Categorized | Residential

United States Housing Recovery Expected to Take Three to Five Years

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Given the data from the most recent residential real estate reports, many analysts believe that the United States housing market will recover from its current dismal state. However, they are predicting that the market will not actually reach the recovery stage for, at least, another three to five years.

In the last month, home values remained relatively stagnant across the country, though there were some cities that performed better than expected, and actually experienced gains. Those cities include the likes of Detroit, Miami, Washington, and Los Angeles.

Those cities were the exception, though, rather than the norm. While the average price decline for the majority of homes is not nearly what it has been in the past, there is still no sign that prices will increase anytime soon.

While foreclosures are down from their peak rate of eleven out of every ten thousand homes, they have not fallen nearly as much as many residential real estate analysts would have liked. Just over eight in every ten thousand homes has been foreclosed upon, and that number may rise even further in the coming months.

Even though most numbers in the residential real estate market are still down from where most officials, agents, and analysts had expected they would be, the market has gotten better from where it once was not too long ago. With depreciation rates slow and big markets stabilizing, there is a light at the end of the tunnel. However, the road to recovery will still take a bit longer than originally expected.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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