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Bank of America survey: Consumers cautious about home affordability

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Despite continuing declines in home prices nationwide, 62 percent of surveyed consumers said buying a home in today's market is a good investment over the next 10 years, according to a survey from mortgage lender Bank of America.Global market research firm Socratic Technologies Inc. conducted the monthly survey, called the Mortgage Index Study, on behalf of Bank of America.Affordability did appear to be a priority for those survey respondents considering a home purchase in the next 12 months: 62 percent of those respondents had sought advice from a lender or used online tools to help them determine affordable monthly mortgage payments, Bank of America reported.And overall, respondents' most popular piece of advice to loved ones considering buying a home? Half would warn them "to not buy more house than they can afford."Survey respondents were more likely to have higher incomes than the general population. In 2010, the median household income was $50,046, according ...