« prev   random   next »

0
0

Millions of Americans Expect to Lose Their Homes as Covid Rages

By ad follow ad   2020 Nov 23, 7:14pm 1,247 views  48 comments           share      

Comments 1 - 40 of 48   Next »    Last »

1   Tenpoundbass   2020 Nov 23, 7:17pm  

Not me, make my last payment next month. The Insurance company just sent us a letter and said they weren't renewing our insurance coverage this year. Which is perfect I'll get it back from escrow.
2   clambo   2020 Nov 23, 8:15pm  

All of this over an overreaction to a disease.

It’s too bad.
3   SunnyvaleCA   2020 Nov 23, 8:39pm  

People lost their homes in 2009 because they bought hugely-over-valued homes with little money down, the home values plummeted, and the homeowners decided the value of the home was considerably less than the remaining loan balance and so just strategically defaulted.

The current situation is different. Home prices haven't (yet) crashed 30% or more. So homeowners are generally still above water (home value worth more than remaining loan amount). Why would a bank foreclose right now on someone when that the client is likely to resume paying (with extra penalties) when the jobs return. Banks will foreclose only if the home value is nearing the remaining loan balance.
4   SunnyvaleCA   2020 Nov 23, 8:50pm  

As for renters: Landlords aren't going to kick out renters if they have nobody to fill the vacancy. Why would a landlord kick out a renter and then leave the place vacant. Better to keep the renter and hope to resume collecting rent when the covid is over. Maybe they could even collect some past-due rent. In fact, wait until the economy pick up and you could get a new renter; use that as leverage to have the current renter pay back rent.
5   ad   2020 Nov 23, 8:56pm  

clambo says
All of this over an overreaction to a disease.

It’s too bad.


Crash the economy before Biden takes over. Any improvement will make President Biden look like a hero.
6   ad   2020 Nov 23, 9:05pm  

SunnyvaleCA says
Banks will foreclose only if the home value is nearing the remaining loan balance.


Will see how economy fares. It could drag down home prices by at least 25%.

.
7   Patrick   2020 Nov 23, 9:30pm  

I can't help wondering if the whole damn thing was designed not to just swing the election, but to try to get us to permanently stay at home, for the good of "the environment".

And then the vaccine may be intended to cause sterility, or early death (oops!).

After all, when you're Gates and Bezos etc, with all that money, what you really want is more of the earth without those pesky plebeians all over it. And you can convince yourself you're saving the planet.

But of course those two also pocked tens of billions each from the sudden demand for virtual shopping and more computers. Win-win!
8   HeadSet   2020 Nov 24, 6:48am  

Will see how economy fares. It could drag down home prices by at least 25%.

What it looks like so far is that prices are falling in the denser cities and prices are increasing in the suburbs. A result of telework opportunities. I wonder if now is the time to buy some rural but beautiful land (waterfront or mountain/valley view) in anticipation of teleworker demand and widespread 5g.
9   porkchopexpress   2020 Nov 24, 6:59am  

I hate condoms
10   ForcedTQ   2020 Nov 24, 7:10am  

HeadSet says
Will see how economy fares. It could drag down home prices by at least 25%.

What it looks like so far is that prices are falling in the denser cities and prices are increasing in the suburbs. A result of telework opportunities. I wonder if now is the time to buy some rural but beautiful land (waterfront or mountain/valley view) in anticipation of teleworker


I think late 2011-2014 was the time for that. I waited to buy until Jan 17 and have kicked myself HARD for not accepting the fact I should have bought in the area I eventually did back in 14. Some of the places we looked at have risen in valuation 35-50% now.
11   Karloff   2020 Nov 24, 8:23am  

Looking back, it's possible to tie in a number of actions that may have been done for the advancement of the Great Reset. The housing bubble triggered by poor/predatory lending and insane amortization periods made sure a large number of people were saddled with massive amounts of debt.

Bailout after bailout ensured the taxpayers were burdened with even more debt to the benefit of banks, large corporations, and foreign governments.

The lock downs pushed people out of jobs so they can no longer service that debt.

End result: bankruptcy and ruination unless you accept the debt reset conditions (slavery) provided by WEF/IMF.
12   Bd6r   2020 Nov 24, 8:34am  

Patrick says
try to get us to permanently stay at home, for the good of "the environment".

don't see why. However, the pandemic crap will make small businesses go under, and everything in visible Universe will be owned by Bezos and his likes, exactly as working man's defenders on the left side of aisle always wanted.
13   NDrLoR   2020 Nov 24, 8:53am  

Karloff says
Bailout after bailout ensured the taxpayers were burdened with even more debt to the benefit of banks, large corporations, and foreign governments.

