Us real estate sales at 50-year low

Property sales in the USA have now slowed to their lowest level since the 1960s, a report from the national Commerce Department has found.

According to information from the Department, there were a miniscule 250,000 sales across the nation in February, the lowest level of transactions since records began in 1963.

"The figures compounded a week of bad news for homeowners and the massive US real estate industry", said economist Stephen Ricchiuto. A 'shadow inventory' by data analysts CoreLogic of the country's property market also revealed earlier this week that there was a backlog of nine months' supply of distressed homes waiting to come on sale.

Source: A Place in the Sun