Homeowners are Concerned About their Mortgages and Property Value

[May 26, 2008.]

 

A slumping economy and a devastating subprime mortgage market has left one in seven mortgage holders concerned that they may actually fail to meet their monthly payments, and an even greater number fears that the value of their property is falling, according to recent polls showing nationwide stress concerning the housing crisis.

The same polls also found that over 60% of those involved said that they most definitely would not purchase any homes within the next two years, which is a foreboding measure of the growing concerns the country has with its faltering real estate market and a cramping economy.

These numbers arrive noticeably higher than those from the same polls taken in September 2006, with an increase of 53% reluctant to buy homes. Also, only 11% believe that they will purchase property soon, a value that is down from 15% during the same year.

Given the nature of today's tortured economic landscape, a large number of people feel that even holding onto what they currently possess is an awesome challenge in itself, which is a significant source of grief for those homeowners having to deal with rising mortgage rates and dwindling property values. Close to three out of ten people are extremely concerned that the value of their homes will fall over the next couple of years, while over 12% of mortgage holders have shown a belief that they will miss a payment within the next half a year.

Many individuals plagued by the current economic circumstances have said that the swelling costs of gas and other expenses have made adjustable rate mortgages completely unaffordable. With a large number of people who have no expectations that the value of their homes will soon recover, a lot of them believe that they may be better of just moving before their rates continue to rise.