Sunday, April 17, 2011
Both short and long-term confidence in the U.S. housing market continue to fall, with homeowners now expressing the highest level of pessimism in two years.
A new Rasmussen Reports national telephone survey finds that just 15% of homeowners expect the value of their home to go up in the next year while 33% expect the opposite and think the value of their home will decline. (To see survey question wording, click here.)
The current figures reflect more pessimism than a month ago when 19% were optimistic and 30% pessimistic about the value of their home over the next year.
Looking longer term, only 39% of homeowners now think that the value of their home will go up over the next five years. That’s down five points from last month and the lowest level of confidence measured by Rasmussen Reports. In April 2009, 55% expected their house’s value to rise in five year’s time.
Currently, 18% say the value of their home will go down over the next five years and 37% expect little change.
The survey of 709 Homeowners was conducted on April 14-15, 2011 by Rasmussen Reports. The margin of sampling error is +/- 4 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.Rasmussen subscribers can log in to read the rest of this article.
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