Real Estate Foreclosure

We have yet to see the extent of the damage to US real estate caused by the mortgage crunch. Some experts say that 100+ Billion will be lost in foreclosures in the next year.

The report estimates U.S. gross domestic product growth in 2008 will be 1.9 percent, coming in about $166 billion — or one percentage point — lower as a result of mortgage problems. GDP is the value of goods and services produced and is considered the best barometer of the country's economic fitness.
The report also projects property values will decline by $1.2 trillion in 2008, due in part to the foreclosure crisis, with drops in home prices across the U.S. averaging 7 percent. And it said the loss of property, sales and real estate transfer taxes will hurt local and state governments.
But homeowners, banks, holders of mortgage-backed securities and loan servicers can work together to ease the economic effects, the report said. Agreeing to new payment terms on some loans, for example, could make the difference between a family keeping a home and losing it in foreclosure. Article.

The hit to residential markets is also expected to spill over into commercial markets.

Arizona Condos for Sale

Want to live in Arizona. Here is a great deal on a resort style condo in Sun City West. You can soak up the sun and drive balls on the nearby golf course. Check the full listing.

Nashville Beauty

Check out this beautiful home in Nashville, TN.
It has all the comforts of home, so to speak. This luxury home is nestled in the safety of a gated community and you can rub elbow with the rich and famous.
Also check for other US real estate bargains.