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US Housing Market heading for biggest decline since the Great Depression

Housing-Market / Analysis & Strategy Oct 20, 2006 - 11:53 PM GMT

By: Sarah_Jones

Housing-Market

According to the latest US Housing Market forecasts, US house prices are headed for a 3.7% decline in 2007. This would be the greatest full year decline since the 1930's Great Depression.

US House prices are expected to make a low late 2007, and probably move sideways for some time.


Over the last 6 months the state of the US housing market has continued to deteriorate and in response to this so have forecasts followed house prices lower, consistently underestimating the actual future state of the market, which suggests the actual drop during 2007 may be greater than the 3.7% now being forecast.

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