The magnitude of the decline in existing home sales since the start of the housing market crash has been revised up significantly, but sales now appear to be rebounding as banks begin to lend more freely again. For example, lenders are now willing to provide a loan of up to 80% of the home purchase price, compared with around 75% in 2010. Accordingly, the recent acceleration in the pace of house price falls should give way to stability this year.
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