One advantage of owning your own can be turning up your surround sound system as loud as you want. Imagine any great movie or concert on your television, enjoying it without having the landlord telling you to turn it down.

Is buying a home still the American dream?

While driving through the neighborhood I grew up in, I noticed the difference in the amount of homes and the condition of the houses. The economy has taking a real toll on how people used to live back in the day when things were going good.

I remember always hearing the great American dream was to own your own house. Some even use to add with the white picket fence in the yard. Well, we all know a few years ago that many woke up from a nightmare due to the economy and job situation.

As a child, I often heard adults say, “Buying a home is one of the biggest investments you will ever make.” And your parents drilled in your head to keep your credit good so you can buy a house.

But, some years ago, people started losing their jobs which led to not being able to pay bills and survive because it became so hard to find more work. Many lost their cars, wives, and even their homes during this financial down turn.

You ride through neighborhoods now and you see a lot of vacant lots where a house once stood. The housing market is somewhat on the rise again, in the summer and spring you see more people house shopping.

House shopping was busy so far this year, said Henry Stoudermire of McMullen Realty. The prices of houses came down for awhile, making them more affordable for people to purchase them again.

While the housing market went through their starvation, many banks where under attack for also putting people in houses they could not afford. Wells Fargo was hit with a $3.1 million dollar suit in 2007.

It was found that Wells Fargo had improperly charged the homeowner more than $24,000 in fees because of a problem with their automated system that the bank used to account for his loan payments. The person became in default and the judge said the bank shouldn’t have applied his mortgage payments to interest and fees, and instead to his principal. This became bad for him and next thing you know a lot of fees added up.

The judge ruled in favor of the homeowner.

Another great sign that home sales are increasing seems to be due to the new construction around the country. Even here, in East Cleveland, they have seen a boost in new construction as you enter the city on Euclid Ave.

A lot of developers are starting to build again. June’s U.S. new home starts, by Commerce Department math, are up 42 percent in a year to the most activity since October 2008.

One thing that seems different now is the number of two family homes. More homes being built now are single family homes. The difference is the neighborhood has changed greatly.

Should you worry that the prices of houses may increase just like gas prices?

Many friends I talk to have that concern and start to defend why they rent instead of buying a home. Their reasoning for not wanting a home includes everything from the upkeep of the house to the cutting of the grass and shoveling the snow. People have that right, life is full of choices.

Over the years you would see a lot of ads and signs offering first time home buyers special rates and deals. I don’t feel a big number of younger individuals are even interested in buying homes.

With jobs being a factor these days, some people are afraid to apply for first time home buyer loans. First time home buyer loans helps with any financial pressures that one may be worried about. If your credit is good, the loan will work for you. The downfall to these loans has been the price of the property is not real expensive.

For those who are looking for some perks of buying a new home, it would be good for your income tax purposes. Real Estate property taxes for a first home are fully deductible. To find out more about these advantages check with the IRS or your tax preparer.

One of the new trends seems to be moving to downtown areas where so many older buildings are being renovated for apartment living. The cost of driving to work everyday and paying for parking probably will almost help pay a portion of your rent.

I am sure the price of those apartments is steadily increasing due to the demand for this type of living. But as I stated before, you have choices, whatever you feel is your best bet is what you will chose to do. Renting or purchasing a home is purely up to you.

There are so many new grants and financing to purchase a home these days. The housing market seems to always be looking for new ways to get people back in homes. After seeing the foreclosure rate over the years, not everyone still share the dream of owning your home is a good investment now.

One advantage of owning your own can be turning up your surround sound system as loud as you want. Imagine any great movie or concert on your television, enjoying it without having the landlord telling you to turn it down.

So remember as you decide on buying or renting think about your location. If you are buying a house, make you are close to schools, shopping, or other things that may be a factor for you.

Make sure the house is sound which includes the structure and roof. No matter how you feel about the price, make sure it’s a house you want for your investment.

Follow me on twitter @JimmyWadeIII

Readers can write to James W. Wade III at The Call & Post, 11800 Shaker Blvd. Cleveland, Ohio 44120 or email jwade@call-post.com. Comments and questions are welcome but, because of the volume of mail, personal responses are not always possible. Please note that comments or questions may be used in a future column.