Will begin this year.
Unavoidable.
Even before Covid this was looming.
2006-2013 saw 8 million foreclosures.
This will be worse.
Will begin this year.
Unavoidable.
Even before Covid this was looming.
2006-2013 saw 8 million foreclosures.
This will be worse.
If this is your belief, then play the market accordingly. Do some research into the past and this could turn into a golden investment opportunity for you.
"Looming foreclosures"? Based on what?
Real estate has never been higher in my area. Stock market is back near all time highs. Businesses are open. Unlikely in 2020.
It’s possible by the end of 2021 if things get much worse quickly.
Rainy Day wrote:
Real estate has never been higher in my area. Stock market is back near all time highs. Businesses are open. Unlikely in 2020.
It’s possible by the end of 2021 if things get much worse quickly.
Foreclosures doesn't mean home prices aren't high or even that the stock market isn't high. Foreclosures merely mean that individuals are not able to meet the loan payments. If prices increase faster than incomes, individuals won't be able to meet all of their commitments, and at some point they will be far enough behind that the financial institution will call in the loan. The OP merely thinks prices will be increasing that quickly soon. Maybe the OP is right, maybe he isn't.
Difference between banking crisis which actually started with Repeal of Glass-Steagall, 1999 with sh!t hitting the fan, 2007 & 2008, Republicans, nearly all Republicans insisted on austerity. Republicans then would not allow a robust rescue package. trump has all Republicans corrupted in U.S. Congress except Mitt Romney. My guess is trump planning on giving Pelosi and Schumer the additional rescue package they want, in October.
Increasing prices don’t mean increasing mortgage payments on existing loans. It will mean less people will be able to qualify for a new loan. Rates going up on variable loans would be troublesome.
Real estate price and stock market levels do matter. People have equity in their home and additional invested in the market. That will get many through a temporary loss of income.
There will be some foreclosures, but highly unlikely to match the levels from the last recession at least not yet unless both of these markets tank abruptly.
Foreclosures won’t really start hitting until the end of the year and that will affect prices for another 6-12 months. In 18 months is the time to buy, as prices and interest rates should both be low.
A lot of things wrong with this thread.
Maybe foreclosures are looming now.
Mostly because of historic high unemployment.
People out of work fall behind and the lender may foreclose.
I don’t know why the OP thought it was looming already when unemployment was at historic lows the last three years.
House pricing seemed to go along with supply and demand and income levels. Interest rates have been very low which allows prices to go up.
Lenders won’t foreclose quickly. They did that in 2008 and that helped drive hone values down and made it harder for lenders to recover the debt they issued.
Also, it saddens me a bit when people chime in on how to make a quick buck off of other people’s misery.
These times will case more wealth inequality and a higher percentage of the population will be on the losing side.
Giles Corey wrote:
Will begin this year.
Unavoidable.
Even before Covid this was looming.
2006-2013 saw 8 million foreclosures.
This will be worse.
We're going into the worst DEPRESSION this country has ever seen. Huge layoffs, many businesses closing for good, foreclosures, repossessions, massive homelessness, etc. It's already starting now:
https://www.google.com/amp/s/www.businessinsider.com/att-layoffs-thousands-jobs-cut-covid-19-june-2020-6%3fampAs more and more people become unemployed and default on thier loans with many losing their homes, millions with forced into homelessness. There will be social unrest just about everywhere. Crime rates will go through the roof. It will be unbelievable and mind-boggling at how this Empire's economy all came to a rapid collapse. Future historians will look back at this time period and question the sanity of destroying an entire economy for something as ridiculous as a virus that is no worse than the severe flu.
The greatest fatal mistake made by the government in the history of the U.S.!
It ain't going to be pretty: ?
https://youtu.be/oxXVGgMfpasjoedirt wrote:
If this is your belief, then play the market accordingly. Do some research into the past and this could turn into a golden investment opportunity for you.
That's your reply?
Millions to be added to the homeless population, many will die...and you talk about a golden investment opportunity?
Sick SOB
RyecorDone wrote:
"Looming foreclosures"? Based on what?
People being unable to pay their mortgages.
WTF else would it be?
Sheesh
Giles Corey wrote:
That's your reply?
