US Real Estate Prices Fall in October
US residential property prices fell 1.3% in October according to the latest reports. In fact, this is the third decline in a span of three months. The market blames distressed sales on the weak demand for housing facilities.
Reports show that housing statistics are fighting a supply and demand imbalance. Real estate forecasters in the US even say that the industry will not enjoy a growth in the next two years.
This is a case to case basis though, because in some states real estate is holding up. Others however are not doing so well. The highest growth recorded for the year includes real estate in places like West Virginia, New York, District of Columbia, South Dakota and Alaska. Big drops were experienced in Arizona, Minnesota, Georgia, and Nevada.
The fall in sales is distressing for industry professionals and also for the market as a whole but because of this drop, those who are planning to buy a home might as well buy it now, considering the incentives and savings that one would get.
However, analysts say that unemployment rate is high and people don’t have the buying power to purchase property at this time. Many are hopeful though, that the crisis will be over soon.
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