More Homeowners Will Walk from Mortgages

An alarming number of homeowners say they will walk away from their mortgages if home values continue to drop.

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.

Almost half or 47% said they would walk away from mortgages, while 53% said they would not walk away. The divide among homeowners with mortgages shows a major increase from the same survey taken roughly a year and a half ago in October 2010. Visit Housing Predictor for details on the new survey.

The foreclosure crisis, falling home prices in the majority of the U.S. and lingering doubts over the value of homes increasing in value over the course of most homeowners life times are contributing to the increase in mortgage holders who say they will walk away.

A series of surveys show that there has been a consistent rise in the volume of mortgage holders who say they will walk. Housing Predictor provides more than 230 housing market forecasts in cities throughout the nation, regularly surveys visitors on issues of importance to real estate and offers the latest mortgage rates and real estate news.