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Economic instability keeping families from moving

Economic issues are making many people think twice about moving into a new home.

Economic issues are making many people think twice about moving into a new home.

While home prices and interest rates make moving into a new home a more attractive option, unemployment and unstable feelings about the economy are keeping many families in place.

A survey by Findlaw.com found that the current economic situation has made 63 percent of Americans less likely to buy a home. In addition, just 8 percent said present conditions, such as low interest rates, made them more likely to become homeowners.

"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."

The survey also showed a significant disconnect among people with lower incomes. Those with annual incomes below $50,000 were far more likely to be discouraged about buying a home.

Unemployment figures across the country have failed to show significant improvement in recent months, contributing to lower consumer confidence. The national jobless rate in September was 9.6 percent. It hasn't been below 9 percent since April of last year.