There are benefits to homeownership -- added security, having a place where your family can grow up and call "home," building toward your net worth and having a stake in the community. Homeowners have historically remained in their homes an average of six to seven years. However, due to our most recent economy -- underwater home prices and mortgages that were vastly upside down for many years -- that time frame increased to 10 years in 2014. In a recent blog post, National Association of Realtors (NAR) Chief Economist Lawrence Yun noted, “One other factor for homes that is less relevant for auto sales is the lock-in effect of low interest rates. Mortgage rates have been unimaginably low and homeowners like it. They do not want to give that up to buy the next home. That is understandable. Will 2015, therefore, be a breakout year for home sellers?” He compared auto sales and the length of holding on to a car longer as some similar sign that the economy might still be holding...
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