american housing market facing further repossessions
News Posted On: 15 March 2010
Between 5 and 7 million homes in the US are eligible for foreclosure but have yet to be foreclosed upon. This potential for a new wave of foreclosures coming onto the market is a big threat to the current stability in the housing market.
On the other hand, for British and global property investors this is potentially very good news. American property is currently presenting some of the finest overseas property investment opportunities we have ever seen. And those people with the cash to buy are snapping them up quickly.
With probably a few exceptions most of the people investing in American property at the moment are not planning on making any kind of capital gain for 5 years. Sure, it is entirely possible, in face highly likely that US home values will start to see annual increases well before 2015, but most people investing are aware of the possibility that they may not.
Thus the potential for a second wave of repossessed properties is not going to worry anyone who has already bought, but it is going to give a far wider choice to anyone who is still looking to buy.
This will be perceived by many as a very cold way to look at what represents the removal of someone's -- often a family with children -- home, but that is unfair. The homes are being repossessed because the bank is taking them back for failure to make payments. Whether the property is bought by an investor or not, the bank is not going to return the property to its previous owner. Therefore no one should feel remorse about buying a repossessed property.
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