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News from the NAR

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News from the National Association of Realtors®

With caution, Americans still want a house
By Ben Rooney, staff reporterApril 6, 2010: 2:10 PM ET

NEW YORK (CNNMoney.com) -- Nearly two-thirds of Americans would still prefer to own a home, although the recent housing market turmoil and uncertain economy have made them a little more cautious about how and when, according to a survey released Tuesday.

A nationwide survey conducted by mortgage lender Fannie Mae found 65% of the homeowners and renters believe there is still value in owning a home.

But the survey also suggests that potential home buyers have become more cautious in the years since the housing bubble burst, giving rise to a wave of foreclosures and a severe recession.

"Consumers are still committed to owning a home, but are showing increased cautiousness," said Doug Duncan, chief economist at Fannie Mae.

He said the downturn in the housing market has led to a "rebalancing" of consumer attitudes towards homeownership. Americans are adopting a more realistic approach and are now less willing to take risks, he said.

The survey showed that home buyers are growing more concerned with longer- term priorities, as opposed to the house "flipping" mentality that characterized the market during the boom years.

Over 40% said personal safety was their main consideration when buying a home, while a third indicated that the quality of local schools was the dominant factor.

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Last modified: May 09, 2010 11:44