Some 37 percent of homeowners are cutting back on normal expenses such as food, transportation and home maintenance so that they can make their monthly mortgage payments, according to a new IBOPE/Zogby Interactive poll
The poll also shows 60 percent say the value of their home has decreased over the past three years.
The May 20-23 survey of 1,461 adults who own a home now or anytime in the past three years also found that 3 percent have gone through a home foreclosure in the past three years while another 29 percent are either very concerned or somewhat concerned about their ability to make monthly mortgage payments.
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The housing sector, which helped throw the country into recession in the first place, is suffering anew.
Home prices in 20 U.S. cities dropped in March to the lowest level since 2003.
The S&P/Case-Shiller index of property values in 20 cities fell 3.6 percent from March 2010, the biggest year-over-year decline since November 2009, according to Bloomberg.
“With the foreclosure pipeline still full to bursting, it’s hard to see this downward pressure on prices abating,” says Paul Dales, a senior U.S. economist at Capital Economics Ltd. in Toronto, according to Bloomberg.
“I wouldn’t be surprised to see prices continue to fall this year and maybe into next year.”
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