Consumer survey indicates a housing recovery after 2012

Nearly 60 percent of Americans believe the housing market won’t recover until 2013 or later, according to a survey released by Trulia.com and RealtyTrac.

Conducted just before the midterm election, the survey found:

• 5 percent said the recovery has already taken place
• 10 percent expect it to occur next year
• 27 percent in 2012
• The post-2012 recovery is predicted by 58 percent:
• 24 percent in 2013
• 12 percent in 2014 
• 22 percent in 2015 or later

Half of adults surveyed said they have less faith in mortgage lenders, banks and the government.  Another 35 percent believe the “robo-signing” issue will delay the housing market’s recovery. Some lenders recently acknowledged that they had not followed proper paperwork procedures in handling foreclosures and were halting foreclosure proceedings temporarily. The problem was not as pronounced in California.

The survey revealed that 48 percent of homeowners would consider walking away from their mortgage if it was higher than their home value. If their mortgage becomes unaffordable, two-thirds said they would consider calling their lender to try and modify the loan. The next most popular action, held by 10 percent, would involve renting a room to a tenant to help cover the mortgage.

Mark Marquez, president of the San Diego Association of Governments, agreed that the recovery may be two or three years away, but that San Diego might recover six months to a year sooner.

“San Diego has a history of being first in and first out,” Marquez said. “That being the case, I anticipate our economy probably recovers quicker than the national pace.”