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The number of people expecting house prices to decrease is close to the levels last seen during the global financial crisis. The ASB Housing Confidence Survey for the three months to January showed a net 43 percent of respondents expected house prices to decrease in the coming year, compared to net 31 percent last quarter. That compared to a net 55 percent of respondents expecting house price decreases at the height of the global financial crisis in 2008. The quarterly survey spoke to 2962 people. ASB senior economist Kim Mundy said interest rates were rising rapidly, causing the housing market to fall.

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