Housing Market for 2008 - Predictions?

[Weteam]

Hello!


While Baker is less optimistic about the fate of the housing market and U.S. economy, market predictions by even the most optimistic real estate and economic analysts have generally grown gloomier in the past several months as troubles in the mortgage and credit markets have boiled over. That has led many housing-market experts to reach a common conclusion: It's worse than we thought.

The bottom of the housing market is likely deeper and wider than previously imagined, they say, so the housing slump could drag down the economy with greater force and further delay a recovery.

Problems ranging from foreclosures and unavailable mortgage loans to subprime mortgage-company bankruptcies and skyrocketing losses associated with mortgage-related securities have sent shockwaves from Main Street to Wall Street.

Home sales have dropped off substantially and home prices are falling in many markets. The global nature of mortgage financing has entwined the course of the United States' real estate downturn with factors outside of this nation's control, and troubles in the U.S. housing market and economy may likewise signal a host of international financial problems. from: When will market hit bottom? at Inman.com

What are your forecast for the real estate in 2008, especially in your areas? Thanks!

[Codythebest]

Worse than 2007 and then things will be better by 2009.

[AAO]

This will go from bad to worse in the first 6 months of 2008, and then gradually look up.
Cheers

[nancyarora2020]

Many expect a further correction in home prices in India. Since the volumes of property transactions are going down, hence the asking price for property will also go down. Additionally, over-supply of property is posing as a major reason for the slow down in Real Estate prices.Recent media reports have also suggested the same trend. Reports suggest that Real Estate Prices in Mumbai, Bangalore, Pune, and National Capital Region have corrected 15-20% in the first quarter of this year. Market-watchers say that this trend will be repeated across the Tier II cities and suburbs too. No wonder property developers are wooing prospective users with all sorts of offers. Some are even offering lower EMIs for flats while some are offering goodies like cars along with property. Still others are wavering off the stamp duty prices.
Are the property prices coming down in your area? Is the property slow down really impacting the end user in a major way? Should the home seekers cheer for some reasons? Is there a possibility of a market dive? Or is this a temporary phase in the housing segment? For more view- realtydigest.blogspot.com

[stacy99]

In the United States, I would say prices would go down a bit more and then shoot up.

[VancouverRealEstate]

hard to say. we are dealing with complex issues in our economy right now.

If gas prices stand still, food prices quit going up, etc... than one can predict what their monthly household expenses would be if they bought a home. But, if prices seem to keep going higher consumers may seek lower priced homes.

now the news is wealthy folks are getting behind on the mortgage and credit card payments which will usher in another wave of foreclosures