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Wave of real estate foreclosures coming?


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Just now, Anler said:

We should quote this swamp banker and circle back in one year... 

yes absolutely.   we can absorb at this point north of 5% going into foreclosures in most markets.  sure pockets will have issues but any widespread crash is IMO highly unlikely in the near term.  I've worked with rates at 2 and rates at 9 and people still need homes so rate fears are overblown.  it would take a soft job market IMO to really effect the housing market.   

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10 minutes ago, Angry ginger said:

TBH this is the overall worst market i have ever seen.  I do mortgage lending and have done so for 30 years,  with rates high there are no refinances,  with no inventory no purchases.   1/5 the normal amount of homes for sale in my market right now.  March/April is when we start seeing inventory come on and it's trickling but buyers are getting pissed and starting to say fuck it we are not going to bother.  now they will change their mind if there is inventory but it's awful.  i'll lose money Q1 and looking at pipline Q2 this year.   

 

 

High rates LMFAO 

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1 minute ago, Angry ginger said:

yes absolutely.   we can absorb at this point north of 5% going into foreclosures in most markets.  sure pockets will have issues but any widespread crash is IMO highly unlikely in the near term.  I've worked with rates at 2 and rates at 9 and people still need homes so rate fears are overblown.  it would take a soft job market IMO to really effect the housing market.   

Did you have 10% inflation when you did that? Insane energy prices and potential looming food shortages? Id say the inflationary risks going forward are going to push a lot of people closer to bankruptcy faster than a "soft" job market. Were you awake the last 2 years while everyone was buying all of the cars, boats, bikes and second homes like crazy? Who here is going to spend $500 in fuel to take their new boat out for the day? How about 40% increase in heating and cooling that new 5000sf house you just bought? The American consumer is retarded and learns nothing. 

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53 minutes ago, SkisNH said:

For such a baller like yourself, I would have figured you would know how much the dow has lost and your 17% figure is almost doubled reality. 

Go back to your bag of dicks and stay in your lane.

I lost 17% from my ATH in Nov., you fukkin faggot. I've re-covered half that loss, and it's continuing to go up, you needle-dinked, ball gargling Peter Puffer-lookin' bitch. 

Where are you located? What town/street?  

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I wanted to hold off selling my home for another year but think that may be mistake... like others have said, the inventory is way down right now even compared to a year ago. 

 Still selling like hot cakes despite being overpriced IMO. Can't believe the value of my house and has gone up another 12k in 30 days according to Zillow...lol.

 How much longer can this possibly last

  

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32 minutes ago, sleepybrew said:

around here the real estate people are sitting around doing nothing. literally not one available home. nothing. we are 100 miles above nyc, and they came in droves. bought every last piece of shit there was. now making them in to mansions. guy from jersey bought a cat shit infested rat on my road for 65k. it was originally at auction, started at 5k and no bids. boy did times change

Is that cat shit house being bulldozed for a brand new building?  That's what is happening a lot around here.  And quite honestly it should.

From the Twin Cities here, and people have been leaving the cities.  The 2020 population change was down for the first time in many years in Mpls and St. Paul, where suburban and outstate cities have mostly seen increases.  Gee I wonder why that is??

In the final suburban core tier where I live south of the cities, the houses next to mine were $500-550k 2 years ago, and are now $700-750k.  It is crazy to say the least.

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36 minutes ago, Anler said:

Did you have 10% inflation when you did that? Insane energy prices and potential looming food shortages? Id say the inflationary risks going forward are going to push a lot of people closer to bankruptcy faster than a "soft" job market. Were you awake the last 2 years while everyone was buying all of the cars, boats, bikes and second homes like crazy? Who here is going to spend $500 in fuel to take their new boat out for the day? How about 40% increase in heating and cooling that new 5000sf house you just bought? The American consumer is retarded and learns nothing. 

I’m not believing in any of the media and administration driven bullshit. Oil prices will collapse and food prices will eventually stabilize. It’s like everyone is losing their fucking minds. Everyone seems to forget that this shit is cyclical. 

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21 minutes ago, Mag6240 said:

Is that cat shit house being bulldozed for a brand new building?  That's what is happening a lot around here.  And quite honestly it should.

From the Twin Cities here, and people have been leaving the cities.  The 2020 population change was down for the first time in many years in Mpls and St. Paul, where suburban and outstate cities have mostly seen increases.  Gee I wonder why that is??

In the final suburban core tier where I live south of the cities, the houses next to mine were $500-550k 2 years ago, and are now $700-750k.  It is crazy to say the least.

actually he fixed it. whoever owned it sent in guys in hazmat suits to clean and remove the insides. they threw up sheetrock or whatever. i don't think the smell of cat piss would ever go away. it was open and cats lived in there for years. i looked in and it was shit all over and stunk bad. 

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23 minutes ago, ViperGTS/Z1 said:

I wanted to hold off selling my home for another year but think that may be mistake... like others have said, the inventory is way down right now even compared to a year ago. 

