“Homeownership, Still the American Dream”
I did a preapproval this morning for a client, that has been in this country for 26 years. She told me, that she has one major goal since she got here. She wanted to own her own home! She also has a few other family member that have also moved here, she will be the first to own a home.
She will be looking at three homes later today. I love what I do for a living. To be part of her dream, there is nothing better. God Bless this great country of ours.
Job and employment figures may keep homeowners near the sidelines, but more Americans still value homeownership and consider it an investment worth making, according to a recent survey.
Mortgage giant Fannie Mae polled some 3,000 respondents during the fourth quarter and revealed the figures in a Quarterly National Housing Survey Tuesday.
More Americans prefer homeownership to the alternative – renting – and see it as an investment in their futures.
“In spite of the impact of the housing crisis on home values and homeownership rates across the country, Americans by and large still hope to become homeowners,” Doug Duncan, VP and chief economist with Fannie Mae, said in a statement.
The survey said that the belief in homeownership extended to respondents across all education levels.
Signaling that homeownership remains important among many Americans, roughly two-thirds of renters said that they would make home purchases in the future.
Several characteristics made pessimism more likely among certain respondents, with African-Americans and Hispanics agreeing that it is more difficult to secure mortgage, and even more so in tough economic times.
Hispanics also felt less certain about the homeownership process.
Even so, African-Americans and Hispanics seemed more likely to portray homeownership as a way to generate wealth, accrue civic benefits, and show success in their personal lives.
“Some may not be financially positioned to own a home in the near future, but Americans may begin to revisit that aspiration as employment and household balance sheets improve over the coming years,” Duncan added.
image 1: michael elliott/freedigitalphotos.net
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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