The validation just keeps on coming! Despite the fact that we’re hearing news of a recovery in the U.S. economy from some sectors ( I didn’t want to say ‘politicos’), there are still serious concerns particularly with regards to the U.S. housing market. That’s fantastic news for Canadians looking to buy or invest in U.S. real estate!
This caught my attention today and I’m compelled to pass it on.
Bloomberg Financial News reports today that Bank of America Corp. (BAC), the largest U.S. lender, may face a further $27 billion of housing-related losses between now and 2013 amid increasing regulation as the economic recovery slows.
Bank of America Chief Executive Officer Brian T. Moynihan, 51, said on June 1 he expects future U.S. home-price declines will be “incremental,” a day after reports of the biggest quarterly drop in values in two years. Home prices in 20 U.S. cities fell 5.1 percent in the first quarter, the largest decline since the first quarter of 2009, according to the S&P/Case-Shiller index.
In my opinion, this is just further proof that this is the absolute perfect time to invest in US real estate. Even the major U.S. banks understand that the recession is not over in the U.S. and as a matter of fact, the housing market will continue to be a lucrative choice for Canadians.