 Still selling like hot cakes despite being overpriced IMO. Can't believe the value of my house and has gone up another 12k in 30 days according to Zillow...lol.

 How much longer can this possibly last

  

We we're considering waiting as well but with the uncertainty decided to list and see what happens. We're listing at the price we want which'll keep the lowballers out and if someone wants to go higher be our guest. 

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2 minutes ago, smokin george said:

We we're considering waiting as well but with the uncertainty decided to list and see what happens. We're listing at the price we want which'll keep the lowballers out and if someone wants to go higher be our guest. 

Nice!...Good luck.....there are so many things I should be doing, cleaning/fixing small things to get house ready for listing...just haven't been motivated to do so yet. Not sure if the small things even matter these days.  

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1 minute ago, ViperGTS/Z1 said:

Nice!...Good luck.....there are so many things I should be doing, cleaning/fixing small things to get house ready for listing...just haven't been motivated to do so yet. Not sure if the small things even matter these days.  

We're only getting the main part of the basement painted in primer. The house is pretty much painted in neautral colors and doesn't need anything. As long as it's clean and doesn't need any repairs most normal buyers can see beyond paint to make it their own.

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1 hour ago, Anler said:

Did you have 10% inflation when you did that? Insane energy prices and potential looming food shortages? Id say the inflationary risks going forward are going to push a lot of people closer to bankruptcy faster than a "soft" job market. Were you awake the last 2 years while everyone was buying all of the cars, boats, bikes and second homes like crazy? Who here is going to spend $500 in fuel to take their new boat out for the day? How about 40% increase in heating and cooling that new 5000 sf house you just bought? The American consumer is retarded and learns nothing. 

Many years ago we were trying to sell a few acres. A small developer came up one day and told me he built an enormous ranch house a year or two earlier. After he built it, the market tanked. He told me he wished he lived in a fukkin trailer, 'cause his expenses on the ranch house were driving him crazy. I believed him. 

 

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26 minutes ago, spin_dry said:

I’m not believing in any of the media and administration driven bullshit. Oil prices will collapse and food prices will eventually stabilize. It’s like everyone is losing their fucking minds. Everyone seems to forget that this shit is cyclical. 

Oh yeah $40 trillion dollar debt is cyclical... 

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54 minutes ago, ViperGTS/Z1 said:

I wanted to hold off selling my home for another year but think that may be mistake... like others have said, the inventory is way down right now even compared to a year ago. 

 Still selling like hot cakes despite being overpriced IMO. Can't believe the value of my house and has gone up another 12k in 30 days according to Zillow...lol.

 How much longer can this possibly last

  

It will tank, at some point, and it will tank........OVERNIGHT!!!! 

It will take 10-15 years to re-cover, when it does. 

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30 minutes ago, spin_dry said:

I’m not believing in any of the media and administration driven bullshit. Oil prices will collapse and food prices will eventually stabilize. It’s like everyone is losing their fucking minds. Everyone seems to forget that this shit is cyclical. 

This is the problem with people. 

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2 minutes ago, Polaris 550 said:

It will tank, at some point, and it will tank........OVERNIGHT!!!! 

It will take 10-15 years to re-cover, when it does. 

What do you think the great reset is and the build back better slogan?

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1 minute ago, ArcticCrusher said:

This is the problem with people. 

When has zero % interest rates been cyclical? When has Trillions of dollars in stimulus been cyclical? I mean if our economy is so good normally why is all of this necessary to keep it from collapsing? 

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Real estate tanked here from Sept to Nov of 2005. It was like a light switch on/off it happened so fast.

Took many YEARS to re-cover. 

I'll be 75 soon, and I have to think about this place. It may actually be too late, by the time I got it on the market, the market could be sliding down. 

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Just now, Polaris 550 said:

Real estate tanked here from Sept to Nov of 2005. It was like a light switch on/off it happened so fast.

Took many YEARS to re-cover. 

I'll be 75 soon, and I have to think about this place. It may actually be too late, by the time I got it on the market, the market could be sliding down. 

didn't realize you were an old fuck. i may have gone a little easier ion ya. 

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7 minutes ago, Anler said:

When has zero % interest rates been cyclical? When has Trillions of dollars in stimulus been cyclical? I mean if our economy is so good normally why is all of this necessary to keep it from collapsing? 

Just follow those trillions.  They are not helping average Americans, just leaving them the bill.

Is it time for the new world order?

 

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Just now, ArcticCrusher said:

Just follow those trillions.  They are not helping average Americans, just leaving them the bill.

Is it time for the new world order?

 

 

Oh you arent telling me anything, I have been saying we have been getting looted for over 20 years now. I think most people who have something to lose get it or are finally getting it. Its the people who dont who are gonna help them lead us down the toilet. 

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12 hours ago, racinfarmer said:

When or if the housing market crashes, I'm sure there will be plenty of cheques sent out to keep people where they are at.

Yep, and just like last time, the people who are responsible will get shit on and the people who cause this mess will be taken care of and made out to be the victims.

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