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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.
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