Trulia Finds American Homeownership Dream is Fading

A new study by Trulia finds that the dream of owning a home is fading into the background for more and more Americans.  The study reveals that one in four renters never plan on buying a home.  Additionally 68% of the other renters believe that home ownership is at least two years away. Many of these people expressed that uncertainty about the economy is affecting when they will begin to look for a home to buy.

Since absorption of the current glut of homes on the market is critical to recovery, this trend away from renters expecting to jump into the market is expected to drag out the housing slump well into the future.  As the housing market goes, so goes the economy.

Trulia’s CEO, Pete Flint, believes it is critical for the government to turn its attention to job creation and retention, as well as to the drive to stem foreclosure.