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At least temporarily, houses just became totally illiquid. You might find a hard money buyer. You will be taking a 50% haircut here. When this is over I would expect LI valuations to plummet.
A colleague of mine is selling his house. Closing was on Monday. Buyer got cleared to close, all paperwork done at the closing and just waiting for the funds to clear. Lender pulled financing while they were waiting for the wire for no reason other than “COVID-19 so we are holding on originating any loans”.
At least temporarily, houses just became totally illiquid. You might find a hard money buyer. You will be taking a 50% haircut here. When this is over I would expect LI valuations to plummet.
Expect all housing to plummet if this continues not just LI
Don't panic. Real estate and the economy will ultimately be fine. There will be pain for weeks/months, but it will ultimately pass.
COVID 19 is extremely contagious, but not very lethal to healthy people. Most people won't even know they had it.
The problem is not that we expect masses of productive people getting extremely ill or dying- that would destroy our economy.
The problem right now is the vulnerable population (elderly, people with multiple medical conditions) may potentially overwhelm our health care system, hence the abundance of precaution/isolation measures being done to prevent that.
This will pass and the economy will be fine, because the fundamentals of the economy were extremely sound before all of this.
Oboy, here we go again! The sky is falling! Remember everyone thinking housing market would crash with the new salt deduction? How did that work out? Prices went UP!
Don't panic. Real estate and the economy will ultimately be fine. There will be pain for weeks/months, but it will ultimately pass.
COVID 19 is extremely contagious, but not very lethal to healthy people. Most people won't even know they had it.
The problem is not that we expect masses of productive people getting extremely ill or dying- that would destroy our economy.
The problem right now is the vulnerable population (elderly, people with multiple medical conditions) may potentially overwhelm our health care system, hence the abundance of precaution/isolation measures being done to prevent that.
This will pass and the economy will be fine, because the fundamentals of the economy were extremely sound before all of this.
Agree 100%. Now tell that to the people cornering the market on toilet paper!
Oboy, here we go again! The sky is falling! Remember everyone thinking housing market would crash with the new salt deduction? How did that work out? Prices went UP!
The good news is that people have a short memory.
The bad news is that people have a short memory.
As I posted elsewhere, I was in the air on 9/11, and outside Lehman the day they shut down in 2008. What I'm seeing now is a far worse panic, likely because many of the people panicking were too young to remember the Great Recession or 9/11.
Don't panic. Real estate and the economy will ultimately be fine. There will be pain for weeks/months, but it will ultimately pass.
COVID 19 is extremely contagious, but not very lethal to healthy people. Most people won't even know they had it.
The problem is not that we expect masses of productive people getting extremely ill or dying- that would destroy our economy.
The problem right now is the vulnerable population (elderly, people with multiple medical conditions) may potentially overwhelm our health care system, hence the abundance of precaution/isolation measures being done to prevent that.
This will pass and the economy will be fine, because the fundamentals of the economy were extremely sound before all of this.
Another person that is the voice of reason. We are in the minority my friend. People would prefer to fear monger and panic.
This will pass and the economy will be fine, because the fundamentals of the economy were extremely sound before all of this.
hahahahahahahahahhahahahahaha
Sound?!! Which part, the trillions of unnecessary QE pumped in via repo mkt since the summer, BEFORE the virus appeared and in a supposedly "great" economy?!? Or the continuous rate cuts, also never in history a sign of a "good" economy. The "great" economy replaced good jobs with crap gig jobs with no benefits and called that "full employment." This has been a house of cards for years, with ultra low interest rates and monumental debt and deficits, again, BEFORE the virus was a blip on anyone's radar. In the end this will be another massive handout to the rich and connected and crumbs to the working class to "survive."
Already, Boeing is begging for bailouts...BUT they just got tons of QE and used it for what...stock buybacks!! We GAVE them money, they bought back equities, driving up the bubble, then their stock tanks, and now they are back at the trough for a handout. Trillions of ill spent corporate welfare dollars since summer 2019. They are just one of thousands f "job creators" looking for a bailout. Funny, maybe wealth is ACTUALLY created from the bottom and middle, not so much from the trickle downers as the fable goes.
Yeah, real sound economy. Total smoke and mirrors. REAL inflation is actually closer to 10% (asset inflation via equities was over 20%, not so much since last week) and real unemployment between 10 and 20%.
We hate that socialism, but cue the handouts and bailouts in 5..4...3...2...1...
Dollars to the connected, pennies to the rest. Deficits for the grandkids. #somuchwinning
The only truth in any of that claptrap is that the market will rebound quickly...why?! MORE QE!!! And no where else to invest with 0% savings interest rates. Put that 401k back on the casino table and "let it ride!" That is exactly the way monetary policy has been manipulated under trickle down (both parties) for years. No more 11% FDIC insured savings. Oh, no. Everyone into the casino! And debt is cheap, take out that cheap HELOC and put it in the markets. What could go wrong??! Pretty much what Boeing and others did. And we'll reward them for it, at our own expense. #winningevenmore
Last edited by monstermagnet; 03-18-2020 at 01:58 PM..
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