When Will the Housing Market Recover?

A recent survey reveals some surprising results of what Americans believe about the housing market and how quickly it will recover. Trulia.com, a top real estate website, and RealtyTrac.com, the top online marketplace for foreclosure properties released the somewhat startling results last week that gives a glimpse into the minds of Americans’ attitude toward the current housing market crisis.

When Will the Housing Market Recover?

The first item the survey addressed is exactly when Americans believe the housing market will recover from its current crisis. The results are revealing of how much faith Americans put into our current real estate situation.

These results are revealing of how we view the current real estate crisis. In fact, over half of Americans believe it will take two years or longer for the real estate market to recover from its current situation. This certainly shows most people are ready for a long and possibly bumpy road until the housing market returns to an optimal level.

Would You Walk Away from Your Mortgage?

Almost half (48%) of homeowners who have a mortgage said they would consider walking away if their mortgage was underwater. This figure is up from a similar survey released in May 2010 which showed only 41% would consider this a viable option.

An interesting aspect of this survey is men reported they were much more likely to walk away from their mortgage than women. Of the men surveyed, 57% said they would consider walking away from their mortgage, while only 40% of women reported they would consider this an option.

Calling in the Reinforcements

In lieu of walking away from a mortgage, the survey also showed two-thirds of home owners would consider calling a lender in an attempt to modify the current terms of their mortgage as their first option. Ten percent said they would actually have a tenant move into their home in an attempt to recover their mortgage.

As this survey shows, a majority of Americans believe we may be in for a longer than expected ride as we wait for the real estate market to recover. For some who are in the midst of struggling with their mortgage, the survey also shows nearly half of Americans believe they might walk away if they were in over their heads. While others would also consider a mortgage modification or some other creative means to restore their mortgage.

For more information on this interesting survey, visit this article.