Americans believe housing recovery is at least three years out
Fifty-four percent of American adults now believe a housing market recovery remains unlikely until 2014 or beyond, according to a recent survey by real estate database Trulia.com and RealtyTrac. The result marks a significant drop in confidence in a quick recovery. In the same survey, conducted only six months ago, participants predicted a turnaround by 2012.
Only 17 percent of those surveyed this time said that the government was doing enough to prevent foreclosures, while 45 percent said the government hadn’t stepped up. Almost one-third of homeowners surveyed self-reported that they have or they know someone who has applied for a loan modification, abandoned their mortgage, foreclosed on or short sold their home. Fifty-six percent of U.S. renters and 47 percent of owners consider themselves at least somewhat likely to purchase a foreclosed property, the survey determined.
“Our survey reflects a growing perception among potential homebuyers that [a] housing recovery is still a long way off,” said Rick Sharge, senior vice president of RealtyTrac.
The survey was conducted from a sample that included 1,257 homeowners, 906 of whom have a mortgage, and 704 renters. TRD