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For real estate, a giant spring clearance sale

March 26, 2011

Despite record affordability of homes, buyers are still spooked and staying on the sidelines 

..Existing home sales plunged nearly 10 percent in February to their lowest level in nine years. It was the largest drop since July. Forty percent of those sales were on distressed properties. And new home sales are on track to come in at just 250,000 this year, the fewest since the Kennedy administration, when there were 120 million fewer people in the United States….

Nationwide, forecasters expect house prices to drop at least 5 percent more this year.

..A recent study by Capital Economics found that 60 percent of sales are to foreigners and investors, most of them paying cash. In fact, in international real estate circles, the U.S. is viewed as the “new emerging market,”………..

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