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Posted On: 26/08/2010
Sales of existing US homes fell 27% in July, according to new data released by the National Association of Realtors. This sent the stock market crashing in a wild sell off that pushed stock prices down 100 points in a matter of minutes.
Surprisingly though, you can still find positive predictions emerging from the news. Some analysts believe that such a huge fall in July indicates a market bottoming, and that we are now looking forward to an August rebound. Others believe -- arguably -- more realistically that the government subsidies were the only reason for the rebound starting in the middle of last year, and now they are over the correction is picking up where it left off.
Whatever the truth is, sales of repossessed properties in America are continuing strongly. Agents reported a lull in the first quarter, but the subsequent increase in discounts this prompted seems to have caused another surge.
According to Frank Crowley, director of Azure Overseas Florida is still most popular with foreign repossession buyers.
"Florida will always be popular while repossessions are so frequent. Price was the only thing stopping thousands of people buying holiday homes near Disney World. Now with repossessed and distressed properties on sale from just £43k for a 2 bedroom, the dream is now an affordable reality for the masses," he said.
Frank refers to the Villages at Town Center development, offering 2 bedroom condos in a fully equipped resort just minutes from Disney World from £43k.
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