Sluggish US economy is putting people off buying property, survey shows

 
Some 63% of American adults say they are less likely to buy a house because of the current state of the economy, the poll by FindLaw.com popular legal information website, has found.
 
Despite record low mortgage rates and an abundance of properties available on the market, only 8% of people say the current economic situation makes them more likely to buy a house, the survey also found.
 
Just over a quarter of people, some 28%, said they are neither more likely nor less likely to buy a house because of the economy.
 
In particular, the current economy is driving lower income individuals and families out of the market. People with annual incomes less than $50,000 were significantly more likely to say they are less inclined to buy a house than people with higher incomes.
 
‘The current economic situation has greatly changed the dynamics of the housing market. Although mortgage rates are near record lows, stricter lending requirements are often making it more difficult for many people to obtain mortgages. High unemployment rates are raising concerns about housing appreciation, affordability and foreclosures,’ said Stephanie Rahlfs, an attorney and editor with FindLaw.com.
 
‘Together, these factors are causing many people to shy away from the idea of buying a house. Buying a home, selling a home and owning a home are all becoming more complicated, and it’s important to know the ins and outs of contracts, finances and your rights as a buyer, seller or owner,’ she added.
 
Statistics regarding renting an apartment or home reflected a similar sentiment. Some 54% of survey respondents said the current economic conditions make them less likely to rent, while only 13% said they are more likely. The economy did not affect the decision to rent for 31% of people who took part in the survey.