Foreign countries also have falling home prices

By
Real Estate Agent with Orlando Area Real Estate Services

As if more proof were needed that money is now an international affair, reports are now confirming declining home prices in many other parts of the world.

The International Monetary Fund estimates homes in Spain, where prices tripled in the past 10 years, are overvalued by 15 percent, The New York Times reported. In parts of India, houses have declined 20 percent in the past year.

In Ireland,a home bought for $575,000 by university administrator Emma Linnane in May of 2006 would sell for about $475,000 in the spring of 2008, the report said.

Meanwhile in Britain, approvals of mortgage applications have dropped by a staggering 31% as prices decline there too and the shock of a major Bank in trouble sinks in.

Some people are blaming the US(no surprise there), but we have to remember that the investors - the people who actually ultimately part with the cash - are international. Overvaluation will need to be corrected before the market can put itself right.

________________________________________________________________________________________________________

(Copyright © 2008 By Simon L Conway All Rights Reserved.)

Please give me a call if you have questions about the Central Florida real estate market.  You can reach me on 407 876 8200.  Also visit my web site at http://www.simonconway.net/ or http://www.move2orlando.net/

Tune in to Simon on The Home Team Radio Show at our new home on 660 WORL and syndicated on am1520 WHIM. The show airs in Central Florida at 3pm Eastern and is also available worldwide at  http://www.worl660.com/ or at http://www.1520whim.com/

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Rainer
52,590
Tiffany Wilson
eReal Estate Corp - Redondo Beach, CA
SFR, First Time Home Buyers & Investors

Even though real estate markets abroad are not doing well, those countries with the Euro still have a huge buying advantage when it comes to investing in real estate in Canada, the US, and Central America.  We should be trying to find ways to serve these clients.  I know I am!

 

Apr 19, 2008 08:56 AM #2
Rainer
124,417
Hope Goss
Ventura Property Shoppe - Ventura, CA
Ventura Real Estate
Interesting.  I guess it's nice to know we aren't alone in this one, but also a little scary to know it's happening all over the world.  Yikes!
Apr 19, 2008 09:02 AM #3
Rainmaker
688,320
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F
That is pretty interesting information.  In talking to a few people from overseas, they seemed to indicate that things are better.  That America was such a bargain right now for real estate.  Maybe it still is.  I didn't realize how widespread the credit crunch really has become.
Apr 19, 2008 09:17 AM #4
Rainmaker
404,315
Simon Conway
Orlando Area Real Estate Services - Orlando, FL

Yes Tiffany - out there pushing foreign markets, but it is certainly interesting to see what is going on.

Hope - can be scary

Apr 19, 2008 09:46 AM #5
Rainmaker
404,315
Simon Conway
Orlando Area Real Estate Services - Orlando, FL
Amerca is still a bargain for foreign investors Rob - but they are having their own problems back home. It actually might help our market.
Apr 19, 2008 09:57 AM #6
Rainer
44,250
Joe Virnig
RE/MAX Gold Coast REALTORS, Ventura County, California - Ventura, CA
No Ordinary Joe
The world is smaller and more connected that ever before.  BTW, I was shoing some Canadians homes in Ventura County.  Now that the Canadian dollar is at par with the United States, their money goes a lot further. 
Apr 19, 2008 10:19 AM #7
Rainmaker
404,315
Simon Conway
Orlando Area Real Estate Services - Orlando, FL
Joe - still plenty of foreigners buying here, but it is interesting to look at the whole picture.
Apr 19, 2008 12:30 PM #8
Rainmaker
825,819
Nicholas Goglucci
South Florida Real Estate & Development, Inc. - Pompano Beach, FL
The Listing Whisperer
Yes, foreign investors are coming in now and buying for cash. They are smelling blood, and some are getting great deals.
Apr 19, 2008 08:24 PM #9
Rainmaker
404,315
Simon Conway
Orlando Area Real Estate Services - Orlando, FL
Very true Nick.
Apr 19, 2008 09:40 PM #10
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