HDB cash-over-valuation dropped to $12,000 in October

It's the lowest since 2009.

According to SRX, overall HDB Cash-Over-Valuation (COV) dropped another $3,000 in October to reach $12,000 - the lowest since July 2009, when the overall COV was $10,000;

Overall HDB resale prices slipped 1.6% in October, following a slight gain of 0.2% in the preceding month. This represents a 2.8% drop from the price peak in January of this year;

According to flash estimates, 1,318 HDB flats were sold in October's resale market, a 26.5% rebound from September's 1,042 resale cases. HOWEVER, on a year-on-year basis, October resales volumes represented a 20% drop from the same period in 2012.

An estimated 1,506 HDB flats were rented in October 2013, up by 7.7% compared to September.