A large majority of respondents to a new Housing Predictor survey said they want to buy their first home or purchase another home, indicating that pent-up demand is growing in the U.S. housing market, despite the decline in home values throughout the majority of the country.
An over-whelming majority or 72% of those surveyed said they wanted to buy a home, while just 28% of those who took the online poll said they did not want to make another home purchase. The same question was asked of respondents two years ago when less than half or 47% said they were eager to buy.
The improvement shows demand for U.S. housing is increasing, despite falling home prices in most areas as a result of the pent-up supply of foreclosures. An increasing supply of foreclosed properties is expected to hit the market in coming months as a result of lenders picking up speed to foreclose on homeowners in default.
The agreement forged by bankers’ representing the nation’s five largest lenders and 49 attorneys general details the steps lenders will take before foreclosing on mortgage holders. The agreement makes foreclosure the last step in the process after lenders attempt to work with mortgage holders at risk of losing their homes.
Do you want to purchase another home or buy your first home?
Yes 73% No 27%
To see the previous poll results click here.