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American's don't see immediate housing recovery

December 9, 2010 - Most Americans seem to believe that the nation's real estate market won't see significant improvement for two years, according to a new survey, which also shed light on buyers' changing attitudes toward moving into foreclosed properties.

RealtyTrac and Trulia reported that 58 percent of respondents to a Harris Interactive survey said that the real estate market will not bounce back until after 2012, with 22 percent saying that recovery won't be reached until 2015 or beyond.

Analysts said the recent foreclosure documentation scandal seemed to darken many consumers' expectations for housing, and it has also altered their opinion of moving into one of these homes. While 49 percent said they would consider buying a distressed home, 81 percent of consumers recognize that there are dangers to such a move, particularly that the process itself is risky.

"As if prospective buyers and sellers needed more to be concerned about, the robo-signing issue caused a 'what's next?' fear to surface in the minds of consumers who, frankly, have lost faith in banks and their government to make good decisions," said Trulia CEO Pete Flint.

Recent reports showed that fewer consumers were hiring moving companies and relocating to distressed homes. RealtyTrac reported earlier this month that 113,933 bank-owned homes sold to third parties in this year's third quarter, down 26 percent from the previous quarter.
 

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