Sell or get assistance?
Most Americans currently believe that homeowners in trouble should sell their homes rather than receive any government assistance to keep them, according to a recent Rasmussen Reports poll. Of those polled, 62% held the belief that if a homeowner cannot afford raised mortgage payments, they should move to a more cost effective home while 25% stated it is better for government assistance to play a role in troubled homeowners making payments, and 13% were undecided.
The poll did not include questions over Americans’ confidence in whether or not homes that they believe should be sold by troubled homeowners would actually sell or how that would impact the housing sector.
A change in sentiment since May
These same poll questions were asked in May with a small increase the number of respondents that feel troubled homeowners should sell their homes.
The poll also uncovered that respondents who don’t actually own a home tend to be more supportive of government intervention than respondents who are currently homeowners.
Republicans v. Democrats – surprise
Not surprisingly, Republicans (and those unaffiliated with either major party) were the most in favor of homeowners selling their homes in the event they cannot afford payments, but more surpising is that Democrats were evenly split on the issue.
The fading American dream
The American population’s focus on homeownership as the American Dream has begun fading in recent years, with poll results revealing a decline in the number of respondents that believe buying a home is a family’s best investment, with a particular increase in this belief by actual homeowners.
Confidence in home prices
Confidence that home prices will improve has dropped to the lowest level ever recorded, further revealing a population becoming jaded about housing.
The new American dream?
The dream of the nuclear family in a small house was once the American dream and when the idea of the impossible nuclear family fell off of Americans’ radar, we were left with the idea that at least one should own American soil. As this idea fades and the stigma behind renting fades, what will become the new American dream? Some believe it is entrepreneurship or being a business owner while others envision a dream focused on sustainability. The dream is up in the air right now, but could homeownership be secured as the dream if the economy turns around?
Augusta Real Estate
July 27, 2011 at 3:36 pm
When feasible, selling your home when you can't afford the payment makes perfect sense. Of course if you have to bring a large check to closing to sell your house, that may not work out so well. I mean if you have significant resources you can probably afford to make your house payment. There is the rub. This is not a political party affiliation problem.