REPUBLICANS AND DEMOCRATS ALIGN ON KEY HOUSING POLICY GOALS HEADING INTO ELECTION YEAR

SAN FRANCISCO, December 14, 2011 – Trulia today released the findings from its latest consumer survey on American attitudes on housing policy and the 2012 presidential election.  Harris Interactive conducted this online survey on Trulia’s behalf on November 17-21, 2011 among 2,028 U.S. adults.

KEY FINDINGS:

• Republicans and Democrats see eye to eye on what’s important for housing: Despite a sharp partisan divide among policymakers, most Americans – regardless of their political affiliation – agree that fixing the economy should come before housing policy. Seventy-eight percent of Republicans and 82 percent of Democrats said lowering unemployment is an extremely or very important public policy goal. This was followed by raising employment growth and reducing the Federal budget deficit. Although housing is seen as a lower priority, 72 percent of Americans strongly or somewhat agree that government policies and programs should encourage homeownership. When asked about specific policies and proposals, there was a stronger call for efforts to help homeowners stay in their homes as opposed to helping people buy homes. Most Americans favored making it easier for homeowners to refinance, while only 46 percent wanted to raise the Fannie Mae and Freddie Mac conforming loan limit.

• Has the housing market recovered? Americans will believe it when they see it: Tangible evidence that people can see in their neighborhoods has a bigger impact on consumer perception than price trends and market conditions that make it easier for people to buy a home. Americans said fewer defaults and foreclosures (47 percent), more home sales (38 percent) and fewer vacant homes (32 percent) are the top indicators that will give them confidence that the housing market is back on track. 

NOTE: Survey respondents were allowed to select up to three responses out of 10 options.

 

• Housing May Be President Obama’s Achilles’ Heel During 2012 Elections: Currently, 57 percent of Democrats and 73 percent of Republicans believe housing will hurt President Obama’s chance of reelection. With the U.S. economy still struggling, over half of Americans (54 percent) are not at all confident that the President can stabilize the housing market in the next 12 months. This is a notable increase since he took office in 2009[1] when only 32 percent shared this sentiment.  With the 2012 elections looming, this may be the Obama administration’s chance to turn things around and how the President handles housing issues will be critical to his campaign.

 

 

 

PRE-APPROVED QUOTES

• “Recovery in the housing market depends on consumer confidence, and lowering defaults and foreclosures is key to rebuilding that confidence. However, Americans won’t believe our economy is improving until they see real proof. As long as there are foreclosed homes and lingering for-sale signs in neighborhoods across the country, people are faced with constant, everyday reminders that the housing market is still struggling,” said Jed Kolko, Trulia’s Chief Economist. “Foreclosed homes – especially if they’re vacant – drag down neighboring home values. Even people in strong financial shape who have kept up with their mortgage payments share the pain if their neighbors have lost their homes.

•  “The partisan split in Washington and the recent housing policy debates are not what Americans want from their government. Democrats and Republicans both think that the government should encourage homeownership and that the housing crisis will hurt Obama’s re-election chances,” said Jed Kolko, Trulia’s chief economist. “Although Washington and lobbyists have been debating the conforming loan limit, Americans would rather see more action to make refinancing easier and to deal with vacant homes.”

 

MULTIMEDIA

• To watch to a replay of Trulia’s Chief Economist Jed Kolko discussing the results of the survey and other insights into the real estate market (available after 12/14), click here.
• To download Jed’s presentation of the survey findings, click here.
• To download an infographic illustrating the survey findings, click here.
• To check out Trulia’s current and archived industry reports and consumer surveys, click here.

 

SURVEY METHODOLOGY
The November 2011 and February 2009 surveys were conducted online within the United States by Harris Interactive via its Quick Query omnibus product on behalf of Trulia, from November 17-21, 2011 among 2,207 adults (aged 18 and over) among whom 550 identified themselves as Republican and 678 identified themselves as Democrat, and from February 20-24 2009 among 2,076 adults 18 and over, among whom 573 identified themselves as Republican and 732 identified themselves as Democrat.

Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents’ propensity to be online.

All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words “margin of error” as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100 percent response rates. These are only theoretical because no published polls come close to this ideal.

Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in the Harris Interactive panel, no estimates of theoretical sampling error can be calculated.

ABOUT TRULIA, INC.
Trulia is the fastest growing online real estate resource, empowering buyers, seller and renters with smarter tools to help them find the right home. Trulia gives you the inside scoop to help you find the best place to live. Our smart and personalized real estate search experience brings together vital local information, community insights, market data and national listings all in one place. Trulia is headquartered in downtown San Francisco and is backed by Accel Partners and Sequoia Capital. 

 ABOUT HARRIS INTERACTIVE
Harris Interactive is one of the world’s leading custom market research firms, leveraging research, technology, and business acumen to transform relevant insight into actionable foresight. Known widely for the Harris Poll and for pioneering innovative research methodologies, Harris offers expertise in a wide range of industries including healthcare, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer package goods. Serving clients in over 215 countries and territories through our North American, and European offices and a network of independent market research firms, Harris specializes in delivering research solutions that help us — and our clients — stay ahead of what’s next. For more information, please visitwww.harrisinteractive.com.