News: USA Property Sales Up
Sales of previously owned properties increased significantly in August, which certainly raises hopes for a swifter recovery of the USA housing market, even though house prices are still relatively low. Both home-buyers and investors were more active in August, which is mostly due to affordability, rising rent, and the wide availability of foreclosure properties.
Existing home sales, including single-family homes, town homes and condominiums rose by 7.7% in August compared to July and were up over 18% compared to August 2010. This increase could be seen in all states and means a seasonably adjusted annual rate of 5.03 million, up from a rate of 4.67 million in July. Distressed and foreclosed properties accounted for a large part of the sales.
While many economists are remaining rather sceptical, this is a good time to invest in below market value properties in the USA. As the chief economist of the National Association of Realtors (NAR) comments, “Investors were more active in absorbing foreclosed properties. In addition to bargain hunting, some investors are in the market to hedge against higher inflation.”
Despite these positive signs, the NAR warns that restrictions on mortgage availability continue to hold back the full recovery of the USA housing market.
So if you want to take advantage of the below market value prices and the wide range of foreclosure properties still available in the USA, now is a good time to invest. Contact Belgrave Group for further information on Atlanta properties and Detroit properties.
Sales of previously owned properties increased significantly in August, which certainly raises hopes for a swifter recovery of the USA housing market, even though house prices are still relatively low. Both home-buyers and investors were more active in August, which is mostly due to affordability, rising rent, and the wide availability of foreclosure properties.
Existing home sales, including single-family homes, town homes and condominiums rose by 7.7% in August compared to July and were up by over 18% compared to August 2010. This increase could be seen in all states and means a seasonably adjusted annual rate of 5.03 million, up from a rate of 4.67 million in July. Distressed and foreclosed properties accounted for a large part of the sales.
While many economists are remaining rather sceptical, this is a good time to invest in below market value properties in the USA. As the chief economist of the National Association of Realtors (NAR) comments, “Investors were more active in absorbing foreclosed properties. In addition to bargain hunting, some investors are in the market to hedge against higher inflation.”
Despite these positive signs, the NAR warns that restrictions on mortgage availability continue to hold back the full recovery of the USA housing market.
So if you want to take advantage of the below market value prices and the wide range of foreclosure properties still available in the USA, now is a good time to invest. Contact Belgrave Group for further information on Atlanta properties and Detroit properties.