AP: 1 in 4 homeowners worry their house will lose value; 1 in 7 fear they can’t make payments
Story Transcript
VOICE OF JOHN BELMONT, THE ASSOCIATED PRESS: A growing majority of Americans say they won’t be buying a home any time soon, the latest sign of increasing pessimism about the nation’s housing crisis. According to the new Associated Press-AOL money and finance poll, 60 percent say they won’t buy a home in the next two years, up from 53 percent in September 2006. The growing reluctance seems to stem partly from worry that housing prices will fall even further. One in four adults envisions falling prices in their area, with more than a quarter of homeowners worrying their home will lose value in the next two years. Being able to afford a home is also an issue. One in ten has an adjustable rate mortgage, half the number who said so two years ago. Those mortgages generally start at a low interest rate and later adjust to market conditions, forcing many recently to refinance or even lose their homes. Only one in seven mortgage holders fears they won’t be able to make their monthly payments on time over the next six months. John Belmont, the Associated Press.
DISCLAIMER:
Please note that TRNN transcripts are typed from a recording of the program; The Real News Network cannot guarantee their complete accuracy.
Story Transcript
VOICE OF JOHN BELMONT, THE ASSOCIATED PRESS: A growing majority of Americans say they won’t be buying a home any time soon, the latest sign of increasing pessimism about the nation’s housing crisis. According to the new Associated Press-AOL money and finance poll, 60 percent say they won’t buy a home in the next two years, up from 53 percent in September 2006. The growing reluctance seems to stem partly from worry that housing prices will fall even further. One in four adults envisions falling prices in their area, with more than a quarter of homeowners worrying their home will lose value in the next two years. Being able to afford a home is also an issue. One in ten has an adjustable rate mortgage, half the number who said so two years ago. Those mortgages generally start at a low interest rate and later adjust to market conditions, forcing many recently to refinance or even lose their homes. Only one in seven mortgage holders fears they won’t be able to make their monthly payments on time over the next six months. John Belmont, the Associated Press.
DISCLAIMER:
Please note that TRNN transcripts are typed from a recording of the program; The Real News Network cannot guarantee their complete accuracy.