Poll: Nearly one-third of homeowners underwater on mortgages

Nearly one-third of American homeowners say they owe more on their mortgage than their home is worth, according to a new poll.

Rasmussen Reports found that of 720 homeowners surveyed, 31 percent reported they were "underwater" on their mortgages. Another 53 percent said that their homes were now worth more than the amount they borrowed to buy it.

The survey serves as the latest indicator of the housing market's continued struggles.

Even as the economy has begun to recover, housing prices continue to fall nationwide as that sector of the economy has struggled to dig itself out from the deep foreclosure crisis. The National Association of Realtors reported earlier Monday that existing home sales dropped in February, reversing course after three months of gains.

However, Rasmussen's poll indicates that widespread foreclosures could be a thing of the past. Although nearly a third of homeowners owed more than their homes are worth, just 13 percent predicted it is likely they will miss or be late on a mortgage payment in the next six months. Just 4 percent said it is "very likely" they will miss a payment, while 84 percent said that they expect to continue making mortgage payments on time.

The survey also indicates that the public is not overwhelmingly supportive of government efforts to help struggling homeowners make mortgage payments. Of those surveyed, just 22 percent said the government should assist struggling homeowners with meeting high mortgage payments, while 64 percent believe it is better for the homeowner to sell the pricey home and find a more affordable one.

That revelation comes as the administration works to defend several of its housing relief programs. The House has passed three bills, each of which would eliminate a program designed to help Americans recover from the housing crisis, with a fourth slated for consideration when lawmakers return in the beginning of April.

The bills are being pushed by Republicans, who argue the programs are costly and ineffective. However, the administration has threatened to veto each bill, making it unlikely any will become law.