US existing home sales fall to 15 year low
In a further reflection of difficulties currently being experienced by the US economy, it was revealed today that sales of existing properties fell to a 15 year low in the US. There was an unprecedented fall in the annual rate of existing property sales from June 2009 to June 2010 which equates to 27.2%!
This is a dramatic fall by any standards and concerns regarding the shape of the US economy continue to grow. This is being reflected in the US investment market which is also having an impact upon worldwide investment arenas. Even though much attention is being placed upon the likes of Japan and China, and other economies around the world, the US is still the engine room of the worldwide economy. The dramatic fall in the US currency, ongoing economic difficulties and criticism from within of the current US government is starting to have a major impact upon US consumer and US business sentiment.
The next few weeks and months will be vital for the future direction of the worldwide economy and the US is likely to dictate this future path. While we are in danger of "talking ourselves into a depression" the prospect of economic difficulties in all four corners of the globe is not one which fills investors, governments and consumers with confidence.
Share this..
Related stories
Flood victims warned over "cowboy" builders
People whose homes have been damaged by this week's flooding in England and Wales have been warned to be on their guard against cowboy builders.Unscrupulous individuals will be seeking to exploit vulnerable householders who have fallen victim to the bad weather, the Trading Standards Institute (TSI) has stressed.Sarah Smith, the TSI's leading officer on scams, said the consumer watchdog had "lots...
Read More4.3m homes 'liable for inheritance tax'
Around 4.3 million homes could be liable for inheritance tax (IHT) by 2020 if the threshold is only increased in line with retail price inflation, the bank Halifax has claimed.Currently the average house price in 236 postcodes districts is above the IHT threshold of £300,000 due to the boom in house prices over the past few years, a Halifax survey revealed.However the figure has almost doubled si...
Read MoreFSA set to take over regulation of sale and rent back agreements
As the UK recession continues unabated more and more homeowners, especially those of an older age, have been forced to consider sale and rent back agreements on their homes. The fact that the schemes often ensure that the properties are acquired at a sub-market price in order for the tenant to remain in the property, often until their death, has caught the attention of the regulators. This is an i...
Read MoreMillions may be pushed into poverty by 2040
17/11/2014 Social policy charity the Joseph Rowntree foundation has released a report advising that the rising cost of private rents are on course to push thousands of people into poverty while adding billions of pounds onto the UK’s housing benefit bill. Using detailed historic data to examine the relationship between housing and poverty, the report has found that the private rents in En...
Read MoreIs It Time To Look At Buy To Let?
As the housing market continues to fall and the news seems to get worse there is a feeling that the bottom of the market may not be far away, but is it time to buy? Is it time to look at the buy to let market?
While the truth is that nobody knows if we are at the bottom of the property slump, or whether we have some way to go yet, the signs are not good. Many investors are still si...