely to keep the pressure on for lower or flatter prices through 2010.