My Real Estate Blog

Optimism about the housing market isn't quite sweeping the nation, but Americans remain sold on the value of home ownership at a good time to be bullish about buying a home.

The housing downturn hasn't shaken consumers' resolve to consider home ownership an integral part of an American Dream, even among home owners with homes that have lost value.

The eighth quarterly "Allstate-National Journal Heartland Monitor Poll: The American Dream" revealed that nearly nine out of 10 homeowners say they would buy their same homes again. Among those with homes with lost value, the same percentage said they would buy their home again.  Also, seven of 10 Americans say they would advise a friend or family member to buy a home as a long-term asset.

The spring could be a good time to take that advice.  

Some experts say the housing market is years away from a full blown recovery. However, improvements in employment and manufacturing and other economic sectors, bargain home prices and affordable interest rates could light a fire under buyers who've been sitting on the fence.

Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the problem of unnecessarily tight credit.

The Allstate survey of 1,000 Americans also found.

• Buying a home was the best investment among 24%, behind investing in retirement savings 38%, but ahead of saving money in the bank 20%, and investing in the stock market 6%.

• 58% of those who believe the housing crisis will remain a serious problem would still recommend buying a home.

• Americans are evenly split on whether the federal government should continue policies to encourage home ownership at the same level.

• 52% blame the housing crisis on banks and lending institutions for misleading borrowers and approving bad loans, while 32% blame people who bought homes and took out mortgages they couldn't afford, and only 12% blame government policies that encouraged too many people to try to own their own homes.

Home ownership is still viewed positively by the vast majority of Americans as both a place to raise a family and a sound investment.