HomeGain Releases 2nd Quarter 2011 National Home Values Survey Results

Guest Contributor Louis Cammarosano from HomeGain Says:

Fifty percent of surveyed real estate professionals nationwide expect home values to decrease over the next six months; Sixty-five percent disapprove of Obama’s performance as President.

HomeGain, the first company to provide free instant home valuations online, announced the results of its nationwide second quarter 2011 home values survey. Over 750 real estate agents and brokers and over 2,600 homeowners were surveyed.

Most real estate professionals and homeowners continue to expect home values to decrease or stay the same through the middle of the year. Fifty percent of agents and brokers and forty-two percent of homeowners think that home values will decrease over the next six months.

In the first quarter 2011 HomeGain National Home Values Survey, thirty-nine percent of agents and brokers and 30 percent of homeowners thought that home values would decrease over the next six months.

Thirty-eight percent of real estate agents and brokers and 43 percent of homeowners think that home values will remain the same in the coming six months.

Twelve percent of real estate professionals expect home values to increase in the next six months, down five percent from last quarter. Fifteen percent of homeowners expect home values to increase in the next six months, down nine percent from last quarter.

According to surveyed agents and brokers, 77 percent of homeowners believe their homes are worth more than the recommended agent listing price. In contrast, 67 percent of home buyers believe homes are overpriced.

“The current survey reflects that real estate professionals are resigned to accepting a market with declining prices being the norm rather than the exception. The past few years have been particularly harsh on the real estate industry and the majority of real estate professionals don’t expect much improvement in the coming six months.” said Louis Cammarosano, General Manager of HomeGain.

Forty-six percent of agents and brokers surveyed indicated that they “strongly disapproved” and 19 percent “somewhat disapproved” of Barack Obama’s performance as President, earning him a 65 percent disapproval rating, tying the disapproval rating of agents and brokers surveyed in the second quarter last year. Last quarter the President had a 64 percent disapproval rating among agents and brokers.

Thirty-nine percent of homeowners “strongly disapproved” and 17 percent “somewhat disapproved” of the President’s performance, earning him a 56 percent disapproval rating. The President had a 58 percent disapproval rating last quarter among surveyed homeowners with 39 percent “strongly disapproving”. The Rasmussen Daily Presidential Approval Index taken during the same period as the HomeGain Second Quarter 2011 Home Values Survey indicated that the President’s average disapproval rating was 51 percent with an average of 36 percent “strongly disapproving” of his performance.

Below are the top states where real estate professionals and home owners think home prices will rise and fall over the next six months.

Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Up in the Next Six Months:

Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Down In the Next Six Months:

Top 10 States Where Real Estate Agents and Homeowners Approve of Barack Obama’s Performance as President:

Top 10 States Where Real Estate Agents and Homeowners Disapprove of Barack Obama’s Performance as President:

The survey was conducted from June 2-10, 2011.

View all prior HomeGain national and state home prices surveys.

The second quarter 2011 regional results are available by clicking here.

Set forth below are the results of the second quarter 2010 and 2011 national home prices survey as well as the results of the first quarter 2011 survey. Also set forth below for selected questions is the national home owner response data for the second quarter of 2011. Click on each question to see complete results:

Questions and National Results:

1. Have home prices increased, decreased or stayed the same in the last year?
2. On average, what do homeowners believe that their home is worth?
3. How do buyers feel that homes for sale are priced?
4. What is the average difference in price between what sellers believe their home to be worth and the amount at which the home gets listed?
5. What is the average difference in price between what a home is listed at and what a home sells for?
6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
7. What percentage of homes for sale are foreclosures in your area?
8. What is the average home price in your area?
9. What percentage of your clients are first-time buyers?
10. How do you think Barack Obama is performing in his role as President?

 Question 1:

Overall, 65% of surveyed real estate agents and brokers disapprove of President Obama’s performance.

See regional results

Commentary From Question 10 — How do you think Barack Obama is performing in his role as President?

“Obama needs to wake up and start funding loans to higher wage earners. He’s treating well to do buyers are if they are FHA buyers, and FHA buyers as if they are well to do.”

“Obama came into office at the climax of what was almost the apocalypse of the United States –  financial, foreign military involvement, and domestic policy issues. It is unrealistic to think that ANY president could have us recover in less than 3 years.”

