Housing Bust Over, Experts Say, Home Prices Slowly Moving Upwards
The housing bust has brought along with it a long seven years of pain for American homeowners, renters, and anyone who lives inside a dwelling and who was unfortunate enough to be dragged along with the market as it crashed and burned following the mortgage crisis.
But the housing bust and the home sales woes that came along with it may finally be drawing to an end, experts say, with a large majority of experts consulted by the Wall Street Journal expressing a belief that the market has finally “hit bottom” and predicting a steady climb in home prices from here on out.
Of the 47 experts consulted on the housing bust, only three believed the market has yet to reach bottom, with the other 44 believing signs of improvement are palpable in the long-suffering housing market.
The site quotes Wells Fargo analysts in referring to a “budding recovery in the housing market” that “appears to be gradually gaining momentum,” but the paper also reminds readers that housing troubles are nowhere near over:
“Housing is still far from healthy despite the Federal Reserve’s efforts to resuscitate it by helping to push mortgage rates to extraordinary lows: 3.62% for a 30-year loan, according to Freddie Mac’s latest survey. Single-family housing starts, though up, remain 60% below the 2002 pre-bubble pace.”
The U.S. housing bust is over. Nearly 7 years after bubble burst, most indices of house prices are bending up. on.wsj.com/MiNwcU
— Wall Street Journal (@WSJ) July 11, 2012
The WSJ continues:
“Americans’ equity in homes is $2 trillion, or 25%, less than it was in 2002 and half what it was at the peak. More than one in every four mortgage borrowers still has a loan bigger than the value of the house, though rising home prices are reducing that fraction slowly.”
A more detailed report on the housing bust and the market’s current state is expected later today, at around 2PM EST.
Tags : housing bust, housing bust ends, housing bust july 2012, housing bust over, housing bust prices 2012, mortages, Wall Street Journal, wells fargo
Posted: July 13, 2012
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Jul 13, 2012
The Housing Bust is NOT over. Yesterday's WSJ report is misleading. Foreclosure filings were up 9% the first half of 2012 and will continue to rise another year (into 2013).
Housing in 20 states continues to fall, the other 30 states they remain the same.
When reporting – you should really get the facts.
Jul 13, 2012
Our local market is up over 15% in price from this time last year – Now is a great time to buy in West Volusia County, Florida.
Jul 13, 2012
Not over in my neck of the woods, house dropped in value by 5000.00 in less than a month!
Jul 13, 2012
the bust is not over… the problem with housing is…its overpriced and so is property tax.
the re-elect obummer campaign will put out this crap..But the people outside of D.C. know the problem.
Jul 13, 2012
I'm sure that in certain areas of the country housing is at a premium. However, most others they're still underwater.
Jul 13, 2012
Not in Oregon Prices still continue to fall.
Jul 13, 2012
Everything is relative. If you are in a depressed area the housing market may never bounce back. College towns, small cities and rural towns have had some loss in housing values but overall did not suffer the same fate as Miami and Detroit. Many of these indexes only cover major metropolitan area and are unreliable in smaller markets. With the building of new homes slowed to a record low, some areas may actually experience a shortage of inventory in the near future.
Jul 13, 2012
HA HA HA HA HA HA HA HA HA HA HA what a joke, they really do think we're fools….
Jul 14, 2012
This is so NOT true…I have gotten emails regarding close to 100 NEW foreclosures this week…the most I have gotten since the first of the year!
Jul 14, 2012
wow – what a crock. tell that to people in Fla, Cali, AZ, Oregon, Mass, Washingtion etc etc etc.
Jul 14, 2012
they are giving away houses where I live……..housing is never coming back to where your home is an investment……..the market is flooded with homes………it will be another 6 years before prices go up……….I got rid of all of my commercial buildings and I am never buying real estate again………as an investment it is over……
Jul 14, 2012
did you say you like to neck in the woods????
Jul 14, 2012
Gary, the Wall Street Journal, which wrote this article, is owned by.. Rupert Murdoch.
Jul 14, 2012
I bought a house with a 30 year fixed loan, didn't buy to make a profit in the short term, just to have place for my family to live in a good quiet environment, to me was against the common sense to buy any other way. Don't blame the Government or Banks for this mess, blame the people that got into buying a house misinformed or for pure greed. When I applied for the loan, the Bank told me I could borrow four times of what I could actually pay! I stayed within my budget. The value of my house dropped but still is a few bucks cheaper to pay my 2300 sq/ft new home in Georgia than paying the 1100 sq/ft apartment I used to live in Orange County CA.
Jul 14, 2012
Yeah right! Likely we are going into a double recession here and the real estate market is fine? Not…unless other countries are buying up our nation!
Jul 14, 2012
Yeah right! Likely we are going into a double recession here and the real estate market is fine? Not…unless other countries are buying up our nation!
Jul 14, 2012
Lies.
Jul 14, 2012
It is not over because the banks won't give out loans to people. GREAT CREDIT, GREAT INCOME and savings. The games I just went though, I told them to stuff it. I will rent thanks.
Jul 14, 2012
Right on! Now those of us who lived within our means, are screwed by them!
Jul 14, 2012
Just another posting by the Government so it looks better for the elections no where near over.
Jul 14, 2012
Surely they jest?
Jul 14, 2012
no, last year would have been a great time to buy.
Jul 15, 2012
Oh yea right….biggest load of crap…election year propaganda…….
Jul 15, 2012
This story must be by the same idiot that said gas prices would be over $5 a gallon by summer. Hard to believe these people get paid for this type of reporting.
Jul 15, 2012
That's exactly what it is: Obama propagandist garbage.
Jul 15, 2012
This is propaganda and is written by realtors.
Jul 15, 2012
bull shit tell that to all the people that lost there houses idoits.
Jul 15, 2012
Housing Bust is over! Right, Just like we were started the economic recovery last summer…. Oops maybe not.
Jul 16, 2012
lol, pretty sure I didn't say that ha ha