The Irish housing bubble is crashing faster than anyone could have imagined.
Recent data show that prices have tanked 6 percent during the first 11 months of this year. Moreover, the crash is accelerating. During October and November, prices fell by 1.1 pecent and 1.3 percent respectively.
The average price of an Irish house in November was €292,124, compared with €310,409 a year earlier. This adds up to an average of €1,500 price decline each month throughout the past year.
It is only a matter of time before this story crosses the Irish Sea to the UK.