Millions to be added to the homeless population, many will die...and you talk about a golden investment opportunity?
Sick SOB
Isn't exactly THAT which is called the American Dream?
Rip off some fellow citizens and get rich.
The best attribute to have when investing is a lack of emotion. To loosely quote Michael Burry in his UCLA commencement speech, “you have to accept the world for what it is and try to exploit it in the most ethical way possible”. Investing isn’t personal, it isn’t racist, it isn’t sexist. The sooner you learn to take your emotions out of your investing, the more successful you will be. I made a bunch of money the past couple months by studying the past and capitalizing on others irrational fears. The markets will do this regardless of my behavior, because they are impersonal, and if you research past markets, even somewhat predictable.
The great irony is a lot of activism and emotion has the unintended consequence of making things worse. Activist investors wanting employers to protect workers from COVID? Hello automation and robots:
Activist SJWs asking for police reforms and defunding of police. Hello increased deaths (primarily black):
I told people a while back when everyone was predicting a recession to invest in alcohol and firearms. The civil unrest we are seeing is primarily due to the high level of unemployment. Take a look at the performance of Budweiser BUD, Smith and Wesson SWBI, and Ruger RGR. The resulting unemployment from the shutdowns is killing more lives and livelihoods than coronavirus itself. It was predictable, and it has happened before. You may as well profit off of the inevitability that you can't control. The only thing one can do if they are not a politician with some level of control is warn others it is going to happen (which I have done).
Rainy Day wrote:
Real estate has never been higher in my area. Stock market is back near all time highs. Businesses are open. Unlikely in 2020.
It’s possible by the end of 2021 if things get much worse quickly.
And 20% unemployment. You are living in fantasy land.
joedirty wrote:
The best attribute to have when investing is a lack of emotion. To loosely quote Michael Burry in his UCLA commencement speech, “you have to accept the world for what it is and try to exploit it in the most ethical way possible”. Investing isn’t personal, it isn’t racist, it isn’t sexist. The sooner you learn to take your emotions out of your investing, the more successful you will be. I made a bunch of money the past couple months by studying the past and capitalizing on others irrational fears. The markets will do this regardless of my behavior, because they are impersonal, and if you research past markets, even somewhat predictable.
This thread is not about investing.
It's about homelessness and death and despair.
Giles Corey wrote:
joedirty wrote:
The best attribute to have when investing is a lack of emotion. To loosely quote Michael Burry in his UCLA commencement speech, “you have to accept the world for what it is and try to exploit it in the most ethical way possible”. Investing isn’t personal, it isn’t racist, it isn’t sexist. The sooner you learn to take your emotions out of your investing, the more successful you will be. I made a bunch of money the past couple months by studying the past and capitalizing on others irrational fears. The markets will do this regardless of my behavior, because they are impersonal, and if you research past markets, even somewhat predictable.
This thread is not about investing.
It's about homelessness and death and despair.
And there is nothing you can do to change that. I'm more concerned with what you can do in that scenario. You can't control other people, but you can control yourself. Make some money off of the inevitability and give it all away if that is what makes you feel good. But don't dismiss the advice or complain that you are powerless in controlling your financial future. Worry about the things in life you can control.
If you were or are in favor of the economic shutdowns instituted by world leaders due to the coronavirus, then you have little reason to complain about the inevitable economic consequences of those actions. I was against them, because I understood that the resultant suffering and yes, the resulting deaths of despair that are arising from the actions would be far greater than the impact of coronavirus itself. Healthcare saves lives, but the economy provides us with everything we need to live.
There are big differences between today and 2008. The Fed has given banks massive amounts of liquidity before any crisis hit the mortgage industry. Bank should be able to ride out some missed payments or offer refinancing to spread missed payments out over time instead of going into a foreclosure death spiral like what happened in 2008. Borrowers are in trouble because they are out of work. In 2008, borrowers were in trouble because they had loans that they could not afford to begin with. Also, the supply side of the housing market has been very tight compared to 2008. That will keep prices from diving. There will be big losses and significant pain, but if lenders act rationally and give their borrowers a chance to recover from the shutdowns, the impact of this crisis should not be anything like 2008.