According to a recent study, there are about 60 percent of Americans who doubt if the real estate industry will recover in the coming years, probably occurring until 2013 or later.
The study was made November 2-4 which was just before the midterm election. It also resulted to 49 percent of 2,034 adults were interested in purchasing foreclosures while the remaining 66 percent were concerned about the hidden costs.
The survey reported that 5 percent of the respondents said that the recovery has already taken place while 10 percent anticipate the change to take over next year. However, 27 percent anticipates the recovery to occur in 2012 while the majority of 58 percent predicted the boost of housing market will happen in the later part of 2012. A section of 24 percent believe it’s going to happen in 2013, 12 percent assume it will occur in 2014 and 22 percent consider 2015 as the year of recovery.
It is believed that a lot of homeowners, sellers and buyers of Carmel CA homes are lowering down their expectations when it comes to a quick recovery involving the real estate market.
Half of the adults who participated in the survey accounted that they have less faith in mortgage lenders, banks and the government. The “robo-signing” issue was described by 35 percent of adults to have affected the housing market recovery. This crisis was not as pronounced in Carmel CA homes.
Homeowners of Carmel CA homes tend to walk away from their loan if it was higher than the property value. More man than woman had that attitude. Their solution for this kind of problem is to contact their lender and ask for a loan modification. The next common step to take, which was held by 10 percent, is to have a tenant rent a room to help pay off the mortgage.
Take note that the survey results were not analyzed by other sections of individual housing market.
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