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The housing market crisis in sun-belt US cities

Development stalled in Las Vegas

After spending a month in the USA (the reason for the lack of recent blogs) I have really begun to grasp the scale of the housing market crisis there.  The sub-prime US mortgage market triggered the global economic crisis in 2007-8. Now the weakness of the housing market is slowing the US recovery, and making front page news day by day. As housing became a commodity and an investment opportunity, rather than a place to live, so speculation led to over-production and predictable bust. Foreclosures have soared, homebuilding has stopped and many homes now lie empty. Continue reading