Nearly half of Americans predict a housing 'bubble echo,' in two years, but say it's not one of their biggest concerns. That's what shows up in the latest survey by Bloomington-based Country Financial. The survey of 3,000 Americans shows only 25% say the housing market is a top concern.
Troy Frerichs, director of wealth management at Country, says it's hard to make sense of the survey results:
"It's kind of confusing because, if we're headed for another housing bubble, you know when hear the word 'bubble' I get immediately get scared. But, meanwhile 48 percent of those surveyed said while they're concerned about the housing market it's not one of their top national economy worries, again, if we're headed for another housing bubble, I think it would be a little higher on the list."
Frerichs says only 41% of survey respondents say a owning a home is attainable for a typical middle income family, down 5% from one year ago. Frerichs says for both younger home shoppers, and those nearing retirement, lack of a down payment is the biggest impediment to home ownership. He says it's time for Americans to pay more attention to having a savings plan:
"Make some cuts, give some things up."
The survey also shows 37% of those 50-to-60 years old say they'll still be paying on their mortgage after turning 65.
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