Despite the country’s worsening job market and growing foreclosure rate, many real estate experts believe that the worst is over for the housing market, a recent survey showed.

According to a poll conducted by Reuters, most market analysts and economist believe that a double-dip in the housing market is quite impossible. David Wyss, chief economist at Standard & Poor’s Ratings Services, shared the same sentiment. He said that although home prices today are still considerably lower as compared to prices during the housing boom a few years ago, the housing market is in better shape than before.

Robert Denki of the National Association of Home Builders in Washington also agreed. He said that the housing market is expected to bounce back on its feet later this year despite a predicted economic slowdown. “Softness in the summer months will be followed by firming conditions and momentum as the year unfolds and the economy strengthens,” he stressed.

Meanwhile, some industry experts predicted a slight increase in home values in 20 biggest metropolitan areas in the country. They added that while there’s a notable increase in prices of residential real estate, it could take at least five years for home prices to reach the levels they attained during the peak of the housing boom in 2006. As long as the U.S. unemployment rate remains high, market analysts said a major development in the housing market this year is unlikely.

Hungry for more real estate updates? Click http://rehab-real-estate.com/ right now.