Majority Do Not Fear Foreclosure
An over-whelming majority of homeowners with mortgages are optimistic about not losing their homes in foreclosure, according to a new Housing Predictor poll.
(EMAILWIRE.COM, May 18, 2009 ) Destin, Florida --The over-whelming majority of homeowners with mortgages are not afraid that their homes will be foreclosed during the nation’s economic downturn, according to a new survey by Housing Predictor dot com.
The new Predictor Poll found that 81% of all those surveyed are confident they’ll be able to hold on to their homes during the economic crisis. Only 13% or one out of about eight mortgage holders fears they will be foreclosed. Six percent who responded to the poll said they had already had a home or other property foreclosed.
Those who fear they’ll be foreclosed are a result of rising mortgage defaults in light of the U.S. mortgage crisis and worsening unemployment. The foreclosure epidemic has broadened into conventional mortgages from higher risk subprime and adjustable rate mortgages. The majority of loans now in default are conventional mortgages. The survey was conducted during a three week period.
The poll comes on the heals of the Obama administration’s announcement to expand its mortgage aid program intended to provide new help for homeowners to avoid foreclosure if they do not qualify for other assistance. The measures are intended to help streamline the process for selling a home worth less than what is owed on a mortgage or transfer ownership back to the bank more easily.
More than four million homes have been foreclosed since the epidemic started more than a year and a half ago, and more than 3.5-million more homes are forecast to be foreclosed through 2010.
Housing Predictor regularly surveys visitors on real estate related issues and forecasts more than 250 local housing markets in all 50 U.S. states. Check the latest forecast for your market, real estate news and search foreclosures at http://www.housingpredictor.com
The new Predictor Poll found that 81% of all those surveyed are confident they’ll be able to hold on to their homes during the economic crisis. Only 13% or one out of about eight mortgage holders fears they will be foreclosed. Six percent who responded to the poll said they had already had a home or other property foreclosed.
Those who fear they’ll be foreclosed are a result of rising mortgage defaults in light of the U.S. mortgage crisis and worsening unemployment. The foreclosure epidemic has broadened into conventional mortgages from higher risk subprime and adjustable rate mortgages. The majority of loans now in default are conventional mortgages. The survey was conducted during a three week period.
The poll comes on the heals of the Obama administration’s announcement to expand its mortgage aid program intended to provide new help for homeowners to avoid foreclosure if they do not qualify for other assistance. The measures are intended to help streamline the process for selling a home worth less than what is owed on a mortgage or transfer ownership back to the bank more easily.
More than four million homes have been foreclosed since the epidemic started more than a year and a half ago, and more than 3.5-million more homes are forecast to be foreclosed through 2010.
Housing Predictor regularly surveys visitors on real estate related issues and forecasts more than 250 local housing markets in all 50 U.S. states. Check the latest forecast for your market, real estate news and search foreclosures at http://www.housingpredictor.com
Contact Information:
Housing Predictor
Mike Colpitts
Tel: 8506221016
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
Housing Predictor
Mike Colpitts
Tel: 8506221016
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
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