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re: U.S Home Sales on track for worst year since 1995
Posted on 12/2/24 at 4:28 pm to Dire Wolf
Posted on 12/2/24 at 4:28 pm to Dire Wolf
quote:
A lot of that is on the sellers because they have to afford to move somewhere
Trying to cash out to pay off CC debt etc.
Count it, this is the majority of sellers.
1
Posted on 12/2/24 at 4:29 pm to Fat and Happy
quote:
Because the housing industry is pricing houses to the point that most of the regular folks in this country can not afford the buy a house anymore.
The margins on new home construction are insane. I’m all for capitalism, so let the market work itself out. But they should be left to crash if/when it bites them in the arse. They want to feast, they should take 100% of the famine.
Posted on 12/2/24 at 4:33 pm to AUstar
quote:
The average home price will be a million plus in just a few years. Only the top 1% of earners will be able to afford a house. Everyone else will be in the projects.
LOL
Posted on 12/2/24 at 4:34 pm to jizzle6609
quote:
Trying to cash out to pay off CC debt etc. Count it, this is the majority of
Idk we toyed with idea of selling our house this year
We bought in 2020, we would have to move an hour away just to get more house and keep a payment within budget
Doubling my rate and the boom of housing prices pretty much locked us in. If we were to move, we would have needed an insane offer on the house
Sure there are plenty of sellers that have had more kids, job moved them or whatever
Posted on 12/2/24 at 4:37 pm to jizzle6609
quote:Yes, there is a shortage of affordable housing. That will keep prices up for all housing.
Theres also a shortage in people being able to afford the houses available which is why they are not moving.
Having a shortage of housing and having a shortage of housing that people can afford are two different things.
Posted on 12/2/24 at 4:38 pm to Cosmo
quote:I never understand this. People are free to submit bids at any price they want to.
But Ive also noticed realtors are refusing to significantly lower prices
Posted on 12/2/24 at 4:40 pm to JackDempsey
And what did that house cost? $3.50?
Posted on 12/2/24 at 4:45 pm to Aubie Spr96
quote:
They are handing Trump a freaking grenade.
And Trump handed the Biden/Harris administration a Nuke. At least there was some home growth in 2021 and 2022 before the inflation hit the fan.
Trump did nothing to grow the housing Market in the 4 years under him.
Posted on 12/2/24 at 4:47 pm to Paul Allen
quote:
We’re still several years away from seeing adequate inventory.
You are such a clown. Must be a realtor.
No way this is an inventory problem. It’s 100% an inflation, chickens coming home to roost problem.
Posted on 12/2/24 at 4:48 pm to bubbz
quote:
This should be no surprise considering mortgage rates are still sky high.
As are delinquency rates, mortgage forbearances, and short-term defaults.
The current administration has systematically prevented delinquent borrowers from entering loan foreclosure by allowing them to be placed in forbearance. There is a massive backlog of foreclosures building up.
This is the definition of a bubble. And unfortunately the Fed is out of QE …. and foreign buyers of US Treasuries are becoming more scarce.
I think Trump knows there is trouble on the horizon, and that DOGE will be an all hands effort to stem the risk by showing the rest of the financial world that the US can operate with a much more reasonable Debt:GDP goal.
Posted on 12/2/24 at 4:50 pm to Sterling Archer
quote:
I'm 1000% in favor of fixing the shite Biden caused with their immigration policies
Biden policies did nothing to help immigration by any means but the southern border has been an express lane for illegals for the last 30 plus years over that many administrations. Both houses of congress have done zero as well for that same period of time and those idiots deserve a lot of the blame themselves - which no one ever brings up. They can dictate immigration policy but won’t because none have balls.
Posted on 12/2/24 at 4:51 pm to PaperTiger
quote:
And home insurance is up. And property taxes are up
This. Along the Gulf Coast, for example, there are a ton of seemingly affordable nice houses on the market right now that aren’t selling because of sky high insurance costs and demands. Costs for new roofs, HVAC, etc, some of which have to be purchased as a condition of obtaining a mortgage, have become exorbitant.
Posted on 12/2/24 at 4:51 pm to cadillacattack
quote:So, it's the feds who "allow" lenders to try forbearance strategies? WTF are you talking about?
The current administration has systematically prevented delinquent borrowers from entering loan foreclosure by allowing them to be placed in forbearance.
quote:The entire federal payroll is like $100 billion. This is fantasy.
DOGE will be an all hands effort to stem the risk by showing the rest of the financial world that the US can operate with a much more reasonable Debt:GDP goal.
Posted on 12/2/24 at 4:54 pm to cadillacattack
quote:
As are delinquency rates, mortgage forbearances, and short-term defaults.
Yep forbearances and delinquency rates are on the rise
Which U.S. Cities Are Facing the Highest Mortgage Delinquency Rates?
quote:
A recent WalletHub report sheds light on mortgage delinquency rates across 100 U.S. cities, with rates spanning from around 3% to a staggering 23%. Based on data collected between Q1 and Q2 of 2024, WalletHub’s study ranks cities according to the proportion of mortgage holders behind on payments, a critical metric in assessing financial strain within communities. The findings reveal significant regional disparities, pointing to cities where homeowners face the most severe risks of foreclosure and credit score damage due to delinquent mortgage payments.