The lock downs pushed people out of jobs so they can no longer service that debt.
Student debt.
14   just_passing_through   2020 Nov 24, 8:55am  

Dbr6 says
and everything in visible Universe will be owned by Bezos and his likes, exactly as


THE FOUNDING FATHERS INTENDED!
15   ad   2020 Nov 24, 9:15am  

.

When will house prices fall: https://www.fool.com/millionacres/real-estate-market/articles/when-will-home-prices-stop-increasing/

A lot of it is based on price to income ratio (as well as the mortgage interest rate and % of net income going to mortgage+insurance+tax+hoa fee) :

https://www.longtermtrends.net/home-price-median-annual-income-ratio/

.
16   WookieMan   2020 Nov 24, 10:53am  

ad says
When will house prices fall: https://www.fool.com/millionacres/real-estate-market/articles/when-will-home-prices-stop-increasing/

A lot of it is based on price to income ratio (as well as the mortgage interest rate and % of net income going to mortgage+insurance+tax+hoa fee) :

I honestly think most people are okay. Most of the job losses have been in jobs that didn't result in a high percentage of home ownership (aka renters), or were spousal jobs to help support the breadwinner of the family. I'm at 8% income to debt payment (PITI). We could work at McD's and still make the payment.

Commercial and residential landlords could be hit pretty hard though. I'm just not seeing it in typical residential real estate, so far at least. Maybe condo markets in big cities after this Covid shit. If suburban markets increase though and cities decrease, it will likely be a break even. Big cities are fucked with Covid though so there's an X factor.

The number of concerts and sporting events in Chicago with an amusement tax of 9.5% on probably a $50 ticket average is staggering. That revenue simply can never be made up. Poof, it's gone. And that's where I think the crisis is. Municipal debt. We'll see. I have a family member (being vague on purpose) that works for a large IL city (not Chicago) and they're telling me it's a blood bath. That's why I'm more active in person with local politics. Hits your checkbook harder than federal if you make under $300k.
17   Tenpoundbass   2020 Nov 24, 10:56am  

Millions of people WILL lose their homes if we allow these Satanic Communist Islamic terrorist promoters to seize control of our Government.

Never bet against the Patriots.
18   richwicks   2020 Nov 24, 11:11am  

Tenpoundbass says
Millions of people WILL lose their homes if we allow these Satanic Communist Islamic terrorist promoters to seize control of our Government.

Never bet against the Patriots.


What do you mean by "patriots"?

Were they the people that supported the Iraq War or opposed it? Did they support the bombing of Libya or were they against it?

There is a very fuzzy definition of "patriots" today. When I was a kid, I was told they were people that wouldn't give an inch to betray the constitution, and would defend it with their lives. I've never met a "patriot" like that though.
19   ad   2020 Nov 24, 11:25am  

WookieMan says
Most of the job losses have been in jobs that didn't result in a high percentage of home ownership (aka renters), or were spousal jobs to help support the breadwinner of the family. I'm at 8% income to debt payment (PITI). We could work at McD's and still make the payment.


All you make great posts on Patrick . Net. This is good insight again Wookie.

True, as the first jobs that get hard hit are the waitresses, the cooks, etc. Hence, restaurant, amusement parks, resorts, cruise lines, and hotel stocks took a major beating. These are working class stiff jobs. For jobs like that, they quickly get rehired as they get fired. And I agree likely they don't own homes, make major contributions to 401k's, etc.

However, the underlying economics will eventually impact the Apple engineer who works from home (WFH) in his new town and state of Miami Beach, FL. Apple will have to cut back as it sees a major drop in purchase of its products over the 2020 holidays. This may mean less bonus or a cut to the engineer's hours.

The same goes for Facebook as advertisers cut back on advertisement spending on social media as working and middle class cut back on spending.


.
20   ad   2020 Nov 24, 11:26am  

However, there appears to a V-shaped recovery.

21   ad   2020 Nov 24, 11:30am  

WookieMan says
Poof, it's gone. And that's where I think the crisis is. Municipal debt. We'll see.


Wookie, Illinois is royally fucked. Illinois has a junk bond rating https://illinoiscomptroller.gov/financial-data/fiscal-information/bond-ratings/. Illinois might as well start leasing assets like roads to private companies so they can put up tolls, and open up state forest for companies to come in and remove dead trees for biomass and particle board and engineered-wood construction.

BTW, Florida has the best bond rating at AAA.

That is why Pelosi has been coy about "the COVID bailout" as it is about helping those states like Illinois.

