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Thread: Half of U.S. homeowners struggle with mortgage due to COVID-19, consider selling home

  1. #11
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    Quote Originally Posted by John Galt View Post
    Maybe in the mid 2000s, but this is different.
    From my experience here, people are buying to much house.

    I may be a cheap ass, but my mortgage is around 10% of my monthly income.
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  3. #12
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    John Galt's Avatar Banned
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    Quote Originally Posted by Peter1469 View Post
    From my experience here, people are buying to much house.

    I may be a cheap ass, but my mortgage is around 10% of my monthly income.
    Thankfully, I have clear title on my properties now. But, I do the same thing with my vehicle payments. I can't burden myself with a payment that I might not be able to cover in the near future, given an unexpected event.

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    Tahuyaman's Avatar Senior Member
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    Quote Originally Posted by Peter1469 View Post
    Too many people bought too much house. That is their problem. Not mine.
    This current condition was brought on by this irrational shutting down of the US economy.

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    Quote Originally Posted by Peter1469 View Post
    It is still a sellers market here. You are right, this is a regional issue.
    In my town it is also a sellers market. Homes here generally cause a bidding war. This is because we are right across the bay from Seattle and there's a ferry system in place which is excellent for downtown commuters. Middle and working class people are being priced out of Seattle and the greater settle area.

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    Quote Originally Posted by Tahuyaman View Post
    This current condition was brought on by this irrational shutting down of the US economy.
    True. But if you sink a large percent of your take home pay into your mortgage you are asking for an ass reaming.
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    Quote Originally Posted by John Galt View Post
    Thankfully, I have clear title on my properties now. But, I do the same thing with my vehicle payments. I can't burden myself with a payment that I might not be able to cover in the near future, given an unexpected event.
    Ditto.
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

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    Quote Originally Posted by DGUtley View Post
    Ditto.
    I live by the motto "s h i t happens".

    Because it usually does. At the worst possible time. Which is why I keep furnace/well parts in stock at all times. Because it usually happens on a Sunday.

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    Quote Originally Posted by John Galt View Post
    I live by the motto "s h i t happens". Because it usually does. At the worst possible time. Which is why I keep furnace/well parts in stock at all times. Because it usually happens on a Sunday.
    Yes it does. When we were younger and Mrs U said ‘We have money left from pay’ invariably the car or washer or one of the kids would break.
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

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    I think that the real-estate market is pretty hot everywhere still.

    But the evictions are going to start soon, and that will start moving back the other way.

    Add to this all of the people that are going to be 3 and 4 months behind on the mortgage, most bank are not going to be able to show that much past due on the books.

    Fall of Summer of 2022 should be the next great Housing Fire Sale brought to you by the Democrats.

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    Quote Originally Posted by Peter1469 View Post
    True. But if you sink a large percent of your take home pay into your mortgage you are asking for an ass reaming.
    Sure if you unexpectedly lose your income. That can happen even if you are or were living frugally.
    Last edited by Tahuyaman; 06-27-2020 at 06:44 PM.

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