US Real Estate Market Showing Signs Of Recovery
Experts in the US housing market revealed to the public that the state of the market is on a fragile road to recovery. As of August 2010, there is a slight increase in housing projects all over the country – showing a 3.9 percent increase that boosted the figures to 550,000 from October’s figure of 534,000.
There was a slight increase in housing acquisition, mostly local homebuyers in the early months of 2010 due to the extension of the $8,000 tax credit issued by the government. The slight increase in housing demand went down again afterwards. However, real estate market experts are still enthusiastic on the US housing recovery as borrowing costs and home prices are lowered to entice more buyers.
The sudden drop in housing prices also attracted the interest of foreign buyers to take advantage of the economic depression to acquire more residential properties. Foreign investors are on the look-out for distressed and foreclosed properties that are cheaper, especially in popular locations, like Miami Beach and South Beach in Florida.
Though many see the 3.9 percent increase in housing development as a recovery, there are others that still maintain a neutral stance in the market’s future. Experts all agree that the high number of foreclosure and the unemployed status of many US residents might cripple the recovery process – taking years instead of months before the housing figures are deemed safe.
In conclusion, the US housing market’s recovery is indeed slow but the figures are far better compared to the last two years. experts are looking forward to the possibility of further recovery of the local real estate market this coming 2011 though many predict that the most significant change would be visible in 2012.