The number of private home transactions fell 40% from Q4 2007 to Q1 2008.

Yes, 40%.

But despite this, the papers chose to use less scary headlines like "HDB upgraders driving force for property market" and "HDB upgraders hold key to property market turnaround".

DTZ property consultancy found that the number of HDB upgraders fell by 25.8%, which is nothing compared to the 44.4% decline in the number of private homes bought by people already with private home addresses.

To me, whether it's 25.8% or 44.4%, it's still a BIG decline.

In my opinion, the disparity is probably due more to speculators and foreigner investors being spooked by the downturn, than HDB owners becoming more attracted to upgrade.

Reference: yesterday's my paper and this link (asiaone).

http://www.salary.sg/2008/private-ho...hases-fell-40/