Buying a Home Called a “Foolish Mistake” | Bedford NY Real Estate

Buying a house make a national list of the most foolish mistakes American adults feel they have made, according to a survey released to coincide with April Fools’ Day.

Nearly half of U.S. adults said they have made a foolish financial mistake they wish they could undo, according to a national survey by Harris Interactive conducted earlier this month.

Some 4 percent of the 2,216 adults participating in the survey said buying a house was a foolish financial mistake. Most of those were under 45 years old, equally split between men and women . Since 2007 4.2 million families has lost their homes to foreclosure, and millions more to short sales.

Other mistakes ranking high on the list were:

  • Purchasing unnecessary items – 49 percent
  • Not using coupons as much as I should – 28 percent
  • Overdrawing my bank/checking account – 24 percent
  • Only making minimum payments on credit card each month – 22 percent
  • Making late payments on credit cards – 20 percent
  • Making late payments on basic bills like insurance, utilities and rent – 18 percent
  • Loaning large sums of money to a friend or family member that wasn’t paid back – 17 percent
  • Not knowing what my credit score is – 14 percent
  • Not having adequate insurance coverage – 10 percent
  • Borrowing large sums of money from a friend or family member that I couldn’t repay – 7 percent
  • Invested in the stock market – 6 percent
  • Co-signing on a loan that was defaulted – 5 percent

“Amid the hectic pace of everyday life, financial slipups are bound to happen,” said Jackie Warrick, senior savings adviser at “What’s most important is for consumers to be well-educated on money matters and prevent small mishaps from affecting their long-term financial health. Consumers are turning to a variety of resources, including mobile apps, financial professionals and social media sites to keep them in-the-know.”

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