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Survey: Most Won't Buy House Due to Economy

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By Tanya Roth, Esq. on October 13, 2010 9:57 AM

In the current tough economic times, is the American dream changing, or fading away? A new survey says right now, most Americans are not interested in purchasing a home. In a demographically balanced national survey of over 1,000 people, FindLaw.com asked people if the current economic situation made them more likely, or less likely to buy a house. Most responded in the negative.

According to the FindLaw survey, nearly two-thirds of Americans say they are less likely to buy a house given the current state of the economy. Only about a quarter of people surveyed, 28%, say they are neither more likely nor less likely to buy a house because of the economy. Not surprisingly, the numbers of those affected by the economy increase as income decreases. According to those surveyed, people with annual incomes less than $50,000 were significantly more likely to say they are less inclined to buy a house than people with higher incomes.

Despite the fact that interest rates are low, lenders are still wary and the jobless rate is also still a factor affecting the ability of many to enter into the housing market. Stephanie Rahlfs, an attorney and head of the Social Media team at FindLaw.com, elaborates: "Although mortgage rates are near record lows, stricter lending requirements are often making it more difficult for many people to obtain mortgages. High unemployment rates are raising concerns about housing appreciation, affordability and foreclosures. Together, these factors are causing many people to shy away from the idea of buying a house. Buying a home, selling a home and owning a home are all becoming more complicated, and it's important to know the ins and outs of contracts, finances and your rights as a buyer, seller or owner."

Recent news regarding improper foreclosures may also affect those considering buying their own home. All in all, despite the many homes available to potential buyers, it is clear we are all acting with caution after learning some lessons about real estate the hard way.

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