Wednesday, March 14, 2012

US house prices may be approaching the bottom

US house prices may be approaching the bottom

America's five-year long house price nightmare looks like it may be coming to an end. So does that mean the end of its wider financial crisis is approaching too?

Posted by martingreen @ 09:37 AM (1012 views)
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3 thoughts on “US house prices may be approaching the bottom

  • nope it is just circling the earth

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  • There’s a massive ‘shadow inventory’ in the US of over 3.2 million homes that would normally be foreclosed and come onto the market. That represents a massive 36-month overhang given the current 90,000 sales a month. This inventory consists of homeowners a year or more behind on their mortgages (2.8 million) and homes already back in bank ownership but not on the market or not sold (450,000). Furthermore, millions more (one reasonable estimate is 11 million) are likely to default. The banks would sooner forego something like $60 bn a year than unload this shadow inventory, collapse house prices and go broke. Don’t bet on prices rising before this inventory is liquidated.

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  • mark wadsworth says:

    “May be approaching the bottom”??

    Clearly, US house prices ARE appraoching the bottom, they have been doing so for the last five years and if Icarus stat’s are correct, will continue to do so in some areas for several years more 🙂

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