Can Tom Parlon predict the future?

The Construction Industry Federation (CIF) Director General and former PD Junior Minister, Tom Parlon, has stated that house prices in Ireland will not fall beyond current levels. While this statement has got headline status on today’s radio news bulletins it should also be remembered that Mr Parlon was part of a government that predicted a “soft landing” for Ireland’s property bubble. It would be great for the economy if he as right this time but I suspect that economics will play a larger role than parlonomics

According to a CIF & Irish House Builders Assoc (IHBA) report, house prices across the country have fallen by an average of more than 40% from their 2006/7 peak.

A new report from the Construction Industry Federation and the Irish Home Builders Association also claims the level of unsold housing stock is being exaggerated. The report says the number of unsold dwellings in the Dublin area represents less than eight months supply in normal market conditions – and an average of one year’s supply elsewhere.
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Irish Bank shares soar on takeover rumours

September 19 2008

Rumours this morning that Bank of Ireland is to be taken over by Spanish Bank Santander have sent all Irish bank shares rocketing on the Dublin Stock exchange this morning.

At 9:17 am, the Irish banks were up by the following percentages: Continue reading