The unexpected phenomenon has appeared in China's property market, which has attracted people's attention
Article Lao Mo.
Let's be honest, even if we look at the last 20 years, we've been emphasizing high house prices and grossly ignoring them"High mortgages"。
Excuse me, who is most affected? I'm sorry, but I think the impact of high mortgages is much greater for us workers than the impact of high housing prices.
The reason is very simple, as long as you feel that the house price is high, the problem is not to buy a house, but the mortgage is high is completely different, because if you can't afford to buy a house, not only will you lose time, but more importantly, even the down payment will be lost.
Recently, Caijing published an article that shocked me even more, and these two points are the most fundamental:
1. The default rate of personal mortgage loans has risen to a new high in the past four years;
2) The risks associated with individual mortgage supports** by banks have deteriorated significantly.
Honestly, although it didn't show up"Broken loans", but the number of defaulters is increasing. In mid-December this year, the total housing loans of eight Chinese banks were 22.5 billion yuan, well above the 8.4 billion yuan in 2022.
The concept is new. In fact, to put it bluntly, banks are going to great lengths to deal with non-performing assets, which bypasses the fact that many of us are under tremendous repayment pressure.
In this case, it may also have an impact on the evolution of our real estate market.
01 The fact that you can afford to buy a home will discourage many people from buying a house.
Let's do the math first to understand the impact of a bad mortgage. Let's say you bought a house worth $2 million three years ago and took out a loan of $1.4 million, the total mortgage for those three years is about $2550 thousand.
Now, he has lost his job and can no longer afford to pay his mortgage, but the house cannot be sold, so it has to be dismantled and auctioned. The auction price is usually about 75% of the market price, which is 1.5 million, and the end result is that the bank gets 11450,000 for the remainder of the mortgage, while the buyer can only get 3550 thousand.
Before and after, he lost a total of about 500,000, and this does not include factors such as credit, difficulties in obtaining a loan to buy a house later, etc.
If you think it's too big, please indicate it separately in the comment section and we'll calculate it together.
If the down payment is not enough, the mortgage can take 20 to 30 years to pay off, which is why many people have the money to buy a house but don't.
02 The rise in mortgage defaults reflects a problem for many.
To be honest, many people have not yet come out of the transformation of the real estate market and still think that as long as they buy a house, no matter how much they borrow, they can invest successfully. In reality, this is not the case.
Let's be clear: from a stability standpoint, it's always better not to buy a house than to take out a highly leveraged loan.
In fact, many people overestimate their income when buying a house, so it is inevitable that they will encounter this problem. In this case, how can you avoid it? My advice is simple: be sure to keep your budget as low as possible and never overstate.
Many people have this problem, especially when buying a new home, the seller and the real estate agent often fight on both sides, leaving you with no opportunity to think. My friend has encountered this situation, at first he just wanted to take a look, and finally signed the contract and paid the money to react, what made him even more angry was that at first his budget was only 2 million, but in the end he was deceived into buying a house of 2.3 million.
Luckily, since 2019, his income has immediately decreased by 30%, leaving just over 8,000, and although the mortgage interest rate has dropped, the monthly payment is still over 7,000.
Now I don't have to pay the mortgage, I have to rely on my parents to support me, and it's too difficult to survive.
IMO: In fact, the delinquency rate for personal home mortgages has risen to a four-year high. This is not too surprising, after all, in the past, housing prices were high, interest rates were high, and monthly payments were high, and in recent years, incomes have plummeted, and even some people have no income and cannot afford to pay it back.
Therefore, I would like to advise everyone once again that if you not only have to spend all your savings on buying a house, but also do not know how to repay the mortgage in the future, then seeking stability is also a good option.
It's not our fault that housing prices are high, but it's our fault if we know we can't do it.
We need more comfort than that little illusion on our faces.
What are your thoughts on this?
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