Home,Prices,the,Forecast,Decli business, insurance Home Prices in the US Forecast to Decline Further by 10%
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Overall US home prices are set to decline further by an additional 10%. This is the forecast of Greg Lippman, an ex-trader at Deutsche Bank AG who, in the past, had gained a reputation for making bets against existing subprime mortgage securities.Mr. Lippman emphasized that purchasers of mortgage securities anticipate a decline, but most investors in other markets do not acknowledge a potential decline. Consequently, according to him, mortgage debt remains cheaper this year compared to high-risk and high-yield corporate bonds. He added that the home loans market would do fine if home prices drop 10%, but broader markets may not be able to cope up. Meanwhile, an index measuring pending sales of homes rose to a record-high of 10% last October. It dropped 1.8% in September, according to data released by the National Association of Realtors. The rise in home sales was much better than market expectations. The index of credit-default swaps by the Markit ABX has jumped by about 33% so far this year. The index is tied to about 20 subprime-loan bonds that are rated AAA during the time it was created in 2006. According to the Markit Group Ltd, the increase generally indicates lower or less pessimism regarding the worth of current subprime debt. Analysts note that while a possible and further drop in home prices may hurt the industry as a whole, it could be most welcomed on the part of homebuyers. Foreclosed homes are more likely to further attract attention. That is because such foreclosed properties are typically lower priced when out up for sale in the market. It is the reason why numerous investors and homebuyers now prefer to purchase such homes than the conventional newly built ones. For quite some time, sales of foreclosed homes have been driving the housing market afloat. While demand and actual sales of new homes are weak and inactive these days, the market sees that sales of foreclosed homes that are up for acquisition are continuously picking up. The forecast by Mr. Lippman would surely further bolster the buying mood of strategic investors and buyers who prefer to purchase homes at very reasonable and much lower tag prices. There are numerous foreclosed homes that are available nationwide. For more news and information about overall US foreclosures, go to ForeclosureConnections.com. The Website regularly features updated news and information about the foreclosure housing market. Article Tags: Home Prices, Decline Further, Foreclosed Homes
Home,Prices,the,Forecast,Decli