A new opinion poll just completed by Housing Predictor shows that a large majority of respondents feel that the U.S. housing market is on the verge of collapse. The online survey was completed Monday morning as more signs developed showing that the troubled economy is having difficulty making strides towards improvement.
Some 60% surveyed said that despite buying a home in the U.S. being part of the American dream, the housing market is on the verge of a collapse. The remaining 40% said it was not. The large majority feeling that a collapse is imminent clearly indicates that Americans are worried about the U.S. economy and the housing market’s stability in light of the foreclosure crisis.
Bankers have formally repossessed more homes since the financial crisis exploded than ever before in U.S. history pressuring home values in the over-whelming majority of U.S. markets.
The most severely impacted markets in Florida, Nevada, Michigan, Ohio and California among others have seen slower home sales for most of the last five years. Some of the most severely impacted, however, are also seeing home prices rise as a result of record low mortgage rates and much lower home prices. Bargain hunters are picking over the inventory of foreclosures to make purchases at prices that haven’t been seen in more than 20 years.
However, home sales have also slowed in the majority of the U.S. after the federal home buyer tax credit expired, sending economic tremors into the U.S. economy. High unemployment and growing concerns over the long term health of the economy are troubling financial markets on Wall Street and local housing markets.
It’s been part of the American dream, but is the housing market on the verge of collapse?
Yes – 60% No – 40%
To see the previous poll results from 2010 click here.
To see poll archives from 2010 click here.