Fewer homeowners expect to see the value of their homes decline in the year ahead, but they also believe gains are unlikely, according to a survey by Thomson Reuters and the University of Michigan. About 15 percent of homeowners say they expect their home’s value to decline, down from 26 percent who said the same in the first quarter of 2009.
While three-fourths of respondents say they view home-buying conditions favorably because of lower prices and low mortgage rates, nine out of 10 homeowners say home-selling conditions remain unfavorable because of declining prices. Price declines will likely remain a drag on the housing market for the long term for both economic and psychological reasons, the survey concludes.
Housing is nowhere near bottom. It has at least 20% more to fall to become “reasonably” priced.
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Is the end of this trend anywhere in sight? It doesn’t look like it and I can only imagine what the coming months will mean for the housing market.
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