International Business–“Source One International”– (Housing Data Frustrates)...

April 12, 2010 - PRLog -- “Source One International” apparently believes that today’s figures from the National Association of Realtors showing that purchases of existing homes fell by 0.6% , the third such fall in as many months, is further evidence of the fact that recovery in the US real estate market is still extremely fragile.

The Asia-based boutique brokerage said that it was likely that activity in the market would remain subdued as long as foreclosures continued and Americans keep losing their jobs.

8.4 million jobs have been lost since the recession began in December 2007 and “Source One International” believes that the situation would be far worse if the US government had not launched a number of initiatives including tax breaks for first-time buyers and loan modifications for homeowners with delinquent mortgages.

“Source One International” analysts suggest that sustained job gains remain the missing ingredient in fostering a rebound in housing but it was unlikely that this would be seen until the 3rd quarter of 2010.

“Source One International” reiterated its view that quarters of the investment community still expecting a V-shaped recovery will undoubtedly be disappointed as the lingering effects of the financial crisis continue to make the recovery process long and laborious.