Thursday, May 19, 2011

Survey: U.S. Housing May Not Recover Until 2014

A survey by Trulia Inc. and RealtyTrac Inc. released yesterday showed that more than half of U.S. homeowners and renters say that housing will not recover until at least 2014, reflecting a deepening pessimism about the real estate market, Bloomberg News reported yesterday. The survey, taken in April, found that 54 percent of respondents do not 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 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, Calif.