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Buying a home called a 'foolish mistake'

By REAL ESTATE ECONOMY WATCH   |   April 1, 2013 at 5:14 PM

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 CouponCabin.com. “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.”

“Amid the hectic pace of everyday life, financial slipups are bound to happen,” said Jackie Warrick, senior savings adviser at CouponCabin.com, sponsor of the survey. “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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