2008: More bad housing news?

It’s a new year. Will 2008 bring better news for homeowners trying to sell their residences?

Probably not.

Housing Predictor, an online provider of real estate forecasts, recently released its predictions for 2008. The report, which you can read here, provides little solace to sellers hoping that the new year will boost the slumping residential real estate market.

Housing Predictor says that in 2008 the average price of a home will depreciate by 5.9 percent.

This is just an average, of course, and some markets will see better results. Others, though, will see worse. Housing Predictor says that some markets may see home values decrease by 20 percent.

So if you’re a seller, be prepared to either lower your asking price, take your home off the market or wait for that right buyer to come along. And if you’re a buyer? You might be in line for a housing bargain in 2008.