Economy not recovering quickly enough to offset the damage done by coronavirus shutdowns
As the virus pandemic has metastasized into an economic downturn, tens of millions of Americans have lost their jobs and are struggling to service mortgage payments.
New research offers a glimpse into struggling households, discovers out of the 2,000 American homeowners polled, over half (52%) of respondents say they’re routinely worried about making future mortgage payments and nearly half (47%) considered selling their home because of the inability to service mortgage payments.
The study, conducted by OnePoll and the National Association of Realtors, determined 81% of respondents had experienced unexpected financial stress due to the virus-induced recession. Over half (56%) reduced spending so they could service mortgage payments.
Since mid-March, or about the time when the lockdowns began, nearly half (47%) of homeowners have explored alternative ways of making money. About two-thirds of respondents (64%) started side projects, while 53% sold valuables to supplement income.
“The swift and unprecedented impact of COVID-19 left many people in a financial emergency, and we want to make sure struggling homeowners know they have relief options, especially during Homeownership Month,” said the National Association of Realtors President Vince Malta.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
21 comments:
There is an easy solution. If payment history was good prior to COVID, offer refinances at today’s low rates, fixed and restructure the mortgages so people can succeed. There is so much banks can do to help their borrowers, including recasting the mortgage at a lower rate and longer term. It’s way cheaper than having homes go to foreclosure or turn into rentals. There will be increases on insurance premiums and I imagine the property taxes will rise. Be careful who you vote for in local and state elections. If it’s spenders like Day and Hogan you won’t see government tightening its belt. You’ll see more taxes.
And here is the point of the shutdown right here!!!! To take your wealth!!!! They said they would come for your savings and pensions and money years ago after they bailed out the banks and the housing industry!!!! Here it is, how they made you lose it all!!!! Even actual physical labor slaves didn't take this much for anyone!!! You all are some of the best slaves in history of mankind!!!!
Becomes a buyer's dream. Those with money of course. Like to see some Condos on the island and homes in OP get dumped for future investments!!!!
But if almost half want to sell who is going to buy?
Sold my house in May. Took 4 days. Done with wicomico county. Done with SALISBURY. Stoogeville.
Very sad for some 🙏
Exactly why I’ve saved.
4:25-agreed! I was under contract and closed in less than 30 days about 7 years ago. My only regret was that I didn’t do it sooner.
Banks to the rescue,NOT!They have already suspended credit lines and stricter lending guidelines.
I have a trust fund and all my homes are paid for and I have never worked for anyone I have always been the boss. I sometimes do pet projects to spend money because I’m awesome.
✔️✔️✔️
I bought a house for my mother from the bank. The white trash that lived there with I guess a sub prime loan took every appliance,fixture,light switch, the copper pipes,the water pump, garage door and even the mailbox and tried to flood the house.
5:11 you must be smarter than I. It took me till 2020 to figure it out. I'd probably would have much less stress. But like you. Living the life now. Happy wife. Happy Life.
We’re planning our escape as well
Lol
I bet you have registered little hands too LOL
Like was said 'buyers market'! Everyone loses but the wealthy and the banks!!!
How do you flood a house with no pipes or water pump?
" Anonymous said...
How do you flood a house with no pipes or water pump?
June 22, 2020 at 9:36 PM"
Duh! You certainly aren't Einstein's cousin are you? It's not like it's rocket science. The flooded happened BEFORE all that was removed or while it was all being removed. Again not rocket science.
Good luck. You won't regret it.
And then you opened a bar in West Ocean City
Post a Comment