A recent report from the National Foundation for Credit Counseling (NFCC) reveals that owning a home is still a large part of the American Dream, while low home prices and record-low mortgage rates continue to make the investment of purchasing a home affordable.
Upon being asked what they were most anxious to do with an improved financial situation, 51 percent of respondents said they would like to buy home. While many potential buyers have been waiting to see if prices and rates would drop lower, recent reports show that both financial factors remain stable and will continue to offer high affordability for those looking at homes for sale in Los Angeles and other areas in Southern California.
While many respondents reported becoming a homeowner was at the top of their goals, NFCC says another 23 percent said they would take advantage of having an improved financial situation by making home repairs and improvements.
"Homeownership has traditionally been a part of sound financial planning," said Gail Cunningham, spokesperson for the NFCC. "With a combined total of 74 percent of respondents selecting a home-oriented option, the poll results strongly suggests that people continue to place value in owning a home, and are anxious to buy a house or improve their existing one."
In the most recent Freddie Mac Primary Mortgage Market Survey, long-term mortgage rates fell from the previous week, urging buyers to take advantage of current lows.