Housing market dives

[NewsWhore]

The DR's housing market and the complementary construction sector took steep dives last year as a result of a decrease in housing demand. Hoy, quoting statistics from construction sector representative Ramon Elias Hidalgo of Constructora Cohisa, reports that house sales in 2008 dropped by 50% compared to 2007. Hidalgo, quoted in Hoy, believes that the outlook for 2009 is worrisome. He said that despite the decrease in interest rates there is still reticence in the market. He added that buyers are concerned about taking on debt due to the increased risk of unemployment and falling sales in general.

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