The United States

The US housing market began to heat up later than those in Britain or Australia, but has been rapidly making up since for lost time, with prices up an average 50% across America – and even doubling in some of the hottest cities – during the first half of this decade. Despite considerable regional variations, the main driving force has been the extraordinary strength of the economy. Long-term investors have been joined by short-term speculators, who have been “flipping” condos, often two or three times prior to completion. Foreign buyers have been piling in, too, helping push prices up in certain areas such as Florida, an old favourite for British investors. All the best parties are followed by a hangover, though. According to reports in the American press, a combination of rising mortgage rates, growing supply and media talk of a "bubble" are making many potential buyers wary of taking the plunge. The result is growing stocks of unsold homes and warnings of a crash. Most experts, though, expect a "soft landing", in which the rate of price growth gradually slows to an annual 5% or so.
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