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Survey Shows Majority to Pay-Off Mortgages

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RISMEDIA, Sept. 17, 2008-A majority of homeowners surveyed intend to eventually pay-off their mortgages, according to a new poll by Housing Predictor. The opinion poll found that despite the largest number of mortgage holders on record who have chosen to walk away from mortgages at the peak of the national housing crisis, nearly six out of 10 mortgage holder’s surveyed hope to someday pay-off their loans.

The survey indicates that despite falling home values throughout the majority of the country, most homeowners are hopeful that the market will return to better times in the future. The poll may also demonstrate a growing optimism among homeowners regarding their homes future values.

Housing Predictor.com regularly conducts online surveys to measure public opinion on issues related to real estate, which affect the overall national economy. More than 250 local housing markets are forecast by Housing Predictor in all 50 states.

Some 57% of those surveyed during the month long poll said they intend to eventually pay off their home mortgages. The remaining 43% said they do not expect to do so. More homeowners owe more on their mortgages than their current property’s are valued at than at any other time in the nation’s history, estimated to be more than 8-million homeowners by the U.S. Commerce Department. Some 3-million homes have already been foreclosed in what has amounted to the worst epidemic of foreclosures on record.

The nations’ mortgage market is taking much of the blame for the crisis, triggered by a combination of factors that started in Wall Street financial markets. Mortgage deregulation and the failures of many stop gap measures to determine massive mortgage potential losses also led to the credit crisis, which has sent the national economy on a slowdown for at least the last year.

For more information, visit http://www.housingpredictor.com.

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Categories: Finance and Economy