Do you think 2008 will be a better or worst year in the housing market?

It will be much worse. Foreclosure rate looked bad a year ago. Now, it's absolutely insane. In some communities, 1 in every 8 houses is in the forclosure process. This dwarfs the resale market, making it very difficult to sell. As a result, the housing inventories are increasing each month.

Making matters worse is the decline in the dollar value. This can most easily be seen by looking at the value of Gold. As it increases, the dollar's value as it relates to all currencies in the world decreases. If the dollar was worth $1.00 in year 2000, it's now worth 30 cents. At first, this would seem to support the housing price boom. It actually did. But now the global economy is shifting. Jobs in the US are paying less as the world flattens - evening out wage distribution between rich and poor countries (e.g. outsourcing). Therefore, American's home prices are not sustainable because the general population cannot afford them. If 1st time homebuyers cannot continue to enter the market, speculators and second homes cannot support the market indefinitely. The prices must fall.

The Presidential election will not help matters. The candidates will speak about how horrible things have gotten and that they can be our hero. This means knocking the economy for the next 11 months. Perception means a lot. As people think the economy is failing, they will change spending habits. This will propogate the fall.

2009 will be a good year. No matter who is elected, people will think that person will save us. This will be the start of the turn around.

IT CANT GET WORSE
HOPEFULLY
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anythings better without bush

WORSE!!!!!!!!

it can get worse for the better

It's probably gonna be about the same actually. Not gonna get better for awhile.

The market is actually predicted to bottom out in 12-18 months

I don't think it can really get too much worse. I think it should slowly start getting better within the next few years.

hopefully better

Things always get worse before they get better.

I'd say by the end of 2008, we will see the housing market return to normal. I'm just not sure exactly when it will turn around-- I've heard people say March, some say the summer... but honestly, you can never really know these things.

You have to prepare for all sorts of contingencies. If the housing market is slumping, rent out your property and hold on to it. If you make sure that you're a winner regardless of which way property goes, you'll be a very rich man/woman.

HELL YEAH IT COULD GET WORSE!!! ESPECIALLY IF WE STILL HAVE BUSH!

I think it will get a little worse and then better. I'm in the banking field and lots of young people or people who weren't as stable as they thought took out huge loans to pay for the housing boom, and it's all just now falling thru. I think there are lots who are coming close to foreclosure or resell before things get any better. The economy is crappy, and will be until the war is closed and we can focus on ourselves rather than putting money into every other country.

100 percent worse. Too many houses being made and not many buyers, not to mention all those people with huge loans they will never be able to pay off. Have you seen stocks lately? The Dow Jones Industrial Average just went down 100 TODAY. Sad... I dont think you should worry about it if you live in a good town specially if you live in a home thats value has been going up, you still have a margain meaning if the value goes down you dont loose money... Your house is still at the value you bought it for. I hope that the Housing market improves this year hopefully the goverment will do something once bush is out of office.

Depends on area. My area never really has tanked like some areas have. I see lots of predictions, including The Donald, who say that spring 2008 should show signs of recovery.

Watch your local market prices closely. When you see the lack of price reductions or prices inching up, BUY!