'Record fall' for US property market

The price of US property saw its fastest-ever drop for the year ending November 2009, new figures have revealed.

According to the latest S&P/Case-Shiller property index, the average cost of a US home fell by 18.2 per cent compared to figures from 12 months previously.

And all 20 of the cities surveyed in the index experienced price declines, with the biggest drops occurring in Phoenix and Las Vegas.

Neal Soss, chief economist as New York's Credit Suisse Holdings told Bloomberg that the country's property sector "has not yet reached its bottom".

"People have to be in a position where they are not afraid of their most significant asset," he stated.

Overseas property investors who have been considering making a purchase in one of the major US cities may welcome the figures, as they could mean that homes in areas such as New York, Chicago or Seattle are more affordable.

In related news today, property prices in California have fallen by an average of 41.5 per cent, figures from the state's Association of Realtors have revealed.

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