Housing Opportunity Program
Resources
2008 Housing Opportunity Pulse Survey
Survey Reveals Americans Want More Government Involvement in Lending
NAR’s sixth pulse survey revealed that with an unstable American economy and slowdowns in the housing market, most consumers are open to the federal government taking a more active role in overseeing mortgage and lending practices. The nationwide survey explored many of the same issues as previous surveys, and also examined the attitudes of Americans about the housing market in the wake of the subprime mortgage market fallout. Participants in the September 2008 survey remained confident in the housing market, despite some very difficult housing news and an unstable American economy.
The telephone survey of 1,000 urban and suburban adults in the top 25 metropolitan statistical areas was conducted for NAR by Public Opinion Strategies, a national political and public affairs research firm in Alexandria, Va.
Some key results include:
- More than half of those surveyed (56%) favor the federal government taking a more active oversight role in lending and mortgages, while 38 percent prefer that private companies oversee their businesses.
- Eighty-five percent of respondents believe buying a home is a good financial decision, down 2 percent from 2007.
- Two-thirds of Americans believe now is a good time to buy a home, up nearly 12 percent from 2007.
- Foreclosures remain a concern among many Americans. Over one-quarter of respondents expressed concern that their home or the home of a family member may be foreclosed upon because of their inability to make mortgage payments.
- Nearly half of respondents (46 percent) report that foreclosures are a problem in their area, up from 38 percent in 2007; and 42 percent say the rate of foreclosures has increased over the last year.
- Despite these challenges, people remain optimistic that they could secure the credit they need; eight out of 10 are confident in their ability to refinance should they have the need.
♦ Analytical overview of survey results/key findings and complete survey results
