New Forecast for US Housing Sees Continued Slump into 2008
A new report released by the U.S. Conference of Mayors and Global Insight suggests that the housing crisis in the United States will continue into 2008.
Among the findings are the following :
- U.S. homeowners will see property values decline by $1.2 trillion in 2008
- Foreclosures will increase by 1.4 million
- The market value of U.S. foreclosures will be around $316 billion
- U.S. GDP will be reduced by $166 billion
- There will be 524,000 fewer jobs created in 2008
- State and local tax receipts will be impacted by reduced property values and construction spending
To read the full report, click here
Among the findings are the following :
- U.S. homeowners will see property values decline by $1.2 trillion in 2008
- Foreclosures will increase by 1.4 million
- The market value of U.S. foreclosures will be around $316 billion
- U.S. GDP will be reduced by $166 billion
- There will be 524,000 fewer jobs created in 2008
- State and local tax receipts will be impacted by reduced property values and construction spending
To read the full report, click here
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