Thomas J. Wilson,Allstate CEO,has been reviewing results of a new Allstate/National Journal homeownership survey.It shows that:
1.Given all the turmoil in real estate and the decline in housing prices,how strongly home ownership is still part of the American Dream and
2.How little people understand the federal contribution to their owning a home from Fannie Mae and Freddie Mac.
The survey shows that the underlying demand for houses hasn't changed.70% of respondents would recommend buying a house.63% believe the current housing crisis is temporary.59% believe they are living the American Dream.
I think there will be continued demand for houses despite the decline in home values.Americans still believe it's a good investment.
I think you'll continue to see foreclosures.It'll take a while to work through 23 months of supply in the marketplace,Mr.Wilson feels.
Mr.Wilson is also Vice-Chairman of the Federal Reserve Bank of Chicago.
Allstate(ALL)
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