American Dream of Home Ownership Still Strong
Three out of four home owners — or 78 percent — say their homes are the best investment they ever made, according to Trulia.com’s biannual American Dream survey, which has tracked attitudes toward home ownership since 2009.
Despite foreclosures and underwater homes continuing to batter the real estate market, about 70 percent of Americans say they still view home ownership as being part of their American Dream, according to the survey.
“Contrary to popular belief, the American Dream of homeownership has not turned into an American nightmare,” says Pete Flint, CEO of Trulia.
The millennial generation is expected to drive the housing recovery. Eighty-eight percent of 18-34 year old renters say they want to be home owners one day, according to the survey.
“Millennials are now today’s most serious home buyers,” says Tara-Nicholle Nelson, consumer educator for Trulia. “Unjaded and largely untouched by the effects of the housing crash, this new generation of buyers will no doubt lead America from its current housing slump towards true recovery.”
The survey also showed that in some of the country’s hardest-hit regions of foreclosures and underwater homes, buyers are not being deterred by the sour market. In particular, in Southern and Western regions of the United States, 79 percent and 70 percent of renters say they plan to purchase a home.
Source: “Trulia Survey: 70 Percent of Americans View Homeownership as Part of Personal American Dream,” Trulia.com (Feb. 9, 2011)
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Merry Christmas and Happy New Year to my CEC / Seabee friends!
For all of my CEC / Seabee friends and those I do not know who are serving this great Country have a safe and Happy New Year! BZ to all you do for us!!!
$8,000 Tax Credit Extended!
Homebuyer tax credit extension and expansion update
On November 6, President Barack Obama signed into law the extension and expansion of the current homebuyer tax credit, an important step in ensuring a real estate and economic recovery. The measure extends the present $8,000 tax credit program for first-time homebuyers through April 30, 2010. It expands the program, effective November 7, 2009, to include current homeowners, who are now eligible for an up to $6,500 tax credit (10 percent of the purchase price) through April 30, 2010 provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential homebuyers have a binding contract on or before April 30, they will have until June 30 to close the transaction. Income limits for eligible homebuyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return. NYSAR recommends that REALTORS advise their clients and customers to consult with their own tax professional regarding the application of the credit. |
