July 16, 2020
AliExpress WW
Nearly Half Of Americans Consider Selling Home As COVID Crushes Finances

Nearly Half Of Americans Consider Selling Home As COVID Crushes Finances

AliExpress WW

How a virus pandemic has metastasized in recessiontens of millions of Americans have lost their jobs and are trying to service mortgage payments.

AliExpress WW

A new study suggests looking at poor households, reveals that of the 2,000 American homeowners surveyed, more than half (52%) of respondents say they usually worry about future mortgage payments, and almost half (47%) consider selling their home for the inability to service mortgage payments.

Study done by OnePoll and National Association of RealtorsIt was determined that 81% of respondents experienced unexpected financial stress due to the recession caused by the virus. More than half (56%) cut costs so they could service mortgage payments.

Since mid-March, or around the time blockages started, nearly half (47%) of homeowners have explored alternative ways of making money. About two-thirds of respondents (64%) started side projects, while 53% sold valuable items in addition to income.

“The quick and unprecedented impact of COVID-19 left many people in a financial crisis, and we want struggling homeowners to know they have options for help, especially during the month of home ownership,” said Vince Malta, president of the National Association of Realtors.

“Realtors and lenders can identify programs and assistance designed to fulfill loan obligations. Acting quickly, homeowners can stay in their homes and save the money they have already invested in it, ”Malta said.

From clothing (71%) and takeaway (66%) to streaming television (46%) and food (45%), respondents said their spending habits were significantly reduced so they could handle mortgage payments.

In a separate report, more 4 million homeowners are in a mortgage plan – representing 7.54% of all mortgages, late payments exceed the great recession, which peaked at 10%

Oxford Economics said 15% of homeowners lag behind their monthly mortgage payments in the form of a “tidal wave” of delinquencies that was similar to the forecast Moody’s Chief economist Mark Zandy, who said that up to 30% of Americans with home loans – or about 15 million households – can stop paying if the US economy remains closed during the summer or after.

A Google search for “sell a house” grew during the blocking.

All this says a lot about the economy: households have difficulties, they cannot afford real estate, consumption will remain low, since the prospects V-shaped recovery continues to weaken this year,

Source

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