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

(Bloomberg) More than half of U.S. homeowners and renters say housing won’t recover until at least 2014, reflecting a deepening pessimism about the real estate market, according to a survey by Trulia Inc. and RealtyTrac Inc.

The survey, taken in April, found that 54 percent of respondents don’t 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, California.

“Demand remains weak, loans are increasingly difficult to qualify for and the shadow inventory of several million distressed properties is weighing down the market,” Rick Sharga, senior vice president at RealtyTrac in Irvine, California, said in a statement. “All of these things need to improve before housing can recover.” ............(more)

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

is going to keep the housing market in the gutter far longer than 2014.

Otherwise it could be much longer.

They keep delaying this housing recovery, which was supposed to be well underway by now according to previous Bloomberg stories, by a couple of years.

I really can't believe that these guys still have jobs, with how inept they are.

I heard it on the radio. It must be true.