US housing perks up, but tight credit persists

After years in an apartment building, “we were just tired of sharing space with other people,” says Cari Hodgson, 32. “It was time to have space of our own.”

She and her commodities trader husband sold the condo and recently bought a $1.2-million, five-bedroom home in Chicago’s north side, sealing the deal with the kind of big downpayment that is heating up the high-end of the US property market. Four years after US housing prices began to nosedive, eventually triggering a global financial crisis, signs of life are appearing at the top and the bottom ends of the market.

By contrast, a sustained recovery remains far off for the vast middle ground of the US housing sector.

“People who have decent income are saying, maybe I can trade up, buy a better property,” said Bill Hardin, director of the real estate program at Florida International University.

Sales of homes worth over $1 million, which account for about 1.5% of total US sales, have risen in most states so far in 2011.

Read : ” US housing perks up, but tight credit persists ” an article by BusinessWorld

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