NASE Survey Results

Topics that Are Important to Small-Business Owners

Here’s a snapshot of how micro-business owners feel about the hot topics of the day.


How is the Housing Crisis Affecting You? (March 2008)

Tuesday, April 01, 2008

Respondents: 393

You can’t turn on the news or read a paper lately without hearing about the housing and mortgage crisis that is sweeping our country. In a nutshell, over the past few years the push towards home ownership coupled with subprime adjustable rate mortgages allowed many individuals who were previously unable, due to their financial situation or credit score, to purchase homes. Unfortunately, the fixed period of time they experienced low interest rates and mortgage payments has come to an end and now their interest rate is adjusting to higher, unaffordable levels forcing many to face foreclosure and/or bankruptcy. With so many of NASE’s members running their business out of their home, we wanted to find out if this housing crisis is affecting you and your business.
 
1. Do you currently own your home?
85% Yes
15% No
01% No Opinion
 
2. If yes, what type of mortgage do you currently have?
59% Fixed Rate Mortgages
18% Adjustable Rate Mortgages
00% Government- backed (FHA) loans
00% Veteran’s Administration (VA) guarantee loan
01% Do Not Know
21% No Opinion
 
3. Are you concerned about the ability to afford your home now or in the next few years due to the type of mortgage you currently have?
19% Very Concerned
21% Somewhat concerned
49% Not concerned
11% Not applicable to me; do not own my home.
 
4. Are you concerned about the value of your home and property due to foreclosures and/or the number of homes for sale in your area?
33% Very concerned
29% Somewhat concerned
26% Not concerned
13% Not applicable to me; do not own my home.
 
5. Who do you think is responsible for the current housing and mortgage crisis?
19% Federal and/or State Government
34% Banks / Financial Institutions
21% Mortgage Brokers
02% Home builders
10% Home owners
14% No Opinion
 
6. Please indicate whether you are in favor of or oppose the following proposals that have been suggested by Congress to address current housing issues.
 
   
Favor
Oppose
No Opinion
1. Increase funding to foreclosure and mortgage assistance programs to keep people in their homes.
51%
32%
17%
2. Change the bankruptcy laws to allow judges the ability to modify the mortgage loans on a debtor’s principal residence for homeowners who meet strict income and expense criteria.
57%
20%
23%
3. Reform and increase funding to government housing agencies and corporations such as the Federal Housing Authority (FHA) and Fannie Mae/ Freddie Mac, which could give homeowners a chance to trade in their current adjustable loans for stable, affordable fixed rate mortgages.
69%
18%
13%
4. Increase regulation on the mortgage industry.
65%
17%
18%