Investors from outside the US could stand to profit from the current state of the country's property markets, one sector commentator has claimed. Ken Wood, a real estate expert from New Zealand, urged buyers to look into the opportunities on offer.
He commented: "Conditions in the US right now are literally the perfect storm for international investors." Mr Wood added that this is an unprecedented chance to build a portfolio of property in the States, noting that in some areas houses can be purchased for up to 70 per cent less than their value.
A lack of available credit is keeping domestic buyers out of the market, while the increased rate of forced sales has resulted in high demand for rented accommodation, Mr Wood explained. Earlier this month, US housing and urban development secretary Shaun Donovan told CNN that he believed further falls in residential property values are "very unlikely".
- Wednesday 27 July 2011