More than half of U.S. adults believe housing recovery unlikely until 2014 or later
An ongoing survey
conducted by Harris Interactive on behalf of Trulia and RealtyTrac finds that
54 percent of U.S. adults believe recovery in the housing market will not
happen until 2014 or later. In a previous survey conducted six months
ago, 42 percent of American adults said they thought the market would turn
around by 2012 or had already turned around. Now, only 23 percent continue to
think this will happen.
According to the
survey, 45 percent of American adults say the government is not doing enough to
prevent foreclosures, and only 17 percent say too much is being done.
Sixteen percent say the government is doing the right amount to prevent
foreclosures, and 22 percent are unsure.
More than half of U.S.
renters (56 percent) and 47 percent of current homeowners are at least somewhat
likely to purchase a foreclosed home, according to the survey. Along with
having some concerns about hidden costs, a risky buying process and loss in
home value, the majority of American adults expect to pay 38 percent less for a
foreclosed home than a similar home that was not in foreclosure – not too far
above the average discount of 36 percent on sales of bank-owned homes (REO)
compared to sales of homes not in foreclosure reported in the RealtyTrac 2010
Foreclosure Sales Report.