US property market predicted to turn
Workers moving to the USA have been advised that the country’s property market looks set to turn in the near future.
Les Calvert, director at Property-Abroad.com, claims that the market will eventually begin to turn thanks to the peak of US foreclosures having already been seen.
He added that it was “a case of now mopping up the saturation” and that he had already seen an increase in enquiries about US property.
Mr Calvert said: “The US market is being propped up by wealthy Chinese buyers coming into the market and picking stuff up over there. I feel fairly confident that the market in the US will turn.
“We are getting a lot more enquiries now for US properties and foreclosures and, once that is absorbed, I think the US property market will definitely turn.”
He also added that the situation regarding mortgage availability in certain parts of the US can remain tricky, although not impossible.
He advised that in Florida particularly, US mortgages can be sought for property as well as mortgages in the UK.
Mr Calvert added: “It is like everywhere at the moment; it is not particularly easy.
“But if you are looking at Florida and those kinds of places, not only can you still get mortgages in the US, but you can also get a mortgage in the UK for property in Florida.”
A recent Reuters poll of economists found that the decline in US home prices was predicted to be nearing an end. The poll also suggested that prices should rise for the first time in seven years in 2013.
Michelle Meyer, an economist at Bank of America Merrill Lynch in New York, told the news provider the recovery was promising but there was some way to go yet.
She said: “This gradual healing is encouraging, but we must tread carefully as the housing market is still far from a robust recovery.”
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