In this presentation given to the North Dallas Chamber of Commerce, RealtyTrac CEO James Saccacio shows how the real estate recovery has been stalled by low consumer confidence, weak demand, government intervention, sloppy foreclosure practices and the infamous shadow inventory.
This spring, more than half of Americans adults surveyed — 54 percent — believed that the recovery in the housing market would not happen until 2014 — or later! And America’s view of the housing market has gone from bad to worse. A year earlier, only 34 percent said the housing market would turn around by 2014. So attitudes have soured among potential homebuyers and investors. They were telling us that the housing recovery was still a long way off. Indeed, the housing market is years away from full recovery, and 2012 and 2013 will look similar to this year as the industry grapples with levels of distressed properties never seen before. The housing recovery hinges on many things, but I would like to share with you five areas that, I believe, are holding the real estate market down.