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A New Survey Is Bad News For Home Sellers

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If a new survey proves accurate, home sellers and hungry real estate agents won't have many "renters-wanting-to-be-owners" prospects anytime soon:

"More than a quarter of Americans currently renting houses and apartments have no intention to ever buy a home, according to a survey published on Wednesday [8/18}...The survey, by real estate search site Trulia.com, found 27 percent of renters do not plan to ever buy a home. Although 72 percent still expect to buy eventually, that proportion is down from 77 percent six months ago...Of those who do hope to become homeowners, two-thirds say they will wait two years or more." -- Reuters (8/19)

What's more, the article goes on to say that this lack of interest in home ownership among renters is growing despite the fact that:

"U.S. home loan rates are the lowest since record-keeping began in 1971. The average 30-year rate fell to 4.44 percent in the week ended August 12, according to loan company Freddie Mac."

Renters have long been a key source of potential home buyers. So this survey is grim news for anyone hoping for a quick recovery in the real estate market.

And, if the economy becomes more depressed, another source of home buyers would dry up -- namely people who would move if they were offered a new job. And "mover uppers" who already own a home may also decide to stay put.


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Well if this is true surely rents will rise and also all the idiot fees that letting agents etc like to charge will be increased to cover the lack of sales. They will need to make their money from somewhere.

Or just make less money... No more custom Minis and brand new offices full of plasma screen TVs.

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