US residential property - 5 warnings for the UK market
The US residential market continues its triple dip.
1) Prices are down 3% in the quarter to 31 March, housing has declined in value for 57 straight months, almost 5 years.
2) American homeowners have lost $6.5 trillion in equity in those 57 months.
28% of homes are underwater, Las Vagas has 85% of homes underwater, with Phoenix Arizona with 68%.
3) 2.9m homes were repossessed last year, a record.
4) Repossesions account for 30%-40% of home sales. 5) Overall average prices are down 33% from the July 2006 peak.
(Sources: S&P/Case-Schiller Index, Zillow property website, RealtyTrac, a group that tracks repossessions, all reported in the Telegraph today, plus ZeroHedge.com with a late afternoon observation on total housing equity losses)
1) Prices are down 3% in the quarter to 31 March, housing has declined in value for 57 straight months, almost 5 years.
2) American homeowners have lost $6.5 trillion in equity in those 57 months.
28% of homes are underwater, Las Vagas has 85% of homes underwater, with Phoenix Arizona with 68%.
3) 2.9m homes were repossessed last year, a record.
4) Repossesions account for 30%-40% of home sales. 5) Overall average prices are down 33% from the July 2006 peak.
(Sources: S&P/Case-Schiller Index, Zillow property website, RealtyTrac, a group that tracks repossessions, all reported in the Telegraph today, plus ZeroHedge.com with a late afternoon observation on total housing equity losses)
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