Not everybody is in the market for a multimillion dollar residence. Good thing there are plenty of deals out there for the rest of us.

Irish National House Prices: Prices plunged in April as developers cut prices on new houses. Tightening credit conditions and rising mortgage rates have deterred buyers. The drop in the price of new homes was almost twice the national rate. Data from the Central Bank show that the growth in mortgage lending last month fell to its slowest rate since 1992.

Two people were killed in New York’s second fatal crane accident in three months. Cities nationwide with building booms face similar safety issues. Industry experts blame pressure to complete projects and inexperienced contractors and workers.

Interest rates on mortgages have spiked in the past 10 days, and there’s a serious risk that they’re going get a lot higher. If you act quick, you can still find some good deals.

The Central Bank said today that after an upturn in March, the annual rate of increase in Irish private-sector credit reverted to trend by declining in April, to 15.9 per cent. The annual increase in non-mortgage credit fell to 19.3 per cent and the residential mortgage growth rate continued to decline, to 11.4 per cent in April, the lowest annual rate since 1992.

The Eurozone (EA15) seasonally-adjusted unemployment rate stood at 7.1% in April 2008, unchanged compared with March. It was 7.5% in April 2007. The EU27 unemployment rate was 6.7% in April 2008, also unchanged compared with March. It was 7.2% in April 2007.

Irish New Car Sales: The CSO said today that there were 17,587 new private cars licensed in April, 2008, compared with 21,427 in April, 2007, a decrease of 17.9%.

Global House Price Index: Residential property price inflation continued to slow in the first quarter of 2008, falling to 6.1%, compared to the 9.2% recorded the previous quarter and 9.8% over the 12 months to Q1 2007. The number of markets where prices have fallen has increased, and although there are still locations where price growth is in double figures, at the moment they are the exception rather than the rule. A year ago, 35% of the markets covered by Knight Frank in the Global House Price Index saw house price inflation in double figures. In Q1 2008, this proportion had fallen to just 20%. The geography of the best performing markets is not so clearly delineated as in previous years, when we might have been able to say that growth was strongest in the Far East, or Central and Eastern Europe. Today, the top performing markets are dispersed around the world, with Bulgaria, Singapore, Hong Kong and Jersey being the locations with the highest growth rates.  

Eurozone annual inflation is expected to be 3.6% in May 2008 according to a flash estimate issued by Eurostat, the Statistical Office of the European Union. It was 3.3% in April and 3.6% in March. The return to the March level means prices are rising at a 16-year high.

Developer Sean Dunne’s Mountbrook Group today lodged a planning application with Dublin Docklands Development Authority (DDDA) for what it termed “a state-of-the-art redevelopment” of Ringsend & Irishtown Community Centre in return for an implementable planning permission for our Jurys Berkeley Court site.