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.

http://www.bloomberg.com/news/print/2011-05-18/housing-in-u-s-may-not-recover-until-at-least-2014-homeowner-survey-says.html

PROPERTY APPRECIATION EXPECTED IN 40% OF MAJOR METRO AREAS IN 2011

Florida; Reno, Nevada; and Boise, Idaho, however,  will see the nation’s greatest depreciation rates in the coming 12 months. Six of the 10 U.S. markets expecting the greatest depreciation are in Florida.


Projected Five Weakest Markets
Reno / Sparks, NV -7.2%
Orlando / Kissimmee, FL -6.5%
Boise City / Nampa, ID -6.4%
Deltona / Daytona Beach / Ormond Beach, FL -6.3%
Port St. Lucie / Fort Pierce, FL -6.3%
It is noteworthy that depreciating forecasts remain much better than those from a year ago with nothing worse than 7 percent depreciation.
Projected Five Strongest Markets

San Diego / Carlsbad / San Marcos, CA +3.5%
Kennewick / Richland / Pasco, WA +3.4%
Pittsburgh, PA +2.7%
Fargo, ND-MN +2.6%
Washington / Arlington / Alexandria, DC-VA-MD-WV +2.5%

Also predicted generally good forecasts in Texas, Louisiana, Arkansas, Oklahoma, South Dakota, North Dakota, and Iowa, with a strengthening trend spreading to parts of the Midwest.

Realtors

Protect yourself !!

Make sure you act in your clients best interest and insist they seek legal counsel to explain their rights and options. Your client's lender is represented by an Attorney....make sure your client is represented.


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