U.S. News and World Report states that despite optimism for the economic turnaround in 2012, many economists say the small improvements to housing prices and other market factors won't generate growth anytime soon.

According to the news source, plans from the White House have helped homeowners refinance to take advantage of current record-low mortgage rates and have also addressed the increased number of foreclosures in recent years but will remain a political situation, splitting votes on the proposals.

As more buyers take advantage of high affordability, the inventory will shrink creating a balance in activity. While the market continues to benefit buyers, the source says sellers are still down about their homes' decreased value following the housing market slump. The gap between buyer and seller sentiment will continue to hinder the market recovery.

Many economists debate if the housing market and mortgage rates have already reached their lowest levels, as record-low mortgage rates were once again recorded in early February. According to U.S. News and World Report, lending standards that have tightened following the housing boom are expected to relax throughout 2012 to help more potential buyers become homeowners.

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