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Bargain Buyers Real Estate Market Forecast
The remainder of 2007 and part of 2008 will be the best time to get a bargain in the U.S. housing market, according to Housing Predictor. The sub-prime loan crisis has produced the highest number of foreclosures since the U.S. Savings and Loan Fraud Crisis more than 15 years ago, providing the largest inventory of bargain homes in years in many metropolitan areas of the nation.
Some real estate markets located in Southern California, South Florida and Nevada among other states have seen closing prices drop drastically from their peaks as a result of the subprime loan debacle.
Las Vegas, Nevada is the new epicenter of the subprime loan crisis with more than 40% of all homes and condos on the market for sale vacant. More subprime loan foreclosures are underway in Las Vegas than any other urban center in the nation. Phoenix, Arizona which market has long been recognized as a leader in loan fraud is second to Sin City in subprime foreclosures and prices are falling in wake of the crisis.
Housing Predictor forecasts more than 250 local housing markets in all 50 U.S. states. However, despite the subprime crisis many markets scattered from the pacific north-west to the south remain with healthy sales activity including Texas, New Mexico, Oregon and Washington.
The over supply of homes and condos is making a major impact on some local economies in California, Florida, Massachusetts, and Nevada among others. According to real estate analysts it will take years for markets in many areas of the nation to return to healthy levels. Investors are flocking to some markets in these states to make purchases of foreclosures. Housing Predictorís Worst 25 housing markets is where consumers can get some of the best deals in todayís market place.
New home starts have declined as builders reduce inventories after the largest construction boom of new homes in the nationís history. Housing Predictor forecasts more than two million homes will be foreclosed in the U.S. through 2009, which will account for the highest number of foreclosures since the U.S. Savings and Loan Fraud scandal.
Seventeen interest rate hikes and widespread mortgage fraud slowed the majority of the nationís booming real estate markets. But the bargain hunting real estate investor has been cut from the nationís turbulent markets. However, some second home and vacation real estate markets have been protected from subprime fall out along with higher priced areas. Only some 13% of the nationís mortgages are made with subprime mortgages.
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