signs of stabilisation in american housing market
News Posted On: 07 September 2010
US real estate website Zillow has released data suggesting stabilisation in the US housing market. According to the giant portal, which is the second largest in the US after Realtor.com, fewer homeowners reduced their asking price in August than July -- the first time the measure has fallen in five months.
Similar data from Rightmove on the UK market has proven unreliable and far-from an indicator of what the market is and might do. In fact many people believe that rising asking prices are bad for the market, until sentiment is ready to support it.
However, the US was the first to crash, and it was thought highly likely that it would recover first as well. As several countries have beaten it to that reality, it is not impossible to suggest that the US would finally start to see a prolonged and sustainable recovery -- or at least a rebound.
This is backed up by other sources: like the shock higher-than-predicted rise in pending sales of existing US homes.
Of course, the American housing market is so vast, and there are still so many homes either repossessed or at various stages of repossession.
The thousands of repossessed properties, and the fact that they are fuelling a sub-industry of short-term investors aka wholesalers who buy cheap and sell a little dearer, is skewing the market. There is little chance of a full market recovery before these can be reduced.
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