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. – READ MORE
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