The Survey has some interesting facts and figures to digest:
Regarding purchasing a home:
- 70% of Americans believe it’s a good time to buy a home - even with all of the issues we've been hearing about in the housing industry. This number is up from 64% of respondents from the earlier survey conducted in January.
- A large majority (78%) believe home prices have either bottomed or will rise over the next year, up from 73 percent in January.
“Although most Americans believe that home prices have bottomed, they are adopting a much more cautious approach toward buying,” said Doug Duncan, Vice President and Chief Economist, Fannie Mae.
The Center believes that potential homebuyers should ALWAYS be cautious when buying their first home. That's why we offer the state's premier homebuyer (pre-purchase) education curriculum, Home Stretch. To learn more about Home Stretch, and other services for homebuyers, visit the Center's website here.
The survey has interesting information about CURRENT homeowners as well:
- 22% of mortgage holders (homeowners) said that they have reduced their mortgage debt “significantly” over the past year, while 27 percent say they have reduced their non-mortgage debt significantly. (!!)
- Nearly 20% of homeowners know someone who has strategically defaulted, or stopped making their mortgage payments even when they could afford to make them.
For more information about the survey and to see the complete report, visit Fannie Mae's website, here.