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Updated Tuesday, January 19, 2010 11:23 am TWN, Bloomberg

N.Z. house prices fall for first time in six months

WELLINGTON -- New Zealand house prices fell for the first time in six months in December as the number of properties sold declined for a third month. Prices fell 0.9 percent from November, the Auckland-based Real Estate Institute of New Zealand Inc. said Monday in an e- mailed statement, citing an index. The number of properties sold dropped to 4,957 from 6,056 in November.

New Zealand lenders have been raising interest rates on fixed-term home loans as their funding costs increase, curbing demand for property.

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