How to Save Your Family from Mortgage Crisis
By Laura K. Smith, Associated PressA new report from property consultants M4 Property Consulting says millions of Americans will likely need to pay tens of thousands of dollars more for their home in the coming years as the housing market adjusts to a new mortgage.
The firm, which has worked with some of the country’s biggest lenders to help them navigate the fallout from the financial crisis, says the median price of a home now sits at $205,500, which is more than double the average income in the U.S.
M4 Property, which offers financial services to investors, predicts that average monthly payments will climb as the economy improves, but the cost of financing will increase.
For the median home owner, the average cost of mortgage payments in 2019 is $4,700, according to M4.
That is up by $1,100 from the previous year.
For homeowners in families earning $50,000 or less, the median monthly payment is $1.3 million, compared to $1 million last year.
The report also says the average home price will jump about $4 billion in 2019, from $204,800 to $260,900.
That compares to an increase of just $2 billion in the previous 12 months.
The average mortgage payment in 2019 will be $1.,300 more than in 2018, according M4’s annual Mortgage Report, and the median house price is $9,600 higher than the previous two years.
M4 says it expects that number to increase even more, but that it expects a recovery in the economy to help, and it says mortgage defaults will be low, and there will be no long-term spikes in prices.
The number of foreclosures is also expected to decline, M4 predicts.
It says it is forecasting an average of about 4,400 foreclosings per year in 2019.
Maintaining home equity, however, is still going to be a major challenge.
The report says that many families will need to take out mortgage-only loans to stay afloat.
Mapping the foreclosure crisis in 2018The report is based on a survey of more than 3,000 homeowners nationwide.
It is the first in a series of reports by M4 and other property and financial advisers that have been released this year.
The firms said their report is the result of more interviews with homeowners and financial experts, and that they worked closely with government agencies and other sources to compile the survey.
For many people, the housing crisis has been an expensive burden.
The median home price in the United States has risen by about 20% since the housing crash of 2008.
About 15 million homeowners have been forced to foreclose on their homes because of the crisis, according in the survey released Monday.
In the 10 years since the crisis began, home prices have more than doubled.
The median home value in the country rose by more than $100,000 between 2009 and 2019.
About 9 million people are now underwater on their mortgages, according the survey, which was conducted by PWC Analytics and commissioned by Maintainsafe, a nonprofit housing agency.PWC said it is not yet certain whether the housing collapse has been particularly costly for those who have lost their homes.
For instance, there is some evidence that those who lose their homes at higher rates than those who remain on the market tend to have more wealth.
However, for people who have been in the housing boom longer, it is clear that the financial challenges have been particularly burdensome.
The survey also found that nearly a quarter of Americans have been unable to pay their mortgage because of foreclosure.
M1 Credit Union, which provides loan assistance to millions of borrowers, said that about 13 million Americans are now in foreclosure, and more than 9 million have experienced significant loss of home equity since the recession.
The survey found that about 9% of the homeowners in the sample have been foreclosed on, and nearly half of those people have experienced severe financial hardship.