Unfortunately, the unsustainable growth of the housing market reached its limit, and the bottom fell out in many markets. People who bought homes as a financial investment tool began to face situations in which the mortgage they were paying was higher than the value of the home. Foreclosures began hitting the market, and people began to lose their homes at an unprecedented rate. While this has been a determining factor for many people when considering a home purchase, the belief that home ownership is the ultimate goal in life has not changed; however, the views on why home ownership is important has.
MSN Real Estate posted an article that offers statistics on the reasons people say they choose to own homes. Perhaps not surprisingly, emotional ties and not financial goals are the primary reasons that people cite as reasons to own a home. View of home ownership shifting is a great article that offers statistics on different aspects of the ways the views of home ownership have changed due recent economic conditions. Take a look at the article, and let me know your thoughts on these statistics!
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