Magazine article Mortgage Banking

Fannie Mae Survey Finds Renters Delaying Plans to Buy

Magazine article Mortgage Banking

Fannie Mae Survey Finds Renters Delaying Plans to Buy

Article excerpt

A new national survey of home-buying sentiment released by Fannie Mae, Washington, D.C., finds that nearly a quarter of current renters say they will buy a home later than once planned. And 60 percent of consumers believe that buying a home today is harder than it was for their parents. A majority of survey respondents (68 percent) also believe it will be even more difficult for their children.

The Fannie Mae National Housing Survey released on April 6 polled both homeowners and renters. The survey covered a broad range of issues, including the current state of their household finances, attitudes on housing as an investment and overall confidence in the economy.

Most survey respondents--88 percent--reported they believe walking away from an underwater mortgage is not acceptable. However, the findings show that those who knew someone who has defaulted on their mortgage are more than twice as likely to have seriously considered stopping payments on their mortgage.

Fannie's National Housing Survey found that 70 percent said they believe that purchasing a home continues to be one of the safest investments available. Just 17 percent said they believe buying stocks is a safe investment. Fannie Mae reported that 65 percent of survey respondents prefer owning to renting.

Renters reported being content with their decision to rent versus buying a home. Fully 79 percent responded that renting has been positive for them and their families. Less than half (44 percent) of current renters said they would buy a house if they were to move. …

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