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Started By
Message
re: ‘Seriously Underwater’ Home Mortgages Tick Up Across the US
Posted on 5/9/24 at 11:04 am to Areddishfish
Posted on 5/9/24 at 11:04 am to Areddishfish
quote:
Nationally, 2.7% of homes carried loan balances at least 25% more than their market value in the first few months of the year.
We are getting close to 2007 numbers. 2008 is when the bottom started to fall out. If Michael Burry starts shorting REI again hold onto your arse.
Big issue with negative equity loans are usually subprime short term with balloon payment. People want to refinance hoping the negative equity turns positive which it won’t in this market. People that financed at 4/5% 3 years ago are going to have to refi at 8/9% today. Note goes up 75% and they default. Same shite that happened in 2008. Banks never stopped MBS or CDO’s. We are headed there again I’m afraid.
I know someone in this situation and they won’t be able to afford refi.
This post was edited on 5/9/24 at 11:11 am
2
Posted on 5/9/24 at 11:26 am to lsufan1971
quote:No idea what you're talking about.
We are getting close to 2007 numbers.
quote:WTF are you talking about?
Big issue with negative equity loans are usually subprime short term with balloon payment.
quote:
Banks never stopped MBS or CDO’s. We are headed there again I’m afraid.
You dumbass. quote:You dumbass.
We are headed there again I’m afraid.
Posted on 5/9/24 at 12:46 pm to lsufan1971
quote:
We are getting close to 2007 numbers. 2008 is when the bottom started to fall out.
The big difference from ‘08 is you could walk away from your mortgage and slip into a rental with a substantial savings.
Anybody unable to pay their current mortgage at 3% is also unlikely to find any rental they can remotely afford.
Nobody is vacating their home this time unless physically removed.
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