Polls Show Optimism About HousingNovember 5, 2008 Recent surveys show continued turmoil in housing and financial markets have many Americans postponing decisions to buy or sell a home, but that they remain optimistic about the near-term prospects of a recovery and still consider a home to be a good investment. In a survey of 1,023 home owners conducted from Oct. 23-25 by Ipsos Public Affairs for Realogy Corp., 91% said they believed owning a home is still the best long-term investment they can make. To jump-start home buying, Realogy is calling for the government to buy down 30-year, fixed-rate mortgage rates to 4.5% or lower for homes up to $1 million. "We think the pent-up consumer demand for housing, if encouraged, is more than sufficient to stabilize housing," said Richard A. Smith, the company¹s president. "In our view, substantially lower mortgage rates will stimulate both existing- and new-home sales, reduce home inventory levels, stabilize home prices and, ultimately, help the overall economy." "People are looking for a signal that it¹s OK to move forward," said Realogy spokesman Mark Panus. Many are waiting on the outcome of the November elections and to see what additional stimulus programs Congress puts forward. "You wait until you see what all your options are, and until then, you may not act." A survey of 2,112 adults conducted by J. Walter Thompson from Sept. 11-19 found that homeownership ranked as one of the most important elements of achieving the American Dream. Although financial security, finding happiness, personal independence, "fulfilling my potential" and freedom of speech ranked higher, those surveyed said that homeownership was a bigger component of achieving the American Dream than "a better life for my children," freedom from fear of oppression, and a comfortable lifestyle. The survey found that homeownership was important to all age groups, but slightly more important to baby boomers than any other group. (www.inman.com) Inman News (10/30/08); Matt Carter
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 Our builder showed us how we could get into the school system we wanted and a home that’s flexible enough to accommodate our growing family. We’ll be closer to work, and we’ll also save energy on our utility bills. It’s a win – win for everyone. The kids can’t wait to explore the new neighborhood and we can’t wait to settle in. To think, we almost stayed away from building a new home because we were worried about the mortgage crunch. When we discovered that 99% of homes are not in foreclosure; that made us feel secure in our investment too. |
