NORWALK, Conn.--(BUSINESS WIRE)--More than 7 in 10 respondents to a February 2012 survey conducted by FreeScore.com expect the housing market to be worse or the same in 2012 versus 2011.
The 300 survey respondents indicated they had little reason to buy a home because they believe the housing market is continuing its decline. Nearly one-third of respondents (31 percent) said the housing market is worse this year than in the previous 12 months, and another 40 percent said the market was the same as 2011. Only 18 percent indicated that the market is better this year.
From the survey:
Q. Do you think that the housing market for 2012 is better, worse, or the same as 2011?
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Better |
18.27 % |
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Worse |
30.96 % |
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|
Same |
39.94 % |
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Don't know |
10.84 % |
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At the same time, only about 15 percent of respondents felt more confident about getting a home mortgage this year versus last year:
Q. Do you feel more or less confident about getting a home mortgage than you did a year ago?
|
Less confident |
25.08 % |
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|
More confident |
14.55 % |
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The same |
39.01 % |
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|
Don't know |
21.36 % |
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The same survey revealed that more than one in five (22.9 percent) did not know their credit scores before applying for a mortgage. Prior to applying for a mortgage, it is recommended that borrowers check their credit scores and reports from each of the national credit bureaus (TransUnion, Experian and Equifax).
Borrowers with higher credit scores can often negotiate better interest rates and secure home loans that may be unavailable otherwise. For borrowers with lower credit scores, the underlying credit report information can help them determine appropriate options for loans and related financial assistance.
The survey data utilized in this FreeScore.com survey were collected via an opt-in panel from Survey Sampling International.
About FreeScore.com
FreeScore.com, the value leader in online consumer credit services, provides members with affordable, unlimited access to all three credit scores from each of the national credit bureaus: TransUnion, Experian and Equifax. Over one million consumers trust FreeScore.com for their three bureau credit scores and information. For more information, go to FreeScore.com. FreeScore.com is a service of FYI Direct, Inc.