US housing market – not looking so hot
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The optimism of early-2009 has proved premature. US house prices fell by between 1% to 11% in 2009, and even more in inflation-adjusted terms, according to the various estimates based on asking prices, selling prices, and mortgage applications.
The number of new single family houses sold in January 2010 was 309,000 units, 6% down on January 2009, and the lowest monthly sales since data was first collected in 1993.
So much for the uptick in the housing market in early 2009, which was propelled by the government stimulus, and by an expectation that the recession would end in 2009.
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