More than half of U.S. homeowners and renters say housing won't recover until at least 2014, reflecting a deepening pessimism about the real estate market, according to a survey taken last month by Trulia Inc. and RealtyTrac Inc., an article by Prashant Gobal at Bloomberg.com reported today.
"The survey found that 54 percent of respondents don't expect a recovery for at least three years, up from 34 percent in November, the two real estate data companies said today. Those who see a turnaround by the end of next year fell to 15 percent from 27 percent," the article said.
"The housing market is weakening as near record-low interest rates and falling prices fail to boost demand after the expiration of a federal tax credit for homebuyers last year. Values will come under more pressure as 1.8 million properties that are delinquent or in foreclosure are added to the inventory of unsold homes, according to a March estimate by CoreLogic Inc., a real estate information firm in Santa Ana, California," the article continued.
"Demand remains weak, loans are increasingly difficult to qualify for and the shadow inventory of several million distressed properties is weighing down the market," Rick Sharga, senior vice president at RealtyTrac in Irvine, California, said in a statement, adding that "all of these things need to improve before housing can recover."
"According to the survey, 45 percent of respondents said the government isn't working hard enough to prevent foreclosures. Seventeen percent said too much is being done, 16 percent believe the government's response is appropriate and 22 percent said they aren't sure," the article said.
A third of respondents have or know somebody who has stopped making payments, walked away from a mortgage, applied for a loan modification or have lost a home through foreclosure or short sale, according to today's report, the article said.
The survey was conducted by Harris Interactive from April 15 through April 19 and included 2,018 U.S. adults. The sample included 1,257 homeowners, 906 of whom currently have a mortgage, and 704 renters.
"The survey found that 54 percent of respondents don't expect a recovery for at least three years, up from 34 percent in November, the two real estate data companies said today. Those who see a turnaround by the end of next year fell to 15 percent from 27 percent," the article said.
"The housing market is weakening as near record-low interest rates and falling prices fail to boost demand after the expiration of a federal tax credit for homebuyers last year. Values will come under more pressure as 1.8 million properties that are delinquent or in foreclosure are added to the inventory of unsold homes, according to a March estimate by CoreLogic Inc., a real estate information firm in Santa Ana, California," the article continued.
"Demand remains weak, loans are increasingly difficult to qualify for and the shadow inventory of several million distressed properties is weighing down the market," Rick Sharga, senior vice president at RealtyTrac in Irvine, California, said in a statement, adding that "all of these things need to improve before housing can recover."
"According to the survey, 45 percent of respondents said the government isn't working hard enough to prevent foreclosures. Seventeen percent said too much is being done, 16 percent believe the government's response is appropriate and 22 percent said they aren't sure," the article said.
A third of respondents have or know somebody who has stopped making payments, walked away from a mortgage, applied for a loan modification or have lost a home through foreclosure or short sale, according to today's report, the article said.
The survey was conducted by Harris Interactive from April 15 through April 19 and included 2,018 U.S. adults. The sample included 1,257 homeowners, 906 of whom currently have a mortgage, and 704 renters.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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