.
22   SunnyvaleCA   2020 Nov 24, 1:08pm  

ad says
Apple will have to cut back as it sees a major drop in purchase of its products over the 2020 holidays. This may mean less bonus or a cut to the engineer's hours.

I think the time horizon for Apple downturn is at least an additional year out. During the cower-in-place, Apple has had it's strongest quarter ever for Mac sales and a considerable rebound in iPad sales. The new crop of iPhones are probably part of an upgrade "super cycle" and didn't ship until the holiday quarter (usually ship September) so the 2020 holiday quarter is likely to be the best iPhone quarter ever by a considerable margin.

Worried about retail stores being closed? Apple has a huge advantage here. There are dozens of different Android phones by several different manufacturers. Some are great phones, some aren't; some work better for some people than for other people; who knows which accessories work with which, etc. Which one are you going to buy sight-unseen? Or, you could go shopping online for an iPhone ... simple: would you like small, medium, or large? Done.

Apple just released a new watch that'll be an easy gift you can buy online (or return to Apple by mail if you really don't like it). Have a 3 or 4 year old Apple watch? Buying the new one sight-unseen is a pretty easy decision.

And have you played with the new Apple Silicon Mac's? For casual users of smallish laptops, these new ones are quite a revelation: thin, light, silent, cool, fast, and really do go all day on a single charge. And, just like with a phone, shopping online for the Apple product is much easier than shopping online among any of the many dozens of alternate offerings.

Apple's stock price has zoomed in the last year and people are worried that the P/E is at historical highs. My thinking is that Apple's increased sales/revenue/profits will grow into that new stock price and bring the P/E way down.
23   richwicks   2020 Nov 24, 1:59pm  

ad says
.

https://finance.yahoo.com/news/millions-americans-expect-lose-homes-212124538.html

.


Right, the raging pandemic that has killed 257,016 (officially at the time I write this) out of a country of 300 million people. Why, this super deadly "disease" has killed full 0.0778% of the population. Wow, that's almost 1 out of 1000 people!!

Oh, and the average age of a victim that died form it? That's 75, 3 years old than the life expectancy of 72.
24   richwicks   2020 Nov 24, 1:59pm  

ad says
.

https://finance.yahoo.com/news/millions-americans-expect-lose-homes-212124538.html

.


Right, the raging pandemic that has killed 257,016 (officially at the time I write this) out of a country of 330 million people. Why, this super deadly "disease" has killed full 0.0778% of the population. Wow, that's almost 1 out of 1000 people!!

Oh, and the average age of a victim that died form it? That's 75, 3 years old than the life expectancy of 72.
25   Tenpoundbass   2020 Nov 24, 2:00pm  

richwicks says
Were they the people that supported the Iraq War or opposed it? Did they support the bombing of Libya or were they against it?



Hey, Bush can suck both of our Dicks, now what else do you want from me?
26   richwicks   2020 Nov 24, 2:09pm  

Tenpoundbass says
richwicks says
Were they the people that supported the Iraq War or opposed it? Did they support the bombing of Libya or were they against it?


Hey, Bush can suck both of our Dicks, now what else do you want from me?


I'm just lamenting the fact that there are precious few "patriots". There wasn't any difference between Obama and Bush.

I'm pointing out there is no possibility of changing our government through any legal means. We will have to have a literal revolution to fix this nation. Nobody in our upper levels of government will EVER go to jail, unless there's a literal revolution.

And there are no patriots. So, there will be no revolution. People don't even dare to complain about the situation or are entirely unaware of the situation. Your kids are going to be slaves, nearly everybody's kids will be slaves.
27   Shaman   2020 Nov 24, 2:11pm  

richwicks says
Right, the raging pandemic that has killed 257,016 (officially at the time I write this) out of a country of 300 million people. Why, this super deadly "disease" has killed full 0.0778% of the population. Wow, that's almost 1 out of 1000 people!!

Oh, and the average age of a victim that died form it? That's 75, 3 years old than the life expectancy of 72.



Yep. Stupidest pandemic ever. Most people tolerate this killer disease without issues. Some very unhealthy and/or very old people die from it.
So let’s eliminate everyone’s freedom and businesses and jobs and housing in a futile attempt to “stop” the virus!

Of course most of the oldsters are good with this stupid stupid plan because they don’t need to work and it keeps the grandkids from coming over. Also these are narcissistic assholes who would make the world a better place by leaving it.
28   HeadSet   2020 Nov 24, 2:25pm  

it keeps the grandkids from coming over.

