Sorting Through the Bailout Bill's Effects

President Bush signed the $700 billion bailout bill into law Friday, but, according to experts, it could be many months until the economy starts to turn around.

To help sort out the bill's likely effects, "Good Morning America" financial contributor Bianna Golodryga stopped by the show and explained what is likely to happen in many markets.

The Housing Market

It is only appropriate to start with the industry most closely tied to the current financial crisis. Home prices have dropped in the past few months, but even with the passing of the bill, they are expected to get worse.

Home prices are expected to dip another 8-10 percent before a rebound begins to bring them back up. This could easily be a problem into 2009.

Related

House Passes Economic Recovery Bill

WATCH: Bush Lauds Passage of Rescue Bill

WATCH: Pelosi on Bailout: 'We're Looking Forward'

The Credit Crisis

Do not expect to head to a bank on Monday and see that everything is okay. It is going to be a long process, at least two to three months and maybe as long as six before the credit crisis subsides.

In the meantime, work on getting your own credit score in line, which will help with getting those increasingly elusive loans.

The Job Market

According to recent figures, 159,000 jobs were lost in September alone. Currently more than 9 million Americans are unemployed.

Government jobs, however, are up. But this actually could be a bad sign, as an increase in government jobs usually signals a national economic slowdown. Expect the job market, like the credit and housing markets, to recover, but not for some time.

The Stock Market

Last week the stock market had its worst week since 2001. With the passing of the rescue bill, the market has settled somewhat, but volatility is still to be expected.