Despite nearly $2-trillion in government funded bail outs to improve the housing market, nearly 1 out of 3 homeowners are afraid of losing their homes to foreclosure. The startling revelation was determined through Housing Predictor’s latest opinion poll.
Economic hard times combined with high unemployment in most of the U.S. have left millions of mortgage holders at risk of losing their homes. More than 7-million have already been foreclosed in the worst foreclosure crisis that the nation has ever experienced.
Some 30% who responded to the online survey said they are afraid of losing the roofs over their heads to foreclosure, while 8% admitted to already being foreclosed. However, the largest majority or 62% said they do not fear losing their property to foreclosure, apparently secure in their jobs or economic well being.
The opinion poll demonstrates just how worried Americans are about the state of the troubled U.S. economy and the housing market. Government tax incentives and ten other programs implemented by the Obama administration have fueled an increase in home sales in many areas of the country intended to stem the flood of foreclosures.
But the Federal Reserve and the Treasury Department stopped buying mortgage backed securities and federal tax credits offered to home buyers expire at the end of the month. However, the Treasury could step back into the mortgage market at any time, and begin re-buying mortgage backed securities in further efforts to stabilize the housing market.
Home prices in many of the most heavily damaged markets are rising due to lower housing prices provided by a huge inventory of foreclosures, low mortgage rates and government programs. Michigan, Ohio, California and Florida have seen improving conditions over the last year with higher home sales.
Are you afraid of losing your home to foreclosure or have you already?
Afraid – 30% Already Foreclosed – 8% No – 62%
To see poll previous results from 2010 click here.