March 23, 2011 (Shirley Allen)
The onslaught of bad economic news has apparently affected homeowners moods as pessimism about the recovery of home values in the short term has grown, as less than half of the nations homeowners now expect the value of their homes to go up in the next five years, according to a recent poll by Rasmussen Reports.
In a survey of 720 homeowners conducted on March 15-16, fifty-three percent of the homeowners say that their home is worth more than they still owe on it, which is up from 51 percent last month, the lowest finding since May 2009
But 31 percent believe they owe more than their home is worth, with another 16 percent not sure. Since April 2009, the number that say they owe more than their home is worth has ranged from 28 to 36 percent, while those who thought their homes were worth more than they owe has ranged from 49 to 61 percent.
The number of homeowners who said they were unlikely to miss or be late on a payment was 84 percent; while 13 percent said they think they are at least likely to miss or be late on a mortgage payment over the next six months. This was consistent with findings for well over a year.
Nine percent of the homeowners say they have missed or been late on a mortgage payment in the previous six months, eighty-eight percent had not.
Sixty four percent believed that if you couldn’t afford increased mortgage payments that you should sell your house and find a less expensive, while 22 percent say that the government should provide assistance instead of having to sell your house.
Homeowners who made more than $75,000 per year were more opposed to government assistance for troubled homeowners. Women were more supportive of government assistance programs than men and unmarried Americans favored government help more than those who were married.
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Tags: Rasmussen Reports, economic pessimism, home values, homeowners, miss a mortgage payment, increased mortgage payment, government assistance