US existing home sales rise again

Sales of existing homes in the US increased again during November, new figures have revealed.

Data from the National Association of Realtors (Nar) showed that 6.54 million of these kinds of residence were bought during the month, compared with 6.09 million in October.

According to Nar's chief economist Lawrence Yun, this move was the result of first-time buyers seeking to beat the November 30th deadline for tax credits on house purchases, before the extension of this scheme was announced.

He predicted that there would be a lull in activity now the deadline has passed, with the extended tax break leading to a new surge in the spring, "which hopefully will take us into a self-sustaining market in the second half of 2010".

Such a situation may help the US in the process of getting its property market moving forward.

In the meantime, the country has been tipped as one of the very best places for investors to buy.

Real estate expert Liam Bailey stated in an article for Write About Property this week that his top tip for next year is the US, with distressed and foreclosed properties offering "some of the most profitable buy-to-let investments you could ever go into".

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