The market for real estate is not nearly as promising as it used to be, according to a new report from the Federal Reserve Bank of New York.
The Fed report, titled “The Real Property Market Is A Losing Place to buy,” points to a glut of homes for sale and says there are still some real estate markets in the United States where the buyer must wait until later in the year before seeing an offer.
The report also notes that home prices in the U.S. are still well below their peak in 2008, and there is no sign of an uptick in the market.
The median sale price for a home in June was $215,000, according the Fed.
In New York, the median sale was $186,000.
The study comes as many Americans are now feeling the effects of a severe drought.
The Associated Press reported that the number of foreclosures across the country reached nearly 7 million in June, up from 5.2 million in May and 6.3 million in April.
According to the report, many people are struggling to find homes, and many are reluctant to sell because they do not have the cash.
In April, foreclosure rates for the United Kingdom hit a record high of 16 percent.
Many other countries, including Germany, France, Spain and Italy, have also seen high foreclosure rates.
The Federal Reserve report comes as the number one trend among Americans is the rise of the “rent-to-income” phenomenon.
The housing market has become a place for many Americans to find income, the Fed report notes.
Many people have begun renting, and the number who are renters has grown over the past decade.
The real estate industry has also been hit hard by a slowdown in new home construction.
However, a study by the Brookings Institution, a nonpartisan think tank, found that new home building actually continued to grow in May.
The number of new homes constructed in May hit a historic high of 5.9 million.
However that number is down slightly from the 6.2 percent pace of construction during the first quarter of last year.
The Federal Reserve Report said that housing prices were “low relative to the historical average” for many areas.
For example, the report says that the median price for an average-priced home in the New York metropolitan area was $245,000 in June.
However in the Bay Area the median home price was $275,000 and in Los Angeles, $299,000 according to the Fed’s report.
The U.K. and the Netherlands are the only major European countries that have higher median prices than the U, according The Wall Street Journal.
There are also a number of cities where prices have fallen, including Philadelphia, San Francisco and Portland, Oregon.
However, there are many areas that are rising again.
The New York City area is up more than 13 percent since June, according To Real Estate Insider, and San Francisco is up nearly 14 percent since last year, according RealtyTrac.
The Boston area is on pace to hit a 25-year high in May, according Realtorex, while Seattle is up a whopping 17 percent since the beginning of the year.