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Re-evaluating home-owning aspirations

Many aspiring homeowners should re-evaluate their investments, the Wall Street Journal says.

Many aspiring homeowners should re-evaluate their investments, the Wall Street Journal says.

According to the Wall Street Journal, the housing crisis that continued through 2010 should cause current and future homeowners to rethink the value of owning a home.

In an article part of their "Year in Review" series, the paper says that, instead of investing in homes - once thought to assure a person of continual wealth - Americans are returning to "more traditional" ways to save money, including putting money in stocks, savings accounts and IRA's.

Stuart Gabriel, director at UCLA's Ziman Center for Real Estate, states in the article that escalating foreclosures, uncertainty about the job market and the fear of buying a home and ending up having the value of the home depreciate has caused consumers to think again when buying a home.

The WSJ points out that credit scores will affect foreclosed homeowners from getting loans for future home purchases, and that until unemployment numbers begin to decline, homebuying will remain down through 2011.

According to RealtyTrac, one in every 492 housing units in the U.S. received a foreclosure filing in November 2010. A U.S. Census Bureau report on the housing market reports the homeownership rate in Q3 2010 was 66.9 percent, down 0.7 percentage Q3 in 2009.