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31% Say They Owe More on Their Mortgage Than Their Home Is Worth

Monday, March 21, 2011

Nearly one-third of U.S. homeowners continue to say that they owe more on their mortgage than their home is worth.

A new Rasmussen Reports national telephone survey finds that 53% of homeowners say their home is worth more than the amount they still owe on it. That’s up slightly from 51% last month, the lowest finding since May 2009. But 31% say they owe more than their home is worth, while another 16% are not sure. (To see survey question wording, click here.)

Since April 2009, the number of homeowners who say their home is still worth more than what they owe on their mortgage has ranged from 49% to 61%, while those who say they owe more on their mortgage than their home is currently worth has run from 28% to 36%.

Still, only 13% of homeowners now think they are at least somewhat likely to miss or be late with a mortgage payment in the next six months, with four percent (4%) who say it is Very Likely. Eighty-four percent (84%) say they are unlikely to miss or be late for a house payment, including 44% who say it is Not At All Likely. This is consistent with findings for well over a year.

Homeowners have grown more pessimistic about the recovery of home values in the short-term, and now fewer than half the nation's homeowners expect the value of their homes to go up in the next five years.

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The survey of 720 Homeowners was conducted on March 15-16, 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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