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Home Prices in Record Plunge

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Now lets ask the professionals here their nationwide average forecast for 2009. 

Don't forget. Your posts will be here, we will turn back at the end of the year and see how good you can evaluate the real estate market. 

My "guess" is the market will go down at least 10% in average. That means a loss of $50K for a $500K house.
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February 12 2009 - Baltimore
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Answers (6)

Profile picture for kelargo
I think it depends on how many people are employed in a given area and what level of income they have to support the price of homes.
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February 20 2009
Profile picture for sunnyview
Sounds like reasonable predictions so far. There must be other people with ideas. Come on board. It's like the Zillow version of the future economic forecast. You won't be more wrong than real economists were last year so give it a spin. Nothing to lose.
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February 17 2009
I have three answers.  Mid-Atlantic Area

1.  If we muddle along this year without any new "headline disasters" to the economy we will be stable price wise.  Up or down 3%.
2.  If we continue the trickle of bad news without recovery down another 8-10%.
3.  If we have a very bad news such as a 2-3 point interest rate hike we could see 15% drop.  Interest rates could be ramped up due to deficit borrowing, China decrease in Treasury purchases, or most likely: Inflation.

Jon Tucker, 443.538.4316,  TuckerRealty@comcast.net, www.JonTuckerHomes.com
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February 17 2009
Profile picture for andynw

15% in boom towns like Vegas and 8% in areas were speculation wasn't as high.

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February 12 2009
Profile picture for interested_observer
I predict an additional 25% decrease for prices in Southern California since that's what it will take to bring prices back in line with historical norms relative to income.  I'm guessing that the overall decrease for the U.S. will be on the order of 15% since many areas of the country didn't experience the extreme levels of price inflation seen here and in Florida.
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February 12 2009
Profile picture for sunnyview
My prediction is a little worse. I am expecting a drop of about 12% overall with most smaller markets getting hit with about 8%. I sure hope I am wrong and can come back back to this thread a year from now and eat some crow. I am nervous about the apparant lack of traction in the economy in the numbers that I see that are not cooked.
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February 12 2009
 
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