Hank Miller
In the metro Atlanta Real Estate market like a hound in the pantry…
Despite Fears, Owning Home Retains Allure
Despite the doom and gloom hanging over the housing market, the NY Times reports that 89% of the people they surveyed still consider owning a home an integral part of the American
Dream. Other interesting results:
- President Obama, who has been criticized for both doing too much to help the housing market and for not doing enough, was given poor marks. Only 36 percent of those polled approve of what Mr. Obama has done, while 45 percent disapprove.
- Amid the swirl of recent disclosures about banks following improper and illegal procedures in pursuing foreclosures, 42 percent blame lenders, while 29 percent blame regulators.
- 53 percent, say the government should help with keep distressed owners in their homes. Almost no one favors discontinuing the mortgage tax deduction.
- Over all, people are bleaker about the economic outlook than those surveyed in October. While most still think the current downturn is temporary, those saying it is permanent rose to 39 percent, up from 28 percent.
- 58 percent of respondents say lenders should require 20 percent down payments, while 36 percent say they should not.
- 66 percent of Americans say strategic default is not justified, 28 percent think that it is.
From the article…When houses are abandoned for any reason, it causes trouble for the neighbors. Three-quarters of those surveyed say foreclosures are a problem in their communities. “Our home is worth much less now because houses are foreclosing around us,” said William Mack, an assembly line worker in Taylor, Mich. Beyond all these ills, however, a persistent belief endures that the market will eventually improve and housing will regain its traditional importance. Donna Boyd, a transportation supervisor in Cuyahoga Falls, Ohio, acknowledged “it might take a long time” for property values to go back up. “But I don’t think I’m throwing my money away,” she said in a follow-up interview. “I rented for years when I was younger, and I just don’t like the idea of putting money in someone else’s pocket for something I will never own.”
The debate over the real estate disaster, the causes, the cures and how to dispense with the smothering pile of distressed and bank owned inventory continues to rage. One thing is certain, ownership is not a right, it’s a privilege and not everyone can or should own a home.
Leave a Reply
Hound Dog is led by Hank Miller of The Hank Miller Team. He is a licensed broker and certified real estate appraiser in the state of GA. Since 1989, real estate has been his full time occupation and Hank consistently ranks at the very top of Atlanta area agents in overall production. He is known as much for his attention to detail as he is for his candor. READ MORE
[...] The shift in consumer attitude is not surprising, said Dan Immergluck, a professor of city planning at Georgia Tech and an expert on foreclosures. More people under foreclosure realize and accept they are losing their homes and so choose to protect their remaining financial tools. Some people in financial trouble are living on their credit cards, which makes them a necessary lifeline, he said. Immergluck said he does not think the payment trend shows evidence of a sea-change in people’s valuation of homes, but rather reflects hard-nosed financial choices made by consumers. A Fannie Mae survey of homeowners shows they do have lower expectations of seeing home values increase, but despite fears owning a home still retains allure. [...]