re: 7.7% of Mortgages Now in Forbearance

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People who own those likely won't need to sell anything.

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Think of the people in Louisiana who despite being in massive debt have a condo in gulf shores/destin that in 2-3 months who won’t be having any renters. ETA to be clear I don’t wish this in them I’m just being realistic.



Now take that and transplant that same idea to people in Nevada Colorado and Utah.

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Oversimplistic take leaving out all the nuance. Just what I come to the OT for

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Mobility is the only reason I've been given that makes any sense.

But paying someone $2500 a month for a home you could own for $2500 a month isn't about mobility. It's about risk mitigation. People don't want to have responsibility and they're willing to pay the stupid tax to avoid it

Incredible. All of this for a weak arse virus

I am sure that stagnant wages, soaring student debt, and high home prices has nothing to do with that at all.

There are zero structural problems in our society and economy that may be leading to the current state we are in. It's all because people are too stupid and lazy.

I will concede that personal choices are the reason many people rent but to act like it is all the individual's fault for not being able to purchase a home is being willfully ignorant.

Final meme: the idea that owning a home is the pinnacle of the "American Dream" is retarded and needs to die. A home is a place to live and that is it. The commodification of housing and treating it like an investment to get rich off of is a bad idea.

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I know what you mean but fortunes have been made in real estate

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I do not deny that and I have seen it first hand in my practice. However, the vast majority of people don't make as much money as they think they do when they sell their homes as they conveniently ignore many costs when doing the final accounting.

Also, it's a hell of a lot easier to pack up and move when a lease is over versus selling a house.

Owning a home is not all sunshine and rainbows like some here like to paint it. You can lose your arse just as easily as you can get rich. I've seen both happen many times.

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I'll try to restructure to add payment to the back end however I'm also considering re financing when it comes to that time.

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If you're in forbearance you are technically in default and that makes refinancing difficult

The opportunity on the horizon in real estate to patient buyers/investors might be once in a lifetime. A large correction in prices, rates likely headed even lower, and inflation after we emerge from the downturn to wipe out your lenders returns over the 15/30 years. Incredible

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home which could lose 50% of its value in some theoretical nightmare.

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If you buy a home to live in, what do you care what it's worth?

Some of y'all renters think not buying a house is a good idea. Go ahead and rent. After a good 30 -35 years and you look to retire, you will still be paying rent the rest of your life. Now a person that has bought a house 15-20 or even 30 years and goes into retirement, their expense will be for insurance and a little up keep for their house. And yes, if they happen to be short on cash, they can doing a reverse mortgage and still live in the house rent free. So yes, it is a safe somewhat investment.