RE: Cash purchases of homes on the rise
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It's sad but it makes sense. On another note, I also read several stories of people investing their stimulus check and creating a company that's doing well. So there will most likely be plenty examples of people investing smart, starting companies, maybe had a few crypto coins mooning.. either way, it's great that less people are closing on mortgages. Even if the taste may be bitter sweet :(
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Yeah, there is the possibility that some people made some really good investments with the stimulus money. Mine went mostly to paying off debt and building my emergency fund.
we didn't get any of that here, what we did get was also great and didn't hear it anywhere else honestly, we didn't have to pay loans/creditcards/mortgages etc.. so that's why I didn't pay any of that since the pandemic at first, to give ourselves some financial relief. Now things are going uphill financially, I took the first opportunity to pay off the creditcard first half, and will pay the remaining off in the next week. but the fact that people didn't have to pay that stuff was something that helped a lot of people, I'm sure..
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That is really cool that they did that for you. Sounds like you used that benefit wisely!
I think a lot of people were helped, because for example, home owners didn't have rental income to cover their mortgages. Normally they would receive rent most of the months, but now they didn't have anyone renting their apartments because they had to leave the country or were stuck somewhere in the world (a lot of this happened during first wave)..
I can imagine they were defo helped by this moratorium. They also extended it and it will now end in August, but families with small children can continue using it as well as other people that are struggling financially. Honestly, it's probably one of the most helpful things they've done during the pandemic to help the people out. Unfortunately, still many businesses didn't survive, as they can't survive on being open just a few months a year. It's sad..
I think the only problem I see with this is you are just postponing things, you aren't really eliminating the problem. Just pushing it. Perhaps I am wrong. Mortgage/Loan forgiveness would have had a greater impact I think.
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