Only about 5 percent of the population believes the residential real estate industry has recovered — the same percent as last year, a new report shows.
Homebuyers, sellers and renter site Trulia.com and online marketplace RealtyTrac on Wednesday released the results of an ongoing survey tracking Americans' attitudes regarding the housing industry. The resulting report found that about 54 percent of respondents don't expect real recovery until 2014 or later.
An even smaller number, about 3 percent, forecast recovery happening before the end of this year. Another 156 percent see the change happening in 2012. Finally, close to a quarter said things will improve by 2013. One Trulia expert said he expects the market to be volatile through at least the end of 2011.
“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,” Trulia co-founder and CEO Pete Flint said. “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."
He expects about 18 months before Americans see real stability in the market.
A separate RealtyTrac report found Arizona is the No. 2 state in the country for home foreclosures, but that filings had actually dropped from the previous month.
I am with those that think the recovery will not show in Arizona until late 2012 or 2013 at the earliest.
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