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American dream of homeownership continues amid foreclosures

Yahoo! Real Estate Survey shows consumer resilience in the face of foreclosure

The real estate event of the summer
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By now, nearly five years after the real estate market meltdown began, you'd think virtually no housing consumer has been unaffected. To start, more than 5 million homes have been foreclosed and repossessed by lenders; 10 million homeowners are underwater (owing more on their homes than the homes are worth); and untold millions who want to offload their homes either can't or are trying -- and struggling -- to sell. And while nearly everyone who pays for the place they live in has experienced some impact from the real estate recession, it looks like one thing remains insulated from damage: our belief in the value of homeownership. Surprisingly, the people who you would expect were the most emotionally and financially scarred by the foreclosure crisis -- homeowners who have lost their homes -- still cling tightly to their belief in the value of homeownership, according to the results of a Yahoo! Real Estate study that polled 1,500 housing consumers, including more than 400 f...