I do not know any people who are grandparents who do not want to see the grandkids. No saying some do not want to see them, but I think it is odd.
29   RWSGFY   2020 Nov 24, 2:28pm  

HeadSet says
I do not know any people who are grandparents who do not want to see the grandkids. No saying some do not want to see them, but I think it is odd.


It happens.
30   Blue   2020 Nov 24, 2:40pm  

SunnyvaleCA says
And have you played with the new Apple Silicon Mac


Got one and looks so cool with the new processors, it can handle more load than the old ones. It comes with integrated AI and graphics processors along with new ARM processor. It could boot more profits.
31   HunterTits   2020 Nov 24, 2:53pm  

SunnyvaleCA says
As for renters: Landlords aren't going to kick out renters if they have nobody to fill the vacancy. Why would a landlord kick out a renter and then leave the place vacant. Better to keep the renter and hope to resume collecting rent when the covid is over. Maybe they could even collect some past-due rent. In fact, wait until the economy pick up and you could get a new renter; use that as leverage to have the current renter pay back rent.


Do you know how difficult it is to evict a renter in the SF Bay Area? Especially long term renters now that that prop passed?

I have been living in the same apt for 7 years. About 4 months ago got a letter from the property management stating the new law means we can't be evicted w/o some serious cause. Not paying the rent could be that cause; but someone can drag it out and out. We routinely get pamphlets at our door from law firms that specialize in dragging it out while the tenant can save the rent $$ for several months.

Then there is the expense of it all on the landlord's end with the lawyer fees.

That's why I'd buy only rental properties in landlord friendly states. You know, the ones where you can go from eviction notice to sheriff showing up at the door to kick them out and throw their crap out on the street in about a month or so -- all without going to court (filing in court but no hearings, etc.).
32   Blue   2020 Nov 24, 2:56pm  

Trump might change the conservatorship of Fannie Mae and Freddie Mac before leaving. I really want these vacuum cleaners away from accessing government resources.
33   Bd6r   2020 Nov 24, 3:09pm  

APOCALYPSEFUCKisShostakovitch says
WHY DO YOU HATE SUCCESS?

SHUTDOWNS MUST CONTINUE SO BEZOS CAN OWN EVERY SINGLE ATOM IN UNIVERSE!
34   Bd6r   2020 Nov 24, 3:36pm  

APOCALYPSEFUCKisShostakovitch says
AND EXPLOIT EVERY LAST ATOM IN THE UNIVERSE TO MAXIMAL PROFIT SO HE CAN EAT GOD'S FACE!, exactly as the Founding Fathers commanded.

While mining another TRILLION BEZOSCOINS DIGITAL CRYPTOCURRENCY AND machine-gunning few thousands of commoner slaves for fun!
35   Booger   2020 Nov 24, 3:45pm  

Shaman says
Yep. Stupidest pandemic ever. Most people tolerate this killer disease without issues. Some very unhealthy and/or very old people die from it.
So let’s eliminate everyone’s freedom and businesses and jobs and housing in a futile attempt to “stop” the virus!


36   WookieMan   2020 Nov 24, 3:51pm  

FuckCCP89 says
HeadSet says
I do not know any people who are grandparents who do not want to see the grandkids. No saying some do not want to see them, but I think it is odd.


It happens.

Happens way more than you think as CCP says. Sometimes it's the parents keeping the grandkids away and other times it's the grandparents only doing token holiday visits and that's it.

I'll put it this way without going into detail, my MIL is not fit to watch my kids or be around them. So we avoid her at all cost. She's not allowed to watch our kids overnight. Some families are tight, or look tight from the outside looking in. Most aren't.
37   HunterTits   2020 Nov 24, 3:56pm  

HeadSet says
What it looks like so far is that prices are falling in the denser cities and prices are increasing in the suburbs. A result of telework opportunities. I wonder if now is the time to buy some rural but beautiful land (waterfront or mountain/valley view) in anticipation of teleworker demand and widespread 5g.


Lot of small towns and exurbs are suddenly experiencing strains in providing services as people flock to these Zoom towns as they are called.
39   HunterTits   2020 Nov 24, 4:01pm  

ad says
That is why Pelosi has been coy about "the COVID bailout" as it is about helping those states like Illinois


90% of that problem is unfunded pension debts.
40   Booger   2020 Nov 24, 4:04pm  

Patrick says
I can't help wondering if the whole damn thing was designed not to just swing the election, but to try to get us to permanently stay at home, for the good of "the environment".


Are you just figuring out this now???

Comments 1 - 40 of 48   Next »    Last »

Please register to comment:

about   best comments   contact   latest images   one year ago   suggestions