Pain Street USA: '08 housing outlook

[FourScore]

Source: CNNMoney.com

The United States is deep in its worst housing slump since the Great Depression, and according to a new report, it's not going to get better any time soon.

In a new survey, Moody's Economy.com says many metro areas will record losses of 20 percent or more during the downturn, with the national median price for single-family homes dropping 13 percent through early 2009. Factoring in discount offers from sellers, the actual price decline would be well over 15 percent.

Eighty of the 381 metro areas covered by the report will record double-digit losses, according to the report. Most of the worst-hit markets are in once high-flying areas, such as California and Florida.

The steep losses were bound to arrive sometime. Throughout the housing slump, which began in the summer of 2006, experts kept expecting prices to tumble, but it wasn't until recently that they dropped substantially, according to Mark Zandi, chief economist for Moody's Economy.com...



Read more: http://promo.realestate.yahoo.com/pain_street_usa_2008_housing_outlook.html

[dysfunctional press]

1. we got lucky, and sold our chicago place to a cash buyer in august...

it had been on the market since february- long enough for us to find out what a complete rip-off buyowner.com is.

we did sell ourselves, but we got our buyer from an ad we put up on craig's list.

[merwin]

2. We sold our condo about a year and a half ago after owning it for a little over 2 years.

Best thing I ever did. It went up in value about 80%, and we sold it right before the market started going south. We've been renting since :)

[NorthernSpy]

3. Don't worry -- all indicators say we're in for a soft landing!

:eyes:


Remember that one?

[joeglow3]

4. Does this surprise anyone????

NOTHING (Gold, stock market, homes, etc.) will EVER experience the run-up we have seen in the last 5-7 years and NOT have a correction.