Home sweet home no longer, survey shows

The bloom is off the rose in terms of Americans' attitude toward homeownership, according to a survey from the National Foundation for Credit Counseling. In the telephone survey of 1,001 adults, which took place from May 29 to June 1, 49% of the respondents said that the American dream of homeownership was no longer a realistic way to build wealth. Harris Interactive Inc. of Rochester, N.Y., conducted the survey on behalf of the NFCC of Silver Spring, Md. Of those surveyed who had never purchased a home, 32% said that they didn't think they would ever be able to own one. In addition, 42% of those who once had owned a home said that they didn't think they would ever be able to buy another. And of those who still owned a home, 31% said that they didn't think they would be able to afford to upgrade or buy a second home. “The results of the NFCC Homeownership Survey revealed some very discouraging attitudes toward buying a home,” said Gail Cunningham, a spokeswoman for the foundation. At least one economist thinks that the survey's results indicate only short-term pessimism, however. “I'm not surprised by the negative response,” said Joel L. Naroff, president of Naroff Economic Advisors Inc. in Holland, Pa. “It will be interesting to compare results in 12 months and 18 months when the market returns.”