Congress Expected to Fail in Real Estate Crisis

The over-whelming majority of those surveyed say Congress will fail in its late attempt to solve the nation's real estate crisis, according to a new Housing Predictor poll.

Destin, FL (PRWEB) April 22, 2008 -- An over-whelming majority surveyed say the U.S. Congress will fail in its attempt to solve the nation's real estate crisis, according to a new poll conducted by Housing Predictor.

The online survey was the most active poll yet in the web site's history, clearly indicating that Americans are fed up with Congressional failures, the government's stance on the nation's economic crisis and the White House.

Housing Predictor forecasts more than 250 local housing market futures in all 50 states, and regularly surveys visitors on real estate related issues, which are in the forefront of the national economic crisis. Housing Predictor also forecasts the nation's top 25 real estate markets annually, the worst 25 markets and the nation's foreclosure epidemic.

As Congress wrestles with the nation's all-time worst foreclosure crisis, a recessionary economy and financial markets that have been on a roller coaster for nearly a year, more real estate markets than since the U.S. Savings and Loan Crisis feel the impact with housing deflation.

Congress and the Federal Reserve are attempting to re-ignite real estate sales with lower interest rates and rescue proposals. However, the lower rates and piecemeal government proposals have done little to aid the markets so far.

The Foreclosure Prevention Act of 2008 passed by the Senate in its present form will do little to aid homeowners facing the possibility of foreclosure. The bill's author, Sen. Chris Dodd, D-Conn. says it doesn't live up to its name, and hopes the House will improve the legislation before it passes it along to President Bush for his approval. Bush is already on record saying that he would veto any legislation, which proposes a bail-out.

Few homeowners would be assisted by the legislation in its present form. Only returning war veterans would be helped. However, the bill would provide massive tax bail-outs for new home builders, mortgage lenders, energy companies and other businesses. The legislation has been criticized by leaders of both political parties.

Get the full details of the new Housing Predictor survey, check your market forecast and search real estate listings at http://www.housingpredictor.com

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