“Any time a president does not realize that to bring the economy back means jobs must be created is failing in all categories.  He is the worst president in history.”

“Unemployment is the piece of the puzzle that continues to hold our country back. The current administration MUST focus on the #1 problem. Without jobs, the real estate market will continue to flounder, no way around it.”

“Obama inherited this mess from the banks and Wall Street!”

“The next election needs a major overhaul with real estate market as big ticket item.”

“I think considering the mess that Obama got and the lies and accounting scams by the banks that are still happening, he is doing well. Banks need to process short sales in 2 months.”

“The bank bailouts were a major failure. Money would have been better spent reducing the loans that were owed and renegotiating them so that owners could have stayed in their homes. It would not have depressed the overall market so dramatically.”

“He didn’t start the down prices,  Bush did!”

“I’m very disappointed that the banks got bailed out but very few homeowners were helped.  I’m also disappointed that none of those who engineered the financial crisis have been prosecuted.”

“Barack Obama needs to VETO the QRM proposal as it will further stifle the US Housing Market!”

“The pendulum has swung too far the other way. Congress is trying to make it impossible to qualify for a loan with over-regulation. We need private investors buying mortgage debt so markets can stabilize.”

“Home prices dropping is not Obama’s fault, it is because the job market overall. The nation’s deficit. We must reduce the budget by, first, decreasing the defense spending by 25%. Those stupid government officials in Washington may not do that. If you do not have money, you have to give up the idea of being a world policeman. Because, USA is not qualified economically.” – Homeowner feedback

“To blame President Obama for the financial chaos we are experiencing is ludicrous.  We are all responsible for our greed.” – Homeowner feedback

“The present economy speaks for itself. The recovery is not in the interest of the leadership of the Obama administration.This will influence my future vote.” – Homeowner feedback

“The GOP is trying to balance the budget on the backs of the working class and senior citizens while giving breaks to big business and corporate executives.  The working class is mad.” – Homeowner feedback

“The housing mess was created by greedy bankers, realtors and investors. Obama has nothing to do with it.  Banking dept. should of been more vigilant.” – Homeowner feedback

“I strongly believe that the Obama Stimulus plan would work if the banks cooperate.” – Homeowner feedback

“Obama has destroyed this country as he tries to move it to a Muslim country.” – Homeowner feedback

“Politicians suffer from the delusion that they can control the economy.  They can do things to screw it up but can rarely do anything to make it suddenly get better.” – Homeowner feedback

“If I were blaming presidents for the home value crash, I’d point my finger at George W. Bush. However I really blame de-regulators, and the financial industry for the international speculation on mortgages. Why are none of them in jail?” – Homeowner feedback

“Not Obama’s fault Bush got our country the way it is, as well as greedy banks and people who bought homes that they couldn’t afford.” – Homeowner feedback

“I know Obama bashing is all the rage, esp. among small businesses, but, remember, BUSH (who I voted for both times):

A. Got us into both Afghanistan AND Iraq, accounting for a big chunk of the Federal debt

B. Initiated the first huge spending bill to keep the banking system going before Obama took office.

Just because the bill has come due on Obama’s watch doesn’t make it all his fault.” – Homeowner feedback

“If Obama is re-elected, more people will be losing their homes and the economy will have a chance to tank all the way.” – Homeowner feedback

“Much of our problems stem from Congress more than one man.The President can do very little on his own if Congress does not fund it.  Congress did not do its job under George Bush.  We cannot continue to borrow and spend and keep increasing the debt.  We must find a way to live within our means.  We cannot afford to do everything for everybody.  We must set priorities and make choices.” – Homeowner feedback

*Regions are divided as follows:

• Northeast: Maine, New Hampshire, Massachusetts, Vermont, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, Delaware, Maryland and West Virginia
• Southeast: Virginia, South Carolina, North Carolina, Georgia, Florida, Alabama, Mississippi and Tennessee
• Mid-West: Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, North Dakota, South Dakota, Nebraska, Wyoming, Colorado, New Mexico, Texas, Oklahoma, Kansas, Louisiana, Arkansas and Missouri
• West: Alaska, Hawaii, California, Washington, Oregon, Nevada, Arizona, Utah, Idaho and Montana

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