The US real estate housing bubble burst in 2008 has greatly affected not only the economy of the United States, but world’s economy as well. The prices of US real estate properties dropped significantly in 2006 and 2007 and on December 30th 2008, the biggest decline in prices of American real estate properties ever, was reported. This huge plunge of the American real estate market resulted in credit crisis and was the major cause for the 2007-2009 recession in the United States and collapse of numerous businesses. The United States president at the time, George Bush and Ben Bernanke, Chairman of the Federal Reserve, were forced to offer financial assistance to homeowners who were not able to pay off their home loan debts.
The price drop of American real estate properties has put an end to huge price differences between regional US real estate markets; rapid rise of housing price and the building of new houses. Also, the US real estate housing bubble burst is why many foreigners become more interested in investing in American real estate properties. Aside from lower asking price, banks offer better interest rates and payment plans. So, if you are interested in US real estate market, here are few little-know facts you probably did not know.
- Looking historically, April is the best selling month in American real estate.
- Homeowners who use real estate agent have 120% better chance of selling their houses.
- 28.4% of all single-family homes with mortgage in the US, are now underwater.
- The state with the largest percentage of big houses is Westminster, South Carolina
- Prices of US real estate homes have fallen astonishing 33% since the peak of the housing bubble.
- American real estate home values have dropped 6.3 trillion dollars since the beginning of the US real estate crisis.
- About 63% of all US residents who rent say that buying a home is their priority. For 40% of them, buying a house has the highest priority in life and 25% of them thinking more about buying US real estate today than they did before.
- The United States, according to Zillow, has been in a housing recession for 57 straight months.
- In the first quarter of 2011 the lowest number of sold houses in the US was reported.
- 83% of American people back in 1996 believed that the better option is to own than to rent. Today, 63% of them still believe this to be true.
- The recent census report showed that 13% of US real estate are vacant.
- The number of home loans that are at least 90 days delinquent or in a stage of foreclosure is 1445 million.