Author Topic: Are we in for another realestate crash?  (Read 162 times)

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Offline Old n Grumpy

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Are we in for another realestate crash?
« on: June 10, 2021, 12:23:44 PM »
I stopped watching the news after the election, being disgusted with the whole mess and haven't really stayed up to date on a lot of things. Last night I spoke to a friend who I haven't talked to for a while and one of the subjects we discussed was renters not paying rent and people not paying their mortgage's. It seems there is still a moritorium on paying these. He told me that banks are poised to forclose on unpaid mortgages and landlords will be SOOL with most of their renters who are several months in arrears.

If this is the case it seems like there will be a lot more homeless and a lot of homes being repossessed by the banks causing a real estate crash. Right now it is a selers market with prices on the rise and with new home construction in limbo because of material shortages it seems like the economy is going to take a big hit.
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Offline old dog 2

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Re: Are we in for another realestate crash?
« Reply #1 on: June 10, 2021, 01:29:23 PM »
Yeah, fasten your seat belts we're headed into the Biden $#!+ storm.


Offline Drafe Hoblin

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Re: Are we in for another realestate crash?
« Reply #2 on: June 12, 2021, 09:54:05 AM »
You set a price for your home... get a 'miraculous' offer... accept the 'miraculous offer'...  Bank it.  But now you can't buy a new home with the money because property-investors have instantly priced-you-out-of-the-housing-market.  Everything became rental-property. 

You're suddenly renting for the rest of your life.  Somebody, maybe Tucker, called it 'legacy theft'.  You become the sum of your material-possessions. 

It probably won't work in the long-run.  But it'll be chaotic. 

Offline Rick

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Re: Are we in for another realestate crash?
« Reply #3 on: June 12, 2021, 10:30:39 AM »
You set a price for your home... get a 'miraculous' offer... accept the 'miraculous offer'...  Bank it.  But now you can't buy a new home with the money because property-investors have instantly priced-you-out-of-the-housing-market.  Everything became rental-property. 

You're suddenly renting for the rest of your life.  Somebody, maybe Tucker, called it 'legacy theft'.  You become the sum of your material-possessions. 

It probably won't work in the long-run.  But it'll be chaotic.

One step you missed is the "bank failure" and losing all of that money.




Online Eupher

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Re: Are we in for another realestate crash?
« Reply #4 on: June 12, 2021, 11:12:30 AM »
You set a price for your home... get a 'miraculous' offer... accept the 'miraculous offer'...  Bank it.  But now you can't buy a new home with the money because property-investors have instantly priced-you-out-of-the-housing-market.  Everything became rental-property. 

You're suddenly renting for the rest of your life.  Somebody, maybe Tucker, called it 'legacy theft'.  You become the sum of your material-possessions. 

It probably won't work in the long-run.  But it'll be chaotic.

One aspect that's missing. Mrs. E and I are in our "forever" home. We've moved to 8 different states since 1999. We're done with that shit. While we'll always have a mortgage payment till we die, we do not have to subjugate ourselves to the housing market AT ALL.

But for those who do, yes, this is a serious issue. It puts the kibosh to the adage that home ownership is the bedrock of being an American.  :mad:
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Offline Drafe Hoblin

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Re: Are we in for another realestate crash?
« Reply #5 on: June 13, 2021, 08:30:05 AM »
One step you missed is the "bank failure" and losing all of that money.

That was a Bush-era thing...  Allowing toxic-mortgages to be bundled and sold overseas as 'stocks', which were used as collateral to obtain bank-loans.   

Offline old dog 2

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Re: Are we in for another realestate crash?
« Reply #6 on: June 13, 2021, 10:19:22 AM »
I often wonder how things would have shaken out if there were no bailout.

Offline Drafe Hoblin

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Re: Are we in for another realestate crash?
« Reply #7 on: June 14, 2021, 10:00:11 AM »
I often wonder how things would have shaken out if there were no bailout.

McConnell would have one less nickname... or at least a less nationally-known one...  'Bailout Mitch'...  I think Hannity coined that.