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Tue 07 Jul 2007Warning on falling house pricesPropertyUp to 60 per cent could be wiped off the real value of houses over the next eight years if the Republic's housing market follows the same pattern as those in other countries, a new paper suggests.Morgan Kelly, professor of economics at UCD, said the housing market could go into rapid freefall, with house prices falling by 5 per cent per annum over the best part of the next decade.