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New High: 37% Say Their Home Is Worth Less Than Remaining Mortgage Payments

The percentage of American homeowners whose home is worth less than what they still owe on it has hit the highest level in nearly three years.

The latest Rasmussen Reports national telephone survey of 753 homeowners finds that 37% say their home is not worth as much as what they still owe on their mortgage. Forty-seven percent (47%) say the value of their home exceeds the amount left on their mortgage. But that’s down seven points from last month and is just two points above the all-time low of 45% in June.

Another 16% are not sure how their home's value stacks up against their remaining mortgage payments. (To see survey question wording, click here.)

Prior to this survey, the number of homeowners saying their home is worth less that what they still owe on their mortgage has ranged from 28% to 36% in surveys since December 2008. Forty-five percent (45%) to 68% have reported that their home is worth more than what they still owe in the same period.

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The survey of 753 Homeowners was conducted on September 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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