US home sales slide prompts call to streamline offer processPost by David Elliott on 1st February 2012 in Living abroad, Property markets More than six per cent fewer family homes were sold in the United States in 2011 compared with the previous year, according to the country's Commerce Department. The figure, at a shade above 300,000, was released just as the country's National Association of Realtors (estate agents) called on the American government to prioritise steps to free up the country's stagnating housing market. Association president Moe Veissi said: "Restoring the health of the housing market is the only way to achieve a broader economic recovery." He added that "the rising inventory of foreclosed homes and lack of available and affordable mortgage financing" were holding the market back from any meaningful recovery. And he urged the government to be more proactive in helping more people keep their homes when they run into financial difficulties by altering the terms of mortgages, so that people could reduce their monthly payments and not be forced into repossession. A speedier process of getting reasonable offers accepted when a family is forced to sell their home is also being called for by the NAR. "Increased fees and higher down payments are making it harder for many creditworthy homebuyers and investors to obtain financing, thwarting the sale of distressed properties and prolonging the impact those homes have on local markets," Veissi said.
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