Real Estate Outlook 2012

CNBC Poll: Has Residential Real Estate Rebounded in Your Area?

Real Estate Outlook - A CNBC Special Report

With sales and prices recovering and foreclosures thinning out, the real estate market is showing signs of recovery in some areas of the U.S.

Others, however, continue to suffer from the colossal real estate bust.

Still others have rebounded smartly, aptly illustrating that real estate is local, local, local.

For example, Detroit and Cleveland are grappling with population and job losses, while cities like Chicago are still trying to clear out an abundance of distressed properties.

In Miami, sales of luxury homes have bounced back crisply, while it’s unclear whether the greater Atlanta market has finally bottomed.

No wonder then that there’s a big debate about the state of real estate.

Bulls say housing is more affordable than ever and expect the accelerating economy to create even better conditions to unleash years of pent-up demand.

Bears, however, warn that foreclosures are still a drag on prices and buyers lack conviction.

Tell us what you think.