This statistical profile of the foreign-born population is based on Pew Hispanic Center tabulations of the Census Bureau’s 2009 American Community Survey.
Nearly six-in-ten Americans say it is “unacceptable” for homeowners to stop making their mortgage payments, but more than a third say the practice of “walking away” from a home mortgage is acceptable under certain circumstances. Homeowners whose home values declined during the recession and those who have spent time unemployed are more likely to say that “walking away” from a mortgage is acceptable.
The ups and downs in the U.S. housing market over the past decade and a half have generated both greater gains and larger losses for minority groups than for whites.
Not even a housing-led recession can shake Americans' faith in the blessings of homeownership.
Those who say their homes are worth less than what they owe on their mortgages are generally younger, less affluent and more likely to be Hispanic or African American than are those who feel they would at least break even if they had to sell today.
Latinos, especially the foreign-born, are feeling the sting of the economic downturn and, in some respects, even more so than the general population.
From establishing foreclosure hotlines to temporarily freezing sub-prime interest rates, states are at the forefront of policymaking to minimize damage from the mortgage meltdown.
Public assessments of the nation's economy have fallen to a two-year low. Faced with a steady stream of negative news about the housing market, Americans are substantially less inclined than they were even a few months ago to say they expect home prices to rise over the next few years.
Americans are far more optimistic than most real estate experts about the outlook for home prices but far more pessimistic than most economists and Wall Street watchers about the overall economic outlook.
Despite a record drop this past year in the median sales price of existing homes, more than eight-in-ten homeowners expect the value of their homes to go up either "a little" (55%) or "a lot" (26%) in the future. However, these anticipated levels of future gains are not nearly as great as the gains that homeowners say they've experienced in recent years.