arts of our financial system and many property owners have been in a zombie-like state for much of the last two years, hoping that the lending will start again and the deals will return. No one wants to sell for a loss. Some markets are not ‘clearing’ by matching lower demand and higher supply with a lower price.

Instead, they are frozen in the headlights of the Global Financial Crisis.

via Bernard Hickey : New Zealand a ‘zombie nation’ – Business – NZ Herald News.