Fannie Mae Study: Blacks the Most Optimistic Group on Home Ownership

The Federal National Mortgage Association’s ( Fannie Mae) latest national housing survey results released February 2011,finds that Americans are more confident about the stability of home prices than they were at the beginning of 2010, even though they lack confidence in the strength of the economy.
Despite the increased confidence, almost two-thirds still believe the economy is on the wrong track.
African-Americans, Hispanics and younger Americans are generally more positive about owning a home than the general population.  More than one-third of African Americans (35%) and Hispanics (34%) say they will buy a home in the next three years, compared to only one in four (23%) of all other Americans.
Fifty-nine percent of Generation Y (ages 18-34) believes buying a home has a lot of potential as an investment, even though this age group suffered the steepest decline in homeownership during the housing crisis — from nearly forty-four percent when home prices peaked to fewer than forty percent in 2009.
The percentage of Americans who believe that buying a home is a safe investment declined to 64 percent over the course of the year, from 70 percent in January 2010.  This is down sharply from a similar survey conducted in December 2003, when 83 percent of the general population thought buying a home was a safe investment.