The U.S. housing market is in for a healthy recovery, according to a new survey. A strong majority of consumers polled say they expect home values in all U.S. cities to inflate.
Sixty-one percent of those surveyed said that home prices will inflate, despite the economic issues that face the U.S. economy and the real estate market. The Housing Predictor survey was conducted over a two week time frame just ending Tuesday.
Home prices in the majority of the nation have suffered as a result of the downturn, but some of the hardest hit cities are already recovering. Conventional wisdom and real estate economists tied to the National Association of Realtors once professed that home prices would never decline.
The foreclosure crisis, U.S. financial crisis and liberal mortgage underwriting destabilized the economy forcing home prices down in all but a select few cities throughout the nation.
Despite high unemployment and other problems hindering the economy, almost two out of three polled said that home prices would inflate someday. The remaining 39% said home prices would not appreciate in the future.
The downturn in home values is a major issue for many people, making it impossible for many homeowners to sell their homes or move to another area for employment.
Conventional wisdom once said that U.S. home prices would never go down, which was of course disproven by the real estate crash. Do you expect home prices in all U.S. cities to inflate again?