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Americans ‘Confident’ About Housing Recovery: Survey

Despite fears of an economic slowdown, more Americans feel confident about the housing recovery, with 72 percent of survey respondents recently affirming their belief that the real estate market will recover over the next two years.

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Releasing their quarterly survey, Irvine, California-based ""Brookfield Real Estate and Relocation Affiliates, Inc."":https://www.prudential.com/realestate, also found that 69 percent of respondents believe that real estate still makes for a sound investment despite market volatility, an increase by 6 percentage points from the first quarter.

Palisades Media Ventures and Penn Schoen Berland conducted interviews with 1,250 Americans in the market for a home sale or purchase in late May and early June. A release fielded a margin of error of plus or minus 2.8 percent.

More Americans also seem to feel more favorably about the housing market. According to the survey, 64 percent, or nearly two-thirds, believe that housing is on the mend, a jump from 52 percent year-over-year.

Asked how they view homeownership, 78 percent of survey respondents called it ""very important,"" with 98 percent replying that it is only ""somewhat important.""

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Ninety-eight percent of respondents ""somewhat agree"" that historically low interest rates favor first-time homebuyers in today's market.

Respondents also valued homeownership for emotional reasons, which largely came to include personal and financial control of the household and neighborhood safety.

""The American Dream is clearly on the mend,"" Earl Lee, president of Prudential Real Estate, said in a statement. ""Americans are feeling better about homeownership and the ongoing recovery taking place in residential real estate. Many are increasingly optimistic about their personal circumstances and, with housing affordability near all-time highs, they want to act on the opportunity.""

Although overwhelmingly positive about homeownership and the likelihood of a full recovery, survey respondents also said that the market in general feels more challenging.

The survey found that 65 percent of respondents said they felt that mortgage financing seems more difficult than before the crisis, up from 58 percent from the first quarter.

Thirty-nine percent of respondents considering a real estate transaction admitted to feeling uncertain about whether they could sell their current homes, an increase by 11 points from the first quarter and 10 points year-over-year.

Of the respondents, 74 percent said they felt it is ""more important than ever"" to work with qualified real estate agents to close a home purchase or sale.

""Real estate markets are improving around the country and consumers face many choices,"" Lee added. ""Consumers should seek out a real estate professional who can help them make the best choices to suit their needs.""

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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