64% of Americans Are ‘Ready for a Recession’ If It Lowers Mortgage Rates
It's no secret that the road to homeownership has been an arduous one for many Americans. Soaring mortgage rates, inflation and lack of inventory have left many would-be homeowners on the sidelines in...
finance.yahoo.com
Buying a home has become so unaffordable that most prospective homebuyers wouldn’t mind a recession if it meant lower mortgage rates, according to a new survey.
Sixty-four percent of Americans say they are “ready for a recession” if they are better able to afford to buy a home, according to a study conducted by Harris Poll on behalf of Credit Karma, designed exclusively for USA TODAY.
As homebuyers grapple with near 7% mortgage rates and home prices continue to hold firm due to a lack of inventory, the picture is looking grim for those looking to buy a home.
Not surprisingly, 82% of those surveyed believe the country is facing an unprecedented housing affordability crisis. Perhaps that’s why more than 3 in 5 Americans who have never purchased a home (61%) don’t think they’ll ever be able to afford to do so.
The poll was conducted between May 24-26, among 2,053 adults ages 18 and older, of whom 264 have purchased a home in the past two years, and 579 plan to purchase a home in the next three years.
“There is no denying how difficult it’s become to purchase a home in America today, especially for first-time buyers,” said Aniva Hinduja, general manager of home and mortgage at Credit Karma. “When a majority of potential home buyers are wishing for a recession so they can afford a mortgage.
Damn, 64% of Americans must not know that housing will go up due to a recession.
Wealthy people will buy up even more of the housing stock, pricing you out. That's why it is so high now.
My first home mortgage rate was 9.50% (Carter years) and I was damn glad to get that through the state of Virginia.
LOL....They don't realize that their dream home is just a part of some rich guy's stock portfolio.