Owning home still important to Americans, survey reports

Americans have not given up the quest for homeownership, despite worries about negative equity, massive foreclosures and strategic defaults, a survey for San Francisco-based Trulia.com found.

More than three out of four homeowners (78 percent) said their homes are the best investment they ever made and 70 percent still view homeowership as part of their American dream.

On the other hand, only 20 percent feel trapped in their "underwater" homes, while 14 percent said they would walk away from their mortgage obligation in a heartbeat if they could.

"Contrary to popular belief, the American dream of homeownership has not turned into an American nightmare," said Pete Flint, chief executive officer of Trulia. "In fact, we're seeing a national resurgence of buyer and seller activity."

The online real estate search site experienced an unprecedented level of traffic in January, including 11 million unique visitors, a 70 percent year-over-year increase. Consumers are now looking at 100,000 properties a minute on Trulia and leads for agents increased 60 percent, Flint said.

Although many young adults today came of age during the housing crash, more than one-fourth (26 percent) said their views on owning a home have become more positive over the past six months.

"Stuck with student loans and entry-level jobs, many had resigned themselves to being lifelong renters," said Tara Nicholle Nelson, consumer educator for Trulia. "But the tide is changing. Millennials are now today's most serious homebuyers."

With 88 percent of 18- to 34-year-old renters aspiring to be homeowners, this new generation of buyers will likely play a crucial role in stabilizing the uncertain real estate market, she said.

Harris Interactive conducted the online survey on behalf of Trulia, reaching 2,079 U.S. adults. The sample included 1,339 homeowners and 683 renters.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.