Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Experts: Housing problems likely to get worse

January 21, 2009 by  

Fewer houses are being builtFrom homebuilders’ perspective, 2009 is likely to be a washout year, a panel of housing experts has predicted.

The National Association of Home Builders said at a news conference that this year is expected to be worse than 2008 and a period where the market really hits "the bottom," the Associated Press reports.

A number of factors contribute to this outlook, including rising foreclosures and late payments on mortgages, as well falling house prices and housing starts.

Meanwhile, employment figures may have the most significant impact on whether or not the housing market will recover any time soon.

Frank Nothaft of Freddie Mac forecast that unemployment could reach 8.7 percent in the fourth quarter of the year, up from its current level of 7.2 percent.

"The single most important trigger event leading to [mortgage] delinquency is unemployment," he told the news provider.

One factor that may be holding potential homebuyers back from the market is that many mortgage lenders are employing strict criteria to determine who can obtain a loan.

And some existing homeowners have been stung by falling prices, meaning they currently owe more money on their mortgage than their property is worth.
ADNFCR-1961-ID-18985766-ADNFCR

Personal Liberty News Desk

Facebook Conversations

Join the Discussion:
View Comments to “Experts: Housing problems likely to get worse”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

  • Dan

    You should live in Michigan 10.6 unemployment and Govenor Grandholm at the wheel. If you want to know what Obama’s America will look like take a hard look at MI.
    Socialism is the intent here and it is being implemented ever so carefully. When the conservative majority wakes up it will be in the schakles of socialism.

  • http://sedona-homes.tumblr.com Tommye Hores

    Found your post via Bing. The economy won’t improve unless we keep low interest rates and get unemployment under control. the new home market has to improve to bring the economy up. Particularly in Nevada and similar markets.

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.