Home » Finance » US house prices slide in 2011; recovery in 2012?

19

Property owners in the US may have been hit hard if they planned to sell their home in the last 12 months, yet it may be better news for people looking to get into the rental market. That’s because UK-based firm Knight Frank revealed in its Global House Price Index that the US was harder-hit than most other countries, registering an average house price drop of 3.9 per cent.

Nonetheless, it’s opened up a fantastic opportunity for people toying with getting Simple’s landlord home insurance and making the most of this chance to extend a house or apartment portfolio. Other countries were also hit particularly hard – some evidently suffering the pains of the credit crunch.

The newly-released data from Knight Frank, which has been tracking the performance of housing markets around the world for a number of years, underlined how there was very little in the way of growth; there was a relatively meagre 1.5 per cent overall rise in property prices that signalled the industry’s weakest performance since the quarter between March and June of 2009, when the recession was in full swing.

The Eurozone crisis was evidently behind a lot of the market cynicism, and this was reflected in certain markets that experienced plummeting housing prices. Ireland took a real blow and suffered an annual fall of over 14 per cent. Other markets tied to Europe also fell by large amounts, such as Cyprus (-6.6 per cent) and Spain (-5.5 per cent). Russian investors were also cynical and this led to the market falling by 10.4 per cent, while nearby Ukraine slid by 8.4 per cent.

This negative trend was certainly not felt everywhere, however. For instance, Hong Kong – which topped the table – saw a house price rise of a whopping 19.3 per cent, while Estonia – a surprising number two by most accounts – was up 14 per cent. India experienced a 13.9 per cent rise and Chinese semi-autonomous republic Taiwan saw the fruits of its industrial labours, rising 12.7 per cent; China itself jumped by 8.9 per cent.

Other notable countries of growth included Hugo Chavez’s Colombia (up 7.6 per cent), Norway (8.3 per cent) and a raft of other countries in the Far East – Indonesia, Singapore and Malaysia all saw house prices climb by over four per cent. This exact figure also represented growth in Canada, the US’ northern neighbour, which was not as affected by socio-political pressures on housing costs as its friends to the south.

19 Comments

  1. I got lot of information from your blog. I totally agree with your post and you sited nice ideas as well.

  2. Jessica says:

    ome areas have experienced a slight improvement in housing prices. However, until this country defeats some the battles it has been fighting for the past 10 plus years, we will still have to deal with repressed housing prices. Each old or new adversary threatens to undermine any economic progress we have made. For example, the recent Middle Eastern unrest, has already lead to an increase in oil prices and lead to a subsequent rise at the gas pump. S

  3. Lovejoy says:

    Some areas have experienced a slight improvement in housing prices. However, until this country defeats some the battles it has been fighting for the past 10 plus years, we will still have to deal with repressed housing prices. Each old or new adversary threatens to undermine any economic progress we have made. For example, the recent Middle Eastern unrest, has already lead to an increase in oil prices and lead to a subsequent rise at the gas pump.

  4. Izzah says:

    This is a big help to me…Thanks a lot for the great post here then…

  5. gabby says:

    Thanks for the info! Most countries now are suffering from crisis.. This might be the effect.

  6. Enrika says:

    Hi…this is a great information that people should be aware of…

  7. Janna says:

    I am not familiar with this information but thanks for making me aware of it…

  8. Charry says:

    Hi..I am hoping that you can post more of this…

  9. Catherine says:

    Thank you for sharing great information to us..i really like it

  10. Sandra says:

    I am not really familiar in this topic..But I really like reading on it..Thanks for sharing this post to us..

  11. Gwendolyn says:

    Thanks for sharing some important info..its help a lot to me because i am not really familiar to this..

  12. Annette Golphin says:

    Glad to know about this information and now I know and aware about it. Thanks!

  13. Good To Hear For Good Information! Thanks For Sharing 😉

  14. thanks for sharing this informative post, i really get lots of information from your post, its really good…!

  15. Ann
    Twitter: AnnCapatino
    says:

    Hi there,
    It’s odd that so much of the world suffered depressed real estate values and the increases seemed to occur in the most heavily populated areas. Let’s hope that the US is on the upswing and that our recovery period is quick. Excellent article.

  16. The data performance tracking of housing markets was the best thing ever released by Knight Frank. I hope we see good results for this in the future.

  17. Lara says:

    Very informative post…I learn a lot while reading on it..Hope you can share more..

Leave a Reply

Baby Photos