Mortgage Crisis Wrecks Housing in All But Eight States
October 09, 2007 (PRLEAP.COM) Business NewsThe housing market rocketed and then came crashing down in the majority of the U.S. due to the mortgage crisis, which first started in subprime loans and quickly spread into the conventional lending market, leaving just eight states on the Housing Predictor appreciation list.
The fallout from the national mortgage melt down is yet to be determined. It may send the U.S. economy to its worst level since the Great Depression with millions of Americans losing their homes due to unethical and illegal lending practices. The catastrophic financial frauds at Enron and World Com may have been small episodes compared to the housing crisis.
Millions of home owners just wanting to keep a roof over their families heads have been at least misled.
Housing Predictor forecasts more than 250 local housing markets in all 50 states and is regularly consulted by consumers, leading Wall Street investment bankers, real estate and mortgage companies for insighful analysis and housing market forecasts.
The mortgage crisis has spread into conventional lending markets, most of which are adjustable rate mortgages. However, strong regional economies keep eight states on the Housing Predictor list with appreciation, including Washington, which economy is clearly one of the strongest in the nation with more employees being hired at high tech leader Microsoft and airplane manufacturer Boeing than ever before.
Idaho real estate is still holding its own to remain on the top list of states in the west with booming economies. No wonder why more millionaires live in Idaho than any other state.
On the east coast North Carolina has felt less of an impact from the mortgage crisis than perhaps any other state to remain on what is now a short list of appreciating real estate states.
The majority of states housing markets have slowed to a crawl as sales dwindle in the face of what has developed to be a national crisis, raising fears of not just recession or inflation, but of disastrous economic fallout from the housing boom gone bust.
For more on the top appreciating real estate markets and to search for foreclosures visit http://www.housingpredictor.com