What’s Your Home Worth?

  With all of the home price declines and the other mortgage bullshit, I thought that it would be interesting to check out the latest Rasmussen Reports to see how you feel about your current home value. Is your home worth less than your mortgage payment? Worth more?

Fifty-four percent (54%) now say their house is valued for more than they owe, according to a new Rasmussen Reports national telephone survey. Thirty percent (30%) say their houses are worth less than the rest of their mortgage payments, and 16% are not sure.

  54% may sound good, but when compared to December, it is a 7% drop.

In early December, 61% of homeowners said their houses were worth more than what they still owed on their mortgages.

  Oh but wait! There’s more!

Among those whose homes are no longer worth as much as the mortgage, expectations remain bleadk--36% expect the value of their home to fall even further over the next year. In fact, even looking out over the next five years, just 44% of those in this difficult situation believe their homes will gain any value at all.

Among those whose home value exceeds their mortgage, there is also a significant level of short-term concern--28% say the value of their home will decline over the coming year.

Overall, homeowners’ views on how long it will take the housing market to recover remain largely unchanged over the last four months. Fifty-five percent (55%) of homeowners say the value of their home is likely to go up over the next five years, but over the next year, just 16% say the value of their house is likely to go up.

Twenty-eight percent (28%) believe the value is more likely to go down in the next 12 months, while only 13% expect a decline in value over five years.

Upper income Americans are far more likely than others to believe that their home is worth more than the mortgage. Among homeowners who earn less than $40,000 a year, just 39% have that confidence.

Technorati Tags: Rasmussen Polls,Housing Market,Economy,Mortgages