Improving jobs market helping US property recovery

An improving jobs market is helping to bolster the recovery of the US property market, with sales of apartments in Manhattan currently at their highest level since 2008.

According to the latest figures from Miller Samuel and broker Prudential Douglas Elliman Real Estate, apartment sales have grown by a massive 80 per cent in the second quarter of 2010 compared to last year.

"What we're seeing is the first step in an improving housing market," said Jonathan Miller, president of Miller Samuel, adding that a return in buyer confidence was boosting sales.

Meanwhile, Radar Logic has claimed that oversupply and an increasing number of foreclosed properties entering the market is holding back full recovery.

The organisation says that hopes for future price appreciation on property could be negatively affected by the "inventory overhang of distressed and non-distressed homes".

However, individuals looking for bargain Florida Property may wish to take advantage of the plethora of distressed real estate currently on the market.

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