More than half (54%) of U.S. adults now believe that recovery in the housing market will not occur until 2014 or later, according to a survey released by Trulia and RealtyTrac.
With more cities home prices now in double dip lows, the number of adults who believe the recovery will be pushed past 2014 jump from 34% in November 2010 to 54% in April 2011. Additionally, the number of respondents who felt the recovery would occur by 2012 dropped from 27% to 15%.
Although recent reports have questioned the performance of foreclosure prevention programs, such as Home Affordable Modification Program and the Home Affordable Foreclosure Alternatives Program, 45% of respondents feel that the government is not doing enough to prevent foreclosures.
Respondents noted an expectation of purchasing a foreclosed home with 56% of renters and 47% of current homeowners felt somewhat likely to buy a previously foreclosed home. On average, these respondents expect to pay 38% for a foreclosed home versus a non-foreclosed home.
The survey, conducted online between April 15-19, 2011, included 2,018 U.S. adults aged 18 and older.
