January 30, 2008

US new home sales fall

If the UK market is normally effected by what goes on in the States then we could have something else to worry about in the future. In a market that is already suffering the figures for the sales of new homes have been released and they do not make pleasant reading at all.

In fact new house sales actually fell by twenty six per cent, which is the worst fall since their records began way back in 1963!

It is not just new houses that are not selling, last week the figures for single family homes were out and they too were down in the largest drop in prices for over twenty five years. However there are predictions that the property market is set to recover and by the time we get to the summer all this talk of down turn and recession will be long forgotten.

Source [NY Times]