Home prices are doomed, according to nearly 2 out of 3 people surveyed for the latest Housing Predictor poll. Some 60% said that housing prices won’t ever reach as high as they did during the boom or not at least “in my lifetime.”
The survey is disappointing news for homeowners who are anxious to see their home’s value improve in light of the worst real estate crash in U.S. history. Some 40% of respondents said prices will reach the highs they hit again. Twenty-six percent said home values will not get as high as they were again, while another 34% said they would not reach that high again in their lifetimes.
It’s an interesting sort of survey considering nobody but nobody knows what the Obama administration will do to get the housing market back on track. The White House has thrown out a dozen programs in efforts to improve things and there has been little that has actually shown any evidence of working. Mortgage modifications by banks and other lenders not involved with the government’s HAMP program seem to be doing the most. More than 3-million homeowners have had their homes refi-ed through their own banks.
Financial reform in Congress was meant to control banks from being to big to fail so that U.S. tax payers won’t have to bail-out the banks again. But that didn’t necessarily mean keeping home prices down. Doesn’t that kind of keep the little guy down?
Will home prices ever reach the highs they hit during the last boom?
|Not in my lifetime||34%|
To see the previous poll results from 2010 click here.