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

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

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

    This will be a good time to buy if you are able. Get a good deal off other's misfortune.

    The coronavirus pandemic has been devastating for the United States economy. A new study finds the crisis could soon cause a big shakeup in the real estate market. As homeowners struggle to pay their bills, researchers say many Americans are thinking about putting up the “For Sale” sign.

    A survey of 2,000 American homeowners found that 52 percent are constantly concerned about making their mortgage payment on time. Forty-seven percent of the poll say they’re considering selling their home because they can’t afford their mortgage anymore.


    Researchers say 35 percent of U.S. homeowners admit they’ve missed a mortgage payment during the pandemic. The same amount of respondents said they worry about losing their home because of the financial situation COVID-19 has put them in.


    The poll, commissioned by the National Association of Realtors, also found that eight in 10 homeowners say the COVID-19 pandemic has caused an unexpected financial problem in their lives.


    Cutting back to make the mortgage
    Read the rest of the article at the link.
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    Quote Originally Posted by Peter1469 View Post
    Half of U.S. homeowners struggle with mortgage due to COVID-19, consider selling home

    This will be a good time to buy if you are able. Get a good deal off other's misfortune.



    Read the rest of the article at the link.
    Are you going to look for your retirement home?
    Cutesy Time is OVER

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    Quote Originally Posted by countryboy View Post
    Are you going to look for your retirement home?
    No, I am 5-6 years out. And I will probably buy new anyway.
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    One thing that is scary is that depressions usually take 18 -24 months to become apparent. This bit of information is scary as it shows at in about 18 months there will be gluts of housing, high unemployment, etc. etc..
    "Don't piss down my back and tell me it's raining"----Fletcher in The Outlaw Josey Wales

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    Quote Originally Posted by Admiral Ackbar View Post
    One thing that is scary is that depressions usually take 18 -24 months to become apparent. This bit of information is scary as it shows at in about 18 months there will be gluts of housing, high unemployment, etc. etc..
    Too many people bought too much house. That is their problem. Not mine.
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    Quote Originally Posted by Peter1469 View Post
    Half of U.S. homeowners struggle with mortgage due to COVID-19, consider selling home

    This will be a good time to buy if you are able. Get a good deal off other's misfortune.



    Read the rest of the article at the link.
    There's no sampling for this poll, so I can't comment on the actual polling data. I think we'll find that this is regional. The obvious question would ask what these homeowners would save on escalating rents, as landlords are either not getting paid right now, or are in a position to raise rents as rental properties become more rare.

    In NY, it's a sellers market as many NYC residents are fleeing the city and grabbing up homes in the suburbs or even 100 miles from the city. Homes are selling as soon as they hit the market. It might benefit those the survey addresses, as they will get top dollar for their home if they do decide to sell.

    Compounding the problem is that many have car payments that are almost as high as their mortgage payment. We're going to have to see more help from Fed. programs for those who cannot make their mortgage payment. Banks made billions in fees during the first bailout program. That should be stopped in any future programs.

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    Quote Originally Posted by Peter1469 View Post
    Half of U.S. homeowners struggle with mortgage due to COVID-19, consider selling home

    This will be a good time to buy if you are able. Get a good deal off other's misfortune.



    Read the rest of the article at the link.
    Paid cash for this place. No mortgage. And I bought it at a real good price. About 50% value. This will be the last place I live.
    Let the housing situation take its dive, wont bother me one bit...............
    For waltky: http://quakes.globalincidentmap.com/
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    Quote Originally Posted by Peter1469 View Post
    Too many people bought too much house. That is their problem. Not mine.
    Maybe in the mid 2000s, but this is different.

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    Quote Originally Posted by Admiral Ackbar View Post
    One thing that is scary is that depressions usually take 18 -24 months to become apparent. This bit of information is scary as it shows at in about 18 months there will be gluts of housing, high unemployment, etc. etc..
    This is not a regular recession.
    Liberals are a clear and present danger to our nation
    Pick your enemies carefully.






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    Quote Originally Posted by John Galt View Post
    There's no sampling for this poll, so I can't comment on the actual polling data. I think we'll find that this is regional. The obvious question would ask what these homeowners would save on escalating rents, as landlords are either not getting paid right now, or are in a position to raise rents as rental properties become more rare.

    In NY, it's a sellers market as many NYC residents are fleeing the city and grabbing up homes in the suburbs or even 100 miles from the city. Homes are selling as soon as they hit the market. It might benefit those the survey addresses, as they will get top dollar for their home if they do decide to sell.

    Compounding the problem is that many have car payments that are almost as high as their mortgage payment. We're going to have to see more help from Fed. programs for those who cannot make their mortgage payment. Banks made billions in fees during the first bailout program. That should be stopped in any future programs.
    It is still a sellers market here. You are right, this is a regional issue.
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