Home-loan default notices spike at 121% in December
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BTW: we are in the valley right now, getting ready to climb the mount everest of mortgage resets. For yet again, another time.
This brings all smiles to guys like myself, who saw this coming and are actively preparing for the days when inventory is incredibility high, houses are at rock bottom prices and the foreclosure wave is ending. Those days appear to be in 2011-2012. Only thing that worries me is getting a decent job after college. Working hard on that one.
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All the layoffs and the market drop will force more problems this year. And most mortgage restructuring programs won't work with you until you are three months behind so the system is not heading off the crisis.
Exactly. Now average joes are at risk of losing their homes because of job loses and so on. I am predicting that home prices will be down 75% from the peak in bubble markets like CA and FL. Any area that is getting hit with high foreclosure and high job loses is going to get KILLED. Of course at that very time you want to go in there and buy up as much as possible and convert that stuff to rentals. Lots of money to be made in these next couple years. Lets just hope obama doesn't do something too stupid.
Of course at that very time you want to go in there and buy up as much as possible and convert that stuff to rentals. Lots of money to be made in these next couple years.
People can't pay rent without jobs. Millions of vacant houses will be squatted.
This will further dry up the bases of new loans. Mortgage money is spent and circulates as our money. We essentially have a housing backed currency since most credit is created by it. Deflation will continue until we either increase the national debt significantly or end the fractional reserve "system". A $1000 credit house hold stimulus is a joke. A 100 billion in the face of several trillion is really a knee slapper. You can't set the drag right on a four pound line with this whale on the hook. Thanks Obama, I get it, I am laughing.
With millions of Americans who have always had perfect credit starting to miss a payment here or there due to the economic depression, by the time this mess is over (if it is ever over) few Americans will have good credit anymore. Good enough to rent an apartment or buy a home.
In the very near future, if banks and Landlords dont loosen up on their strict credit standard, there is going to be a whole lot of empty houses and a whole lot of homeless people.
Don't be surprised if we start to see "lifetime financing" in the near future!! Heck...you can just pass the debt on to your kids....and so on.... and so on.. and so on....
In the very near future, if banks and Landlords dont loosen up on their strict credit standard, there is going to be a whole lot of empty houses and a whole lot of homeless people.
Even if they loosen the standards, they still won't be able to pay because they don't a job or took a cut in pay. How can they afford the outrageous home prices and/or rent prices?
If too many can't afford the price, then the price will *have* to drop. As what is happening now.
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