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Twenty-Seven Million People with Mortgages Believe They Owe More than Their Homes Are Worth

Interesting...

According to The Harris Poll

Two-Thirds of All Adults Are Concerned That They Will Not Have Enough Money to Cover All Their Costs and Expenses

A new Harris Poll provides some unpleasant numbers about the housing crisis and the collapse of the house price bubble. Fully 24% of people with mortgages believe they owe more on their mortgages than their homes are worth. One in nine homeowners (11%) with mortgages report having "a great deal of difficulty" in paying off their mortgage. Another 18% are having "some difficulty." This comes at a time when two-thirds of all adults (65%) are concerned that their families' incomes "will not be enough to cover all their costs and expenses this year."

These are some of the results of The Harris Poll of 2,320 adults surveyed online between March 1 and 8, 2010 by Harris Interactive.

Other interesting findings include:

  • Over two-thirds (69%) of adults who are homeowners have a mortgage that they need to pay off.
  • People whose homes are believed to be worth less than the money owed on their mortgages are common across all income groups. Fully 26% of adults with mortgages who have household incomes of $75,000 or more believe their homes are worth less than the balance of their mortgages.
  • Almost a third (29%) of adults with mortgages are having some difficulty (18%) or a great deal of difficulty (11%) paying off their mortgages.
              Among those who believe their homes are worth less than their outstanding mortgages, fully 26% are having a great deal of difficulty and another 23% are having some difficulty paying them off.
  • The two-thirds (65%) of all adults who are concerned about having enough income to cover all their costs and expenses include 26% who are very concerned and 39% who are somewhat concerned.
  • Among those who believe that their homes are worth less than their mortgages, fully 42% are very concerned and another 38% are somewhat concerned about not having enough income to cover their costs
  • Unsurprisingly, income levels make a big difference. Concerns about not having enough income to cover costs and expenses is much higher among people with household incomes below $35,000 (40% are very concerned) than among those with incomes over $75,000 (16% are very concerned).
  • So what?

    These findings underline the very large number of people whose homes are worth less than their outstanding mortgages and the even larger numbers who are worried about covering their costs and expenses generally. If the percentages are converted into numbers, approximately 27 million adults believe they are "under water" – that their houses are worth less than their mortgage debts.

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Comment balloon 7 commentsCheryl Ritchie • April 27 2010 10:57PM

Comments

Man oh man!  That is a LOT of People!!!

Thanks for sharing these numbers with us!!

Tom Davis

Posted by Tom Davis, FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor (Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today !) over 8 years ago

Yipes....so what's the solution?

Posted by Kirsten Lindquist, Realtor - Sonoma Wine Country (Pacific Union International) over 8 years ago

Kirsten in comment # 2 Above.... YES That is a GOOD QUESTION !!     !        !     !

Thanks for asking !     !        !

Tom Davis

Posted by Tom Davis, FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor (Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today !) over 8 years ago

It is so sad and seems to be no end in sight and no one seems to have a solution. Many folks who purchased in good faith are seeing their dreams and families destroyed.  In many areas real estate prices continue to drop and more and more folks find themselves upside down.  I wonder when FannieMae and FreddieMac will at least be held accountable for their share in this disaster.

Sue of Robin and Sue

Posted by Robin Dampier REALTOR®, Hendersonville & Western NC Real Estate Source (Coldwell Banker King) over 8 years ago

Oh Cheryl -- I meant to mention I love the bundle of pups you have in your arms in your picture.  Here's a heart warming video I watched today:  http://www.wimp.com/elephantseal/

Sue of Robin and Sue

Posted by Robin Dampier REALTOR®, Hendersonville & Western NC Real Estate Source (Coldwell Banker King) over 8 years ago

Who better to know than the people who own the properties in question...
Have a great Wednesday Cheryl,
Paul

Posted by Paul S. Henderson, REALTOR®, CRS, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Northwest.) over 8 years ago

It only becomes a problem if they have to sell or refinance for some reason. Hold on to that property, live in it, raise a family in it, retire in it, and perhaps even die in it, and the monetary value of the home won't matter because it's full of memories.

Posted by Not a real person over 8 years ago

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