Foreclosure Prevention Efforts Need To Be Increased

Americans remain strongly committed to federal support for home buyers, according to a recent survey of U.S. households. Roughly 68% of those polled said the government should continue to support housing, and 65% believe the government should be doing more to keep families from losing their homes to foreclosure.

March 01, 2010

Americans remain strongly committed to federal support for home buyers, according to a recent survey of U.S. households. Roughly 68% of those polled said the government should continue to support housing, and 65% believe the government should be doing more to keep families from losing their homes to foreclosure.

Among those polled, some key groups said the government should continue to play a vital role in maintaining a healthy housing market. For example:

  • 78%  of potential home buyers, including 81% of renters intending to buy in the near future, said the government should continue to support housing.
  • Roughly 65% of home owners said the government also needs to do more to keep families from losing their homes.
  • Among renters, 84% said the government needs to do more to helped strapped borrowers.
  • 71% of women supported greater foreclosure protection, compared to 58% of men.
  • 78% of young adults under age 30 support greater foreclosure protection.
  • 69% of adults who are 30 to 44, the prime age range for move-up buyers, said they support more foreclosure protection.

Overall, roughly two-in-three respondents said they own their home. Among renters, about two-in-three intend to buy a home in the near future.  In addition, 15% of current home owners intend to buy a home in the near future.

 Financial concerns continue to be the greatest barrier to growth in the housing market.  Among renters nationwide who aspire to own their own home, 39% simply don’t have the money to buy a home at this time, and another 20% said the primary obstacle is that they feel they cannot qualify for a loan. Larger economic issues also play a role, as 18% said that job security is the greatest obstacle they face in trying to buy a home.

 Weakness in the housing market itself may be blocking some home owners who would like to buy a new home, as 29% of current home owners said their greatest obstacle to purchasing another home is their inability to sell their current home. Beyond that, among current home owners who aspire to buy a new home, 7% feel trapped by a mortgage that exceeds the value of their current home, 14% fear that the value of a new home might fall after they make the investment, and 13% say home prices are just too high to allow them to buy a new home at this time.

The poll included both home owners and renters and was conducted for the National Association of Home Builders (NAHB) by RT Strategies, a non-partisan public opinion polling firm based in Washington, D.C. RT Strategies interviewed a representative sample of 1,000 adults nationwide by telephone using live interviewers on January 29-31, 2010. The sample included 170 interviews with respondents from cell-phone-only households.

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