July 19, 2024

homeownersIn a survey poll conducted by AOL and Zogby consisting of 6,672 participants, 22 percent believe they would lose their homes were they to experience an unexpected short-term job loss. Thirty percent said they were working paycheck to paycheck to cover housing costs and  30 percent said they knew someone who has gone through or is being forced to sell their home due to a foreclosure.  Also, when asked if they would sell, 67 percent said they would turn to the internet first.                       San Diego real estate

4 thoughts on “Homeowners … 30% Working Paycheck to Paycheck

  1. Dummies should have made sure they could afford houses before buying them. Lenders should have been more analytical is choosing borrowers who really had the capacity to repay loans at whatever the maximum interest rate could be after any teaser rate ended. Fools–all of the players in this drama are fools.

    Cosmetic Surgeon

  2. In any case it is NOT a plateau – it ‘may’ be a bottom! I am not a doom-and-gloom guy, but real estate is not the investment of the future. ONLY if you can afford a house, even with lost income for several months, and you expect to live in the same area for MANY years should you buy. And an concrete example (my experience renting): the owner bought in San Carlos (public record) in 1998 for $1.4M, sold in 2007 for $1.8M — having collected ~$400K in rents, paid $110 in selling commission, 120K in taxes, $25K in insurance, and about $50K in maint. net in (400-110-120-25-50=95K) Assuming 100% interest-only loan at 6%:interest payment: $84K/year; $672K; even at 50% tax savings (net of rent) cost= $536K (part of which will have to be paid at sale IF there is any gain) so 95K-536K net expenses $440K ; IN ESSENCE NO GAIN (if not a loss) AND that in a time when prices were RISING rapidly.

    Bail Bond Provider

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