Not all Gloomy in Housing Market
March 18, 2009 (PRLEAP.COM) Business NewsDespite headlines of the souring real estate market, it's not all gloomy in housing these days as the Obama Administration tries to modify more mortgages and stabilize the nation's economy, according to a new report by Housing Predictor dot com.
The Obama administration has pledged to overhaul the nation's financial regulatory structure, and help some homeowners with foreclosure, which could aid the housing market. Whether pledges made by the Obama administration will translate into healing markets is up for debate as Congress and the new administration attempt to reach agreements on rescue plans for the economy.
There is no end in sight for the bottom of the housing market yet, as Housing Predictor reports. The lack of a coherent plan to stem the epidemic of foreclosures is eroding home values, which are falling in the majority of the country.
Not since the 1930's has America been through a meltdown in real estate like that of the last four years. Housing appreciation exists in few markets scattered throughout the country. There are still a small number of markets that are forecast to see appreciation in 2009.
However, only two states hold enough markets to make the annual Housing Predictor appreciation list, Montana and North Dakota. Both have seen little impact from the credit crisis as a result of few subprime and Alt A mortgages offered to home buyers. Comparatively few foreclosures are occurring in both states, which acts to bolster their marketplaces.
As it gets harder to find housing markets that are appreciating or not falling at double-digit rates of deflation, North Dakota and Montana stand out as examples of what went right with America's real estate markets during the boom. Loose lending standards and political moves to increase home ownership coupled with a lack of regulatory oversight on Wall Street and in the mortgage business led to the financial crisis.
As a result of few creative loan programs in North Dakota and Montana, markets are feeling less of an impact from the fall out of the crisis. Heavy oil and natural gas reserves are also benefiting the job markets in both states. Wind power in Montana is also expected to eventually boost the states housing markets.
For the latest real estate news and to check your markets forecast visit http://www.housingpredictor.com