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St Louis Real Estate Search

Survey shows over half American adults think housing recovery is years away

UGH…

According to a survey conducted by Harris Interactive® on behalf of Trulia and RealtyTrac, 54 percent of American adults believe that recovery in the housing market will not happen until 2014 or later. In a previous survey, six months ago, 42 percent of American adults said they thought the market would turn around by 2012 or had already turned around, but now only 23 percent think this will happen.

When American Adults Believe Housing Market Will Recover
April 2011 November 2010 % Change
Already Recovered 5% 5% 0%
By the end of 2011 3% 10% -70%
2012 15% 27% -44%
2013 24% 24% 0%
2014 or Later 54% 34% 59%

Source: Trulia/RealtyTrac

“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,” said Pete Flint, co-founder and CEO, Trulia. “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.”

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