Poll reveals U.S. Latinos increasing concern of the current housing/foreclosure crisis
impreMedia, the leading Hispanic news and information company, announced today the results of a current tracking poll that reveals Latinos’ perspectives on achieving the American Dream and concerns with the housing market. The results are the second of six national polls among Latino registered voters conducted by impreMedia and Latino Decisions.
The poll found that while there is a high degree of optimism about the idea of the American Dream, with a combined 72% of respondents saying they have already reached it or expect to reach it in their lifetime, there were serious fears about whether owning a home is part of that dream. Results further show that Latinos view of homeownership as a sense of security in the U.S. is vastly changing as a result of the housing/foreclosure crisis. Fifty-one percent of respondents stated that they had “used up all or most of their savings” to pay for their rent or mortgage, and 47% of those surveyed listed owning a home as part of the American Dream, while 40% said it was not.
“This poll indicates that Latinos are trying to be optimistic about their place in the U.S. and their ability to achieve the American Dream” said Monica Lozano, CEO of impreMedia. “But renters and homeowners alike are draining their savings. They are likely feeling a high level of anxiety over their ability to maintain their housing, and most people surveyed expressed approval for stronger action by state and federal governments with regards to the housing market.”
Latinos did express confidence in the current Administration with 59% identifying President Obama and the Democrats when asked “who do you trust more to make the right decisions and improve housing conditions.” When asked “who do you trust more to make the right decisions and improve conditions” 57% of respondents identified State and Federal Government, versus only 14% who identified banks and financial institutions as trustworthy.
Respondents were also asked whether they approved of a number of policies currently being considered by Congress. A combined 83% strongly or somewhat approved of extending additional tax credits for first time home buyers, while 75% strongly or somewhat approved of providing mortgage payment assistance to homeowners who have recently lost their jobs. The poll also indicated that access to bilingual materials was a serious need, with 70% responding strongly approve and 17% somewhat approve when asked if banks should be required to provide all financial documents in both English and Spanish.
“The reality is that the housing crisis is affecting Hispanics very deeply,” stated Monica Lozano, CEO of impreMedia, “While they do hold a strong sense of trust in Obama and the Democrats, current legislation being considered by Congress as a whole to eliminate foreclosure prevention services could have a disastrous effect.”
A breakdown of the findings are below:
With regard to the American Dream, do you think you have already reached it, will reach it in the future, or will not reach it in your lifetime?
Have already reached it: 36% (30% U.S. born / 40% foreign born)
In the past, people have said that owning your own home is part of achieving the American Dream. Do you think that this is the case today, that owning a home is part of the American Dream?
47% – Yes, owning home is part of dream (49% U.S. born / 46% foreign born)
Thinking again about the current debate in Washington, D.C. about addressing the housing situation in America. How much do you think the public officials take into account the housing-related issues?
41% – Somewhat (35% U.S. born / 45% foreign born)
Thinking about the current housing situation, who do you trust more to make the right decisions and improve housing conditions? Would you say you have more confidence in President Obama and the Democrats or Republicans?
59% – Obama and Democrats (56% U.S. born / 62% foreign born)