The Mishkan Housing Market Index, a monthly index that measures the financial conditions of the Israeli Housing Market, hit a 6 year low in December 2010, the lowest since October 2004. The index is made up of 4 factors; the Israeli average salary, the unemployment rate, national apartment prices, and the mortgage interest rate. According to Bank HaPoalim, “the prices of homes in Israel rose 14.7% in the preceding 12 months. Since the last low point in 2007, prices has risen 38% in real terms”. That being said, the index has fallen 21% from its high point of 171 points in July 2008.