64% of Americans Are ‘Ready for a Recession’ If It Lowers Mortgage Rates

[1srelluc]

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.

 

[JoeB131]

That's why you buy now and refinance when the rates go down.

 

[1srelluc]

That's why you buy now and refinance when the rates go down.

I doubt they would have the cash for closing costs.

 

[White 6]

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.

DING DING DING, WINNER! I knew the minute I saw your title it was going to be 64% that did not live the inflation years and shitty job market, from Carter to almost the end of the Reagan years. My mortgage started at 10.5%, FHA/VA.

 

[1srelluc]

DING DING DING, WINNER! I knew the minute I saw your title it was going to be 64% that did not live the inflation years and shitty job market, from Carter to almost the end of the Reagan years. My mortgage started at 10.5%, FHA/VA.

Yeah, Virginia ran a special program for their employees but you had to sign-on for three years of state service. It was just one year if you already had three in like I did at the time.

 

[Donald H]

I doubt they would have the cash for closing costs.

64% and more Americans have been as desperate for years, due to income inequality. That's getting right to the point of the dysfunction and the irrational politics.

Biden's replacement could cause the stampede I've predicted as a possibility for a way out for America.

And especially needed is a way out of America's proxy war against Russia.

 

[JoeB131]

I doubt they would have the cash for closing costs.

How is that going to be fixed by a recession, exactly?

The real problem is that is a case of the market creating a bad situation.

We don't build the practical bungalow anymore, like the ones that dotted the Chicago Neighborhood I grew up in.

We build the huge McMansions, because those are profitable, and we wonder why no one can afford them. Of course, no one could afford them back in 2008, when they crashed the market, but before that, everyone thought they could flip their house in a few years.

 

[White 6]

Yeah, Virginia ran a special program for their employees but you had to sign-on for three years of state service. It was just one year if you already had three in like I did at the time.

Ah, nothing like being in the right place at the right time to get a 9.5% mortgage, eh?

 

[1srelluc]

Ah, nothing like being in the right place at the right time to get a 9.5% mortgage, eh?

Yeah, i really thought I had something.

 

[1srelluc]

How is that going to be fixed by a recession, exactly?

The real problem is that is a case of the market creating a bad situation.

We don't build the practical bungalow anymore, like the ones that dotted the Chicago Neighborhood I grew up in.

We build the huge McMansions, because those are profitable, and we wonder why no one can afford them. Of course, no one could afford them back in 2008, when they crashed the market, but before that, everyone thought they could flip their house in a few years.

Well you could flip them and use the equity to buy a bigger place or the same size with acreage.

Hell i knew couples that lived out of shipping boxes till they got the place that they wanted.....Then promptly got divorced.

Pro-tip stay married if you want to get ahead or make sure you marry into money. I bet a full half of my peers are still working due to poor choices in females that cost them half their shit, sometimes more than once.

 

[White 6]

Yeah, i really thought I had something.

Heck, I did too, at full point worse than yours. But, you and I knew people that paid even higher rates, that would have kept people like you and me living in mobile homes in the country, and I did that too, before I bought. I've never rented for more than 7 months collectively in my whole life. Could never imagine throwing the money away to somebody else, with nothing to show for it, month after month.