According to a survey conducted for Move Inc., one in twenty Americans say they plan to buy a home within the next year, and they're most likely to be 34 years old or younger and living in the South or West. A quarter of potential buyers said the No. 1 reason they would buy now is because prices have bottomed out. That reason topped bargain-priced foreclosures, worries about rising interest rates and a wide selection of homes. The percentage of buyers thinking of jumping into the market was down slightly from a March survey, but up about 1 point from a poll in June. Home prices rebounded this summer at an annualized pace of almost 7 percent, according to the Standard & Poor's/Case-Shiller home price index, but with high unemployment and foreclosures, economists debate whether prices will dip again. Those surveyed widely favored federal policies that kept interest rates low and helped troubled homeowners avoid foreclosure over those that helped first-time homebuyers purchase a home. And, overall, 48 percent of those polled didn't think the government was doing enough to stabilize the housing market, whereas 42 percent thought it was. Forty-five percent of Americans worry that they or someone they know will face foreclosure in the next year. And almost 30 percent of those with a mortgage have contacted their lender in the past year to reduce their payments.
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Martin Crawford
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