Property prices drop in America

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by Kay Murchie

Across America, annual property prices dropped this year, the first time in many decades. Sales of new homes rose against the trend by 16%, however this figure was attained because developers enticed buyers with incentives and huge discounts.

This is bad news for domestic buyers but falling prices means that opportunities are opening up for overseas investors. For Britons looking to invest in a second home across the water, it is encouraging as it is a buyer’s market and the pound is strong.

Developers in America are closing show homes and construction is being suspended on partially-built communities. It is believed that recovery is far away with the amount of properties outweighing the small number of buyers.