Industry News

Survey: Consumers expect housing-bubble burst

But only 11% expect a decline in housing prices in their area

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Seven in 10 consumers expect a housing bubble to burst in the United States in the next year, while only a small portion expect housing prices to decline 5 percent or more, according to the latest Experian-Gallup Personal Credit Index survey. Seventy-one percent of surveyed consumers said a bubble burst is likely, while 24 percent say such a housing bubble is not likely. In contrast, a much smaller number of consumers, 32 percent, expect the collapse of a housing bubble within their own area in the next year, and 65 percent say it is not likely. When the time is extended to three years, 42 percent say such a situation is likely in their area, and 56 percent say it is not, according to the survey. In May 2005, a similar question found a slightly less pessimistic view, with 37 percent of consumers expecting a housing bubble and collapse within the next three years and 61 percent saying that was not likely. This year, about half of all Americans, 53 percent, recognize the term "housin...