More than half of the nation's housing markets are appreciating or have at least stabilized, according to the latest national assessment conducted by Housing Predictor, an independent information driven web site, which forecasts housing markets in more than 250 markets in all 50 U.S. states.
Some 56% of the nation's markets are appreciating or have stabilized. Improving markets are scattered from the east coast to the south and include the Pacific north-west. Most are experiencing higher sales volume than in 2006 due to lower prices. At least 18 states have housing markets with appreciation, including Washington and Oregon.
Texas, which had lagged behind much of the nation in appreciation during the national boom has seen its markets take a direct turn around. Houston, Dallas, Austin and other markets in Texas are even reporting buyers paying full price for some properties. New Mexico markets are experiencing similar results.
The sub-prime loan problem has led to the nation's second all-time high level of foreclosures behind the U.S. Savings and Loan Fraud Crisis in the late 1980's. But eager investors are beginning to make a dent in the foreclosure market buying many properties for lower prices. Housing Predictor expects foreclosures to continue to increase throughout the remainder of the year, and level off toward the end of 2007 as more investors purchase properties.
The sub-prime problem has quietly already spread into the conventional lending market, which lowered mortgage borrowers qualifying standards with a variety of aggressive exotic loan programs. However, economic forecasts indicate the damage in the conventional lending markets should be limited.
Raw undeveloped land, however, and newly developed subdivision lots in many areas of the country are expected to be the next casualty of the growing sub-prime problem. Foreclosures of subdivision lots are forecast to increase through the year, but economists are unsure of what the impact will be on the national real estate market.
However, with the increasing inflationary pressures on the Federal Reserve Board to cut interest rates in order to stave-off an economic crisis, Housing Predictor now expects the Fed to cut interest rates before the end of 2007 to help the U.S. housing market avert a worsening national real estate slow down. After 17 rate increases the Fed has left the prime lending rate unchanged for more than a half year.
Mike Colpitts is the Editor of Housing Predictor, which provides more than 250 local housing market forecasts in all 50 states. To see more details on how the "Worst May Be Over in National Housing Market Slowdown," and check your local markets forecast visit http://www.housingpredictor.com
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