The only way is up for US house prices, according to one real estate expert in the country. Speaking in an interview with CNN Shaun Donovan, Housing and Urban Development (HUD) secretary, stated that it is "very unlikely" that values will drop further.
He continued: "The real question is when we will start to see sustainable increases. Some think it will be as early as the end of this summer or this fall." Mr Donovan added that residential homes are now more affordable than they have been for years, which means there are many opportunities for those in a position to buy US property.
In addition, foreclosures have fallen significantly since 2010, which is a good sign for the market as a whole. Mr Donovan cautioned against reckless borrowing though, stressing that homeowners must ensure they have a down payment for any property.
Last month, HUD announced that it would make 3.6 million USD available to be used for the regeneration and preservation of public and private housing, with the money to be awarded to communities for the revitalisation of their neighbourhoods.