| 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. |
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1. Do you currently own your home? | 85% | Yes | | 15% | No | | 01% | No Opinion | |
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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 | |
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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. | |
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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. | |
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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 | |
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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% | |
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