According to the 2011 National Housing Pulse Survey that was released recently by the National Association of Realtors (NAR), 72% of renters said that owning a home is a priority for them in the future. The survey also revealed that 7 in 10 Americans agree that purchasing a home is a good financial decision; however 71% agree that the controversial 20% down payment would have a negative effect on the real estate market.

According to Ron Phipps, NAR President, Despite the economic setbacks Americans have experienced in todays current climate, it is clear that a strong majority still believe in home ownership and aspire to own a home. However, achieving the dream of home ownership will become increasingly difficult for buyers if they are required to make a 20 percent down payment, which may be a reality for many of tomorrows buyers if a proposed Qualified Residential Mortgage rule is adopted. That is why Realtors are strongly urging regulators to go back to the drawing board on the proposed rule.

The National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for the National Association of Realtors Housing Opportunity Program. 1,250 adults across the nation were polled; the study has a margin error of plus/minus 3.1%.