• Embed Doc
  • Copy Link
  • Readcast
  • Collections
  • CommentGo Back
Download
 
 
CBS News/New York Times PollFor release: Wednesday, June 29, 20116:30pm (EDT)The Housing Market and Impact of the Mortgage Crisis
June 24-28, 2011
•
Americans have been affected by the housing downturn – almost half say they have feltits impact, and four in ten have found it harder to make mortgage payments. Those whobought during the boom now report being hardest hit.
•
The housing downturn is constraining Americans’ life choices – half say it has affectedtheir future plans, and one in five say it has prevented them from moving or taking a jobthey wanted.
•
Uncertainty pervades Americans’ outlook on the housing market: people are mixed onwhether buying a home now is risky or safe as an investment. Still, most say homeownership is an important part of the American Dream.
•
On policy matters, four in 10 Americans would like to see the federal government domore to help the housing market. Just over half say the government should specificallyhelp homeowners in trouble with payments to try to improve the market.48% of Americans overall, and 45% of homeowners, say they have been affected by thehousing market’s downturn, including one in ten homeowners who say it has caused them ahardship and major life changes.
Impact of Housing Downturn on your Family
All HomeownersHardship, major life changes 15% 10%Difficult 33 35No effect 52 55And many homeowners with mortgages say meeting that monthly financial obligation hasbecome more burdensome; 40% of homeowners say that it has been more difficult to affordtheir mortgage payment in the last three years.
In Last 3 Years, Making Mortgage Payment has been:
(among homeowners with a mortgage)Easier 14%More difficult 40No different 4615% say they have missed making a mortgage payment in the last three years.Among Americans overall, 12% say they are paying more than they can afford for housing,including 8% of homeowners who say the same. Most are paying as much as they can afford.
 
 
Impact on Their Lives and Choices
 For some, the housing market’s woes have directly affected their life choices.Half of Americans – and 44% of homeowners – say the downturn in the housing market hasaffected their plans for the future a lot or some, including 23% who say it has affected theirplans a lot.
Housing Market Affected Future Plans
All HomeownersA lot 23% 18%Some 26 26Not much 22 23Not at all 28 3318% of Americans, and 13% of homeowners, say the weak market has prevented them frommoving to another city or taking another job.
Housing Market Prevented Job Change or Move
All HomeownersYes 18% 13%No 80 86And one in 10 homeowners says they have postponed selling their home over the past threeyears because they are waiting for the housing market to improve.
Postponed Selling Home Until Market Improves?
(among homeowners)Yes 10%No 8829% are relying on their home’s value to provide at least some of their retirement funds.However bad things may be now, Americans are optimistic about the future value of their home.60% expect the value of their home to increase over the next ten years, although perhaps notby a lot. 6% expect their home to decrease in value, and 30% expect no change.
Expectations for Their Home Value in next 10 Years:
(among homeowners)Increase 60%A lot 8%Some 46Not much 6Decrease 6 Stay the same 30 
 
 
Hit the Hardest
Homeowners who bought their homes 4 to 10 years ago, during the housing boom when priceswere rising rapidly, have been hardest hit:
•
44% of these homeowners say their home is now worth less than what they paid for it,and a third says it is worth less than the amount of their mortgage.
•
22% say the market’s downturn has influenced their future plans a lot; 19% say theyhave been unable to make a job change or move because of it, and 15% have delayedselling their home until the market improves.
•
These homeowners are more financially strapped as well; 50% say paying theirmortgage has become more difficult in the last three years, and 19% have missed amortgage payment.
Impact of Housing Downturn by When You Bought Your Home
Bought home:During boom Before/after boom(2001-2007) (Before 2001, 2008-now)Home worth less than paid for it 44% 13%Housing decline influenced plans a lot 22% 16%Unable to change job, move 19% 10%Delayed selling home 15% 8%Paying mortgage more difficult 50% 32%Missed mortgage payment 19% 11%
What It’s Worth
The desire to own a home flies in the face of some homeowners’ recent experiences in the realestate market. For about one in four homeowners, their house has been an investment thatdeclined in value – and nearly as many now owe more than their home is worth.25% say their home is worth less now than what they paid for it. While half says their home isworth more than they paid for it, 60% of those homeowners bought their home at least 10 yearsago. 24% say their home’s value has not changed.
Home’s Worth Compared to Amount Paid
(among homeowners)Worth less than paid 25%Worth more than paid 50Worth the same as paid 24And in addition, nearly a quarter of homeowners who have a mortgage say they are nowunderwater: 22% say their home is worth less than what they owe on their mortgage.
Home’s Worth Compared to Outstanding Mortgage
(among homeowners with mortgage)Worth less than mortgage 22%Worth more than mortgage 58Worth the same as mortgage 19
of 00

Leave a Comment

You must be to leave a comment.
Submit
Characters: ...
You must be to leave a comment.
Submit
Characters: ...