Fannie Mae has recently completed a study of consumer attitudes towards mortgage defaults and home ownership and the results are surprising.
This is the first large scale study conducted by Fannie Mae in the last seven years. Although consumer belief that home ownership is a safe investment has dropped, currently 73% of respondents believe home prices have bottomed out.
Watch this short three minute video from CNBC prepared by The Kudlow Report.
The most interesting results are how people feel regarding who is “responsible” for “bad” mortgages and attitudes towards personal decisions to walk-away from home loans.
Finally, there is some expectation that another wave of foreclosures are on the horizon as 30 day delinquencies are up and these will no doubt need to be worked through the system before a sustainable improvement can be realized in the housing market.