The housing market is going to take a long time to recovery, and home prices could continue dropping into 2013, experts told reporters and other industry insiders at a recently concluded real estate writers. “Right now we are in a tremendous flux due to this overhang (of homes facing foreclosure),” said Jed Smith, director of quantitative research for the National Association of Realtors. “It’s going to take about four years.”
Meanwhile, with 1.2 million to 2.2 million U.S. homeowners becoming renters, apartment vacancies are going down and rents are expected to rise between 3.5% to 5.1% this year.
None of the experts at the National Association of Real Estate Writers’ annual conference in San Antonio, Texas, expected the housing picture to brighten until employment levels improve significantly.
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