photo credit: Valerie Everett
Figures show the rate of homes sales in the US real estate market is still high, with 32,163 changing hands in the last month alone.
Although this was less than were sold in October, the figure is far higher than the 25,500 sold during November 2007.
Prices of investment property homes could also be falling as the DataQuick statistics also show the median price paid for a home last month was $258,000, down 7.2 per cent from the month before.
This is a massive 37.7 per cent less than the November 2007 median of $414,000, with analysts saying some of the falls were down to depreciation and buying trends.
DataQuick said:
“Indicators of market distress continue to move in different directions.
“Foreclosure activity is at or near record levels, financing with adjustable-rate mortgages is near the all-time low, as is financing with multiple mortgages.”
But those who do have a US home loan out on a property are typically paying less, further figures from the company show.
The typical mortgage payment that home buyers stumped up last month was $1,198, down from $1,310 in October.
November’s figure is compared to $1,951 for the same month a year ago – a difference of $753.
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