Expectations for housing market recovery falters

More than half (54 percent) of U.S. adults believe recovery in the housing market will not happen until 2014 or later, according to a recent survey released by Trulia and RealtyTrac.

In a similar survey conducted six months ago, 42 percent of American adults said they thought the market would turn around by 2012 or had already turned around. Now, only 23 percent continue to think this will happen.

“Our survey reflects a growing perception among potential homebuyers that the housing recovery is still a long way off,” said Rick Sharga, senior vice president of RealtyTrac, an online marketplace for foreclosed homes. “Demand remains weak, loans are increasingly difficult to qualify for, and the shadow inventory of several million distressed properties is weighing down the market. All of these things need to improve before housing can recover.”

Harris Interactive conducted the online survey April 15-19 among 2,018 U.S. adults aged 18 and over.