Property prices in the US expected to tumble

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News on USA

25 June 2008

The US housing downturn is expected to continue throughout the rest of 2008 and will culminate in property values in US cities slumping by $1.4trillion by the end of the year, according to Global Insight.

Property values are expected to fall in 93% of metropolitan areas, which collectively are home to about 85% of the US population, according to the study. Los Angeles will suffer the greatest drop (around £100bn), followed by Washington, San Francisco and Riverside in California.
Property prices are expected to appreciate in just 24 of 360 cities, including Charlotte and Raleigh in North Carolina.

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