US lead the way in distressed property listings

The number of distressed properties on the market is expected to continue to grow in 2010, with the US leading the way, according to a new report.

Figures, published by the Royal Institution of Chartered Surveyors (RICS) Global Distressed Property Monitor, show that during the fourth quarter 70 per cent of countries examined reported an increase in distressed sales.

Such findings may suggest that those keen on buying a property in the US will still have plenty of chances to pick up a foreclosed bargain.

Oliver Gilmartin, RICS senior economist, said: "It is the major real estate markets of the world, namely the US and Japan, where agents expect the strongest growth in distressed sales in the first quarter of 2010.

"With longer term borrowing costs set to move upwards over the course of 2010, there is the risk of a renewed increase in distressed property listings."

The rise in foreclosures within the US can be attributed to the economic climate and rising unemployment in the country.