Two-thirds of Americans less likely to buy a house due to poor economy

Dennis Norman

According to a new survey released by FindLaw.com, nearly two-thirds of Americans say the current economic situation is making them less likely to buy a house.

The survey shows that sixty-three percent of American adults say they are less likely to buy a house because of the current state of the economy.  So even with record-low interest rates, depressed home prices and plentiful inventory to choose from, only 8 percent of people say the current economic situation makes them more likely to buy a house.  About a quarter of people – 28 percent – say they are neither more likely nor less likely to buy a house because of the economy.

Lower-income individuals, those 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 according to the survey.

“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.”

 

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