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Started By
Message
re: 7.7% of Mortgages Now in Forbearance
Posted on 5/9/20 at 11:23 am to stout
Posted on 5/9/20 at 11:23 am to stout
quote:
The economy (including housing) is fricked. Got it
Worse than '07-'08
Look, I know that this is going to be a devastating period for a lot of families and young people. But we had to do all this to save the people in the nursing homes. What choice did we have?
0
Posted on 5/9/20 at 11:24 am to stout
quote:
In short, this means that we may see a housing crisis worse than the subprime collapse of '07. Experts estimate that 15 million mortgages will be in default at some point within in the next 2 years. Default does not mean all of them will make it to foreclosure because there are some programs out there to assist that didn't exist in 2007.
Bought a townhouse in February. Great timing.
Posted on 5/9/20 at 11:26 am to OMLandshark
quote:
Bought a townhouse in February. Great timing.
Yea you might lose some value on paper. Just don't sell until the market recovers. Rent it out if you're still upside down in a few years when you're upgrading or moving.
Posted on 5/9/20 at 11:26 am to Cosmo
quote:
Biden gets elected,
Will drag the recovery on for 10 plus years
Posted on 5/9/20 at 11:26 am to stout
I can tell you one place where you will be able to pick up houses for really cheap. Midland, TX.
Posted on 5/9/20 at 11:28 am to stout
quote:
Yea you might lose some value on paper. Just don't sell until the market recovers. Rent it out if you're still upside down in a few years when you're upgrading or moving.
Yeah, unless I lose my job, which I'm pretty sure I'm not given I got a fricking raise this week.
(I was shocked given the virus), I'm not selling anytime soon. But I am in the construction industry, so this news in the OP is not good for me.
Posted on 5/9/20 at 11:29 am to stout
Dude, just watch. The Federal Reserve Bank will step in and buy all those toxic loans from the bank.
Posted on 5/9/20 at 11:30 am to redstick13
quote:
I can tell you one place where you will be able to pick up houses for really cheap. Midland, TX.
Too bad you'd have to be a fool to want to live there
But I'd imagine that region has to be absolutely decimated
Posted on 5/9/20 at 11:30 am to redstick13
quote:
Midland, TX.
Lafayette too.
When oil dipped 3 or 4 years ago Lafayette lead the nation for a few months in year over year percentage increase in 90-day lates. I still have the Corelogic reports somewhere.
Now Laffy, just like Midland, is getting a double whammy. Oilfield dying and COVID killing other businesses. It's scary.
ETA: Louisiana already had some of the highest delinquent rates in the nation as of December 2019.
quote:
Southern states including Mississippi, Louisiana, Alabama, and Arkansas held some of the largest volumes of non-current loans in the country. As of December 2019, Mississippi holds the highest volume at 9.99%, though this is a month-over-month decline from November’s 10.44%, and a 0.93% decline year-over-year
This post was edited on 5/9/20 at 11:37 am
Posted on 5/9/20 at 11:30 am to redstick13
quote:
I can tell you one place where you will be able to pick up houses for really cheap. Midland, TX.
I was offered a job there in 2014 and the cheapest decent apartment I could find at the time was $1900. Moved to Uptown Dallas a few months later to a nice apartment for $1500 a month. The housing market in Midland is out of control, either extremely cheap or extremely expensive where you have to move to an even bigger hellhole than Midland called Odessa.
Posted on 5/9/20 at 11:30 am to stout
Great time to buy a house!
Posted on 5/9/20 at 11:31 am to stout
quote:
So instead of a $2k payment, I might have a $2500 payment for a year. Now I just returned to my service industry job
A bartender/waiter with a $2k mortgage?
Posted on 5/9/20 at 11:34 am to THRILLHO
quote:
A bartender/waiter with a $2k mortgage?
If you work at a really good bar with good clients, you can make a $2K a month mortgage payment being a bartender.
Posted on 5/9/20 at 11:34 am to Powerman
This is the prediction of where housing was heading prior to COVID. This is from 2-25-20
We were already facing a downturn. This just made it WAY worse
LINK
quote:
Experts predict that increases in foreclosure and REO inflow will come from government-insured loans, according to the Auction.com 2020 Default Servicing Industry Insights. The majority of servicers Auction.com surveyed expect foreclosure and REO inflow to increase in five of seven U.S. regions. According to the report, 89% said they expect government-insured foreclosure and REO inflow to increase in 2020, the highest among four product types provided as options in the survey.
We were already facing a downturn. This just made it WAY worse
LINK
Posted on 5/9/20 at 11:35 am to THRILLHO
quote:
A bartender/waiter with a $2k mortgage?
Easily in some cities. Vegas, L.A., NY
Posted on 5/9/20 at 11:37 am to stout
quote:
Yes, I think Powell will fire up the money printers but they will not be able to save everyone.
Posted on 5/9/20 at 11:38 am to Powerman
quote:
Too bad you'd have to be a fool to want to live there
I wouldn't move out there but it could be a good opportunity to pick up some property then turn it when oil prices inevitably come back up. 12 months ago you couldn't find an empty apartment there. Several man camps were put up around town to house all the workers.
Posted on 5/9/20 at 11:40 am to stout
all i know is that there are too many people living beyond their means and they are going to drag everyone else down with them for their poor decision making
Posted on 5/9/20 at 11:42 am to DVinBR
quote:
all i know is that there are too many people living beyond their means
This is true, and the market under normal circumstances can live with the ones that go into default. This is different because it is not purely self-inflicted and will hurt even responsible people.
This post was edited on 5/9/20 at 11:42 am
Posted on 5/9/20 at 11:45 am to stout
We erased 10 years of job gains in one month. Insane.
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