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Americans overoptimistic about homeownership this year

Staff Writer |
59 million American adults (one in four) are considering buying a home this year, according to a Bankrate.com report.

That includes about 16 million who are very likely and 20 million who are somewhat likely.

The truth is, Americans may be feeling a bit too confident about homeownership in 2017. The National Association of Realtors and U.S. Census Bureau report the total amount of existing and new home sales in 2016 at around 6 million.

The NAR also notes that total housing inventory ended 2016 at the lowest level since it began tracking the supply of houses in 1999.

Almost two in five minorities report at least some likelihood of buying a house in 2017, more than double the percentage of white Americans who responded the same way.

Older millennials (ages 27-36) and Gen Xers (37-52) are the generations most apt to purchase a new home this year; 20% of both age groups indicate they are very or somewhat likely to take the plunge.

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