27/10/10 New figures show that the total number of ‘distressed property sales’ – where a lender has stepped in to forcibly sell a property – have reached record levels.
This has led a leading property expert to comment that America offers some ‘stunning deals’ to UK buyers at the present time.
Foreclosures reach record level
September saw American lenders foreclose on a record number of homes. Figures from RealtyTrac show that banks repossessed 102,134 properties in September, the first time this figure has exceeded 100,000 in a single month.
James Saccacio, chief executive of RealtyTrac, said: “Lenders foreclosed on a record number of properties in September and in the third quarter, taking a bite out of the backlog of distressed properties where the foreclosure process was delayed by foreclosure prevention efforts over the past 20 months.”
Great time to buy in the USA
This increase in distressed properties and continued price stagnation make America an attractive place to buy property, says a leading property. Nicholas Marr, chief executive of Homesgofast.com, believes that there are profits to be made by investing in the US property market.
"It\'s always good to remember that profits are made on the day of the purchase, not on the sale, and that the US is providing some stunning deals. These far outweigh what you could get from ordinary bank savings and are far less risky than shares,” Mr Marr said.
Recent statistics from Primelocation show that international searches for US property have increased by 149 per cent in the year to August 2010. Mr Marr added: “Rumours of international bargains are now filtering through to ordinary investors who previously would not have considered investment in overseas property.”
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Nick Marr
I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.