Housing market still reeling, recovery not expected until 2012

According to Moody's Analytics' chief economist Mark Zandi, the national real estate market is still reeling and is nowhere near recovery. However, he does believe that, after bottoming out, the market will achieve good health at the end of 2012, Reuters reports.

Recovery should occur after an increased number of homebuyers purchase low-priced foreclosures, and the inventory of short sales is eventually reduced to nothing.

"We're still in the housing crash," Zandi states, Reuters relays. "I'm expecting the process to reaccelerate as we work through the foreclosure issues, and we work through some of these legal actions."

The market is actually showing progress currently, albeit slowly. Home prices in some regions have remained stagnant, or slightly improved. Furthermore, the job sector has improved since 2010, as 2 million private sector positions have been created.

The job market in Houston has improved significantly during this timespan, according to a recent Metrostudy report. In February, the region had added more than 50,000 new jobs year-over-year, meaning the Houston real estate market could improve significantly soon.

Courtesy of 2M Realty News