October 22, 2020         
Morgan Stanley Launches Program to Provide Full Scholarships to Spelman College Students   •   Kilburn Live Teams Up With Dr. Seuss Enterprises For Brand New Holiday Experience Fit For Celebrating The 2020 Yuletide Season   •   Women 20 (W20) Challenges G20 Leaders to Close the Gap Between Imagination and Reality on Women’s Equality   •   America Will Rally for Afterschool Tomorrow as 21st Annual Lights On Afterschool Events Are Held Across the Country   •   FIBRA Prologis Receives Investment Grade Credit Rating   •   Analytics Insight Announces 'The 10 Most Influential Women in Technology 2020'   •   Coty Builds Digital & Luxury Strength With New Executive Appointments   •   FIBRA Prologis Announces Third Quarter 2020 Earnings Results   •   New COVID-19 Projections Show No Signs of Outbreak Abating in Midwest & Mountain States   •   Tonal Announces Smart Flex, the Newest Dynamic Weight Mode in its Suite of Intelligent Weight Training Features   •   Black Women Leaders Host Statewide Call to Action in Support of Pro-Black Initiatives: Prop 15, Prop 16 and Prop 21   •   Clo-Clo Vegan Foods New Full Line of Plant-Based Pizzas Adds a Novel Ingredient to the Recipe: Flavor!   •   PredictSpring Partners With Deciem Expanding Modern POS to Beauty Industry   •   Mini Golf, Monsters, Music and Fun Rolls into Ridge Hill in Yonkers, NY - Now Open   •   Two Bit Circus Launches REMOTE: A Customizable, Play-From-Home Game Show, Hosted Live For Groups Of All Sizes   •   shopDisney.com|Disney Store Unveil the Top 15 Toys for the 2020 Holiday Season   •   Local Businesses Holding Relief Drive For Lake Charles Hurricane Survivors   •   InventHelp Inventor Develops Improved Sanitary Pad Product for Women (PND-5067)   •   Community Wellness Launches in California to Bring Remote Patient Monitoring Service to Older Adults with Cardiovascular Disease   •   Consumers Demand Alcohol Cancer Warning Labels
Bookmark and Share

Minorities, Young Optimistic Over Homeownership

WASHINGTON  — Fannie Mae's latest national housing survey finds that Americans are more confident about the stability of home prices than they were at the beginning of 2010, even though they lack confidence in the strength of the economy:

Seventy-eight percent of respondents believe housing prices will hold steady or increase over the next twelve months, up from 73 percent in January 2010;
But almost two-thirds still believe the economy is on the wrong track, virtually unchanged (61%) from the beginning of last year.
The Fannie Mae Fourth Quarter National Housing Survey, conducted between October 2010 and December 2010, polled homeowners and renters to assess their confidence in homeownership as an investment, the current state of their household finances, views on the U.S. housing finance system, and overall confidence in the economy.

"Over the course of the last year, we gained deeper insights into Americans' confidence in the strength of the housing market and the economic recovery," said Doug Duncan, Vice President and Chief Economist of Fannie Mae. "More Americans believe that housing prices will remain stable over the next year. We also are seeing encouraging signs in the positive attitudes toward homeownership among younger Americans, despite the severe impact of the housing crisis on Generation Y. But most respondents to our survey continue to lack confidence in the strength of the economic recovery, and they are less optimistic about their ability to buy a home in the years ahead. This sense of uncertainty is weighing on the housing recovery today and reshaping expectations for housing for the future."

Other Survey Highlights

Younger Americans, Hispanics, and African-Americans are generally more positive about owning a home than the general population. Fifty-nine percent of Generation Y (ages 18-34) believes buying a home has a lot of potential as an investment, even though this age group suffered the steepest decline in homeownership during the housing crisis — from nearly forty-four percent when home prices peaked to under forty percent in 2009.

More than one-third of Hispanics (34%) and African Americans (35%) say they will buy a home in the next three years, compared to only one in four (23%) of all other Americans.

The percentage of Americans who believe that buying a home is a safe investment declined to 64 percent over the course of the year, from 70 percent in January 2010. This is down sharply from a similar survey conducted in December 2003, when 83 percent of the general population thought buying a home was a safe investment.

During 2010, survey respondents increasingly expressed a strong belief that it will be harder for future generations to obtain a mortgage. Three-quarters of those surveyed (74%) believe it will be harder to get a mortgage in the future, up from just over two-thirds at the beginning of 2010.

One out of three delinquent borrowers continues to say they have considered defaulting on their mortgage. However, that number fell from 39 percent at the beginning of the year to 31 percent in the fourth quarter. The number of delinquent borrowers who say they have seriously considered defaulting also has declined, from 25 percent in January 2010 to 19 percent.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America. 

READ FACT SHEET HERE


STORY TAGS: Fannie Mae , National Housing SurveyBlack News, African American News, Minority News, Civil Rights News, Discrimination, Racism, Racial Equality, Bias, Equality, Afro American News, Hispanic News, Latino News, Mexican News, Minority News, Civil Rights, Discrimination, Racism, Diversity, Latina, Racial Equality, Bias, Equality

Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News