US Repossessions hit record levels

Repossessions in the USA have hit an all time high adding to signs that the recession in the US housing market is deepening.

In the first half of 2009 almost 1.5 million US properties were at some stage of repossession proceedings according to RealtyTrac Inc.

This figure represents a 15 percent increase on the same period in the previous year and now means that 1 in 84 US home owners have received some form of repossession order.

Speaking on the recent figures Les Calvert of the Property-Abroad.com Group who specialise in the worldwide property market said:

"There have been reports recently that the US housing market may be close to bottoming, and that may be true. However, it is impossible to get a true picture until the full depth of the repossession crisis are known, and rising repossessions will also prevent any recovery."

Property prices in some of the major US city areas had dropped by up to 18 percent in April compared to last year according to the S&P/Case-Shiller index.

The loss of another 1,000 jobs at Harley Davidson adds to the jobless figure in a recession that has already left almost 6.5 million Americans out of work.

Properties for sale in America

Post a Comment about 'US Repossessions hit record levels' Here >