According to industry experts, the real estate downturn which essentially started in 2005 could last through 2008 and begin to correct in early 2009. That means we have another couple years to weather the storm before things get much better. These are overall nationwide estimates and local markets will see a lot of variation.
Markets that have experienced the largest amount of price appreciation in homes and condos, high demand, and of course speculation will continue to be hit the hardest by the slow down. Over the next twelve months many expect to see prices to drop by about 8% or 9% in the top fifty nations around the country. The housing market is expected to struggle in other markets that have less of a bubble, but it will be more do to the job market rather than inflated prices. In many areas of the country that didn’t experience double-digit price increases, home values will continue to appreciate in a healthy manner.
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