'For many, no rush to home ownership'

from charlotte observer........

"Droves of potential buyers, particularly young adults, are renting longer even when they can afford to buy, stockpiling their savings or seeking investments they see as safer, real estate brokers and economists say.

People who do buy are increasingly opting for more modest houses. Recent data show new homes are smaller - and sport fewer pricey extras, such as fireplaces and patios - than in years past.

Homeowners are staying in their houses longer. Just 11 percent of sellers surveyed by the National Association of Realtors last year had owned their home for three years or less, down from 30 percent in 2006.

Increasingly, consumers seem to be viewing their houses simply as places to live, instead of lucrative investments"...............READ MORE