EAGAN, Minn. – Oct. 14, 2010 – Nearly two-thirds (63 percent) of Americans say the current economic situation is making them less likely to buy a house, according to a new national survey by FindLaw.com.
Despite record-low mortgage rates and an abundance of home listings, only 8 percent of people say the current economic situation makes them more likely to buy a house. About a quarter of respondents (28 percent) say they are neither more likely nor less likely to buy a house because of the economy.
The current economy is impacting lower-income individuals and families most. People with annual incomes less than $50,000 were significantly less inclined to buy a house than people with higher incomes.
“The current economic situation has greatly changed the dynamics of the housing market,” said Stephanie Rahlfs, an attorney and editor with FindLaw.com. “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.”
The FindLaw.com survey was conducted using a demographically balanced telephone survey of 1,000 American adults and has a margin of error of plus-or-minus 3 percent.
© 2010 Florida Realtors®
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