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Foreclosures Set Record High in July

Gone Are the Days of the McMansion?

US home foreclosures are still occurring at record rates. July's foreclosures were up seven percent from June and 32 percent from a year earlier — one in every 355 households with a loan got a foreclosure filing. The jump can be partly attributed to the rising unemployment rate as people lack wages to pay their mortgages.

The good news is that new homes being built are seven percent smaller (about the size of one average-sized room) than homes built in the last 15 years. Hopefully, the downsizing means some people are smartening up and not biting off more than they can chew.

Sarah Susanka, author of the book The Not So Big House, commented, "As more and more people build or remodel homes that satisfy in quality rather than quantity, there will be a huge shift in what we perceive as desirable." What do you think — will there be a permanent shift to more modest homes?

Image Source: Getty
lilkimbo lilkimbo 8 years
I love, love, love older homes. My plan is to buy an older rowhouse that doesn't need much/any work, but that still has room for improvement/personalization.
Nyrina-Windu Nyrina-Windu 8 years
I'd rather build but I don't want something so insanely large that I would hate to clean it, and would have to have people come in and do it for me.
syako syako 8 years
I always say to each his own... But I never understood the appeal of McMansions. Our plan, when we're ready to buy, is to build our own small and awesome house the way we want it. :)
pearsbeary pearsbeary 8 years
isn't the upkeep of a mcmansion crazy? i'd rather have something more reasonable and use the money elsewhere =)
Spectra Spectra 8 years
I'm glad to see that the McMansion trend is going away. Once you have all the basic rooms in a house, how much extra space do you really even need? We ended up buying a smallish older house with 3 bedrooms and one bathroom and it's perfectly fine for 2 people. Sometimes an extra bathroom would be nice, but we could add one if we wanted to. Wasting money on unnecessary space never did make much sense to me...wouldn't that just mean more room to fill with junk?
mek123 mek123 8 years
I hope this trend continues but so far don't see it in my neighborhood, 2 McMansions being built right now.
GlowingMoon GlowingMoon 8 years
I don't know. Time will tell. Personally, I'm with Tiff58. We ended up buying a relatively smaller, older home (it has all the rooms and bathrooms we need), but my husband was more interested in newer, bigger houses. I'm glad of the house we ended up with. It is very well-built, and has a lot of character. When I was gardening in the front yard, strangers in the sidewalk told me how "nice" our house was.
tiff58 tiff58 8 years
I would much rather have a smaller, older home than a larger new build. Unfortunately, my husband doesn't agree.
ilanac13 ilanac13 8 years
i'm not surprised by this. you even see that people who 'have money' sort of are going a little smaller...the way the economy is, teaches us that it's ok to have something nice but you don't need something ridic.
luna08 luna08 8 years
Thank God! I've always said I would cry if I had to live in a McMansion. Poor construction and poor taste.
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