Buyer's Remorse Takes Many Forms

 

From Yahoo finance: "Purchasing a home in a rapidly appreciating and hypercompetitive housing market can feel like winning the lottery. But a new Zillow survey found that 75% of Americans who bought a home since the pandemic have buyer’s remorse."

I have to admit that I sometimes get a sense of schadenfreude when I witness some snot nosed know-it-all ass clown agree to an $800 per month F-250 King Ranch payment for 84 months or a young couple throw $25,000 (often borrowed as well) into a wedding day for a marriage that will likely last 10  years at best.  The greatest comedy is watching a young, Biden voting, BLM supporting couple with student loans, car payments, an increasingly high cost of living at the gas station and small children sign up for a debt that is clearly going to break them so that they can live in their "dream home" (which very often becomes a nightmare for at least one of them if not both).  It may have been clearly unsustainable to any casual observer but still, they press forward with the execution of the mortgage.  The debt will likely contribute toward their family breaking down.  Surely, some older and wiser member of their family has cautioned them against their decisions and yet they press on with an arrogance held mostly by younger people.

If you're going to be stupid, you had better be tough.  

In this credit mania chasing all things, I'm waiting for the other shoe to drop where the roles are reversed and there is an uprising of the indebted class.  If they co-ordinate their efforts and default en masse, they can in fact "stick it up the banker's ass" as the banker/debt servicer is ill equipped to handle massive defaults all at once.  In effect, the debtors can break the bank.  Witnessing such an event would give your old Uncle Kenny an even greater sense of creamy satisfaction.

More from Yahoo: "Additional key findings include that 81% of buyers said they had to make at least one compromise in order to afford their home, 39% ended up in a location that increased their commute time, and 32% purchased a home that was smaller than they initially planned to buy. "