Jobs and ability to make payments; two biggest barriers to home ownership survey shows
July 9th, 2009
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Dennis Norman
By: Dennis Norman
Realtor.Com and the National Association of REALTORS(R) released the results of it’s National Home Ownership Survey today.
The survey, which focused on affordability, foreclosures and refinancing showed:
- Employment concerns and the ability to make mortgage payments are the greatest barriers to home ownership today. This is particularly true for those people 25-49 years of age.
- More than three-fourths (77.4%) of consumers think a median income family can only afford 50% or fewer of the homes for sale in their area. This is in sharp contrast to that fact that a family earning the median income can actually afford nearly 75% of the current homes for sale on Realtor.Com.
- Homeowners that have recently refinanced their mortgages are using the monthly savings from lower payments in different ways: 12.2% to pay their monthly expenses and 12.3% to remodel or repair their home
- One out of five people (20.1%) who say they or someone they know may be facing foreclosure in the near future have not yet taken steps to resolve their situation. Additionally 22.4% have not taken any steps yet but plan to do so before the Making Home Affordable refinance program expires June 10, 2010.
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