Andrew Clark - in New York - The Guardian
Wednesday May 28 2008
The fog of misery enveloping the American housing market has thickened with the sharpest drop in property prices for 20 years, leaving households in worst hit cities facing the prospect of their homes almost halving in value over a year.
Prices for US family homes fell 14.1% year-on-year during the first quarter according to the closely watched S&P/Case-Shiller index. Out of 20 cities in the survey, 19 reported a fall.
"There are very few silver linings in the data," said David Blitzer, chairman of the S&P index committee. "Most of the nation appears to remain on a downward path."
The downturn has left hundreds of thousands of people unable to refinance unaffordable sub-prime mortgages - a phenomenon widely viewed as one of the root causes of the credit crunch which has wreaked havoc through global markets......For A Read Of The Total Article Click On Title Above!
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