Majority of Americans Oppose Bailing Out Homeowners

A majority of Americans oppose using federal bailout funds to pay the mortgages of homeowners in default, according a survey released in the inaugural "Reecon Advisory Report":http://www.reeconadvisoryreport.com/ Tuesday.
While 51 percent of Americans surveyed said they opposed the idea, 43 percent are in favor of using the funds to help homeowners.
The report is the first published by the Fairfax, Virginia-based independent real estate economics and information company Reecon Advisory Inc., which was founded by former National Association of Realtors chief economist David Lereah.
The survey found that opposition was greatest among men, 58.3 percent, senior citizens, 56.2 percent, and residents of northeast United States, 56.1 percent, and support for helping homeowners was greatest among adults between the ages of 18 to 24, 69.1 percent, and Americans earning less than $20,000 per year, 60.1 percent.
"As a new Federal foreclosure policy unfolds in the months to come, public opinion will certainly play a central role. It's clear that people have strong opinions and a candid and vigorous debate will improve the chances for a successful outcome. The outcome could shape the real estate markets for many years to come," Lereah, Reecon's president, said.
While property values have deceased nationwide, 53.7 percent of survey respondents think real estate is a better long-term investment than the stock market, compared to 30.8 percent, who believe the opposite. However, opinions were in a statistical tie on whether the stock market or real estate would recover first.