americasOver a five year period between 2001 and 2006, house prices in the United States rose at an unprecedented pace, as Americans bought homes on cheap credit faster than ever before. The property boom led many economists to fear that a property bubble was emerging and, by summer 2007, many were claiming to have been proven right when loan defaults rocketed in the subprime mortgage sector, sparking fears of a housing market crash. The collapswe was confirmed in 2008. But while the outlook for the US market may be bleak, to the north and to the south of the Americas' largest economy, the property sector appears surpringly resilient. House prices in Canada have been less affected by the downturn, while in many Central and South American nations improving economies and greater political stability, coupled with increasing interest from investors and homebuyers from outside of the region, has bouyed many national housing markets.
One in 171 U.S. homes in foreclosureThe number of U.S. properties in foreclosure surged 14 percent in the second quarter from the first three months of the year, leaping to almost 750,000. Compared to the same quarter of 2007, foreclosures were up 121 percent, according to a study by RealtyTrac. Read more - Americas U.S. foreclosures jump 57% in 12 monthsThe number of U.S. homes facing foreclosure jumped 57 percent in March from the same month a year earlier to 234,685 properties nationwide, according to figures from RealtyTrac. The report, drawn from the largest and most comprehensive national database of foreclosure and bank-owned properties, shows one in every 538 U.S. households received a foreclosure filing during the month. Read more - Americas Manhattan real estate bucks U.S. downturnReal estate prices may be going into freefall in some areas of the United States, but so far Manhattan has managed to buck the national trend, with year-on-year price growth close to double digits, according to new market reports. Read more - October 2007 - Americas Canada real estate market on track to beat forecastsCanadian home sales are expected to reach record levels in 2007, defying forecasts for a slowdown in the market, a leading industry group has said. Read more - August, 2007 - Americas - Related: Canadian home prices rise at “astounding” pace - Canadian real estate market buoyant despite troubles south of the border As U.S. foreclosures rise, vultures circleFor any of the hundreds of thousands of Americans facing foreclosure, the promise of help to prevent losing their home sounds too good to be true. But such offers, usually in e-mails, letters under the door or unsolicited phone calls, are often just that. Read more - May, 2007 - Americas Subprime trap ensnares big spendersIn the collective imagination the victims of America’s escalating subprime mortgage crisis are low-wage earners struggling to buy their first home. But as the fallout from the collapse of the riskiest segment of the mortgage market spreads, wealthier investors who overstretched are also being sucked into the foreclosure hole. Read more - May, 2007 - Americas New income tax deduction for mortgage insurance premiums to benefit buyersA new US federal tax deduction allows many families to write-off premiums for private and government mortgage insurance on loans that close in 2007. Read more - April, 2007 - Americas SEC probes subprime mortgage lendersAmid growing mortgage loan defaults by homeowners and a rising tide of foreclosures across the United States, the SEC announced that it would examine the accounting practices at some lenders. Read more - March, 2007 - Americas Demographics and foreign interest drive real estate in MexicoMexico's demographic make up, with a large number of young people entering the job market for the first time, combined with growing interest in second and first homes and investment properties from US citizens is driving demand in Central America's largest state. Read more - March, 2007 - Americas New mortgage standards could prolong US housing crisisAs the housing market downturn continues across the United States, lenders are reexamining their lending policies and making loans less available than they were in years past. This effect is lauded by many economic observers, but may result in a reduction of buyers which could lead to an oversupply of homes on the market. Read more - March, 2007 - Americas Canadian market shows resilienceHigher housing values, tight inventory levels, and all-out bidding wars have yet to deter first-time buyers in their
quest to realize homeownership in major Canadian centres this year, according US govt. research unit points to bleaker housing market outlookThe outlook for the US housing market is appearing increasingly bleak, statistical data from the the US Department of Housing and Urban Development's Policy Development and Research Unit (PD&R) indicate. Read more - February, 2007 - Americas Housing sales slide in fourth quarterHousing sales and marketing generally continued downward in the fourth quarter of 2006, the Department of Housing and Urban Development said. Read more - February, 2007 - Americas Should the rise of the Latin American left worry investors?With the re-emergence of the left in Latin America, how much risk is there for private property owners and investors in residential real estate? Read more - 2006 - Americas
|