International Business–“Zen International”– (Further US Housing Falls)...
International Business–“Zen International”– (Further US Housing Falls)...
(NewDesignWorld Press Release Center) -- September 19th, 2009, London, UK- “Zen International”: Those predicting a recovery in US real estate are grasping at straws.
“Zen International” sources say that the firm’s analysts are convinced of further downside probability in the beleaguered US real estate market as unemployment rises and consumers struggle to get mortgages.
One of the “Zen International” sources said that a drop of another 20% was possible adding that the US government’s attempts to keep mortgage rates low were largely irrelevant when only the most creditworthy consumers are able to obtain a loan.
The US housing market has been in a severe downturn for more than 2 years and this was exacerbated after the subprime mortgage debacle saw banks withdraw the availability of credit for home purchases following unprecedented writedowns of mortgage backed securities.
Foreclosures in several states are continuing as homeowners struggle to meet mortgage payments because of high rates on adjustable rate mortgage products or because of unemployment.
“Zen International” analysts suggest that the rate of unemployment in the US is likely to exceed 10% as companies resort to cutting costs in the absence of the revenue that would normally be generated by sales to consumers.
“Zen International” says that the foreclosure problem adds to the inventory of unsold properties on the market and this serves to drive prices down further. The firm advises US clients to avoid property purchase unless absolutely necessary.
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