Loser Real Estate Market Forecast to Worsen

The U.S. real estate market, already in a recession, has seen homes lose value at nearly unprecedented levels. Housing Predictor has downgraded its' national forecast for 2008.

[ClickPress, Tue Feb 26 2008] The U.S. real estate recession has accelerated and has expanded into the overall economy, as the government fails to respond to the peoples needs. The over-whelming majority of the nation’s housing markets are deteriorating as prices fall further. As a result, Housing Predictor has downgraded its national forecast for 2008 with a worsening forecast in home values for the year.

The national real estate recession now affects 44 of 50 states and includes Washington, D.C. where prices are also falling. Three of the six remaining states markets forecast to appreciate in 2008 are also under review, and may have markets downgraded in coming weeks.

Housing Predictor forecasts more than 250 local housing markets in all 50 states, and has become one of the most trusted sources for real estate forecasts and news, accurately forecasting 86% of all markets within a 1 to 2 percent margin of error in 2007. The independent web site provides users with information on housing throughout the country, and regularly surveys visitors on real estate related issues.

Washington lawmakers and other government officials are reportedly attempting to come up with solutions to resolve the crisis. Talks are underway to reach a plan that would forestall the crisis from worsening. Two government initiated programs already in the works will help only a small percentage of those in the cross-hairs of foreclosure.

Foreclosures, already at record levels, are forecast by Housing Predictor to top 5.6-million through 2011 barring major government intervention. Some five million adjustable rate mortgages are set to be reset over the next three years. Already, more than 2-million homes and other properties have been foreclosed due to the crisis, many of which were subprime mortgages.

The financial crisis has already extended into the regular housing market from subprime mortgages, where it was first realized. Mortgage lenders packaged and resold mortgages like commodities until investors, fearing the market had over-sold the securities, refused to keep buying them.

To learn more about the national real estate forecast, check your market forecast and search foreclosures visit http://www.housingpredictor.com

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