Shaky Economy Keeping People Out of the Housing Market: Survey

Nearly two-thirds of American adults (63 percent) say the current economic situation makes them less likely to buy a house, especially lower-income individuals and families, according to a new national survey by ""FindLaw.com"":www.FindLaw.com, a legal information Web site.

Mortgage rates are at record lows and the market is saturated with homes, but only 8 percent of people say the[IMAGE] [COLUMN_BREAK]

current economic situation makes them more likely to buy a house, the survey says. About a quarter of people (28 percent) state that the economy does not sway them either way.

""The current economic situation has greatly changed the dynamics of the housing market,"" said Stephanie Rahlfs, an attorney and editor at FindLaw.com. ""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. Together, these factors are causing many people to shy away from the idea of buying a house.""

The survey also divulged that people with annual incomes less than $50,000 were more inclined to say they are less likely to buy a house than those with higher incomes.

The FindLaw.com survey used a demographically balanced telephone survey of 1,000 American adults and has a margin of error of plus or minus 3 percent.