US Repossessions Rise in July
Wednesday 22nd August 2007 Figures out this week highlight the surge of repossessions that took place across the Atlantic in July. RealtyTrac the property firm who collated the data has shown a 93% jump in filings for repossessions on July 2006, and a 9% rise on June 2007’s figure.
The figures are a bleak reminder to the property sector of the tough times ahead as analysts show that these problems with the US mortgage market have triggered a global credit crunch and drop in share prices.
Other data out this month from the construction firm Challenger, Gray & Christmas also shows high job losses in the construction and property sectors. Figures released show that the housing industry has announced 87,962 job cuts so far this year - 75% more than recorded for all of 2006.
Decreasing prices along with falling sales in the US market has made it harder for homeowners who have hit difficulties to sell their homes and clear their debts and states such as California, Florida, Ohio, Michigan and Georgia have been some of the worst hit.
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