Variable recovery rates for US real estate sectors
The majority of USA real estate specialists believe the signs are clear that a sustained-recovery phase has begun for the country’s housing markets but remain aware that some districts will face further hurdles in the short-term.
A recently published report from the Royal Institution of Chartered Surveyors (RICS) suggests that in most regions where foreclosure rates have been particularly high the price of residential real estate is bound to decline further.
During the last twelve months western and southern regions of the US have seen biggest fall in property prices however levels of new home construction has improved during the same time period.
The greatest increase in new home construction has occurred in multi-unit developments of apartments and condos to accommodate the increased demand for the rental properties boosted by people unwilling or unable to access the American home mortgage market.