The latest report from the CSO indicate that house prices have again fallen in April. Figure 1 shows the value of house prices using January 2005 as the base year. Figure 2 plots the rate of the decline. It can be seen that the rate of decline in house prices in 2011 so far is lower than that observed in 2009 but actually worse than that experienced in 2010.
Justin Doran is a Lecturer in Economics, in the Department of Economics, University College Cork, Ireland.