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Americans gain hope for housing market

Americans are gaining more hope in the housing market, which is slowly showing signs of recovery.

Americans are gaining more hope in the housing market, which is slowly showing signs of recovery.

With the housing market still in the worst downturn since the Great Depression, consumers and experts are now optimistic that the industry will recover soon.

The recovery from the recession is expected to be slow and home prices are expected to continue falling this year, but investors are encouraged that signs of an upturn mean moving trucks will be seen more often with Americans moving into their dream homes.

According to Stan Humphries, Zillow chief economist, prices will drop in 2012 as foreclosure pick up in 2012. He added that prices won't reach the bottom until later in 2012 or 2013.

Prices have fallen almost by a third since 2006, but Jamie Dimon, JPMorgan Chase executive, said the market has started to stabilize because of low prices and record-low interest rates.

"This year will feel a lot better to builders, investors and real estate agents than to consumers," said Jed Kolko, economist for real estate website Trulia.

Existing home sales will rise 12 percent in 2012 and new home sales will jump 74 percent, according to Moody's Analytics.

The S&P Homebuilding Index is also showing increases in stocks, posting a 38 percent upturn since mid-October.