BusinessWeek.com and MSN’s article, “How bad will the 2007 housing market be?” takes a look at the year ahead for real estate. BusinessWeek polled economists at leading real estate research firms to find out their thoughts on 2007. In a nutshell, the consensus is:
Home prices will continue to fall in some markets, and the rate of price appreciation will slow in most places.
Declines in homes sales, which directly influence price trends, will set the stage for another year of price decreases in 2008.
Foreclosures will continue to increase.
For those struggling to hold onto their homes, their net worth will shrink as homes lose value.
Long-term mortgage rates will rise.
The article also provides a chart of several metro areas and the projected change in median home prices for 2007. To read, click here.
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