Wednesday, July 01, 2009

Americans unenthusiastic about financial benefits of homeownership

This news is actually about a week old, but I've been slow:
The long-held belief (some call it a myth) that homeownership is a sure-fire ticket to building wealth and equity might be changing, according to a recent survey from the National Foundation for Credit Counseling.

Nearly half of those surveyed no longer think owning a home is a realistic tool to build wealth.

Consider it a by-product of the housing crisis, as millions of Americans face plunging home values leaving many stuck with a house worth less than the mortgage. ...

“It appears that whether a person was directly affected or not, Americans’ attitudes toward homeownership have shifted,” said Gail Cunningham, a spokeswoman for the nonprofit credit counseling organization.
This is typical rear-view mirror thinking. Although the bubble has not vanished, prices are definitely better than when everyone was going gaga four years ago.

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