published by paul on Fri, 08/27/2010 - 15:37
Is this really bad news for property owners and investors......?
The property market in the US is still in a dreadful state. Sales figures for last month are expected to show a 20% drop since last year. According to some experts cited in a NY Times article investors should stop expecting property to be the vehicle for creating wealth that it was in the years up to 2007.
The Center for Economic and Policy Research estimates that the $6 trillion in property values lost since 2005 will take 20 years to recover, and that's without taking into account inflation. You can see the NY Times article here.
Surely this is bad news? Well, for speculators and those that wish a return to the dramatic growth in property prices in the decade up to 2007 the answer is yes.
There is another perspective however....
