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Survey Shows Consumers Optimistic on Real Estate

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RISMEDIA, June 24, 2008-Consumers are apparently optimistic about the future of the national real estate economy, according to a new survey conducted by Housing Predictor. Nearly 1 out of 2 polled say they believe the national real estate economy will improve within the next two years.

The online survey serves to show that despite the turmoil in the nation’s real estate markets, triggered by the credit crisis most believe conditions will improve in a short time span. Only 28% of all respondents said they believe it will take five years or longer for credit market conditions to improve the housing market.

An unprecedented epidemic of foreclosures has led to lower home prices in the over-whelming majority of the country. As many as 1 out of 3 homes in some especially hard hit areas listed for sale are foreclosures, damaging communities and housing values.

A majority of economists recently surveyed say the nation is either in a recession or at least close to experiencing one. Rising gasoline prices have triggered the highest food inflation the country has experienced since 1992, which was during the last major real estate recession.

Congress is dealing with a series of proposals to assist some homeowners threatened with foreclosure. But more than 3 million homeowners are now behind on their mortgage payments and are threatened with foreclosure. A Housing Predictor survey in March found that the over-whelming majority of respondents believe Congress will fail in its attempts to solve the national real estate crisis. Foreclosures are forecast to increase to total more than 5.6 million units through 2011.

Some 25% polled said they believe things would improve in a year or less. Housing Predictor regularly surveys consumers on real estate related issues, and provides more than 250 local housing market forecasts in all 50 U.S. states. The data on which forecasts are issued are independently gathered by researchers from thousands of sources throughout the nation. Markets are constantly monitored by researchers to keep visitors up to date on changing market conditions.

For more information, visit http://www.housingpredictor.com.

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Categories: Real Estate