The pace of US foreclosed homes sales is now so fast it appears to be paving the way for market recovery in some states. Reuters reports a “whiplash” effect is taking place in some areas, with lower prices tempting first-time buyers while property investors snap up property taken over and sold by banks.

One expert quoted by the agency described the glut of foreclosed homes sales as “cleaning the clocks” of banks. Quoted by Reuters, a Las Vegas real estate investor said:

“This might not be the bottom, but waiting six months might be too late.”

According to the news provider sales rates are now up by as much as 79 per cent in some regions, indicating the US housing slump will not last as some have predicted.

Back in the UK, the value of home builder Taylor Wimpey halved after the group failed to secure a refinancing package on Wednesday.

The firm, which has interests in the US, could be facing collapse in the future unless its fortunes improve, according to some commentators.

A UK property developer says it is adopting a “realistic” approach to property prices, offering units for £55,000. TheBusinessDesk reports McGinnis Developments, the firm building The Beehive development in Bradford, said interest in the project had been significant since the prices were announced.

According to the site, the company says the sales success of the project to date shows there is still demand for quality property at the right price. Quoted by TheBusinessDesk, company development director John Paul McGinnis said:

“We have worked hard on the pricing structure at The Beehive and to deliver real homes for people and I’m pleased to see that our approach has attracted so much interest and commitment from people who recognise what we are offering.

“We have had more than 400 people register their interest in The Beehive and the marketing suite has been very busy all week with people making appointments to visit and decide which apartment is best for them.”

McGinnis is also the firm behind The Calls in Leeds, a luxury development featuring 74 one and two bedroomed apartments. Work has already commenced on the project, on the corner of Waterloo Street and Hunslet Road.

Residents of a prime Dubai residential property investment area are up in arms after sewage flooded part of the International City. Master developers Nakheel are working to correct the problem, which has seen the foul water spread to just a metre from the doors to homes in England cluster, according to Gulf News.

The site says a car park, roads and pavements are now underneath the mess with the summer heat attracting flies to the standing liquid. Dubai residents have blamed the planning behind the development for the crisis.

Quoted by Gulf News, a Nakheel spokesman said:

“A specialist team is currently working on measures to resolve a situation related to the sewage system at International City and we expect operations to normalise by the end of the week.

“In addition, design and supply waste water treatment company Metito was appointed in May to double the existing capacity of the sewage treatment plant located within the development and these works are also expected to be complete by the end of the week.”

Tankers are on site trying to pump out the waste, with motorists forced to drive through it. A comment left on the Gulf News website by PM Sudhakar said yoga classes in Persia Cluster had been cancelled due to the smell.

“Only when 60,000 people are living there do they they discover the [sewage] plant is less than half the size it should have been.”

added the Life in Dubai blog yesterday.