Price of a house came down by 20% during recession. After one year, the price increased by 25%. What was the effective change percent in the price of house over the original price?
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The Great Depression [of the 1930s] saw a 25% average decrease in home prices, but that was mostly due to the large number of foreclosures — and with much stronger regulations nowadays, that isn't likely to happen again,” Kimmel says.
The average UK property's value fell by 20% over 16 months, while transaction levels slumped from 1.65 million in the decade up to the crisis to 730,000 in the year to June 2009. Recovery was slow – it took around six years for prices to reach pre-crash prices.
During the 2008 financial crisis, property fell in value by 20% in just 16 months. Repossessions soared, and it was only in May 2014 that the average house price recovered to pre-credit crunch levels. In some areas of Britain, they have still not recovered.
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