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.
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.Rasmussen subscribers can log in to read the rest of this article.
ORLimited Time Discount Offer: $12.00/6 months
Rasmussen Reports is a media company specializing in the collection, publication and distribution of public opinion information.
We conduct public opinion polls on a variety of topics to inform our audience on events in the news and other topics of interest. To ensure editorial control and independence, we pay for the polls ourselves and generate revenue through the sale of subscriptions, sponsorships, and advertising. Nightly polling on politics, business and lifestyle topics provides the content to update the Rasmussen Reports web site many times each day. If it's in the news, it's in our polls. Additionally, the data drives a daily update newsletter and various media outlets across the country.
Some information, including the Rasmussen Reports daily Presidential Tracking Poll and commentaries are available for free to the general public. Subscriptions are available for $4.95 a month or 34.95 a year that provide subscribers with exclusive access to more than 20 stories per week on upcoming elections, consumer confidence, and issues that affect us all. For those who are really into the numbers, Platinum Members can review demographic crosstabs and a full history of our data.
To learn more about our methodology, click here.