Monday, May 01, 2006

Trust In Housing Drops 20 Percentage Points!

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Trust In Housing Drops 20 Percentage Points.

Only slightly more than half of America thinks now is a good time to buy a house, a drop of more than 20 percentage points from last year, according to an outstanding Gallup Poll released today. The poll went into great detail, as explained in a story by Lydia Saad.

Here's an excerpt:
The volume of U.S. home sales is near the record high seen in 2005, but Americans are much less confident today than they were a year ago about the advisability of buying real estate. Just 52% of Americans say now is a good time to buy a house, down from 71% last April and 81% in 2003. Residents of the East and West are especially likely to consider it a bad time to purchase a new home.

Homeowners today are slightly more positive than are renters about the current housing market. This is a change from a year ago when owners and renters had similar attitudes about buying a home, and perhaps reflects some homeowners' reasoning that the increased value of their current home cushions the blow of higher prices. Without that equity, renters are feeling squeezed out of the market.
Read the entire story at this link.

Charts above were generated by The Boy in the Big Housing Bubbleusing the Gallup Poll data.

-- The Boy in the Big Housing Bubble/Los Angeles and Beyond