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RealtyPartner: 2011 could be worst year of recession yet for housing market

The real estate market could hit bottom in 2011.

The real estate market could hit bottom in 2011.

According to RealtyPartner, despite the continued struggles of the real estate market during the last several years, the sector has yet to hit bottom. The real estate company feels that 2011 could be the worst year since the recession began, when market finally bottoms out.

RealtyPartner's Research Reports have shown that the poor state of the housing sector, combined with a struggling job market, has created hardships for homeowners. As a result, many have had to vacate their properties. Furthermore, the weakened economy has made it difficult for any new homebuyers to come to market. This has led to an increased number of foreclosures and bankruptcy filings.

Lack of home equity has also affected the market. Before the recession, homeowners in need of a cash boost could take a loan against their home. However, since the market has been turned upside down, equity has been eliminated.

Another result of the housing sector's crisis is the reduced number of home loans handed out by lenders recently. Many of these lenders have tightened their standards, thus, lowering the overall number of mortgages and homes being bought.

As the housing market continues to struggle and the national unemployment level remains high, the number of households moving will continue to remain low.