Homeownership Obstacles Identified

Almost equal amounts of consumers surveyed said the lack of financial security (24%) and saving for a downpayment (23%) were among the biggest obstacles to homeownership.The survey, conducted by Caravan Opinion Research Corp., for GMAC Mortgage, Horsham, Pa., found that these financial issues, taken together, were nearly as challenging to consumers as finding the right house (37%). The survey also found that consumers want greater homeowner education. When asked in which areas, 20% said finding the right loan, 18% said managing debt, 17% said evaluating credit, 16% said finding the right home, 10% said saving for a downpayment and 7% said finding a qualified Realtor. The survey involved approximately 1,000 households reached by telephone and had a margin of plus or minus three percentage points at the 95% confidence level.