According to a new Rasmussen Poll, consumer confidence level is, unsurprisingly, at new lows, with 63% saying the economy is getting worse. The most stunning finding, however, is that only a minority of those polled believe that buying a home is the best investment they can make:
Only 43% believe buying a home is the best investment a family can make. That’s down from 73% a couple of years ago and the lowest level ever recorded. As recently as last September, 60% thought buying a home was the best family investment. This comes at a time when fewer than half of all homeowners believe their home is worth more than the mortgage. Only 11% expect their home to go up in value this year.
Most voters fear than any deal on the debt ceiling debate will raise taxes too much and cut spending too little. As the negotiations continue, most also are unhappy with both the Republicans and the Democrats in Washington.
Confidence that home values will go up over the coming year has fallen to the lowest level ever recorded.
These findings are in stark contrast to the entire history of home ownership in the United States. Thanks to both our political system and our financial system, and the relationship between them, for bringing about this grim new reality.