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(EMAILWIRE.COM, April 13, 2009 ) Destin, Florida -- Slightly more than 1 out of 2 people surveyed said they expect housing prices to fall more than half from their real estate marketÂ’s peak, according to the latest survey by Housing Predictor dot com.
Some 52% of all those surveyed said home prices will drop more than half as the U.S. faces its worst deflating housing market since at least the Great Depression amid fall out from the financial crisis. The opinion poll also shows that Americans are more in touch with what is happening to the economy than they were when the national economy soured more than a year ago.
Housing Predictor forecasts more than 250 local housing markets in all 50 U.S. states.
Eleven percent said they expect prices to drop by 60% or more, and another 11% said 70%. Only eight percent said values will drop 80% or higher.
The foreclosure epidemic sweeping the nation was triggered by new creative mortgages coupled with sophisticated Wall Street securities that traded home mortgages at record levels, netting billions of dollars in profit for bankers before the lending scheme got out of control.
The record supplies of home mortgages were made to subprime borrowers and conventional mortgage borrowers. Since that time more than 4-million properties have been foreclosed, and another 3.6-million are forecast to be foreclosed by Housing Predictor through 2010.
Housing Predictor regularly surveys visitors to its website on real estate related issues to gauge sentiment on important issues, and forecasts more than 250 local housing markets in all 50 states. Check your market forecast, search foreclosures and get the latest on the foreclosure epidemic at http://www.housingpredictor.com
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