Poll Results: Number of People Not Buying Homes Growing

According to a poll conducted by the Associated Press-AOL Money and Finance, there is an overwhelming 60 percent increase in the number of people who are not entertaining the idea of buying a house anytime soon; up from 53 percent in September 2006. This is perhaps the latest sign that the housing crisis is yet to be over.

Many homeowners are actually distressed about the declining home values, which can be observed throughout the nation. These people believe that their homes will lose much value over the next couple of years. In addition, there is also one out of seven homeowners who believe that they will have trouble paying their monthly mortgage dues in the next months.

But according to many real estate experts, this is actually the best time to buy. The only problem is that some buyers need to sell their home first before considering purchasing a bigger home. In this instance, many sellers will likely lose thousands of dollars considering the declining home prices.

Other poll results showed that Southerners are expecting home prices to rise while Westerners are more inclined to think that they will drop further. There are also four out of ten people who predict that home prices will decline in their respective cities.

Also, there is one out of ten individuals who have adjustable rate mortgages, down from two in 2006. ARMs actually belong to the hybrid mortgages and feature low monthly payments during the first couple of years but ballooning mortgage dues as soon as the interest rates reset. Many homeowners who took out this particular loan ended up re-financing or losing their home to foreclosure.

If you would like to take advantage of the buyer’s market, you should consider investing in foreclosed properties. They are considerably more affordable than other homes and you can even choose from hundreds of thousands of beautiful foreclosed homes. check out Foreclosed Properties Data for hot leads.

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This entry was posted on Wednesday, April 23rd, 2008 at 7:42 am and is filed under Buying Foreclosed Properties. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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