Huge reductions in US high end property

Considerable discounts are being offered on higher end properties in a bid to make a sale.

The credit crunch has affected all areas of the property market in America and with the threat of a massive 'shadow inventory' waiting in the wings owners of high value properties are trying to sell now before prices tumble even further.

One forecast believes prices still have further to fall. Another went so far as to say that because of the high level of foreclosures that have yet to hit the market, next yar could be even more difficult than 2009.

Many affluent property owners have tried to sit out the slump and have been reluctant to reduce the asking price but as time goes on more and more luxury properties are joining the collection of distressed properties.

Agents have recorded high interest from the Far East and the strength of the Euro is attracting investors from Europe also keen to bag a bargain