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Posted on 7/6/26 at 7:56 am to SlowFlowPro
quote:
Miami also, and it's facing a similar fate.
All of FL is screwed due to insurance rates. Ron eliminating property taxes will help, though.
This post was edited on 7/6/26 at 7:56 am
Posted on 7/6/26 at 8:02 am to stout
I watched a video 2 weeks ago about the condo crisis and it's insane. I have no idea what they're going to do about that because a ton of people are literally trapped with no way out.
Posted on 7/6/26 at 8:07 am to SlowFlowPro
The same thing happened in 2008
People will just have to walk away from them.
I doubt you could get away with it now, but in 2008, many people who owned condos outright and couldn't sell took out mortgages on them and walked away, never paying the first note on the mortgage. A few people got in trouble, but that was such a turbulent time, with over 1.2 million homes foreclosed on in 2010 alone, that tons of people walked away with only their credit hurt.
People will just have to walk away from them.
I doubt you could get away with it now, but in 2008, many people who owned condos outright and couldn't sell took out mortgages on them and walked away, never paying the first note on the mortgage. A few people got in trouble, but that was such a turbulent time, with over 1.2 million homes foreclosed on in 2010 alone, that tons of people walked away with only their credit hurt.
Posted on 7/6/26 at 8:08 am to NC_Tigah
quote:
Inflation during 2020 was virtually nonexistent with a fed rate basically at zero. It really wasn't until Q2 2021 that inflation started to pick
Because inflation is a lagging indicator. Trying to pretend Trump's 2.2 Trillion Cares Act and the 900 billion in December of 2020 right before he left office wasn't going to result in inflation in 2021 is idiotic. Trying to pin those on Biden is also laughable, Trump and Biden both contributed to the massive inflation we saw from 2021 onward. Trump started the fire with Cares Act then added to it in December of 2020 then Biden proceeded to throw kerosene on that fire from 2021 onward.
Posted on 7/6/26 at 8:10 am to David_DJS
quote:
but the point is still valid.
SFP doesn’t care if the point is valid. He’s want to bitch and moan about the semantics of everything. And if that fails, he’ll bitch about the syntax.
Posted on 7/6/26 at 8:12 am to the808bass
quote:
He’s want to bitch and moan about the semantics of everything. And if that fails, he’ll bitch about the syntax.
You should have read the entire thread, first.
Posted on 7/6/26 at 8:13 am to stout
quote:
I doubt you could get away with it now, but in 2008, many people who owned condos outright and couldn't sell took out mortgages on them and walked away, never paying the first note on the mortgage. A few people got in trouble, but that was such a turbulent time, with over 1.2 million homes foreclosed on in 2010 alone, that tons of people walked away with only their credit hurt.
My boss at that time was like $200k underwater on his home he purchased for $500k and by then end of 2008 it was worth maybe $300k. So what did he do? Walked away from the home he was underwater on and bought a brand new custom build that was like three neighborhoods over that was foreclosed on by the bank for $350k that was originally asking $650k. He sweated it out a few years because he thought SunTrust Mortgage (home he walked away from) might come after him but they never did. I bet that house he bought for $350k is worth at least $1.2 million now. He got lucky but I heard of others that didn't who did that and mortgage company came after them for the difference in what they owed and what foreclosed home sold for via lawsuit.
Posted on 7/6/26 at 8:14 am to stout
The problem is Florida is a recourse state, so unless it gets to those levels there are going to be a ton of judgments. It could get nasty
Posted on 7/6/26 at 8:15 am to Padme
quote:
Home prices up 30%
You realize that's not what the article said, right?
EDIT: I see this has already been addressed.
This post was edited on 7/6/26 at 8:18 am
Posted on 7/6/26 at 8:18 am to ronricks
quote:
and mortgage company came after them for the difference in what they owed and what foreclosed home sold for via lawsuit.
They still do that. It's always an option for the lender to come after you for a judgment of the difference between what you owe vs what the disposition cost them.
HUD, USDA, and VA-backed loans hardly ever do, since the bank is reimbursed and the insurers have billions in funding from PMI payments to absorb the losses. Conventional is a different story.
This post was edited on 7/6/26 at 8:19 am
Posted on 7/6/26 at 8:19 am to SlowFlowPro
quote:
The problem is Florida is a recourse state, so unless it gets to those levels there are going to be a ton of judgments. It could get nasty
You couldn't give me a condo unless it also included a promise to pay all condo association fees for life.
Posted on 7/6/26 at 8:21 am to ronricks
quote:I just ran the numbers for you, according to economic analysts.
Trying to pretend Trump's 2.2 Trillion Cares Act and the 900 billion in December of 2020 right before he left office wasn't going to result in inflation in 2021
Obviously, any relatively staple economic situation was going to lead to inflation in 2021, given the absurd supply chain situation which was allowed to fester, and the Fed's idiocy.
Posted on 7/6/26 at 8:25 am to SlowFlowPro
Maybe in your area it was only a small impact from illegals.
My area, outskirts of Charlotte, nc, the housing market has become brutal. And over the last 5 years, we've had an insane influx of illegals. House next to me is a rental, in 2021 it was rented for $850 a month. It's a very small house, 2br, 1 bath, only around 800sq ft. In 2022, the previous tenants were forced out after their lease was up, and the owner rented it to 6 illegals for $1800 a month. A lot of houses in my area are like that now. I can't fault the owners, because the money is there for the taking, they'd be dumb not to get a slice of that pie.
I blame the influx of illegals for creating that opportunity.
My area, outskirts of Charlotte, nc, the housing market has become brutal. And over the last 5 years, we've had an insane influx of illegals. House next to me is a rental, in 2021 it was rented for $850 a month. It's a very small house, 2br, 1 bath, only around 800sq ft. In 2022, the previous tenants were forced out after their lease was up, and the owner rented it to 6 illegals for $1800 a month. A lot of houses in my area are like that now. I can't fault the owners, because the money is there for the taking, they'd be dumb not to get a slice of that pie.
I blame the influx of illegals for creating that opportunity.
Posted on 7/6/26 at 8:26 am to stout
quote:
They still do that. It's always an option for the lender to come after you for a judgment of the difference between what you owe vs what the disposition cost them.
Correct. I can only assume he got lucky as there was a massive backlog of foreclosed homes at the time in the Atlanta metro area that was just too much to keep up with.
Posted on 7/6/26 at 8:28 am to Plx1776
quote:
My area, outskirts of Charlotte, nc, the housing market has become brutal.
Where Americans Are Moving During Covid
Charlotte is #4 in growth on that list (Durham was #2)
NC Among Top Migration Destinations Amid COVID-19
Those numbers don't include illegals, mind you.
Posted on 7/6/26 at 8:37 am to SlowFlowPro
quote:
I watched a video 2 weeks ago about the condo crisis and it's insane. I have no idea what they're going to do about that because a ton of people are literally trapped with no way out.
It really is insane.
Posted on 7/6/26 at 8:37 am to SlowFlowPro
As of the last data we have, which was in May, NC is currently 14th in foreclosure rates with 1 in 3181 in some state of foreclosure and 1539 homes with foreclosure notices. A 31.65% upward change since May 2024.
Posted on 7/6/26 at 8:44 am to stout
quote:
Ron eliminating property taxes will help, though.
Ron isn't doing shite. That jellyfish is leaving it to the voters, on top of distancing himself from the version written by the legislature, that we'll actually be voting on. That's some feckless arse shite, especially for year 8 of 8.
Posted on 7/6/26 at 8:54 am to stout
Yeah same trends as Florida, ATX,etc. Not shocking.
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