Nearly One Third Say They Are Underwater on the Mortgage

March 21, 2011 No Comments »

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A poll released today by Rasmussen Reports revealed that 31 percent of respondents said they were underwater on their mortgages, meaning they owed more than the homes were currently worth.

Since April 2009, this number has ranged from 28 percent to 36 percent, so the negative sentiment is below its peak.

Meanwhile, 53 percent of those polled said the the value of their home exceeds their current mortgage balance, up from 51 percent last month, which was the lowest reading since May 2009.

This reading has ranged from 49 percent to 61 percent over the past two years.

Another 16 percent of respondents said they were unsure as to where they stood.

Most Believe Home Values Won’t Rise Soon

Unfortunately, fewer than half of homeowners polled believe home values will go up over the next five years, which does little to instill hope of a recovery any time soon.

However, only 13 percent of homeowners now believe they are at least somewhat likely to miss or a make a mortgage payment late over the next six months.

And 84 percent say they are unlikely to miss or be late for a mortgage payment, including 44 percent who say it is “Not at all likely.”

Nine percent of homeowners said they have missed or been late on a mortgage payment in the past six months, while 88 percent have not.

All of the mortgage payment readings are in line with previous surveys for the past several months.

Finally, 22 percent of those polled say it’s better for the government to assist them with their payments than it is for them to be forced to sell their home.

Women were found to be more supportive than men, while the unmarried favor government mortgage help more than those who are married.

Opposition to government assistance is highest for those who earn $75,000 or more a year.

This is relevant, given the fact that several government mortgage assistance programs are on the chopping block.

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