-Orlando Miner, YouTube 2025
Mortgages are supposed to be steady and stable and provide a path to homeownership for the common man. This is no longer the case in the United States, and anyone who has bought a house in the past few years will understand.
Houses have increased in price rapidly as inflation has eroded the purchasing power of the dollar. In the same time period, disasters have leveled houses and insurance companies are trying to recoup money and keep profits elevated. As housing prices (values) have increased, so has land tax leading to a bigger mortgage payment due to escrow shortage.
I wish someone would have explained escrow shortage to me when I purchased my first home. The problem was it was in a HCOL and at the top of my purchasing power.
House prices need to come down, and they will as more people are laid off. My house has doubled in assessed price and this puts me at risk for an increased mortgage payment amidst a sea of economic uncertainty and layoffs.