Ever since the middle of 2006, the US housing market has been in one of its worse slumps in ages. Experts predicted a turnaround initially sometime in 2007, but those same experts are now predicting the slump to persist, and even worsen all throughout 2008 and maybe even 2009.

What's Causing the mess?

- The bubble did burst. Home prices were rising faster then demand really did. Only so many people can afford paying the prices that most homes were going for back in 2006. Home values had nearly doubled from 1999 to 2006, while salaries and savings went up only 8%.

- Foreclosures have overloaded the supply side of the equation. As more and more people are forced to sell to avoid foreclosures, and more and more actual foreclosures occur, the supply of homes have skyrocketed. When supply is great then demand prices will fall.

How much longer?

- Most experts expect that by 2010 the market will correct itself. Everything depends on the US economy, interest rates, and value of the dollar. If you have a fixed rate mortgage or own your home outright, then there isn't anything to worry about. Just stay put and in a few years you will be able to sell for a good price. If however you have an adjustable rate mortgage, and can't afford the new payments for the next 2-3 years, there isn't much help you can get. Until the value of homes start climbing, it will be almost impossible to find a good fixed rate mortgage, unless your credit score is superb.

Is this an Investment Opportunity?

- Yes it is an investment opportunity, but in my opinion not quite yet. Wait until the summer of 2008, and then begin finding the good deals. Whether in vacant land or a house, there will be an opportunity. If you have the cash and credit to purchase some, there should be some real nice returns 3-4 years down the road.

In conclusion, if you have the ability to stick it out, try your best to do that, as financially speaking, you will be in a much better situation in 3 years or so.

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