Weeks before his inauguration as US President, Barack Obama is expected to have his hands full during his first 100 days in office. Adding to the many internal problems and concerns is the issue on home mortgages. US families seem to be looking at Obama for hope in securing their soon-to-be foreclosed homes.
Three weeks before the Presidential election, GFK Custom Research North America has conducted a survey to find out what Americans feel. The said study concluded that 22.7% or one out of 5 Americans believe that the creation of more affordable mortgage credit should be a priority of the new elected President in his first 100 days.
Meanwhile, a decent 16% or one out of seven believes that the new President should help out first time homebuyers buy a home in his first 100 days in office. The said conclusions could be used as evidence that concerns in foreclosure properties are really increasing.
Move Inc. President Lorna Borenstein also echoed the said conclusion. Borenstein pointed out that the company commissioned a survey with Harris Interactive Survey last May and found the same things. She said that a whopping 44% or nearly half of all home buyers believe that the housing market will improve once the new President has taken his oath of office.
The survey also found that 69% of all home buyers expressed nervousness about the current economic situation of the housing market. Based on this particular finding, reports on the increasing number of foreclosed homes in some US states like Florida have already reached a lot of audience.
GFK Custom Research North America Survey also reiterated existing foreclosure-related problems in the country. The survey concluded that more than two thirds or 69% of the 34.7% identified home buyers have said that they have held off buying homes because of the over-all state of foreclosures in the country. Almost 21.8% of the homeowners also said that they have sold or knew someone who has sold their home for less than the amount they desired in the recent weeks.
The survey is based on interviews performed from the 10th to the 12th of October 2008. The total of 1,004 respondents was composed of 523 female adults and 481 male adults. A margin error of +/- 3 percentage points is reported.
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