S&P Downgrade Shakes Confidence in Real Estate
The S&P downgrade of U.S. credit may have far wider ramifications than simply the government, according to a new opinion poll.
Standard and Poor’s U.S. credit downgrade seriously shakes the confidence that a recovery in the U.S. real estate market will develop, according to a new Housing Predictor poll.
More than 2 out of 3 respondents said that the S&P downgrade shakes their confidence that a recovery in the housing market will develop anytime soon. The poll, taken over the last two weeks, during which time the nation’s two other largest credit rating agencies, Fitch and Moody’s reiterated that there ratings on U.S. credit would remain at AAA for the time being.
However, S&P is the oldest ratings agency and despite mistakes it made by missing calls on financials leading to the financial crisis on securities related to mortgage backed securities, the firm is still regarded by many financial analysts as the most powerful ratings agency in the industry. Visit Housing Predictor for full details on the poll.
Housing Predictor tracks more than 230 local housing markets in all 50 U.S. states, forecasts markets across the country, regularly surveys visitors to its website on issues related to real estate and keeps visitors up to date on real estate news and mortgage rates.
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