The real estate sector has been suffering as home sales and house values continue to slide. Homes are not selling. Potential home buyers are waiting. But it's a good time to buy a house, in accordance with most of the individuals responding to a poll released Wednesday. Source for this article - Housing market: most in U.S. think now is the time to buy a home by MoneyBlogNewz.
The buyer’s sector is clear
About 67 percent of Americans say right now is a good time to buy in a Gallup study even though the economic recovery has not been able to occur because of the housing sector. The poll respondents are mostly all saying the very same thing. Still, it is not good news. This month was when the poll was taken. 1,018 adults were in it. Just a year ago, this exact same poll of respondents had 72 percent thinking a buyer’s industry was happening. That was up from 1009 where it was 71 percent. The percentage of optimistic potential house buyers has dropped to 67 percent as home values keep declining. Several homebuyers want the prices to bottom out before they buy.
The great decline in home prices
In 2007, house prices began to drop as they'll continue to do through 2011. This year there were a record number of foreclosures shown by the real estate industry research firm Realty Trac. Most of these homes have not yet been marketed. The house inventory will go up when that happens. A report from Standard & Poor's said the average price of houses in the United States could fall by another 7 percent to 10 percent this year. There were 27 percent of Gallup study respondents that believed otherwise. They believed that homes in their neighborhood would continue to plummet in price. Even more, 42 percent, are worried that their own homes will continue to lose value. Home values were expected to increase within the community by 21 percent of responders.
Planning to what the housing sector will soon appear to be
Last year was a year the government thought it would help the real estate market. It did anything it could to do so. There was an $8,000 per mortgage homebuyer’s tax credit given. The Federal Reserve bought more than $1 trillion in mortgage securities and has kept home loan rates artificially low. American’s don’t think the recession is over as joblessness is so high. Ben Bernanke is a Fed chairman. He explained that to get employment to the pre-recession amounts, at least another three years could be needed. It may be a good time to invest in a house since interest rates are so low today though. Investing isn’t something Americans are willing to do right now. Nevertheless, it's something they seem to think is a good idea.
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