“We thought people would be soured after watching home values fall but instead we found the typical American still places high value on homeownership,” said Frank Anton, CEO of Hanley Wood, LLC.
Washington, D.C. (PRWEB) September 29, 2011
Despite the recession and declines in home prices, Americans still view homeownership as being important to the economy and the American family, according to the “Housing 360 Survey” conducted among more than 3,005 homeowners and renters across the U.S.
To register for the Intercall teleconference, please click [here.
“We thought people would be soured after watching home values fall but instead we found the typical American still places high value on homeownership,” said Frank Anton, CEO of Hanley Wood, LLC, the nation's premier media and data research company serving the housing and construction industries. “We found this holds across all demographic groups and across the country, even in hard-hit places like Nevada where there have been 50 percent or more declines in value. The increase in the rise of rental rates in many markets is one factor driving people to consider buying.”
The Hanley Wood “Housing 360 Survey” answers why renters and homeowners are not buying. It found that despite the recession and housing crisis, homeownership is still very important—that both renters and homeowners feel it is a good time to buy a home and 19 percent of homeowners and 29 percent of renters are considering buying a home in the next two years. In fact, the survey findings support an estimated two million potential home buying consumers are waiting to jump into the market.
“There are obstacles in the way of home buying. The overcorrection in the mortgage market is a drag on the process. We’ve gone from one extreme to the other and it’s stalling the whole economy,” said Kent W. Colton, president of The Colton Housing Group and senior fellow at Harvard University Joint Center for Housing Studies.
Findings from the survey will be announced during a press conference telephone call on Tuesday October 4 at 11:30 a.m. Eastern with Frank Anton and Kent Colton. There will be a 15-minute presentation followed by Q&A. After the call, the full presentation with audio and slides will be available in the archive here. The 45-page report will be available at http://www.builderonline.com and http://www.remodelingmagazine.com .
To register for the webcast, please click here.
The survey covers 70 questions relating to Americans’ decision-making process and attitudes on homeownership, renting, remodeling, financing, home buying, gasoline prices, household relationships, and retirement planning. Sixty two percent of respondents were first-time homeowners. The survey found 89 percent of owners and 59 percent of renters feel that homeownership is important to the American family while 87 percent of owners and 73 percent of renters feel homeownership is important to the economy overall.
** Please credit all data to Hanley Wood "Housing 360 Survey”**
The Hanley Wood “Housing 360 Survey” was delivered electronically to homeowners and renters from a national sample of adults 20+. Fieldwork: Late June to early July 2011. Results based on 3,005 Americans (1,954 homeowners and 1,051 renters). The overall margin of error for the general population sample is +/-2 percent, and larger for subgroups. The survey covered more than 70 questions. In addition, there were six focus groups conducted in Fairfax, Va., Seattle, San Diego, Des Moines, Iowa, Tampa and Houston. Interviews were conducted by The Colton Housing Group.
For a full 45-page report after October 4, please contact linda(at)iwprgroup(dot)com.
About Hanley Wood
Hanley Wood is a leading business-to-business media company focused on the residential, commercial construction and design industries. Its diverse portfolio includes magazines, websites, e-newsletters, exhibitions and conferences, custom marketing and data services.
Hanley Wood is comprised of four operating platforms: Media, which publishes more than 30 magazines, featuring REMODELING, BUILDER and ARCHITECT magazines, along with related websites, e-newsletters, and conferences; Exhibitions, which produces marquee events such as the Remodeling Show that bring residential and commercial construction professionals face-to-face with manufacturers, suppliers, distributors, and service providers; Market Intelligence, which collects and aggregates proprietary data sets that capture hundreds of pieces of profile and material information about housing developments in more than 750 housing markets; and Marketing, which plans, creates, and executes strategic and integrated marketing solutions for its clients. http://www.hanleywood.com.
About The Colton Housing Group
The Colton Housing Group is a housing research and consulting company engaged in a wide range of activities related to housing and housing finance. It was founded by Kent Colton, a senior fellow at the Joint Center for Housing Studies of Harvard University. Colton is the former executive vice president and CEO of the National Association of Home Builders, a position he left in May 1999 after serving as the CEO for 15 years. He is the author of three books and has more than 30 years of experience as a housing scholar and expert in the field of mortgage finance and housing policy.