Homeownership satisfaction remains high

Despite home prices continuing to decline and the housing market remaining stagnant, the 2012 Home Ownership Satisfaction Survey from HomeGain found 72 percent of homeowners are happy with their home and only 28 percent are dissatisfied.

Only 24 percent of satisfied homeowners said they were happy due to price appreciation, while the other 76 percent listed other reasons including freedom to make home improvements. Of the unsatisfied homeowners, 63 percent said price depreciation of their homes was their main cause of unhappiness, followed by home association fees and repairs.

In addition, many first-time homebuyers may not be able to own a home due to government-mandated down payments. According to the Center for Community Capital, 60 percent of creditworthy borrowers will not be able to obtain high-cost loans or even smaller mortgages if federal regulators decide to create down payment standards on new mortgages.

The goal of the standards would be to prevent borrowers who cannot afford a mortgage from obtaining one, which was a factor leading to the mortgage crisis. However, if a creditworthy borrower cannot obtain a loan, then the new standards are actually restricting the recovery and growth of the housing market, rather than protecting consumers, the source reported.

More News