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Article at Money Week about the looming US housing crisis MkII.
Some of the figures like the ratio of developers stock to sales are positively rosy compared to Spain (where you can’t really trust the figures anyway).
The US housing horror story is about to get even worse
But you never know; it might never happen.
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As some of the comments say below Mark’s link, most of the bargains are in places where you wouldn’t consider living.
Some stats here from Orlando area which has been one of the worst hit in Florida
Average mortgage rates down, to 4.89% lowest in 12 month.
Inventory rose slightly to 15,963, down from May 09 , 19,123.
New listings down to 4,304.
New Contracts down from last month, 3,669.
Homes pending, 10,351, slightly down from last month, but increase from last May, 6,603.
Sales closed, 2,605. Up fromlast month and up from last year [ tax credit ]
Average days on market, 85.
Days on market for Spain…no one is sure but 3 or 4 years seems to be the concensus. Not sure what the figure is for the UK. I think Spain would be talking of a boom if average days on market was 85 🙂
Nationwide said that prices in the UK went up slightly last month.
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Same link/article as in my thread of the title…
Can the Uk defy: Ire, Spain, US, France, UAE, East Eur etc?
Katy don’t be fooled by the Average days on the market stat quoted in Florida.
The figure 85 days on the market is only ‘For those which sold’, it’s not the average of how long all the properties have been on the market befor they sold (which like Spain would be years). There are thousands that are overpriced and have chased the market down over several years (sat their unsold but not contributing to the 85 day stat). By definition it is properties that come to market ‘well priced’ which sell, and they are taking on average 85 days.
Lies dam lies and stats.
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