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Optimism over housing market rising nationally

Home values in Texas are not what they used to be before the housing market bubble burst in 2006, but they are better than they were at the height of the recession.

Things have definitely turned around, but as we have noted in previous posts, that may not be much consolation to those who may be struggling with difficulties that linger from the downturn. And it certainly isn't likely to mean much to those who may feel the threat of home foreclosure looming down the road ahead of them. 

The question individuals in such circumstances should be asking themselves is whether they have done all they can to learn what debt relief options exist -- including whether bankruptcy might be an appropriate means to save their home.

That the tide has turned in terms of market perception is clear from a recent Gallup survey. The company says that its latest national Economy and Personal Finance poll reveals that 56 percent of the more than 1,000 respondents believe average home prices will rise this year. That compares with 30 percent who felt that way in 2012, and just 21 percent who expressed such optimism in 2011.

When you combine that 56 percent figure with the number of respondents who feel prices will stay steady, the number of people with a brighter view of things reaches the 90 percent mark.

Not surprisingly, there is a certain regional bias in the findings. Gallup says homeowners in the West tend to be more optimistic than those in the East, 72 percent to 44 percent.  

Despite the rise in general optimism, homebuyer demand remains low in most markets. Observers say that's most likely due to young adults either choosing to, or being forced to, live at home longer than in the past.

Source: US Finance Post, "Gallup Poll Finds Increasing Optimism About Housing Market," Christine Layton, April 25, 2014

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