OK, so I have never seen houses fall in value so quickly. It is as if houses are falling off a cliff. The realtors claim that nothing is moving. Banks refuse to make loans and people are afraid of losing their job. Few people are buying homes now.
However, in 2009 more people will be out of work and the banks will find that more homes are in foreclosure. As the severe recession turns into a deep depression our economic crisis grows into a financial catastrophe we will see riots and unrest.
The forecast for real estate prices in 2009 is that they will fall some more.
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