They were stupid. They got caught up in a frenzy of greed and envy. I tried to tell a few of them. My kids for one.
They may be able to keep up the payments and that may be our only hope but they are stuck with them now. Stuck until the mean catches up with them.
Tax rates on these inflated millstones will never go down though. Neither will mine no matter how little I paid for it.
Life sucks. Nothing is fair.
Same thing here. My niece and husband bought a $750,000 house in the suburbs of Denver in May 2022 with a 3% mortgage.
The house is probably now worth $500,000.
Like so many others they got caught up in the buying frenzy without thinking about the fact that interest rates will not remain at low rates forever.