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IS THE US HOUSING MARKET STABILIZING?
 
Figures from the National Association of Realtors (NAR) indicate a rise in sales of existing homes in November, up 0.4% to a seasonally adjusted annual rate of 5 million units.
 
While this well below the 6.25 million-unit level achieved in November 2006, the NAR believes this is a sign that the market is stabilizing. “Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that’s good news because it’ll be a further sign that the housing market is stabilizing,” said NAR chief economist Lawrence Yun. “Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market.”

Foreign and domestic sales boost
The NAR also confirms that one in five US realtors has sold a home to a foreign investor, with more and more Brits taking advantage of the strong pound to pick up a ‘bargain’ second home. A rising domestic population is also likely to drive sales in 2008 and beyond. The US Census Bureau recently calculated that its population would reach over 303 million on 1st January 2008 (up 0.9% from 2,842,103 registered on 1st January 2007). This increase is due to one birth every 8 seconds, one death every 11 seconds and one immigrant arriving every 30 seconds.

CURRENT MARKET CONDITIONS 

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