Most Americans still committed to homebuying

Moving into a new home is still on the mind of many American consumers, despite the country's economic troubles.

The National Association of Realtors released its annual National Housing Pulse Survey, which revealed that 80 percent of Americans think that buying a home is a smart financial decision. In addition, 68 percent suggested that if they could, they would pack their moving boxes now, as they perceived the current market to be a favorable one for homebuying. However, job struggles and unemployment present a challenge for many, as well as their ability to afford a down payment or qualify for a loan.

"The real issue facing the nation's economy right now is that many Americans can't find meaningful work to support their families," said NAR president Vicki Cox Golder.

The report also shed light on the difficulty many families are having getting their stalled moving plans going. Nearly 70 percent said that it's harder to sell a home in their area today than it was a year ago, primarily because, as the majority of respondents attested, foreclosures are a problem in their area.

Foreclosures are depressing home values nationwide, forcing many sellers to put off their moving plans until the situation improves. A study earlier this year from the Massachusetts Institute of Technology and Harvard University found that a single foreclosure can lower the value of surrounding homes by 1 percent.
 

More News