Despite
recent gains, homeowners still feel antsy about the housing market, with 4 out
of 5 home-owning Americans unlikely to buy or refinance their homes, according
to a recent poll.
Union
Plus, an arm of the AFL-CIO, conducted the survey with Harris Interactive. The
findings? Only employees between ages 18 and 34 felt interested in making a
housing investment over the next 12 months.
“With
only 18 percent of working families willing to invest in buying new homes, what
this poll tells us, first and foremost, is that we need to help working
Americans feel confident about investing in housing,” Union Plus President
Leslie Tolf said in a statement.
According
to the survey, 53 percent of respondents felt worried that “closing costs for
purchasing or refinancing a home are too high.”
With
the election season in full swing, the Obama administration will reportedly try
to further expand the Home Affordable Refinance Program, which underwent two
successive modifications earlier this year.
In
tandem with the survey, Union Plus announced a mortgage program to help make
the refinancing and purchase processes more affordable for their members.
According
to a release, Union Plus provides first-time homebuyers with a $500 Union Plus
“Welcome to Your First Home Award” that includes interest-free loans and grants
to assist with mortgage payments in instances of unemployment.
“Union
Plus offers a mortgage program that gives union families the opportunity to
take advantage of the savings they can get by buying or refinancing at
extremely low rates, while offering them a unique safety net to protect them
against economic hardship,” Tolf added.
Ryan Schuette is an author of articles and
news about real estate. His latest post about mortgage, refinance, foreclosed homes and REO can also be found at http://www.rreassets.com/.