Print

Bargain hunters snap up USA homes

Catherine Deshayes

The volume of homes sold across some parts of the States has increased, following a record decline in U.S. home prices, according to the National Association of Realtors (NAR)...

The NAR reports that the average price of a property successfully sold in the USA has fallen by 9.5 per cent over the past year to £112,364, the largest price decline on records dating to 1999.

As prices descend, more purchasers are taking advantage of favourable negotiating conditions, especially in markets that have been severely affected by the credit crunch, such as Florida, Nevada and California.

Mike Larson, an Analyst at Weiss Research, said, "Time and price are the real cures for the housing market slump."

The number of unsold homes in the States dropped seven per cent to 4.3 million, down from the record high of 4.6 million in July.

The decline, however, merits only a small round of applause because about five months of inventory is a more typical level, wrote Global Insight Economist Patrick Newport.

Also, many homeowners who don't have to sell likely are keeping their properties off the market. At the same time, thousands of foreclosed properties are tied up in court and are not for sale yet.

Source: http://www.homesoverseas.co.uk