| The U.S. mortgage melt down has produced | | | | state's markets remain strong enough to be |
| America's real estate crisis with falling home prices | | | | considered as overall appreciating by Housing |
| and record foreclosures, and it now threatens to | | | | Predictor analysts. |
| produce the Nation's worst economic disaster in | | | | Housing Predictor forecasts more than 250 local |
| history, according to a new report by Housing | | | | housing markets futures in all 50 states and provides |
| Predictor. | | | | thorough analysis on the fall out from the mortgage |
| The real estate markets rocked for years with | | | | crisis. |
| double digit appreciation or near double digit | | | | California, Florida, Michigan and Nevada are the most |
| appreciation in many areas of the country only to | | | | severely impacted states. But the majority of states |
| come slamming down. Some markets have dropped | | | | now have falling housing prices in most markets. |
| as much as 40% from their record highs. | | | | Adding to the problem is a new estimate that now |
| The crisis has worsened amid souring buyer | | | | paints a disturbing picture of just how massive the |
| sentiment, fearing prices will fall further. More than | | | | growing crisis has become. An estimated more than 5 |
| half of the nation's housing markets regularly | | | | million adjustable rate mortgages are set to be |
| monitored by Housing Predictor have sales levels that | | | | readjusted before the end of 2009, and many |
| are the lowest in more than two decades. | | | | homeowners are expected to be unable to make the |
| Prices of many homes are falling at faster rates than | | | | higher payments required to keep their homes. |
| at the peak of the U.S. Savings and Loan Fraud | | | | The problem started in the subprime mortgage |
| scandal in the early 1990's. | | | | markets and has now spread into conventional |
| The real estate crisis is beginning to broaden, moving | | | | mortgages, most of which were new creative |
| into markets that have not yet felt the impact. But | | | | financing provided by mortgage companies in order |
| there are exceptions to the slow down, which are | | | | to make the loans or required little qualification to |
| included in the Housing Predictor forecasts. Ten | | | | obtain. |