Američania bez strechy nad hlavou

The US housing horror story is about to get even worse

26.6.2010 / Frayer / Reagovať

Since the US housing bubble burst four years ago, Americans have got used to seeing bad tidings on the property front.

They're down more than 30% from their mid-2006 peaks up to the end of March

The US government has tried to shore up the property market by giving $8,000 tax credits to first-time buyers. And people were happy to take advantage.

Anyway, that scheme stopped at the end of April, so a May sales drop was already on the cards.

On top of that, May's median sale price was down almost 10% from a year earlier and the lowest seen since December 2003

And despite US builders cutting their inventories to the lowest level in 39 years, the stock of unsold homes was still equal to 8.5 months

In fact it took builders a record 14 months to find a buyer for a completed home last month.

So if you're looking to snap up a piece of State side real estate, you can probably afford to watch it get even cheaper.

As America suffers, global economic confidence and stock markets are likely to be hit hard.

www.moneyweek.com