Is the US House Market Recovering
Do less people in the US have to sell their house quickly
A new poll by Reuters suggests that the US housing market may just be starting to level off. In fact they went as far as stating that house prices should start to rise in 2013. A survey back in January predicted that house prices could rise by 1.5% by the end of 2012, a more recent report predicts that House prices may rise 2.0% by the end of this year. Relatively this could be a big jump compared to the falls we have experienced and these predictions do show a good optimism. In Europe however, there is still less optimism due to the European credit crunch situation and the threat of Italy, Portugal and Greece bankruptcy.
House prices dramatically fell, many where forced to sell property fast
House prices in the US reached a high in 2005 a few years before the housing bubble burst. Since their high, prices are now a huge 32% lower on average. Currently the US government are propping up their economy by purchasing lots of bad debt in the form of mortgage backed securities. It is believed that the FED will announce further support for the banks at the end of the month which should help to open up lending facilities and enable more to attain a mortgage. Also, recent Job figures in the US have also shown signs of improvement which should give further confidence to the housing market overseas. Back home, the job market has recently hit a new low and the European jobs market may hold back UK confidence as well.
As we have discussed before it is essentially the lack of available mortgages that is holding the UK Housing market back. Once the mortgage lenders loosen their criteria and also deposits become more affordable then we should see more movement in the market. If you wish to sell property fast but can’t, speak to one of our advisor’s and discuss selling your house quickly and achieving a fair offer.
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