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Over 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
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Emailwire.com - As the housing market downturn across the country continues 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 even greater supply of homes on the market. |
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Emailwire.com - Securities and Exchange Commission Enforcement Director Linda Thomsen has acknowledged that her agency is scrutinizing the troubled subprime mortgage lending industry. Amid growing mortgage loan defaults by homeowners and a rising tide of foreclosures across the country the SEC announced that it would examine the accounting practices at some lenders. |
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In 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. |
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Housing sales and marketing generally continued downward in the fourth quarter of 2006, the Department of Housing and Urban Development said. |
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The outlook for the US housing market is appearing increasingly bleak, warns the US Department of Housing and Urban Development's Policy Development and Research Unit (PD&R) in its annual report covering 2006. |
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