Survey Shows Congress Will Fail Homeowners

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A new survey by Housing Predictor shows the over-whelming majority believe Congress will fail homeowners caught in foreclosure, demonstrating Americans have lost confidence in Congress.

The over-whelming majority of those surveyed say the U.S. Congress will not be able to act fast enough to help homeowners caught up in foreclosure, according to a new Housing Predictor survey. The poll clearly indicates that Americans have lost confidence in Congress' ability to resolve the financial crisis.

The root of the nation's economic problems is the foreclosure epidemic, which Housing Predictor forecast nearly two years ago. More than 3.4-million homes have been foreclosed since the economic crisis began, and at least another 3-million properties are forecast to be foreclosed in the worst financial crisis since the Great Depression. An estimated 200,000 properties are being foreclosed monthly.

A huge 83% of those surveyed said Congress will be unable to act fast enough to help homeowners threatened with foreclosure. Housing Predictor regularly surveys visitors to its web site on issues related to real estate, and forecasts more than 250 local housing market futures in all 50 U.S. states. The remaining 17% said they believe Congress will be able to act fast enough to help homeowners faced with foreclosure.

The Obama Administration is expected to release new details on a plan to aid homeowners threatened with foreclosure. The Treasury Department will reportedly enact the plan. The credit crisis has received a series of bail-outs from Congress in attempts to get the economy back on track.

In a survey conducted last October, 3 out of 4 respondents said Congress would fail to stabilize housing markets with bailouts of the financial system. More than $800-billion has been approved by lawmakers to help bailout the financial system. Most of the money has gone to banks in efforts to re-ignite the lending process.

While Congress debates the issues, the majority of real estate markets throughout the country are seeing home values and other real estate values fall, many at double-digit annual rates.

Housing Predictor independently forecasts more than 250 local housing markets in all 50 states, and keeps up to date on changing market conditions. Search foreclosure listings and check market forecasts at http://www.housingpredictor.com

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Mike Colpitts
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