A recent survey conducted by Reuters revealed a growing pessimistic sentiment among economists regarding the country's housing market.
Economists responding to the survey agreed that the housing market will continue to fall until reaching a bottom later this year or early next year, while home prices will increase modestly in 2012. However, the experts were unable to determine when the bottom will be reached, debating between the end of 2011 or sometime in 2012.
During this time, according to the report, existing-home sales were expected to increase moderately, which is in line with economists' prediction of a weakened housing market limping along for the next several years.
Experts also point to the large inventory of distressed properties and struggling job market as roadblocks for the sector's recovery.
"There's still a huge pipeline of homes that are going to be foreclosed upon and the weak job market certainly isn't helping," Scott Brown, a real estate expert in St. Petersburg, Florida, told Reuters.
Due to its reduced inventory of foreclosed homes, as well as its healthy job sector, the Houston real estate market has recorded gains in property sales the last several months.
Courtesy of 2M Realty News