In October, the U.S. real estate market has experienced multiple shocks, decline in sales of secondary and primary residence, and a reduction in the construction of new homes. Specialists are puzzled over what other "surprises" ready market.
According to U.S. Commerce Department, sales of new homes in October fell by 8,1% compared with September. Economists expect this figure to grow. The median sale price of the object in the same period decreased by 13.9% to $ 194,900, according to business portal RTT News.
According to the National Association of Realtors USA, in October, sales of second homes fell by 2.2% compared to September. Experts predicted that this recession will be less significant. The median sale price of the object fell by 0,9% year on year, to $ 170,500, transmits television channel MSNBC.
Capital Economics economist Paul Dales said that "in sales of new homes, in contrast to the secondary housing market, a moratorium on the alienation of banks for housing mortgage debt was not supposed to affect. However, it seems, this measure has had an indirect effect on consumer confidence. "
Association chief economist Lawrence Yun as the main reasons for the reduction in sales volumes, "secondary housing" also called a mortgage moratorium. What is it?
As another reason for the decline in sales, Mr. Yuen calls the tougher requirements to mortgage borrowers. These measures were taken by banks, after the number of seized for the debts of houses and apartments has hit one record after another.
Recall that in September this year, 347.4 thousand were issued notices of withdrawal of accommodation from mortgage debtors, and the number of seizures themselves amounted to 102.1 thousand in III quarter of the owners of each 139-th unit residential property in the U.S. received a notice of exclusion.
According to Lawrence Yuen, the cumulative number of sales in the secondary housing market up to 2010 will amount to 4.8 million objects. This is 7% less than in 2009, and the worst result since 1997, when the country was sold 4.37 million objects. Experts expect that in 2011 the market recovery will happen, due to improvements in the labor market, and sales up to next year reach $ 5.1 million housing units.
Negative impact on the market provides, including a large number of unsold homes. As of October, the figure was 3.86 million objects. At those rates of sales that were reported in the last month, to "escape" from such a large number of housing would take 10.5 months. Sign of a healthy market, meanwhile, is a stock that can be implemented in no more than six months.
Unsold housing, in turn, affects the volume of new construction. In October, it decreased by 11,7%, and next year, this situation may continue.