Fifty-four percent of American adults say they believe a housing recovery won’t occur for another three years later, according to an annual survey of more than 2,000 U.S. adults by Trulia and RealtyTrac.
Back in November, Americans were slightly more optimistic that a recovery would happen sooner – about 42 percent said they thought the market would turn around by 2012 or had already turned around.
But in the most recent survey in April, that number has now dropped to 23 percent who see a recovery in sight by 2012 and a majority who see a recovery further down the road.
“Most Americans, as our latest survey revealed, overestimated how quickly the housing market would bounce back, but when it does, it will likely be a long and gradual process,” said Trulia CEO Pete Flint. “Looking at the recent double dips in home prices, I expect the rest of 2011 to be volatile for real estate. On the flip side, mortgage rates won’t stay low forever and even if home prices continue to fall for a bit, now is still a good time to enter the housing market.”