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American Property Market Continues Meteoric Recovery

News Posted On: 22 November 2012

The American property market is continuing its meteoric rise from the ashes of depression to the clouds of happy dancing recovery as it sees one of the fastest and most definite turnarounds we have seen from the current crash.

Many had said that as American property market led the world into the crash that it would be the first to get back to business as normal, and while business as normal is a long way off yet, at the current pace it will indeed be the first to get back to normal runnings – in the western world anyway.

This week comes another dollop of unmistakeably positive news. We have word that the Californian housing market, which has become one of the strongest in the new America, is continuing to go from strength to strength, with the latest news from the Californian Association of Realtors showing sales and prices growing across the state.

"Sales surged to the highest level since May, with demand continuing to be strong across all parts of the state," said 2013 C.A.R. President Don Faught. "Sales were particularly robust in the coastal markets, but they also rose significantly in many non-metropolitan areas, as confidence toward the housing market continued to improve. Most counties in the Northern California region, for example, posted double-digit year-over-year sales gains in October."

According to the report a seasonally adjusted 544,000 homes were sold across California in October, representing a growth of 12.5% on the month and 10.2% on the year. The report also shows a 23% year over year growth in the median price, although it did fall 1.1% over the month.

Florida is another market that continues to keep pulses racing, this time with a 25% growth in sales compared to last year.

According to a report from the Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing, state-wide closed sales of existing single-family homes totalled 17,779 in October, up 25.3 percent compared to last October.

The banks are getting behind the recovery, even although they probably didn't have much choice in the matter. Five of America's largest banks have provided a combined $26.1 billion in mortgage relief to struggling mortgage holders as part of a deal to settle charges of wrongdoing in the mortgage foreclosure process.

Joseph Smith, monitor for the national mortgage settlement, said that about 309,000 borrowers had received some form of relief from Ally Financial, Bank of America, JPMorgan Chase, Citigroup and Wells Fargo. The banks agreed to cut outstanding mortgage debt among other forms of help for distressed borrowers.

Calls continue to intensify for Barrack Obama, who just won another 4 years in office as President to put his weight behind the recovery, now he isn't on the campaign trail. Let's hope that if he does so he will do so more efficiently than his previous attempts.

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