AP Poll: More Avoid Buying Homes

Associated Press (04/14/08); Fram, Alan
An Associated Press/AOL Money & Finance Poll of 1,002 adults in March and April reveals growing concern about residential-price declines and Americans' ability to sell their homes or make their monthly mortgage payments. Respondents insisting they will not purchase a home over the next couple years climbed to 60 percent from 53 percent in September 2006, while those planning to buy in the near future slipped to 11 percent from 15 percent over the same period. More than 25 percent of those polled are worried about a drop in home values over the next two years, and about 14 percent are unsure whether they will make timely mortgage payments during the next six months. Additionally, the survey reveals a jump in the number of homeowners who believe price declines are on the horizon to 25 percent and a drop in homeowners who expect price gains to 40 percent. Meanwhile, 35 percent of respondents believe that homes are valued appropriately, 50 percent believe they are overpriced and 10 percent insist they are underpriced.