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Wednesday, May 18, 2011

Consumers peg housing market recovery at 2014 or later: Trulia/RealtyTrac survey

I've even seen some studies state we won't surpass the previous housing peak in 2007 until 2029 or so. 
The housing market won't recover until 2014 or later, according to 54% of the people surveyed in a joint Trulia/RealtyTrac consumer housing sentiment survey.
Some 40% of renters surveyed said they have no plans to ever buy a home.
In a survey conducted six months ago, 42% of respondents expected the market would turn around by 2012 or had already turned around. Now, only 23% continue to think this will happen.
The housing sector's continued pain comes from the large overhang of foreclosures on the market, as well as the slow economic recovery, said Peter Flint, CEO of Trulia and Rick Sharga, senior vice president with RealtyTrac, during a conference call with reporters Wednesday.
"I expect the rest of 2011 to continue to be volatile," Flint said, adding he doesn't expect any noticeable improvement for about 18 months.
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