Potential US homebuyers increasingly avoid housing market in down economy: report

New York /
Oct.October 11, 2010 12:45 PM

The financial landscape is taking a heavy toll on consumer confidence — particularly when it comes to buying a home, according to a report from research website FindLaw.com. Almost two-thirds of U.S. residents say they’re less likely to buy a home in the near future because of the economic climate, while only 8 percent of Americans say that they’re more likely to buy a home due to the current financial situation. Stephanie Rahifs, an editor with FindLaw.com, said that the low mortgage rates haven’t proven enough to move buyers into the market. “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,” Rahifs said. “These factors are causing many people to shy away from the idea of buying a house.” Lower-income families, in particular, are moving out of the housing market, the report shows, with those whose annual income is less than $50,000 much more likely to say they are less inclined to buy a home. TRD

 

Related Articles

arrow_forward_ios
From left: 909 Third Avenue, 79 Fifth Avenue, 240 West 37th Street and 27 East 62nd Street (VNO, Cercone Exterior Restoration, Google Maps)
These were the largest Manhattan real estate loans in April
These were the largest Manhattan real estate loans in April
Lenders are being stingy about granting home equity lines of credit. (iStock)
Home values are up, but just try getting a line of credit
Home values are up, but just try getting a line of credit
(Getty)
Mortgage applications resume decline after one-week surge
Mortgage applications resume decline after one-week surge
Signature Bank CEO Joseph DePaolo (Getty, Google Maps, iStock)
Signs of success, trouble for property lender Signature Bank
Signs of success, trouble for property lender Signature Bank
Hispanics account for more than half of U.S. homeownership growth in the past decade despite making up only 18 percent of the population. (iStock)
Buenas noticias: Hispanic homeownership soars
Buenas noticias: Hispanic homeownership soars
Refinances made up 60 percent of all applications, up slightly from 59.2 percent the previous week. (iStock)
Mortgage rates dip, triggering surge in loan requests
Mortgage rates dip, triggering surge in loan requests
Freddie Mac’s economists said the slowdown will be caused by a hike in mortgage rates and limits on housing supply. (iStock)
Fannie, Freddie say housing market could see slight hiccup
Fannie, Freddie say housing market could see slight hiccup
(iStock)
Hot, hot, hot: Resi market sets new price records in March
Hot, hot, hot: Resi market sets new price records in March
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...