New York Property Sales Slump by 60% – news for overseas property investors

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New York City commercial real estate transactions plunged 61 percent in 2008 through October as the global credit crisis roiled lending and sidelined buyers.
About $17 billion of transactions have closed so far and the market is headed for its worst year since [...]

Americans in denial about property prices – news for overseas property investors

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Half of property owners in the US are in a state of denial about falling prices despite the fact that 74% of homes have lost value during the last year, according to a new survey.
An amazing 49% of property owners told real [...]

20% of U.S. homes in negative equity – news for overseas property investors

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Almost 20 percent of U.S. mortgage borrowers owed more on their loans in the third quarter than their house was worth, as foreclosures depressed prices and the economy weakened, according to First American CoreLogic.
More than 7.5 million properties already have negative equity [...]

Istanbul property developer hits Miami luxury property market – news for overseas property investors

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Miami-based Flagstone Property Group entered a contract bid and won with the Island Gardens Miami project, only six days after the largest terror attack in the United States. It is now breaking ground amid a global financial crisis.
After seven years in the [...]

Slump in US property expected into 2010 – news for overseas property investors

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Real estate investors and professionals in the US believe property prices will continue to slump well into 2010 according to an annual survey of the industry.
Between 15 and 20% losses in real estate values are expected in 2009, according to the survey [...]

U.S. Foreclosures Skyrocket! – news for overseas property investors

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U.S. foreclosure filings increased 71 percent in the third quarter from a year earlier to the highest on record as home prices fell and stricter mortgage standards made it harder for homeowners to sell or refinance, RealtyTrac said.
A total of 765,558 U.S. properties got a default [...]

Beware of Uncle Sam’s bargain basement – for property investors

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Distressed sales in the US don’t necessarily mean easy investment pickings, says property journalist Laura Henderson.
Not so long ago a high-risk investment meant just that: a ‘proceed with caution’ purchase, the exclusive preserve of property prospectors and seasoned experts. These days, however, opportunism is staking a [...]

US government gives cash to Florida to buy property in desperate attempt to halt foreclosures

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The state of Florida has been given $540 million by the US government in a desperate move to stop the tide of foreclosures caused by the sub prime crisis.
The money is to be used to buy properties and rent them out but critics say it probably [...]