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Recovery Expected to Continue Gradually As More Buyers Snatch Repo Homes for Sale

Housing analysts expect the recovery of the U.S. housing market to continue in the second quarter of 2012 as more buyers purchase repo homes for sale. The recovery though, is expected to be gradual as the market works through considerable supplies of foreclosures.

Repossessed Home for Sale

Analysts see a lot of positives in the residential property sector as it moves into the second quarter, with housing sales being the most positive of all these trends. Additional efforts from the government and support for housing programs are also said to be having some impact.

Sales of Cheap Houses Still Driving Market

Analysts predict that the second quarter of the year will remain a buyer's market. Real estate investors and home buyers are expected to continue to take advantage of cheap repo houses and even million-dollar residential properties being sold for low prices, particularly in areas such as the Hamptons.

Those who already have their primary residence are expected to purchase vacation houses. Reports show that a considerable number of vacation home shoppers are paying in cash, mainly because prices have gone down to a level wherein the money they have, which used to be never enough, are now more than what is needed for them to own a vacation home.

Federal Reserve Approving Foreclosure Efforts

The recovery is also getting some help from the Federal Reserve, which has recently expressed support towards banks' programs of renting out foreclosed homes. This, housing experts claim, will help cut down the inventory of foreclosures and will help the sector recover faster.

Most of the trends in the housing industry have remained positive, although analysts admit that there are still issues that need to be addressed to speed up the recovery of the industry. These issues include tight lending standards and delays in closings. However, they believe that the positive developments will be enough to sustain the recovery, albeit in a gradual manner.

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