Destin, FL (PRWEB) October 3, 2008
As Congress battles with the $850-billion bailout proposal, a large majority of those surveyed in a new poll say housing prices will continue to fall for a number of years.
The survey has been taken over the past two weeks during the most turbulent economic times in the U.S. since the Great Depression, showing widespread pessimism about real estate values. Some 59% of those surveyed in the Housing Predictor poll online said they believe housing prices will continue to drop for a number of years. The remainder of 41% said they do not believe home prices will continue to deflate for an extended number of years.
Housing Predictor regularly surveys visitors on issues related to real estate and the nation's overall economy.
The survey shows that pessimism reigns supreme over the troubled real estate market throughout the majority of the country, despite efforts by Congress to deal with the mess surrounding the nation's economy. More than 3-million homes have been foreclosed since the meltdown on Wall Street triggered the credit crisis, and many homeowners are either unable to pay higher mortgage payments or were unable to refinance their homes in time to hold on to their property.
Congressional leaders' expect a bailout package to be approved by Congress to aid homeowners threatened with foreclosure, but the first vote to approve the package failed to gain enough support to be approved by lawmakers. White House representatives say the package is necessary to repair the harm done to the national economy by the credit crisis, triggered by loose lending practices and new creative mortgages developed to offer home mortgages to just about anyone.
After Japan suffered similar economic failures, which produced their worst economic crisis in history real estate prices fell for 14 straight years. U.S. economists are generally leery about forecasting a similar outcome here.
Housing Predictor independently forecasts more than 250 local housing markets in all 50 states, and keeps up to date on changing market conditions. Search real estate listings, check market forecasts and search foreclosures at http://www.housingpredictor.com