The Real Deal New York

In down market, more renters become owners

October 05, 2009 06:30PM

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It’s a buyer’s market and many long-time renters are taking advantage. Citing low mortgage rates, reasonable home prices and tax credits for new homebuyers, the number of American renters-turned homeowners increased 3 percent over the past three months than in the three months preceding, according to a September survey by Relocation.com, a site dedicated to connecting moving and storage companies with consumers who are changing residences. Those who already owned homes moved at the same rate, and moving due to job loss or foreclosure also remained steady at 7 percent. Across all respondents, 69 percent said they believe the economy is improving, 19 percent of whom said the improvement is primarily due to declining home values. TRD

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