According to Market Watch and US realtors the market in the US has already passed its bottom – http://tinyurl.com/plyvfv. Added to stock market rebounds (from historic low discounts to net assets) and confidence in Asia, the UK and the US in particular as fear that the world is going to collapse all suggest to me that:
- The recession should be all but over by the end of the year.
- UK (definitely, c25% down on peak) & US (probably, c45% down on peak) house prices have already bottomed out and will rebound suprisingly quickly.
Property buyers still need to be highly selective in the UK however because prices vary dramatically depending on the motivation of the sellers (with distressed sales of course presenting the best opportunities).
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