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No housing recovery until 2014?

May 20th, 2011 7:01 AM by Lehel S.

More than half of Americans don’t think there will be a housing recovery until 2014 or later, a new survey shows. That’s up from 34% who responded that way in November 2010.
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The survey was conducted by online hometrackers Trulia.com and RealtyTrac.com. by Harris Interactive.

Highlights:

  • 54% of U.S. adults peg a housing recover no sooner than 2014.
  • Previously, 42% said the market would turn around by 2012, or had already started to. In the latest poll, only 23% still believe that.
  • 45% say the government is not doing enough to prevent foreclosures. Just 17% say too much is being done by the government. Another 16% say the government is doing the right amount. 22% say they’re not sure.
  • A third of respondents say have or they know someone who has applied for a loan modification, stopped paying the mortgage, foreclosed, walked away or sold their home in a short sale in the past year.

From Pete Flint, CEO of Trulia:

“Most Americans, as our latest survey revealed, overestimated how quickly the housing market would bounce back, but when it does, it will likely be a long and gradual process. Looking at the recent double dips in home prices, I expect the rest of 2011 to be volatile for real estate. On the flip side, mortgage rates won’t stay low forever and even if home prices continue to fall for a bit, now is still a good time to enter the housing market. In my eyes, we have another 18 months until we start to see signs of price stability in the housing market.”

From Rick Sharga, senior vice president of RealtyTrac:

“Our survey reflects a growing perception among potential homebuyers that the housing recovery is still a long way off. Demand remains weak, loans are increasingly difficult to qualify for, and the shadow inventory of several million distressed properties is weighing down the market. All of these things need to improve before housing can recover.”

Posted in:General
Posted by Lehel S. on May 20th, 2011 7:01 AM

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