Survey Shows Economic Depression Likely

The majority of Americans believe the U.S. economy is headed for an economic depression, according to a new survey by Housing Predictor.

Destin, FL (PRWEB) February 25, 2008 -- A majority of Americans surveyed believe the U.S. economy will fall into an economic depression, according to a new opinion poll conducted by Housing Predictor.

The online survey found that a slight majority surveyed expect the nation's economy to develop into a depression. Housing Predictor regularly surveys visitors to its web site on real estate related issues, including the economy, and provides more than 250 local housing market forecasts in all 50 U.S. states.

The survey comes at a time when the majority of the nation's housing markets are in the midst of the worst slowdown since the Great Depression. Sales of homes and other properties are at the slowest volume in years in what has developed into a national real estate recession.

Foreclosures have reached all-time record levels as a result of the credit crunch and increasing signs that the nation has fallen into a full-fledged recession, including higher unemployment and worsening consumer confidence.

More than two million homes throughout the nation have already been foreclosed as a result of the nation's financial crisis, and higher mortgage payments home owners are unable to afford. The foreclosure rate has doubled and is forecast to worsen over the next few years.

The real estate crisis has sent shock waves through Wall Street and other financial markets, sending the nation's economy on a downward spiral. The White House and Congress are working on plans to help some home owners, but are clearly unable to act fast enough to help many consumers.

Housing Predictor forecasts that foreclosures will top 5.6 million units through 2011.

The crisis has broad implications for the national economy. Consumers are already feeling the pinch at the grocery store with higher prices for food and other products and at the gas station with higher fuel prices. Economists are growing with increasing concern over the economy, which could see the worst economic crisis since the Great Depression.

To find out more about the survey, check your markets real estate forecast and search foreclosures visit http://www.housingpredictor.com

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