Bargain Buyers Real Estate Market Forecast
The remainder of 2007 and part of 2008 will be the best time to get a bargain in the U.S. housing market, according to Housing Predictor. The sub-prime loan crisis has produced the highest number of foreclosures since the U.S. Savings and Loan Fraud Crisis more than 15 years ago, providing the largest inventory of bargain homes in years in many metropolitan areas of the nation.
Some real estate markets located in Southern California, South Florida and Nevada among other states have seen closing prices drop drastically from their peaks as a result of the subprime loan debacle.
Las Vegas, Nevada is the new epicenter of the subprime loan crisis with more than 40% of all homes and condos on the market for sale vacant. More subprime loan foreclosures are underway in Las Vegas than any other urban center in the nation. Phoenix, Arizona which market has long been recognized as a leader in loan fraud is second to Sin City in subprime foreclosures and prices are falling in wake of the crisis.
Housing Predictor forecasts more than 250 local housing markets in all 50 U.S. states. However, despite the subprime crisis many markets scattered from the pacific north-west to the south remain with healthy sales activity including Texas, New Mexico, Oregon and Washington.
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