The U.S. Housing Market
United States housing market has seen an unprecedented boom in prices over the last few years. As with all booms just like the dot.com boom of a few years ago the party eventually ends. It seems that time has come now for the United States housing market. Prices are falling almost universally across America, and foreclosures are rising to new highs.
In fact the housing market in the United States is getting so bad that some major stock funds have already crashed and banks are in jeopardy. Also just look at the price of Gold, it has more than doubled recently, this is a sure sign of the smart money jumping out of the stock market. This is likely the beginning of a recession not only in the housing market but in the general economy. Good jobs have been exported from the country through outsourcing leaving many people unable to pay their mortgages.
Some experts believe the housing market will fall at least 30% in the near future some are afraid it could be much more. This is a particularly frightening scenario for people holding adjustable-rate mortgages and people who are financed for more than the equity value of their home. Many people who took out second and third mortgages for frivolous reasons are going to feel a very painful crunch in their financial outlook.
As more more properties come onto the market and buyers become more cautious, real estate agents are going to be dealing with more inventory having so many properties on the books that they will be unable to sell them all.