Tuesday, July 8, 2008

£10,000 for a house. That’s more like it!

US housing shows signs of recovery

"In the US, people are finding fair and good deals that suit them. The sales numbers show that people's psyche is beginning to turn, albeit spurred on by low prices. The number of low-end sales has doubled in the past year, with houses offered at a staggering sub-$20,000 (£10,000) being the most popular. One house price was so low the purchaser used a credit card to buy it. People are seeing houses priced at 55pc of the value they were previously, with a $600,000 home now costing $325,000. Mortgage banks are becoming increasingly keen to rid themselves of such properties."

Posted by drewster @ 12:51 AM (981 views)
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9 thoughts on “£10,000 for a house. That’s more like it!

  • little professor says:

    Loads of houses in Detroit are available for as little as $1,000. Seriously. I’ll post some links later.

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  • I suppose these places are the equivalent of Liverpool. What’s the american word for chav?

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  • gone-to-colombia says:

    This is a real laugh. You buy a house Detroit for $100.
    If this is what they mean by recovery then God help the UK.

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  • Signs of recovery? No, signs that the vultures (that’s you and me) are finally coming down to feast.

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  • Not Liverpool, even condos in the SF Bay Area are down
    from 300,000 to 50,000.
    You could buy at 50,000, but what if the place is only worth 10,000.
    Seems a bit soon to call the bottom.

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  • Buyer beware.

    This article reminds me of one of Charles Hugh Smith’s blog articles:

    http://www.housepricecrash.co.uk/newsblog/2008/07/blog-for-a-house-thats-more-like-it-15032.php

    Smith makes a reasonable case that some American housing will become effectively worthless.

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  • Blindleadtheblind says:

    Drewster, you obviously have not been to Liverpool recently if ever.

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