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The U.S. foreclosure crisis has nearly reached the halfway point, marking a positive sign in the nation’s real estate slowdown and the markets eventual recovery, according to a new report.
Housing Predictor researchers estimate that three million properties have been foreclosed since the start of the foreclosure epidemic nationally, but an onslaught of additional foreclosures are forecast. However, the acknowledgement of the mid-way point of the crisis should begin to give consumers a renewed confidence in the United States’ economy, according to real estate analysts. The Housing Predictor report forecasts foreclosures into 2011 explores the foreclosure crisis and highlights the pains that homeowners have gone through to hold on to many of their homes.
The foreclosure epidemic has become the nation’s worst housing crisis since the Great Depression with falling home values in the over-whelming majority of the country. An online survey just completed by Housing Predictor found that 85% of those surveyed feel they have been affected by the real estate crisis in some way. The nation’s slowing economy is blamed on the real estate crisis.
As real estate markets begin to hit their bottoms and the inventory of foreclosures are bought up by bargain hunters and owner occupants the crisis will slowly begin to wither away. However, many economists expect a full recovery to take years.
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