Thu, 08/28/2008 - 10:48 — Damien Bluestone
A recent survey of the state of US house prices has revealed a record downturn in house prices for Q3 (April – June) of this year. US house prices are estimated to be worth a staggering 15.4 percent less than the same time last year.
These figures are the latest indication that the US housing climate is still in trouble, and in a separate report; the government released data showing that the sale of new houses is still close to a 16 year low.
Many analysts believe that the main reason for the downturn in the US housing market is the amount of new houses built during recent years, with over one and a half million homes still unsold. This oversupply and lower demand has meant that house prices have been steadily falling over the last year.