According to the latest Experian-Gallup Personal Credit Index consumers don't plan on making any significant purchases (homes, cars, plasma TV's, granite countertops, etc...) any time soon. What's interesting to note about this survey is that consumer credit perceptions have been negatively impacted by the subprime mortgage fallout along with rising foreclosures, and the recent spike in long-term interest rates.From Experian: “Key results on consumer attitudes toward the mortgage market include:
* 58 percent believe the problems in the subprime mortgage market will affect the overall mortgage market, while 24 percent feel the problems will be contained.
* 61 percent of consumers who are very familiar with subprime mortgage loans believe the problems in the subprime mortgage market will spill over into the overall mortgage market.
* 55 percent believe the federal government should pass new legislation helping subprime borrowers keep their homes and avoid foreclosure.
Overall, about 52 percent of consumers surveyed feel the average price of homes in their area will increase over the next year, while 29 percent believe prices will remain about the same. Eighteen percent of consumers expect that prices in their area will decrease.
Among homeowners, 50 percent believe that average prices will increase, while 32 percent feel they will stay about the same.” read full article >>
.
8 comments:
Hmmm... Looks like CFC has "revamped" their REO site, and broke it in the process. They should have it back up shortly, I hope. :)
55 percent of those polled believe the Federal Government should assist borrowers who made poor financial decisions, invested no money in their home purchase, got greedy and took on payments well beyond their means? Most of these borrowers should have been renting anyway.
k janzen,
Exactly.
The 55 percent that agree that the goverment should assist these people who are going to lose their homes to foreclosure ARE the people who are going to be foreclosed on. These people never should have been approved for loans in the first place. They should pay the consequences for not knowing what they were getting themselves into and should not be bailed out by the government.
The 55% of morons who want a bailout for flippers and speculators shows that America is doomed. Next there will be bailouts for people who lose their money in the stock market or casinos. This is a pathetic sad country. The idiots don't even know that it is the predatory lenders that will be bailed out with taxpayers money. When the financial system collapses, these stupid sheep won't be able to figure out what happened. My money will be in a Swiss bank account invested in foreign currencies and precious metals. I will sail away on a boat while the dumb sheep fight over the few remaining scraps.
Low Low Low how low. How LOW do we have to go. F.H.A 1% dn Seller paying all concession 6% int
40 or 50 year term
I say just bring it
55% want a bailout from the government to solve their problems? That's amazingly selfish, as what they're really asking is for the government to steal the money of people who are not in foreclosure and made wise financial decisions during the real estate boom and hand it out to those who were uneducated or simply speculating. Let's not get people hooked on even more free handouts that the government takes from productive citizens to give to the irresponsible.
Not surprised. The party was fun, now its time for a hangover.
Post a Comment