An American survey of homeowners across the country which was completed in October 2011 showed that 58 percent of respondents feel that the largest threat to homeownership is the housing market value.
This figure was larger than the combined risk perceived about the impact of hurricane (8 percent), tornado (9 percent) and fire (15 percent).
When asked whether they felt that homeownership is now the American Dream or the American Nightmare, a shocking 48 percent felt that it was a Nightmare, while only 52 percent clung to the belief that owning a home today remains a part of the Dream. Considering the worry over the housing market values, 56 percent of the respondents said that they watch the prices of homes in their area, and among them, 39 percent are two times more likely to track their home prices than they are to watch their cholesterol levels (19 percent).
CEO of the Ohio-licensed insurer, Home Value Insurance Company, Scott Ryles said that the results from this study show that the confidence homeowners have in the housing market is being undermined by the slipping home values. He went on to explain that in October, the price of homes fell in 10 out of the 20 in largest metropolitan areas in the country. Furthermore, single family dwellings are now selling at prices 4 percent lower than they were at the same time in 2010. “Homeowners clearly see the ongoing uncertainty surrounding housing values.”
Among the respondents of the survey, one out of every five (18 percent) stated that they weren’t sure that they would advise a young person to purchase a home today.
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