While nearly one-quarter of home owners owe more on their home than it’s currently worth, Americans still see the value in home ownership and still consider it part of the American dream.
Nearly nine in 10 Americans say home ownership is an important part of the American dream, according to the latest New York Times and CBS News poll conducted June 24-28 of 979 adults.
Overall, the majority of Americans polled also said the government should do more to help improve the housing market, and they mostly blame financial institutions for the sluggish housing market.
Here are some of the findings from the poll:
▪ 54 percent of those polled say the government should be doing more to improve the housing market. Only 16 percent say the government should be doing less. In fact, support for helping people who are facing financial distress from housing is higher than support for helping those who have been unemployed for several months.
53 percent say the government should help in providing financial assistance to those who are having trouble paying their mortgages.
▪ Nearly no one surveyed was in favor of discontinuing the mortgage interest tax deduction, which government leaders have been eyeing as part of budget cuts. (Learn more.)
▪ 42 percent of respondents blame lenders and 29 percent blame regulators for the housing crash.
▪ About 66 percent of Americans say strategic default — that is, when underwater home owners stop making payments on their mortgage even though they have the means to keep paying — is not justified. Nearly 30 percent of those surveyed say strategic default is justified.
Source: “Despite Fears, Owning Home Retains Allure, Poll Shows,” The New York Times (June 29, 2011)
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