Could some of the most in-demand housing markets be cooling off?
Gallup poll shows American majority wants federal help with foreclosures
More than half of the American population want the federal government to take greater steps to prevent foreclosures, according to a new Gallup poll.
Gallup poll, foreclosures, federal action, home ownership, home values
More than half of the American population want the federal government to take greater steps to prevent foreclosures, according to a new Gallup poll. Along political lines, the support is less unanimous; Democrats and Independents overwhelmingly support federal action, while the majority of Republicans would rather let the housing market fix itself.
The results of the poll showed that, overall, 58 percent of Americans would like to see federal intervention with the foreclosure crisis. Politically, 76 percent of Democrats and 61 percent of Independents agreed with the masses. Conversely, 64 percent of Republicans would rather take a hands-off approach and allow the market to recover naturally.
Gallup also sought public opinion on issues such as decreasing home values and home ownership. With home values still low, 57 percent of all homeowners said they are worried their home’s value will not increase in 2012. On the other hand, the poll revealed that only 66 percent of Americans currently own their primary residence; that number is down 7 percent from its peak in 2006 and early 2007.
The poll comes on the heels of President Obama’s State of the Union address Tuesday, when he outlined a few proposals to try to help the housing industry. Supporters hope these measures will have greater effect than previous attempts; others say improvement in the job market and the overall economy are the only true solutions to the problem.
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