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Potential Home Buyers Sidelined by Misconceptions

Lack of knowledge and misinformation may be discouraging Americans from buying a home according to a recent survey sponsored by Wells Fargo &Company. The survey, conducted in June by Ipsos Public Affairs, found that many prospective homebuyers do not take the plunge because of uncertainty about their ability to qualify for a mortgage or about navigating the homebuying process.

The survey, "How America Views Homeownership," found that many Americans say their financial houses are in order. Eighty percent said they know how to handle their personal financial affairs and 82 percent claim they generally don't spend beyond their means. Only 27 percent said that they tend to spend their money and not think twice about it. Sixty-three percent, including more than half of the millennials (ages 18 to 34) in the survey, said they have a "rainy day fund." These factors, the bank says, all improve on the ability to buy a home. 

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"Although the homebuying process has changed in many ways in recent years, our survey found Americans still view homeownership as an achievement to be proud of and many believe that now is a good time to buy a home," said Franklin Codel, head of Wells Fargo Home Mortgage Production.
by Jann Swanson