The most affordable real estate in a generation is failing to lure buyers as Americans like Pauli sour on the idea of home ownership. At the end of 2010, the fourth year of the housing collapse, the share of people who said a home was a safe investment dropped to 64 percent from 70 percent in the first quarter. The December figure was the lowest in a survey that goes back to 2003, when it was 83 percent.“The magnitude of the housing crash caused permanent changes in the way some people view home ownership,” said Michael Lea, a finance professor at San Diego State University. “Even as the economy improves, there are some who will never buy a home because their confidence in real estate is gone.”
Tuesday, April 19, 2011
Americans Shunning Homes
From Bloomberg:
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3 comments:
While it's good that people are looking at home ownership more seriously, this has the feel of "After the Great Depression, my grandmother refused to ever use a bank again. Now she stuffs all her money in the mattress."
Your house isn't an investment, it's a place to live. 'Invest' accordingly.
Your FIRST home is a place to live.
Anyway, the people who profit off real estate investments buy properties with cash. Unless you're an investment whiz, paying upkeep on an investment is doing it wrong. I don't pay rent on the stocks I own.
It's a good thing the real estate industry can no longer use their own disgusting propaganda to feed the scam, even if the price we paid to learn better was way too high.
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