No relief; no one spared; the US housing crash gains momentum....
The pace of sales of existing homes in the US fell to a 12-year low in January as prices plunged and buyers delayed purchases ahead of a government economic stimulus package.
Home resales fell by 5.3 per cent to an annual rate of 4.49m in January, the National Association of Realtors said on Wednesday, and were off by 8.6 per cent year-on-year. The median price of an existing home fell by 14.8 per cent on the year to $170,300
So if the UK follows then our median price will be 117K GBP very soon. As a rule of thumb I would not pay more than 50K per bedroom in this country.
ReplyDeleteUnlike Sockmarkets, Real Estate can not be expected to crash overnight. There has been steady revaluation.
ReplyDeleteThe global economy will struggle to cope up with falling industrial and consumer demand for several quarters more.
We can not expect Real Estate Market to improve until potential buyers get a feeling of financial security which is absent today.
David Nash: http://www.exclusivereal.com