We are heavily involved in the US real estate market...residential.
All doom and gloom aside....the US housing market has a long way to go before it hits bottom. When it does look for the market to stay flat for years...then slowly creep back to 05-06 price levels.
In the meantime millions of homeowners will lose their homes to foreclosures and millions more will be GIVING their homes back. In Socal homes have depreciated dramatically. As a result its common for someone to owe $100+ more on their homes that market value. People are walking away from their homes, giving them back to the lender.
The press isnt talking about this.
Something else, 90+ days ago the lenders started freezing HELOCs. I mentioned this before. Lenders were/ are 'reappraising' homes and as a result of the depreciation they are canceling home equity lines.
Most people (95%) are massively indebt, not flush with cash. Thats the American reality.
Bottom line, easy money is gone. That will effect the ability of (at least) Americans to buy in D.R. I am reading about the U.K. market starting to 'correct' in suit with the US real estate markets.
We have may properties in many parts of the world. I take no joy in telling you what I just did.
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