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How Far Will The Housing Market Fall?

It seems that each day we are seeing differing views and opinions about the state of the housing market with signs that the credit crunch is receding followed by ever more gloomy forecasts for the future. Today it is the turn of the Royal Institute of Chartered Surveyors (RICS) to join the party with forecasts of a 5% fall in house prices in 2008 followed by a further 15% fall in 2009 â€" they also believe that the number of house sales will collapse by 40% this year!

While it is differing views which make a market, the news of late has been very mixed with many investors and home owners relieved to hear the good news, only to have their hopes dashed by a round of gloomy forecasts. The truth is that nobody has been in this situation before and nobody quite knows what to expect, so every forecast and every opinion is only guesswork.

The credit crunch will need to works it way right through the system and until we see the money markets return to normal there is always the chance of a dip in the recovery cycle. Times are hard, they may get harder, but the truth is that nobody really knows.....

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