Based on current economic conditions, I’m not sure if it would make a difference
Exclusive: 64% of Americans would welcome a recession if it meant lower mortgage rates
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 buying 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.
“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, you know the situation is dire.”
In the 1970s and 80s, the average rate was in the mid-7’s. The 90’s saw 10%, ending around 8%. 2000’s were 8%, ending in the mid 5’s. 2010 started at 5.14%, ended at 3.72%. In Joe Biden’s years, it’s now in the 7’s. Rates were pretty low from the 30’s to early 60’s, when they started cracking the 4’s. Of course, the points made them higher back then.
The problem now, though, is that inventory is super low, thanks to the Wuhan Flu shutting down most things associated with building homes, including building homes. And taken altogether, it spiked home prices. I know mine is now worth over 2.5 times what I bought it for in 2009.
Would a recession really help? Would it really bring down interest rates? The US was technically in recession during the Biden regime years. A minor one, but, still a recession. And the fed kept raising interest rates. Typically, rates are lowered in recession, but, that would also mean fewer homes being built because people are out of work. But, depending on the severity of the recession, some homes would become available due to people not being able to pay their mortgage. It just goes to show that people are so narcissistic these days that they want this to happen.
Fortunately, Joe’s out there trying to force people into EVs and public transit, taking away their lawful firearms, and pushing trans surgeries for children. He’s on the case!
Read: Oh My: 64% Would Be Good With Recession If It Lowers Mortgage Rates »
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