A new opinion poll shows that Americans feel home prices won’t improve enough in the next five years to pull millions of underwater homeowners out from being upside down on their home mortgages.
The just complete poll found that 2 out of 3 surveyed or 66% don’t expect home prices to improve within five years as the real estate collapse continues to take years to recover in most areas of the U.S. Thirty-four percent or 1 out of 3 said that the housing market will improve within five years.
The online Housing Predictor survey has a margin of error of four to five percent, and has been asked of visitors to the website over the past two weeks ending Monday.
The poll shows how significant the housing collapse has been on both homeowners and renters who feel strongly about the financial crisis, and collapse of the banking business, which is having trouble recovering three years after the collapse hit financial markets.
An estimated two out of three applicants for home mortgages are still unable to obtain a home loan. Mortgage lenders have tightened mortgage underwriting criteria as a result of the crisis and the record volume of foreclosures that they are dealing with as a result. Hundreds of lenders have gone out of business and dozens more are struggling to survive.
Almost 1 in 3 homeowners are underwater on their mortgages or soon will be in today’s market. Do you expect home prices to improve within 5 years so upside down homeowners won’t be underwater on their mortgages?
Yes 34% No 66%
To see the previous poll results click here.