Us Property Market Facing Further Pressure In 2010, According To Leading Economist-avbox

Real-Estate The meltdown of the US housing market is not over yet and property prices will soon start falling again as a flood of foreclosures looms, it is claimed. Mark Zandi, chief economist at Moody’s Economy.. is predicting that foreclosure sales will pick up again in the New Year and as a result property prices will resume their decline. The US housing market has suffered the worst downturn since the Great Depression and its impact has rippled through the recession hit economy as well as the rest of the world. A setback for the real estate market could portend problems for the US economy as a whole. Property prices in many regions have been rising in recent months as foreclosure sales declined during the summer months and mortgage servicers have tried to put those facing losing their homes into the governments affordable home loan programme so that they dont lose their property. But Zandi is not confident this will continue. The housing crash is not over yet. Foreclosure sales will increase and home prices will resume their decline by early 2010 as mortgage servicers figure out who will not qualify for a modification loan, he explained. Property prices, as measured by the Standard & Poor’s/Case-Shiller US National Home Price Index, will trough in the third quarter of 2010 after declining 38%, Zandi added. Some 7.5 million foreclosure sales will have taken place between 2006 and 2011. The majority of these sales, however, have not emerged yet, with 4.8 million foreclosure sales expected between 2009 and 2011, he is predicting. Zandi said another significant obstacle to a housing market recovery is the number of mortgages that are underwater, where borrowers owe more for the loan than the residence is worth. This negative equity disqualifies many homeowners from refinancing and prevents some from selling their homes. Borrowers in negative equity are also more prone to defaults and foreclosures. Overall there are also concerns about the effect of unemployment on the real estate market. The US Labor Department said the unemployment rate reached a 26 year high of 10.2% in October and most experts predict it will not improve in 2010. Zandi believes it will peak at 10.5 in the third quarter of the year. At the same time demand for mortgages is declining. The latest figures from the Mortgage Bankers Associations show that demand is close to record lows with total applications falling 4.5% in November. About the Author: By: Pankaj Finlace – Panchsheel Pratishtha is a new residential project in Sector 75 Noida launched by the famed developer- Panchsheel Group. The Panchsheel Pratishtha offers 2 and 3 BHK flats within your budget. By: AnujGupta – Although in the last half a decade the Indian real estate market has lost its steam but this is not the case with Nasik real estate. Real estate in Nasik still manages to attract a lot of investors. By: Pankaj Finlace – Panchsheel Group has launched a new and noteworthy residential project called Panchsheel Hynish Sector 1 in Greater Noida and is sprawled over a total of 7 acres. The Panchsheel Hynish offers 2 and 3 BHK apartments within your budget. By: shekhar – The article says about the recent price trend in the Indian real estate market. For more than two years, India has been witnessing stagnation in the price of residential property. The customers expectation of further fall in prices would again bring the market down. But, e … By: Kamal – Puri Constructions is one of the developers in this region that has brought up a range of unique projects that have trademark sculptures, water bodies, appealing green landscaping and maximum living space area. By: Pankaj Finlace – Mahagun Manorial is the new residential project designed by the well-known developer in the real estate sector Mahagun group. This project constitutes of 3, 4 and 5 BHK apartments situated at Jaypee Wish Town, Golf Course Sector-128, Noida. By: Bradley Weiss – Deflation can sound good to consumers ears, but it also alters economies and investment decisions. UK deflation is new and housing investors need to pay heed. By: Pankaj Finlace – Mahagun Group brings Mahagun Meadows in Sector 150 in Noida Expressway and offers 2, 3 and 4 BHK residences in Mahagun Meadows that will range in area from 1425 sq. ft. to 3400 sq. ft. By: Pratik Gaikwad – Pune has always been known as a pensioners paradise. A city that was laid back and moved at its own pace. By: AlexMayers – It is very .mon practice today to hire buyers agent to help you find or sell a house. The process is different and it is not something you will do every other day. It is a lifetime decision or one in a decade decision. If you feel like you dont have enough experience … 相关的主题文章: