Fear of Sinking Home Prices at New Low
Just 12 percent of American homeowners believe the value of their home will go down over the next year, a Rasmussen Reports poll reveals — the lowest finding since Rasmussen began tracking the question in April 2009.
The survey found that 34 percent of homeowners think their home's value will be higher a year from now, up from 18 percent a year ago, when 25 percent thought that home prices would sink in a year. And 51 percent believe their home's value will remain about the same.
Homeowners are also optimistic about long-term housing values. Nearly half, 49 percent, believe their home will increase in value over the next five years, and only 11 percent think it will decrease.
Just a year ago, 38 percent of homeowners thought their home would be worth more in five years.
Rasmussen also found that more Americans than ever believe homeowners who can't afford their mortgage payments should sell and downsize rather than get assistance from the government.
Only 18 percent think the government should help homeowners with difficulty in paying their mortgage, and 70 percent think those homeowners should downsize. Twelve percent are undecided.
Just 15 percent of current homeowners favor government assistance for those struggling to pay their mortgage. Eight percent of Republicans feel that way, compared to 25 percent of Democrats and 17 percent of adults not affiliated with either party.
Other disclosures from Rasmussen Reports:
- Only 5 percent of homeowners have missed or been late with a mortgage payment in the last six months.
- 6 percent think it is at least somewhat likely that they will miss or be late with a payment in the next six months, including 2 percent who think it is very likely.
- 60 percent of homeowners now say their home is worth more than what they owe on their mortgage, the highest percentage this year.