PRESS: Survey Shows Mortgage Lenders Lost Confidence

The poll indicates that the majority of those surveyed have lost trust in the nation’s banks and mortgage lenders. Mortgage companies and lenders went on a free-wheeling lending spree for years making mortgages to even those at the highest risk of not re-paying triggering the subprime crisis.

The free wheeling days of mortgage lending ended in the worst epidemic of foreclosures in the nation’s history. Already, 2.4-million properties have been foreclosed and another 3.2 million foreclosures are forecast by Housing Predictor through 2011.

Some 56 percent of those surveyed said they have “lost confidence” in mortgage lenders as a result. The remaining 44% said they had not lost confidence in lenders. The online poll was conducted over a three week period, during which time Congress has been working on a plan to help many more homeowners under the threat of foreclosure.

Upward changing adjustable rate mortgages calculated to increase to higher interest rates, resulting in higher mortgage payments and a nearly record setting deflationary real estate market cycle has resulted in slower home sales in nearly all housing markets.

Housing Predictor forecasts more than 250 local markets in all 50 states and keeps visitors to its web site up to date on real estate conditions throughout the nation. Housing Predictor regularly surveys visitors on real estate related issues in its widely monitored Predictor Polls, which have become increasingly popular as a result of the troubled housing market in the over-whelming majority of the nation.

The independent information driven web site regularly tracks housing markets with a staff of researchers and journalists to keep up to date on real estate market conditions, and reports on major issues related to housing markets throughout the country.

Read the report on the latest survey, other real estate news and search foreclosures and other real estate listings at http://www.housingpredictor.com

Housing Predictor.com forecasts hundreds of local housing markets in all 50 U.S. states, offers real estate news and analysis on residential real estate. Housing Predictor was the first real estate research firm to forecast the U.S. foreclosure epidemic would develop into the worst recession since the Great Depression and is dedicated to providing independent forecasts without bias.