NEW YORK, (Source: Harris Interactive)– A new Harris Poll finds that fully 22% of people with mortgages are having difficulty meeting their mortgage payments, and this includes 7% who are having “a great deal of difficulty”. Furthermore, 21% of those with mortgages are “under water” in that they think their homes are worth less than the amounts that they owe.
However these numbers are somewhat lower than they were a year ago. Those having difficulty paying off their mortgages have declined from 29% to 22% (and those having a great deal of difficulty are down from 11% to 7%). At this time last year 24% of those with mortgages thought they were under water, three points higher than the number now.
These are some of the results of The Harris Poll of 3,171 adults surveyed online between March 7 and 14, 2011 by Harris Interactive.
Some of the main findings include:
– Two thirds (66%) of all adults have mortgages on their homes, slightly
lower than last year’s 69%.
– While most homeowners with mortgages (73%) are having little or no
difficulty making their mortgage payments, the 22% who are having
difficulty represent about 32 million people. And the 7% having a great
deal of difficulty represent more than 11 million people.
– Those who believe their homes are worth less than the money they owe on
their mortgages (21% of all those with mortgages) include 8% who say
their homes are worth “a lot less”. However theses numbers are somewhat
lower than they were a year ago (24% and 11%).
– Most adults (62%), whether or not they are homeowners with mortgages,
are at least somewhat concerned that their family’s income will not be
enough to cover all their costs and expenses this year. This number is
also very slightly lower than it was last year (65%). Unsurprisingly the
higher the family income the lower the level of concern. But among the
lowest income group, with household incomes of less than $35,000, fully
75% are concerned and 36% are very concerned.
So What?
These findings are consistent with other Harris Poll data on the economy that show a very modest, but, still painfully slow, recovery from the recession. Many millions of people are still hurting badly even if the numbers are slightly better than they were last year. It seems that we will continue to have a huge mortgage and foreclosure crisis until the economy is much stronger or house prices recover. It should be noted, however, that even the very modest improvements found in the poll may be deceptive. One reason why slightly less people are having difficulty paying their mortgages this year is that some people who were in difficulty last year have lost their homes and no longer have mortgages.
TABLE 1
HOW MANY HOME OWNERS HAVE A MORTGAGE?
“Do you have a mortgage on your home that you need to pay off?”
Base: Adults who own home (72% of all adults)
2010 2011
% %
Yes, paying off mortgage 69 66
Had mortgage but it is paid off 20 22
No, do not have nor have ever had
a mortgage 11 12
TABLE 2
HOUSE WORTH MORE OR LESS THAN AMOUNT OWED ON MORTGAGE
“Is your house currently worth more or less than the amount you owe
on your mortgage?”
Base: Adults who have a mortgage
2010 2011 Household Income
$34,999 $35,000 $50,000 $75,000 $100,000
or Less to to to or more
$49,999 $74,999 $99,999
% % % % % % %
MORE (NET) 55 57 46 52 57 66 64
A lot more 24 29 21 27 25 30 36
A little
more 31 28 24 25 32 36 28
About the
same 18 15 25 17 14 12 13
LESS (NET) 24 21 22 27 24 21 18
A little
less 12 13 14 16 15 11 10
A lot less 11 8 7 10 9 9 7
Decline to
answer 3 7 8 4 5 1 5
Note: Percentages may not add up exactly to 100% due to rounding.
Note: All of the numbers listed here refer to people, which is
greater than the number of homes involved.
TABLE 3
HAVING DIFFICULTY PAYING OFF MORTGAGE
“How much difficulty are you having paying off your mortgage?”
Base: Adults who have mortgage
2010 2011
% %
Difficulty (NET) 29 22
A great deal of difficult 11 7
Some difficulty 18 15
Not much/No difficulty (NET) 68 73
A little bit of difficult 23 24
No difficulty at all 45 49
Decline to answer 3 5
Note: Percentages may not add up exactly to 100% due to rounding.
TABLE 4
CONCERNED ABOUT NOT HAVING ENOUGH INCOME
“How concerned are you that your family’s income will not be enough
to cover all your costs and expenses this year?”
Base: All adults
2010 2011 Household Income
$34,999 $35,000 $50,000 $75,000 $100,000
or less to to to or more
$49,999 $74,999 $99,999
% % % % % % %
Concerned (NET) 65 62 75 71 62 52 42
Very concerned 26 25 36 28 24 17 12
Somewhat concerned 39 37 40 43 39 35 30
Not concerned (NET) 36 38 25 29 38 48 58
Not very concerned 24 27 19 19 30 36 33
Not at all concerned 12 12 6 10 8 12 24
Note: Percentages may not add up exactly to 100% due to rounding.
Methodology
This Harris Poll was conducted online within the United States between March 7 to 14, 2011 among 2,379 adults (aged 18 and over). Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents’ propensity to be online.
All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words “margin of error” as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.
Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in the Harris Interactive panel, no estimates of theoretical sampling error can be calculated.
These statements conform to the principles of disclosure of the National Council on Public Polls.
The results of this Harris Poll may not be used in advertising, marketing or promotion without the prior written permission of Harris Interactive.
J39773
Q730, 735, 740, 745, 750, 755
The Harris Poll(R) #45, April 4, 2011
By Humphrey Taylor, Chairman, The Harris Poll
SOURCE: About Harris Interactive
Harris Interactive is one of the world’s leading custom market research firms, leveraging research, technology, and business acumen to transform relevant insight into actionable foresight. Known widely for the Harris Poll and for pioneering innovative research methodologies, Harris offers expertise in a wide range of industries including healthcare, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer package goods. Serving clients in over 215 countries and territories through our North American, European, and Asian offices and a network of independent market research firms, Harris specializes in delivering research solutions that help us – and our clients – stay ahead of what’s next. For more information, please visit www.harrisinteractive.com.
Press Contact:Corporate CommunicationsHarris Interactive 212-539-9600press
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