Despite Recession Most Upbeat about Finances

Despite a recessionary economy that threatens to become an economic depression, a new survey shows most are upbeat about their own financial situations.

Destin, Fla. (PRWEB) November 10, 2008 -- Despite a recessionary economy, most people are upbeat about their personal financial situation. Nearly two out of three surveyed say they are financially stable enough to handle an economic depression, according to a new poll.

The poll was conducted by Housing Predictor dot com, which forecasts more than 250 local housing markets in all 50 U.S. states and regularly surveys visitors to its web site regarding real estate related issues. The nation's economic crisis started in the housing market and has spread into virtually every corner of the economy.

Some 65% of those surveyed say they are financially stable enough to make it through a depression. The remaining 35% said they are not confident enough about their own finances to make it through an economic depression.

The lack of consumer confidence, growing unemployment figures, business failures and the lack of investor confidence in financial markets has led to growing concerns over the nation's economy. The crisis has become a pivotal point in politics, perhaps leading to the election of Senator Barack Obama as the new president.

Housing Predictor polls have been a leading indicator of the nation's economy, telling future trends before the economic crisis became apparent. Housing Predictor real estate experts also forecasted the foreclosure epidemic and the real estate depression. Forecasts are issued annually and updated throughout the year as local market conditions change.

The foreclosure epidemic has now affected more than 3-million property owners. An estimated 22,000 new foreclosures are taking place nationally each week, making it the biggest economic crisis since the Great Depression. More than 500,000 homeowners are either in default with their mortgages or are late with payments. Another 3.4 million foreclosures are forecast to occur by Housing Predictor through 2011.

Get the latest on the real estate crisis, check the top markets most likely to rebound the soonest and search foreclosures at http://www.housingpredictor.com

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