September 23, 2009

A new study out by an economy website predicts it will take fourteen years for housing prices to return to the level they were before the bubble burst.

In Virginia, Moody's Economy.com predicts the upturn will happen in 2023. The average year things should bounce back for the nation is 2020.

Some realtors say that's just speculation, and the upturn could happen sooner.

Jim Duncan with Nest Realty believes the market will soon take an upswing. He also says smart buyers and sellers who are willing to do what it takes to buy or sell their home are finding what they need.

"I think that when people are talking about the housing market now they're all speculating to a certain degree, because we are in such uncertain times, and times that we've never seen before," says Duncan. "We're not really sure where we're going to go from here."

The study mentions that after the Great Depression, it took twenty years for the nation's housing prices to bounce back.

From that angle, the study predicts the U.S. housing market will bounce back quicker than it did in the 1930s.