KEY FINDINGS:
- American Dream Still Lives: Although foreclosures and underwater homes continue to plague the current housing market, 70 percent of Americans still view homeownership as being part of their American Dream. In fact, more than three out of four homeowners (78 percent) say their homes are the best investment they ever made. Conversely, only 20 percent feel trapped in their “underwater” homes while 14 percent said they would walk away from their homes in a heartbeat if they could.
- Millennials Driving Economic Recovery: Although many of today’s young adults came of age during the housing crash, more than one in four (26 percent) say their views on owning a home have become more positive over the past six months. With 88 percent of 18-34 year old renters aspiring to be homeowners, this new generation of buyers will likely play a crucial role in stabilizing today’s uncertain real estate market.
- Stronger Long-term Recovery in Southern and Western Regions: Despite today’s low mortgage rates and high affordability, most would-be homeowners are in no rush to buy. By comparison, a brighter beacon of hope shines in the South and West where the outlook for long-term recovery is much stronger. Undeterred by ongoing reports of foreclosures and underwater homes, 79 percent and 70 percent of renters in these respective regions say they plan to purchase a home.
This is encouraging news, although the majority feel somewhat apprehensive about buying right now but plan to within the next 2 years. The key to the housing market is job security which depends on the economic well being of businesses out there to support the job growth. I'm hopeful that this year has a strong economic outlook and looking for more job growth so that the housing market will continue to be strengthened.
