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Started By
Message
re: Nearly a Million Americans Fear Losing Their Home to Foreclosure in the next two months
Posted on 10/20/22 at 9:20 am to stout
Posted on 10/20/22 at 9:20 am to stout
quote:bro, everyone here knows what's coming
Don't read it. Keep your head in the sand that an economic shitshow isn't coming I guess.
he's referring to your almost daily threads about this
1
Posted on 10/20/22 at 9:21 am to BlackPot
quote:
And losing equity doesn't have anything to do with paying your note. Your note won't just go up randomly. Sure your house isn't worth as much, but your note didn't change when you signed that name.
correct
quote:
What does this mean? Like there are people not paying their mortgage? To me that just screams, "I bought a house I have 0 business living in, because I can't afford it". Covid was 2 years ago. I don't think you can use that as an excuse for no money.
or it could be inflation is up to about 8% and all other expenses went up(although still could cut tons of expenses before missing a house payment)
or it could be they lost thier job or the spouse lost thier job so overall household income went down.
those bragging about not having a house payment are essentially sayign thier mental stability and lack of fear of the unknown is worth whatever money could have been made. I understand it, its not going with the hard numbers, but many on here work in fields that are volitile so they fear losing thier jobs. Thats why so many on here are fearful of recessions.
for people like me and stout and others that are in very very stable positions both job wise and financially, recessions are opportunities to consolidate and add to the portfolio. and ill admit it can come off douche and pretensious when we say things like....i see opportunity to get vacation rentals at the expense of others losing their primary home. for that i do apologize, i dont mean to come off like that, but sometimes the truth hurts peoples feelings and at a time when people are emotional due to suffering...it can come off as being a dickhead.
Posted on 10/20/22 at 9:22 am to stout
Adequate inventory is still years away. Home prices will more than likely stabilize before they would drastically dip.
Posted on 10/20/22 at 9:23 am to GetCocky11
quote:
Don't buy houses you can't afford just because rates were low.
Foolish thinking, with the rate as low as they were, everything was basically on sale. It's not that people can't afford the houses, they just can't afford to miss these deals.
It's a shame that more banks weren't as forward thinking as BoA to go back to the $0 down and waiving closing costs. Could have gotten than $500k house on a ~$50k a year job
{/sarcasm}
Posted on 10/20/22 at 9:26 am to GreatLakesTiger24
quote:
he's referring to your almost daily threads about this
Cool. Dont read it
Posted on 10/20/22 at 9:26 am to Paul Allen
quote:
Adequate inventory is still years away.
quote:
Paul Allen
If you just go ahead and put this quote in your tag line, you wouldn’t have to repeat it in every single real estate thread on this board.
Posted on 10/20/22 at 9:28 am to lsu777
quote:if you know this is the answer, why were you asking about it earlier in the thread?
but many on here work in fields that are volitile so they fear losing thier jobs. Thats why so many on here are fearful of recessions.
certainly not to post this for the 10th time this week...
quote:
for people like me and stout and others that are in very very stable positions both job wise and financially, recessions are opportunities to consolidate and add to the portfolio. and ill admit it can come off douche and pretensious when we say things like.
Posted on 10/20/22 at 9:29 am to stout
Damn...that did not take long.
Posted on 10/20/22 at 9:29 am to Corporal Beavis
quote:Exactly. I will be trying to buy homes before corporations do.
Hate that for them. But I have a stable job and been saving for this for a while so I won't complain
Posted on 10/20/22 at 9:31 am to PhiTiger1764
quote:
If you just go ahead and put this quote in your tag line, you wouldn’t have to repeat it in every single real estate thread on this board.
Posted on 10/20/22 at 9:33 am to stout
I've completely stopped paying for my house and am anxiously awaiting the mortgage forgiveness plan
Posted on 10/20/22 at 9:33 am to lsu777
You think having a house paid off is bad?
Both houses were 15 year notes. Paid off years before raisin brain fricked the economy.
Still laughing frickface?
You can’t have shite to your name can you?
Who’s inept now tard?
You idiot.
Both houses were 15 year notes. Paid off years before raisin brain fricked the economy.
Still laughing frickface?
You can’t have shite to your name can you?
Who’s inept now tard?
You idiot.
This post was edited on 10/20/22 at 9:42 am
Posted on 10/20/22 at 9:35 am to GetCocky11
quote:
Don't buy houses you can't afford just because rates were low.
It’s not even about that.
I bought my house a little over 2 years ago for $350k. Based on comps in the neighborhood, I likely could’ve listed and sold my house in Jan for between $550k and $600k.
It’s not just about rates being low. I don’t want a $600k mortgage at 2.75%. I couldn’t afford a $600k mortgage at 7.75%. Yet people were still paying it. I honestly never believed my house was worth that much and wasn’t ever banking on that being real equity.
I got extremely lucky getting into my home at a good price and great rate. My brother just bought a more expensive house at a substantially higher rate and im honestly not sure how they are going to make it work, especially if the market tanks. I’ve got a lot of breathing room at a very reasonable rate. Lot of people don’t.
Posted on 10/20/22 at 9:36 am to Paul Allen
quote:
Adequate inventory is still years away. Home prices will more than likely stabilize before they would drastically dip.
Ok I'm somewhat of an economics expert (I don't usually toot my own horn but it's important here). Are you telling me that if you raise Mtg rates to 7.15% people are going to buy homes at the same rate as before. Because that's not what the data shows at all. And home prices won't stabilize, but will drop because of a lack of demand. It's really quite simple.
Posted on 10/20/22 at 9:36 am to stout
Their poor choices equals a buying opportunity for me
Posted on 10/20/22 at 9:37 am to upgrayedd
He’s a stupid frick who thinks he knows all about investing and the financial system.
He doesn’t understand that over time notes actually get paid off.
He doesn’t understand that over time notes actually get paid off.
Posted on 10/20/22 at 9:39 am to stout
Me and the fiancée bought a 3,000 sq ft house in January 2021 for 139k and paid cash in full. Well technically a wire transfer, not cash. Put me in the 35%
Paid our vehicles off too. Only thing I owe money on is my ski boat.
Paid our vehicles off too. Only thing I owe money on is my ski boat.
Posted on 10/20/22 at 9:41 am to Weekend Warrior79
quote:
they just can't afford to miss these deals.
That's exactly how you end up in financial deep shite, buy buying stuff on "sale" that you don't have to buy. They'll be the first ones to ditch when they get underwater.
Posted on 10/20/22 at 9:42 am to deltaland
quote:
Me and the fiancée bought a 3,000 sq ft house in January 2021 for 139k and paid cash in full. Well technically a wire transfer, not cash. Put me in the 35%
Paid our vehicles off too. Only thing I owe money on is my ski boat.
Congrats? Although I'm wondering what city you bought a house for 139k for and what neighborhood at this point that won't have a ski boat vandalized
Posted on 10/20/22 at 9:43 am to stout
I was told elections don’t impact the economy.
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