Wowzeee Wah Wah . . . Nat. Mort. News reports 62% of Americans who recently purchased homes in 2022 and 2023 (at super-low rates) are not managing to make their mortgage payments!

Economy
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I sincerely hope this survey is mistaken.

A LOT of Americans got a really good deal on mortgages and could substantially improve their lives permanently and perhaps intergenerationally if they can just hold-on.

These are not ARMs. This is not 2008.

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I suspect a lot of home buyers do not look at the ongoing costs of owning a home past a mortgage payment.

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People do the same thing with cars (why people buy twenty year old Benzes I’ll never understand), so I’m not surprised about that.

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National Mortgage News is reasonably reputable.

Their source for this news is something called “Clever Real Estate.”
I have never heard of them.

I can only hope that “Clever Real Estate” is wrong, and that National Mortgage News had a brain fart in posting their survey (or had multiple disclaimers behind the paywall.)

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Too many people think they can keep living a spendthrift life after buying a home.

And I wonder what survey respondents consider “struggle”. In many cases, today’s culture doesn’t really know what struggle is.

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So you wanna own a home, eh?

You’d better get real good at fixing ■■■■ real fast or you’re gonna hate the reality of it all. :wink:

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Good news? Housing prices may take a dip for prepared buyers waiting on the sidelines? Mama might finally get that lake house.

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I dunno man, I’ve had this one paid off for long enough to get comfortable having that pesky extra spending cash laying around all the damn time. lol

I still do want that lake house though, but I’m not sure if I wanna rebuild another house either. This one is humming along great after 9 years and 50k in upgrades/repairs.

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Same boat, mine has a little more water in it. I was talking about mine. She’s been pining for one since we met. I wouldn’t mind it, for the right price…

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Honestly, she’d sell our place right now for that lake spot. 2 against 1, my son and I would rather have the land. Lots of 4whelling and dirt biking days ahead.

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I also bet a lot of people just breeze past HOA fees. My sister just did that with a $450/month fee. I was speechless.

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That’s a used Miata payment and insurance monthly. And unlike a HOA a Miata will put a smile on your face every time you take it out for a drive.

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Right? They’re bananas, but they are also the kind of people who can’t be told a damn thing, you know? So, I just wished 'em luck.

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$450 is insane. Then again I would never live in an area with a HOA.

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Same.

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not sure this matters as long as everyone’s super-woke

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It’s the being surrounded by people thing for me. I can get along with anyone, and I can work a room like a boss, but I just prefer not to. Maybe when I’m too old to manage the land on my own (ain’t happening anytime soon).

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We can just see our neighbor across a 200 acre field in the winter. Otherwise, it’s pee off the front porch season all year long.

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I’m sure some bought too much of a home and didn’t count on inflation as well.

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It is no longer in American nature to say
“Wow homes are cheap. I’ll buy the same-sized home or slightly larger and save some money as a safety cushion.”

We have not thought that way for several generations.