After the experiation of the homebuyer tax credit a housing market rebound seems tenuous and consumer confidence remains weak due to lack of employment but the economists believe the bottom is near.Home prices have declined 29.5% over the past four years, according to the Fiserv Case-Shiller Indexes. The Experts predict a drop in median price of 32.9 for next year from the 2006 peak.
So the prices will continue to drop according to the experts till at least 2014 due to factors such as income growth, demographic trends, unemployment rates, foreclosure rates and construction costs. They dont forsee the market getting anybetter until the year 2014 and with only some states leading in the market growth.
We have to keep positive inspite of the negative outlook on the future of real estate for our nation. Using the resources available such as county funds for downpayment assistance, and and networking as much as possible.