(EMAILWIRE.COM, August 18, 2009 ) Destin, Florida -- An overwhelming majority say the U.S. housing market will fizzle once the first time home buyers tax credit expires towards the end of the year, a new survey found.

Home sales in the nation’s housing market have been sparked by the tax credit, signaling hopes of a recovery in ailing markets throughout the country. Some 77% of those surveyed in a Housing Predictor poll said improving home sales will halt once the first time home buyers $8,000 federal tax credit expires December 1st.

The collapse of the housing market was triggered by an epidemic of foreclosures, which have reached all-time record levels. Only 23% or less than 1 out of 4 who responded to the survey said the market would continue to improve after the tax credit expires.

Renewed interest prompted by the tax credit in housing coupled with lower home prices are at the center of a real estate recovery as home values in the majority of the country decline. The tax credit may be extended when Congress reconvenes.

The majority of homeowners being foreclosed are now conventional mortgage borrowers, who purchased adjustable rate mortgages, 3-million of which are being reset in 2009. A record high 360,149 foreclosure courthouse filings were made in July, according to RealtyTrac. The figure represents a 32% rise over one year ago. The epidemic has had widespread repercussions for the national economy, which has lingered in a deepening recession for more than 20-months.

Housing Predictor forecasts more than 250 local housing markets in all 50 states, and is regularly consulted by the nation’s top businesses, government officials and homeowners for its forecasts and real estate news. Get the latest on your market at http://www.housingpredictor.com

Contact Information:
Housing Predictor
Mike Colpitts
Tel: 8506221016
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