Huge Majority Want Government to Stay Out of Foreclosure Crisis
Despite the strong likelihood that it would develop a full-fledged economic depression, more than 3 out of 4 polled say they want the U.S. government to stop interfering with the foreclosure crisis and allow it to run its course. A huge 78% of those surveyed said they want the epidemic of foreclosures sweeping the nation to run its course, despite the impact it would have on the greater U.S. economy.
The poll clearly demonstrates growing frustration, anger and the level of emotions related to the nation’s troubled economy. It also shows that few people have sympathy for millions of fellow Americans under going foreclosure. More than 7-million homeowners have already been foreclosed in the crisis and another 13-million homes are at risk of foreclosure. Each foreclosure damages the U.S. economy an average of $250,000, according to government officials.
A series of government programs have been instituted to curtail the foreclosure crisis, and aid the housing market in its recovery, including tax credits for home buyers. Economists specializing in real estate caution that the entire national economy could fall into an economic depression if further steps aren’t taken to limit the number of foreclosures. An increasing number of homeowners are walking away from their homes as a result of falling equity in their property, unemployment and economic hard times.
The emotion charged issue is blamed on Wall Street traders, bankers, the Federal Reserve and a series of other problems related to the financial crisis, which started in the mortgage market and spread to every type of mortgage offered to borrowers.
Do you think the U.S. government should stop the foreclosure crisis or allow it to just run its course no matter what the impact on the overall economy?
Stop foreclosures – 22% Let it run its course – 78%
Published March 29, 2010
Little Optimism over Recovery
Despite rising home prices in some of the worst hit markets, nearly two out of three people surveyed said they are not optimistic about the U.S. housing market recovering from its worst downturn since the Great Depression. The new Housing Predictor poll found that 63% are not optimistic about the nation recovering from the crash.
Slightly more than one out of three or 37% said they are optimistic about the housing market recovering. The online poll was conducted over a two week period ending Sunday. Home prices have been on the rise in many areas of California and Florida, two of the worst effected states, from their fall as pent up buyer demand combined with low mortgage rates and lower home prices spurred buyers to enter the market.
The housing crash has produced the worst level of housing deflation since the Great Depression with more than 5 million homeowners under going foreclosure so far. The crisis has extended into every segment of the mortgage market as unemployment contributes to the growing foreclosure epidemic.
Are you optimistic about the U.S. real estate market recovering from its worst crash since the Great Depression?
Yes – 37% No – 63%
Published March 21, 2010
To see poll previous results from 2010 click here.
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