If you think buying a house still makes sense even in today's economy, welcome to the club!
A recent National Association of Realtors survey revealed that nearly eight out of ten believe buying a home is still a good financial decision.
The eighth annual Housing Opportunity Pulse Survey found that despite job security concerns being the highest reported in the last eight years, buying is still on the minds of Americans.
More than two-thirds of those surveyed, 68 percent, still think that "now is a good time to buy a home." And though cost remains an impediment for many buyers, the majority of respondents worry about the drop in home values. This is happening all across the nation as neighborhoods combat the effects of rampant foreclosures.
Over half surveyed say that foreclosures are a moderate to big problem in their area. And recent statistics from Zillow.com show that foreclosures are still on the rise. Last year's survey indicated that the blame for foreclosures was on those who bought homes they couldn't afford. That focus and blame has now shifted to the ailing job market, with layoffs and unemployment
There is concern, as well, over banks and lending standards. The majority of those surveyed worry that "banks have made it too hard to qualify for a home mortgage loan."
Are there new buyers waiting to enter the housing market? The survey reveals that 39 percent of renters feel that owning a home at some point in the future is a high priority. And 24 percent rank it as a moderate priority. That could be good news for a market desperate for buyers.