Americans Still Love Home Ownership

2010 was a strange year of real estate contrasts. The market seemed to gradually stabilize and rates were at or near record lows, yet unprecedented national debts and overall economic instability has led many to question the value of home ownership. Who could blame them? Foreclosure and job loss has been in the forefront of the news as of late.  Still, Americans are passionate about the American dream of home ownership. They have benefited by high affordability levels (the interest rates coupled with low purchase prices) which has supported activity in the market in spite of the uncertain economy.  Low interest rates has helped immensely.  Buyers are seeing a substantial reduction in payments today compared to the same purchase price 5 yrs ago.  Even with all these great conditions, many are still afraid of the rising foreclosure rates and it has led them to question whether they are willing to take the risk of ownership.  With the risk of ownership comes great reward however.  Home ownership is still one of the best ways to build long term wealth.  For many people it is their ONLY way.....  After all, a 30 yr mortgage goes away in 30 yrs or less.......  renting lasts forever!!  Year in and year out, home ownership is still one of the best deals around and one that people still aspire to...  Renting always loses you money.  It's just a matter of how much.  I guess when we think about it, renting is much more risky than ownership.............