Realtors: Recovery will take time

Realtors at the annual conference in New Orleans got a sobering reminder that the housing boom is gone for good, The Wall Street Journal reported.

The general tone of the conference was that the recovery will take time, as home values remain low and the foreclosure crisis continues.

“We got into this situation one house at a time and we’re going to get out of it one house at a time,” said Alex Perriello, president of the Realogy Franchise Group that includes Century 21 and Sotheby’s International Realty. “There is no magic wand.”