Home Ownership Still A Goal
America has not reached the peak of the foreclosure crisis. But a survey by Fannie Mae says that hasn’t hampered people’s dreams of home ownership.
North Carolina is among the ten states hit hardest by foreclosures this year - up there with Florida, California and Ohio. Doug Duncan is Vice President and Chief Economist at Fannie Mae – the Federal National Mortgage Association. He says their 2010 Own-Rent Analysis says no matter the person’s race, geographic region or income –aspirations of home ownership are strong.
"We again asked them, has the crisis affected your overall willingness to buy a home. 51-percent said no, 27-percent said yes, in fact it increased their likelihood. So they’re obviously focused on the affordability issues, such as very low interest rates and the decline in house prices."
However, Duncan says the survey also shows people are taking a more cautious approach to taking out a mortgage.