Over the last few months, figures have begun to suggest that the US market has bottomed out and for the first time in almost five years, the nation has recorded their first annual increase in residential real estate prices. So, does this spell a recovery in the market?
Article written Overseas Guides Company
A survey by a leading US real estate agent stated that they have seen annual increases in home values in 53 of the 167 areas that they cover. The largest increase has been experienced in Phoenix where home values are up 12.1 per cent from the second quarter of 2011 to the second quarter of 2012. Residential house prices in the Miami metro area are expected to increase by 6.1 per cent.
Despite lower than expected job growth in the country, it seems that housing recovery is holding its own. Concerns have been expressed that the number of foreclosures might increase but experts believe that demand will increase and effectively absorb the problem.
The US housing market is expected to remain relatively flat as the market works through a backlog of foreclosures and high rates of negative equity. Figures show that the number of foreclosures has been declining since January and foreclosure re-sales have also fallen with them making up just 15.6 per cent of all sales in June.
In addition, new data released from the National Association of Realtors shows that the average national home price has increased by 7.9 per cent since last year.
For details of property for sale in the USA, visit the American listings on Rightmove Overseas. One way to save money when buying in the USA is to use a currency specialist when transferring your pounds into dollars to complete the purchase of your property. For more information on this, contact Smart Currency Exchange.
To understand the full step-by-step process to buying a property in America, collect The Overseas Guides Company’s ‘USA Property Buying Guide’
The views and comments herein are those of the author and do not necessarily reflect the views or opinions of Rightmove Overseas, Rightmove Group Ltd or Rightmove Plc