According to a survey by Fannie Mae, a nationwide survey on sentiment toward housing, 65% of Americans still want to own a home despite the stalling economy. 80% of respondents believe homeownership is important to the economy and 70% believe that buying a home is one of the safest investments one can make (versus the 17% of respondents who believed buying stocks are a safe investment).
Interestingly, 64% of those surveyed believe right now is a good time to buy a home, and 31% believe it is a very good time to buy a home. These numbers match the peak in 2003 just before the housing market recovered last time around.
This sentiment is not without caution, however- 23% of renters said they’ve postponed buying a home, 60% of those surveyed believe it’s harder to buy a home now than it was for their parents and 68% believe it will be even more difficult for their own children.
“Despite the recent downturn in the housing sector, Americans continue to value homeownership and think about their homes in ways that go much deeper than the financial investment,” said Mike Williams, President and CEO, Fannie Mae. “The public also strongly believes in the importance of upholding the financial commitment involved in buying and owning a home, even during these challenging times when home values have fallen.”
Regarding delinquency, 88% of consumers believe it is unacceptable to stop making payments on a loan that is underwater (with 70% of those that answered being behind on their own payments). In the past, it has been speculated that walking away will become a massive trend, but it appears that consumer sentiment doesn’t support that theory.
image courtesy of thetruthabout on flickr.com