Majority Say Obama Will Improve Economy

A new survey shows President-elect Barack Obama has the confidence of the majority of Americans to improve the U.S. economy.

Destin, Florida (PRWEB) November 24, 2008 -- A majority of those surveyed say President-elect Barack Obama will be able to improve the U.S. economy, which has been slammed by the real estate crisis, according to a new opinion poll by Housing Predictor.

The survey found that 56% of those surveyed believe the new president will be able to make a difference after he is sworn into office January 20th. A slimmer margin of 31% said Obama, who was elected to the White House by a six percent margin over his chief Republican challenger John McCain, will not be able to improve the nation's economy.

Obama ran for the presidency on a platform of "Change" after the Bush Administration produced the worst economic crisis since the Great Depression, urging mortgage companies and home loan lenders to lend more freely to increase home ownership. The rise of home ownership hit record levels in 2007 before falling to near new lows due to the national housing depression.

Housing prices are continuing to slide in the over-whelming majority of markets throughout the country and the consumer price index indicates consumers are buying less going into the holiday season. Banks have pulled lines of credit and second mortgages as a result of falling values.

The epidemic of foreclosures has topped 3-million properties since the crisis began to affect the marketplace, initially effecting low income buyers with subprime mortgages. The majority of those now defaulting on mortgages are home owners with conventional mortgages that have become unbearable to handle.

Housing Predictor regularly surveys visitors on issues related to the real estate market and the nation's economy, and forecasts more than 250 local housing markets in all 50 states. The web site also provides real estate news and was the first to forecast the nation's foreclosure epidemic. Visit http://www.housingpredictor.com.

# # #