Attempting to reinflate the housing market is a global thing. We have seen the actions of the government and central banks across the world to keep the upward movement in house prices alive. Yet we know that without a real economic engine (e.g., job creation and rising income) supporting it, it couldn’t go on that long.
From Yonhap:
South Korea will temporarily ease financial borrowing and tax rules to help bolster the local housing market, which has experienced a sharp drop in transactions since late last year, the government said Sunday.
The plan announced jointly by the finance, public administration, and land and construction ministries, as well as the Financial Services Commission calls for raising the ceiling on the amount of money people can borrow to buy a home, and to delay hikes in registration and acquisition taxes for people who purchase new residences.
http://english.yonhapnews.co.kr/business/2010/08/29/47/0501000000AEN20100829001900320F.HTML
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