Posted on 04/13/2010 5:17:11 AM PDT by Red in Blue PA
More than two thirds of Americans who've been unable to sell their home and buy one that better fits their needs have cut back on household expenses such as food, entertainment and clothing in order to pay their mortgage, a survey released Tuesday shows.
Homeowners who have fallen on financial hard times have made other sacrifices and lifestyle changes: About a third have downsized to a smaller home or delayed expanding their family as planned. And, a quarter of homeowners who want to sell their current home and buy another say they need to make the move in order to lower their monthly expenses due to financial problems.
The survey, conducted for Move, found wide-ranging concerns about the financial condition of homeowners in a challenging economy, but also unearthed evidence of increased demand among investors in residential real estate.
(Excerpt) Read more at cnbc.com ...
If homeowners could confiscate money from their neighbors like the government does, they wouldn't need to downsize.
Government isn’t doing cutting back because many of the same people who are personally cutting back still want the same folks running things who ran up the bills in the first place.
They are all looking for ways to raise taxes.
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