National Housing Survey Findings

Fannie Mae recently conducted a housing survey and it seems that homeownership in the long term at least will never die. Nevertheless, the findings were interesting to note. I'm including just a few things that struck me and that might interest you to read. For the entire study and other details, visit Fannie Mae.

Just 31 percent of responders felt that the economy was on the right track but 44 percent expected their personal financial situation to improve in the next year. Renters are more optimistic about their personal finances (56 percent) than mortgage holders or owners. Delinquent borrowers are even more optimistic about the future, with 63 percent expecting they will be in a stronger financial position in the next year.

Nearly two-thirds (65 percent) of survey respondents prefer owning to renting. Respondents cited non-financial reasons such as safety (43 percent) and quality of local schools (33 percent) as driving factors in wanting to own a home, ahead of economic considerations.

With reference to specific mortgage choices, nine out of ten respondents are satisfied with the features of their current mortgage. But Americans with 30-year fixed-rate mortgages are significantly more satisfied than those with other types of mortgages. (This, by the way, I have experienced anecdotally as well. Even though most investment-type people will tell you that you can save a lot more in interest otherwise, I believe peace of mind in knowing next month's and next year's mortgage amount makes a big difference. Anyway, just one Realtor's opinion.)

Americans are split on whether banks should foreclose if the owners are unable to paytheir mortgage: forty-eight percent of respondents say yes; forty-three percent say no.

For the entire survey, you can go here.