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Poll: mortgage concerns on the rise

A new Washington Post poll shows Americans' anxiety about paying their mortgage or rent have spiked higher, with 53 percent now "very concerned" or "somewhat concerned" about making their monthly payments.

In a Feb. 2009 Post-ABC poll, fewer, 46 percent, said they were very or somewhat concerned about this. It was lower still in Dec. 2008, when just 37 percent said as much.

Compared with December 2008, the rise in concern is pronounced among men, African Americans and those with lower levels of formal education. Now, 75 percent of African Americans are worried concerned about not having the money to make monthly housing payments, including 55 percent who are "very concerned."

A majority of all Americans, 52 percent, say the Obama administration should impose a moratorium on delinquent mortgages. Thirty-four percent oppose a freeze and 14 percent express no opinion.

Nearly two-thirds of African Americans support a national foreclosure freeze, compared with half of whites. Older Americans, who are more likely to own rather than rent, are less apt to back the moratorium. Just 41 percent of seniors support a moratorium, compared with 57 percent of adults under 30.

As in most matters, partisanship drives views on this subject. Nearly two-thirds of Democrats support the freeze, compared with half of Independents and about four in 10 of Republicans.

Q. How concerned are you, if at all, about not having enough money to pay your rent or mortgage?

          --- Concerned ---   --- Not concerned ---   
           NET   Very   Smwt   NET   Not so   At all
Now        53     33     20    42      15       28     
Feb. 2009  46     24     22    51      17       33
Dec. 2008  37     21     16    57      16       41

From the new Post poll

          --- Concerned ---   --- Not concerned ---   
           NET   Very   Smwt   NET   Not so   At all
Males      52     32     20    43      12       31  
Females    54     35     19    42      17       25    
Afr Ams    75     55     20    20      20        5     
Whites     48     27     19    47      18       31     
<=HS       66     45     20    29      10       19     
Some coll  52     32     19    44      15       30     
Coll grad  36     17     19    61      22       39

Q. Do you think the Obama administration should or should not impose a period of time during which banks cannot foreclose on delinquent mortgages?

                                  No 
          Should   Should not   opinion   
All adults  52        34           14
Afr Ams     64        26            9
Whites      50        35           15
Age: <30    57        27           16
Age: 65+    41        40           19
Dems        63        27           11
Reps        43        41           16
Indies      49        38           13

By Kyle Dropp  | October 27, 2010; 11:33 AM ET
Categories:  Economy, Polls, Post Polls  | Tags:  economy, foreclosure, housing, obama  
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Comments

This isn't rocket science. Those who answer Yes, simply want out of the loans that they agreed to pay. These are incredibly dumb people here: easily suckered into buying the inflated priced house, too lazy or illiterate to understand the adjustable ARM loan they agreed to, and now, too stubborn to realize that there's only one real solution: Stick it to the banks and WALK AWAY

We're seeing Phase 2 of the housing bust. First, sub-prime. Now, adjustables. 5/1 ARM loans originated in 2005 are coming to the end of their five year "teaser" rate period. The same with 3/1 ARM's from 2007 and 7/1 ARM's from 2003. The loans adjust to the agreed-upon new rate, people panic at the new payment, find they have no equity and can't sell their underwater house, they default and leave.

In 2011, this parade will continue with more of the same: 5/1 ARM's (class of 2006) and 7/1 ARM's (originated in 2004). In 2012, still more defaults from 5/1 ARM's (2007) and 7/1 ARM's (2005). It will start to wind down in 2013 and 2014 as the last 7/1 ARM's blow up (those done in 2006 and 2007).

It will be interesting to see what shape this country will be in, by 2013.

Posted by: coakl | October 27, 2010 3:43 PM | Report abuse

With mortgage rates at all-time lows, now may be a great time to refinance -- if you meet new stringent criteria. Search online for "123 Mortgage Refinance" they got me the 3.21% rate even with my not so good credit history.

Posted by: larrymarc29 | October 29, 2010 6:47 AM | Report abuse

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