Half of US Homeowners Can’t Move

Destin, FL – April 24, 2012 – (RealEstateRama) — More than half of all homeowners with a mortgage are unable to move or make a change in their housing situation as a direct result of being underwater on a mortgage, according to a new Housing Predictor survey.

Some 54% of those surveyed online said they were halted from making a move. The other 46% of 1,010 respondents to the poll said they were not stopped from making a change in their living situation. The finding comes more than five years after the worst real estate collapse in U.S. history has lowered U.S. homes an average of 43%, according to figures tabulated through the end of March.

The problem is a massive issue for the U.S. economy and bankers who hold their mortgages, and see underwater homeowners fall delinquent on loan payments more often than mortgage holders who still have equity in their homes.

Across the U.S. 11 million homes or one in four homeowners are underwater on mortgages, owing more on home loans than the current value of their property. Nevada has the highest share of underwater mortgage holders with 58% upside down, according to the Federal Reserve.

The foreclosure crisis and lack of equity in homes is also triggering a massive trend of mortgage walk aways, homeowners that can afford their mortgages but stop paying them as a result of seeing the value of their homes not being able to regain value.

Housing Predictor regularly surveys consumers on issues closely related to the real estate industry, monitors and issues forecasts on more than 230 U.S. cities housing markets and offers the latest mortgage rates and real estate news.



 


 

Related posts:

  • More Homeowners Will Walk from Mortgages
    Destin, FL - March 7, 2012 - (RealEstateRama) -- Five years into the housing downturn, a larger number of homeowners with mortgages say they will walk away from their homes if their property values continue to drop, according to a new Housing Predictor opinion poll....
  • Homeowners Say They’ll Walk from Mortgages
    Destin, FL - January 24, 2011 - (RealEstateRama) -- Almost half of U.S. homeowners say they’ll walk away from their mortgages if home prices continue to fall. That’s according to a new survey conducted by online real estate forecasting firm Housing Predictor....
  • Majority Say Banks Should Slash Mortgages
    Destin, FL - November 22, 2011 - (RealEstateRama) -- A large majority of those surveyed say banks and mortgage lenders should be forced to slash the mortgage principal owed by homeowners who are in danger of foreclosure, according to a new Housing Predictor opinion poll....
  • Housing Wealth Effect Hits U.S. Economy
    Destin, FL - March 2, 2011 - (RealEstateRama) -- The erosion of the syndrome known as the “Wealth Effect” is showing that fall out from the housing slump is having a major lingering impact on the U.S. economy, according to Housing Predictor analysts...
  • Stick it To The Banks, Survey Says
    Destin, FL - June 1, 2011 - (RealEstateRama) -- Americans want more from the U.S. Congress, according to a new independent survey and Congress needs to start by forcing banks to modify home mortgages for those at risk of foreclosure....

Recent Posts