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St Louis Loan Audit and Principal Loan Reduction News: According To A Rent Reuters Report The Housing Market Will Struggle In 2011
Home Mortgage and Commercial Loans | Principal Reduction Program | 877-334-0210 or 314-334-0210 | Floyd Tapia
According to a Reuters poll, the United States housing market will stagnate this year as foreclosures and joblessness sap the demand needed to mop up an excess of homes on the market.
While a housing recovery will be sustained, home prices, which have plunged by about a third since their 2006 peak, will barely rise next year.
Medians from the poll showed a mere 1.1 percent rise in 2010 and 1.0 percent in 2011.
Expectations for next year haven’t budged from the August poll, and won’t even keep up with the expected 1.6 percent rise in the consumer price index next year.
“Housing activity has likely bottomed, but the recovery will be slow and long-developing,” David Berson, chief economist at California-based mortgage insurer PMI Group, said.
The poll showed US homes are currently fairly valued, the same as in the last poll, assigning a score of 5 on a 10-point scale where 1 is extremely undervalued.
But medians from the poll suggest they have 5 percent still to fall from here.
Negative housing sentiment has grown with the U.S. unemployment rate lingering at 9.6 percent.
“The simple fact is that prices will not be able to rise when poor economic conditions continue to undermine demand and when foreclosures will continue to boost supply,” said Paul Dales, US economist at Capital Economics in Toronto.
After one or two months of delayed foreclosures, the country is likely headed for a record 1.2 million bank repossessions this year, said Rick Sharga, a vice president at RealtyTrac, a foreclosure listings and data firm in California.
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