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35% Say Their Home Is Worth Less Than What They Still Owe

Wednesday, February 09, 2011

The number of homeowners who say their homes are worth more than what they still owe on their mortgage has fallen to its lowest level in nearly two years.

The latest Rasmussen Reports national telephone survey of homeowners shows that 35% of homeowners now say they owe more to the bank that their home is currently worth. Fifty-one percent (51%) say their home is still worth more than the amount left on their mortgage. Another 14% aren't sure. (To see survey question wording, click here.)

But the number who say their home is worth more than their mortgage is down six points from January and is the lowest result measured since May 2009 when just 49% reported their home was worth more.

While more than 70% of homeowners who make $75,000 or more annually say their home is worth more than the amount they owe on their mortgage, fewer than half of those who earn less report the same.

The number of homeowners who say their home is worth more now than when they bought it has plummeted in the past two-and-a-half years. 

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The survey of 730 Homeowners was conducted on February 5-6, 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.

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