Barack: US property back on track?

Jan. 19, 2009 - PRLog -- The election of Barack Obama as the latest American President is hoped to spark an ‘Obama boom’ in the United States that will see increased numbers of people visiting the country and a far more positive environment for property investors and the housing market…

If ever a country was in need of a feel good factor it’s the United States and that is exactly what the appointment of Barack Obama looks set to do.

According to research from the Association of British Travel Agents, (ABTA) more and more visitors will begin to flock to the country, eager to see what the new President does to alter the American way.

People who had been put off travelling to the country due to their negative feelings about George Bush will also now be more inclined to visit.

ABTA Spokesperson Frances Tuke said, “With the election of the 44th President Barack Obama, for many reasons, people will feel a whole new optimism.

“Many will be keen to experience the new landscape that is being created following the outcome of the presidential elections,” Ms Tuke added.

ABTA’s research has also found that there has been a 21 per cent increase in the number of Brits aged between 18 and 34 that are considering visiting the country since Obama won the Presidential race.

But hold on a minute…

But, before all this Obama positivity kicks in, let’s take a look at the state of the USA property market right at this minute.

Property sales in the country are continuing to fall and desperate estate agents are calling for Obama to make revitalizing the American property market a top priority when he takes office later this month.

The latest data from the National Association of Realtors (NAR) shows that sales contracts on existing homes fell by four per cent in November and home prices and sales volumes have continued to decline.

Now, NAR economists have urged the new Presidents and his advisors to start thinking about a stimulus plan that would offer incentives to borrowers and unclog the mortgage pipeline.

Barack and his cronies have already announced some details of an economic stimulus plan, which would combine tax cuts with infrastructure job creation efforts.

Economists are saying that it could serve as an integral piece to the Government's remaining economic recovery puzzle.

They also believe that the Federal Reserve will maintain the interest rate at a range of zero to 0.25 per cent, which is a historic low for the country.

So, whilst consumer confidence and buying sentiment has been boosted by the new elect and by his proposals to revive the world’s largest economy, with unemployment soaring and company earnings plummeting, the Obama effect could well be short lived.

For more information on American properties and the market in general, please visit http://usa.themovechannel.com/

-ENDS-

Notes to editors:

TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.

For further information as well as images and interview possibilities, please contact:

Dan Johnson
Managing Director
www.themovechannel.com
0207 952 7650

# # #

TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries.