The House that Swallowed Don and Shelly Cruz
The winners of a TV dream home have seen their giant fantasy house become a financial nightmare.
I really hope this isn’t representative of America right now. The wife is a secretary, the husband stays at home and doesn’t work, the kid is 10 years old they have hired help for housework (what does dad do again while kids at school and wife is working?). They can’t even sleep in the master bedroom because dad needs to be closer to 10 year old son whom he obsessively watches via live video feed? Thousands for electricity every month? Seven cars for two adults? $3k/month for “upkeep”, $7k/year for home insurance? These people are idiots. Took out a million dollar loan to pay $672,000 in taxes. I suspect these guys will blow everything even after moving back to their old house.
But the important part of the article:
“But like the Cruzes, millions of Americans may soon find themselves struggling to pay the bills for a house that's bigger than they really need and suddenly more expensive than they can afford.
Blame the strain of gigantism that has crept into U.S. home design, as well as rising interest rates and the expiration of low-rate introductory periods on popular adjustable-rate loans.
Economy.com estimates that at least 1 million homeowners will see their house payments double in the next two years. A study by First American Corp. suggests that one in seven who have recently taken out adjustable-rate mortgages will have trouble making their payments.”