Worst Housing Markets Falling Faster

The nation's housing crisis is expanding and deflating more markets home values as shown in the updated Housing Predictor Worst 25 Market Forecasts for 2008.

Destin, FL (PRWEB) July 17, 2008 -- As the real estate crisis expands and deflates more housing markets across the nation, the Housing Predictor Worst 25 Market Forecasts are seeing growing deflation. The worst 25 market forecasts are issued at the beginning of each year, and have been updated.

The ailing national economy, to an enormous extent was caused by the housing market crisis. It was triggered by Wall Street hedge funds coupled with mortgage companies and banks developing a series of new financial instruments to sell mortgages at all time record rates.

The crisis has dealt a severe blow to housing values in the over-whelming majority of the country and threatens to undermine the entire U.S. economy. As the crisis worsens, Congress has still been unable to get a major bill finalized to aid more homeowners under threat of foreclosure.

A handful of programs to aid those facing foreclosure have assisted slightly more than 600,000 homeowners, but without more substantial action by lawmakers the crisis is only expected to expand, further damaging the national economy. Already, more than 2.5-million homes have been foreclosed. Another 3.1-million properties are forecast by Housing Predictor to be foreclosed through 2011 unless major Congressional action is taken. A Housing Predictor survey indicated an over-whelming majority of those surveyed don't believe Congress will be able to pass legislation that will help resolve the crisis.

Housing Predictor forecasts more than 250 local housing markets in all 50 U.S. states and is a recognized leader in accurately forecasting market patterns. The worst 25 markets are experiencing increasingly rapid deflation as foreclosures remain at epidemic levels.

California, which experienced double-digit housing inflation in the majority of the state, is now experiencing the pain of tumbling home prices in just about every market statewide. Price deflation nearly equals that of the late 1980's when the U.S. Savings and
Loan Fraud scandal gripped the nation. No other single state has placed more markets on the list.

Eleven states markets are included in the worst 25, including Florida, Ohio, Indiana, Nevada, Michigan, Oregon, Georgia, Delaware and Massachusetts.

To check out the updated Worst 25 Housing Markets Forecast, search real estate listings and check your own market forecast visit http://www.housingpredictor.com

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