Yesterday I postedabout how – among a host of other mendacious myths – President Obama’s ‘rebounding housing market’ is obviously a load of old toss. So today I am delighted that various US Sloggers have pointed out to me a source that not only supports the idea, but also got there two weeks before I did.
The Nielsen-style real estate audit Realty spells out what a flimsy soap-bubble the US property market is. These are the key points:
* 16.2% of all U.S. residential sales are distress-related – that’s to say, resulting from forclosure processes and other unpleasant outcomes of the American Credit Dream. That’s 1 in 7 of all houses sold. Before the 2008 bust, that figure was 1 in 34.
* Cash purchasers were 42% of all residential buyers in December 2013. Cash purchasers are…
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