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Thursday, December 16 2010 - By Kay Lynn Clay
Most Americans still aspire to own their own home, revealed a Fannie Mae survey.
Americans of all racial and ethnic groups aspire to own their homes despite the hardships of the recent housing crisis, Fannie Mae reported in the second installment of its "2010 Own-Rent Analysis". Although immigrants and minorities are currently less likely to be homeowners, researchers expect that soon more will be hiring moving services to relocate into their own homes. "Our study gives us reason to believe that the homeownership rates for ethnic groups and immigrants will be higher than indicated solely by the projected growth of the racial and demographic population," said Fannie Mae vice president and chief economist Doug Duncan. Residents of Phoenix, Cleveland and Seattle were also surveyed for the Fannie Mae analysis. While the housing markets in the three cities are vastly different, the residents of each area reported that owning a home was more beneficial than renting.In the third quarter the U.S. Census Bureau reported that Hispanic homeownership has dropped to 47 percent from 48.7 in 2009, while ownership rates among African Americans declined to 45 percent from 46.4 percent the year before. White American's continue to have the highest ownership rate at 74.7 percent. More News |
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