Thursday, December 16, 2010

People Still Want to Own a House: Fannie Mae

The desire to own a home hasn’t been diminished by the downturn in the industry, according to a survey by Fannie Mae.

51 percent of owners and renters say that the housing crisis has not affected their overall willingness to buy a home. About 27 percent said they are more likely to buy since the crisis, presumably because of lowered prices, and 19 percent said they are more likely to rent.

In the short term, Americans are nervous about buying. About 33 percent say they would be more likely to rent their next home than buy, up from 30 percent in January. Among renters, 59 percent said they would continue to rent in their next move, compared to 54 percent in January 2010.

Other findings include:

· 66 percent of respondents say they believe that housing is a safe investment - as safe as an IRA or a 401(k) plan.
· About 50 percent say they believe that owning is a good idea, even if they plan to stay in the home less than three years.
· 86 percent identify tax benefits as a reason to buy, even though tax benefits are small or non-existent for many homeowners.

Source: Fannie Mae (12/15/2010)

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