US offering "great time to buy"

Now is a great time to buy in the US as the market has bottomed out, according to an expert.

Nicholas Marr of property portal homesgofast.com said the sector has now reached its lowest point and prices are set to rise.

He stated that "investors and those seeking a second home in the US know that prices will now not get any lower", adding that slow increases as foreclosures and unemployment persist in the next two years will then give way to stronger growth.

This will happen as the country's jobs market recovers and wages start to rise again, the expert predicted.

Mr Marr suggested that Florida, Chicago, Detroit and the western area of New York State are all offering "superb" bargains at present.

Data released this week by the Federal Housing Finance Agency stated that there was a 0.3 per cent rise in house prices in the US between June and July.

This followed a 0.1 per cent increase in June.

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