us property market recovery doubts on fall in pending sales
News Posted On: 07 January 2010
The US housing market, supposedly in recovery for several months now has been thrown back into uncertainty and fear after pending home sales were found to have fallen 16% in November.
Obviously pending sales falling in November, tell of a fall in existing home sales in the months to come. According to analysts this could be seen in December's figures but will definitely be seen in January's sales data.
For me: 2010 is the make or break year for the US housing market; is the strong rebound going to expand into 2010, or is the recent loss of momentum going to continue until the rebound fizzles out altogether; leaving the market to face a long slow slog to recovery.
The rebound has been caused by the government stimulus, by things like their buying mortgage backed securities, which drove down mortgage interest rates, and by the $8,000 credit for first time home buyers.
The effect of these things is beginning to fizzle out, with the credit ending, and mortgage interest rates climbing voraciously in the last few months.
The fall in pending home sales is the latest in a long line of dents in the rebound, and we all just have to watch the current slowdown -- which was inevitable really -- for signs that things are picking back up again.
Meanwhile 2010 is expected to be a good year for foreclosure sellers in the US, especially Florida. Sales are expected to see continued growth as foreigners lurch in to find bargains.
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