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Housing market woes may last several more years

Housing market experts indicate the market's struggles may last several more years.

Housing market experts indicate the market's struggles may last several more years.

Real estate experts recently predicted the American housing market will remain in difficult shape for years to come, according to a survey by RealtyTrac and Trulia.

Negative market statistics, such as record high foreclosure rates, climbing mortgage rates and an abundance of distressed properties adds up to a weak forecast for the housing industry. Rick Sharga, of RealtyTrac, believes more than three million homeowners will receive a foreclosure notice by the end of 2010. "We won't see a full market recovery until 2014," he said.

Another housing market expert, Pete Flint, chief executive of Trulia, says, the mortgage rates will start to jump in 2011, creating a problem for homebuyers who were planning on moving into a reasonably priced home and feeding more home price drops. "Prices will decline between 5 percent and 7 percent," he commented. "With most of the decline occurring in the first half of next year."

Additionally, he added that interest rates on 30-year fixed loans may reach 5 percent, a rate that he says will add $120 per month to the average $400,000 mortgage loan.

The negative housing market forecast may be accurate, as Zillow.com shows the median price for homes in America is $179,900, a 4.3 percent decrease from last year.