Finding a home, money to buy it less of a concern

Real Estate Watch

August 08, 1999

More people are more confident about finding and affording a home and less concerned about their credit, according to the 1999 Fannie Mae National Housing Survey.

The survey, conducted last spring, included 1,812 respondents, including 878 adults who have gone through the mortgage process.

The survey found that just 23 percent of all adults this year said "being able to find a home you like and can afford" as a major obstacle to homeownership. That percentage was down from an average of 43.5 percent who said they felt so between 1994 and 1997.

Also, the percentage of respondents who said that "having enough money for a down payment and closing costs" is a major obstacle fell to just one in four, compared with an average of one in two who listed it as an obstacle between 1992 and 1997.

However, just two in five respondents understood that chronic failure to pay bills on time would be a major problem in qualifying for a mortgage and half said that it would be "a minor problem or no problem at all."

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