News that foreclosures in the U.S. hit an all-time high in August comes just as Americans are becoming more careful about the process of buying a home, according to a recent housing survey by Fannie Mae released this week.
“Although most Americans believe that home prices have bottomed, they are adopting a much more cautious approach toward buying,” Doug Duncan, Vice President and Chief Economist of Fannie Mae, said in a press release.
Mortgage giant Fannie Mae called about 3,400 adults over the phone in June and July, asked them about their attitude toward housing decisions, and compared the results to a similar survey conducted in January.
Overall, 33 percent of all respondents said they would rent their next home instead of buying, up from 30 percent in January.
60 percent of all renters surveyed said they would rent their next home, an increase from 54 percent in January.
A large majority of Americans—67 percent—believe that housing is a safe investment, but that number is down from the 83 percent who said the same in 2003.
“Homeowners and renters alike continue to be wary of taking on risk,” Duncan said. “Our survey shows that consumers see a mixed outlook for housing and homeownership. These findings indicate a return to a more balanced and realistic approach toward housing.”
“Although most Americans believe that home prices have bottomed, they are adopting a much more cautious approach toward buying,” Doug Duncan, Vice President and Chief Economist of Fannie Mae, said in a press release.
Mortgage giant Fannie Mae called about 3,400 adults over the phone in June and July, asked them about their attitude toward housing decisions, and compared the results to a similar survey conducted in January.
Overall, 33 percent of all respondents said they would rent their next home instead of buying, up from 30 percent in January.
60 percent of all renters surveyed said they would rent their next home, an increase from 54 percent in January.
A large majority of Americans—67 percent—believe that housing is a safe investment, but that number is down from the 83 percent who said the same in 2003.
“Homeowners and renters alike continue to be wary of taking on risk,” Duncan said. “Our survey shows that consumers see a mixed outlook for housing and homeownership. These findings indicate a return to a more balanced and realistic approach toward housing.”
