Continuing worries in the US mortgage industry have been blamed for the surprise results from the biggest Stateside housebuilder showing a loss for the second quarter of this year, representing a swing in fortunes to the tune of around half a billion dollars compared to the same time last year. Lennar also announced a gloomy forecast for the rest of the year, and revealed that it’s average house price dropped by 7.5 per cent in the same period. Quoted in the Times, Chief Executive Stuart Miller said, “…we continue to see weak, and perhaps deteriorating, market conditions. We currently expect to be in a loss position in our third quarter.” The crisis in the housing market in the US could be the perfect opportunity for UK investors with a medium to long-term view to grab properties at below the normal market value. Discounts on new build properties of up to 40 per cent have been reported.
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