Laredo, Texas, emerges as the U.S. city with the highest mortgage delinquency rate, indicating severe financial distress among its homeowners. Detroit, Michigan, and Baton Rouge, Louisiana, follow closely. Other cities with high delinquency rates include Philadelphia, Newark, Corpus Christi, and El Paso, Texas. High mortgage delinquency rates in these areas suggest broader economic pressures impacting household financial stability. For affected residents, missed mortgage payments not only increase foreclosure risk but also lead to substantial credit score damage, which can make future borrowing more challenging.
Forbearances on the Rise Nationwide
To be fair, actual current houses in foreclosure is down
Q3 Foreclosure Activity Snapshot
quote:
ATTOM has issued its Q3 2024 U.S. Foreclosure Market Report, which shows a total of 87,108 U.S. properties with foreclosure filings during Q3 of 2024, down 2% from the previous quarter, and down 13% year-over-year. ATTOM’s report also shows a total of 29,668 U.S. properties with foreclosure filings in September 2024, down 2% from the previous month, and down 19% from a year ago.
Nationwide in September 2024, one in every 4,750 properties had a foreclosure filing.
“While we are seeing a decrease in foreclosure starts and repossessions, it’s crucial to remain vigilant, as any economic disruptions or changes in interest rates could shift the current trend,” said Rob Barber, CEO of ATTOM. “Moving forward, we anticipate foreclosure levels will stay relatively low, but there could be localized increases in areas struggling with affordability or other market pressures.”
Posted on 12/2/24 at 4:57 pm to Big Scrub TX
quote:
So, it's the feds who "allow" lenders to try forbearance strategies? WTF are you talking about?
The CFPB is trying to make it mandatory and expand forbearance practices
CFPB Eyes Making Pandemic-Era Mortgage Protections Permanent
quote:
The latest proposal updates mortgage servicing rules that have been in place since 2014 and were designed to prevent a repeat of the crisis that saw 7.5 million foreclosures from 2006 to 2014.
It would also renew some enhanced protections for struggling borrowers Congress passed in a 2020 Covid-19 relief package known as the CARES Act (Public Law 116-136) and make permanent rules the CFPB finalized during the pandemic.
The CFPB put out a request for information in 2022 about how many of those added protections should become permanent.
Under the Wednesday proposal, mortgage servicers couldn’t use a dual-track process to help borrowers stay in their homes while at the same time moving forward with foreclosure. Servicers would be able to pursue foreclosure proceedings only after all efforts to keep a borrower in their home are exhausted.
The CFPB is also proposing to streamline paperwork requirements for mortgage assistance. Rather than waiting for a borrower to fill out a complete application before moving forward with any assistance efforts, servicers will be able to evaluate each potential option—such as forbearance plans or the extension of a home loan’s term—individually.
Mortgage servicers will have to update their communications with borrowers so that they are more aware of potential options for help. Servicers will also have to identify loan investors in notices sent soon after a payment is missed.
This post was edited on 12/2/24 at 4:59 pm
Posted on 12/2/24 at 4:58 pm to stout
quote:Forced is different than allowed. Thanks for the context.
The CPFB is trying to make it mandatory and expand forbearance practices
Posted on 12/2/24 at 5:01 pm to Big Scrub TX
Yeah VA already did this for their loans FYI
If you have a VA loan, it is practically impossible to get foreclosed on now.
Department of Veterans Affairs Enacts Sweeping Loss Mitigation Program Changes
If you have a VA loan, it is practically impossible to get foreclosed on now.
Department of Veterans Affairs Enacts Sweeping Loss Mitigation Program Changes
Posted on 12/2/24 at 5:04 pm to stout
quote:To be fair, the commercial banks are voluntarily doing this with stressed/distressed commercial properties...and it's working. Very few, if any, fire sales and it seems like the rat is slowly being worked through the python.
Yeah VA already did this for their loans FYI
If you have a VA loan, it is practically impossible to get foreclosed on now.
Posted on 12/2/24 at 5:12 pm to Big Scrub TX
quote:
To be fair, the commercial banks are voluntarily doing this with stressed/distressed commercial properties...and it's working. Very few, if any, fire sales and it seems like the rat is slowly being worked through the python.
Different animal
I can tell you for a fact that lenders do not like the proposed changes. It will require them to add people and overhead.
You have to remember that as long as they can get a house through conveyance, they are reimbursed by HUD for all expenses to foreclose unless it is a conventional loan.
Conveyance requirements are very low. I deal with this daily and banks will spend money to get a house to conveyance condition because it will all be reimbursed anyway and it keeps them from having to carry the house as REO. That's a big reason you see so few REO properties these days. Most go back to HUD and end up on Auction.com
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