Evictions seeing exponential rise in MA (foreclosure, mortgages, unemployment)

[massnative71]

Originally Posted by msRB311

Right but many do make 120k or so particularly couples. And again why do people move to or continue to live in Boston if it's that much of struggle? If your job is in Boston and you dont want to leave it that's kind of your own choice. As I said I think the prices have become ridiculous but it is what it is. The nonsense with expecting handouts has gotten out of control.

Of course but my point was about expecting everybody to have 12 months of expenses stashed away. Sure most experts would advise on such, but realistically and especially with Boston's COL it's simply unobtainable for most. And of those landlords who do, that is generally there to cover unanticipated expenses like a boiler going out (not so people can squat there 9-12 months for free). They are suffering along with everyone else, maybe they also lost their primary job or had income severely reduced...

[msRB311]

Originally Posted by redplum33

Didn't you want a $500 EBT card?

sure why not, I could use an extra $500. But i didn't get one because I don't qualify. I never expected one. Wanting and expecting are two different things

[msRB311]

Originally Posted by massnative71

Of course but my point was about expecting everybody to have 12 months of expenses stashed away. Sure most experts would advise on such, but realistically and especially with Boston's COL it's simply unobtainable for most. And of those landlords who do, that is generally there to cover unanticipated expenses like a boiler going out (not so people can squat there 9-12 months for free). They are suffering along with everyone else, maybe they also lost their primary job or had income severely reduced...

I agree. Im not sure why people always assume landlords are well off. They have bills and mortgages to pay as well.

[mdovell]

I'll take a property owner vs any speculative land owner any of the week.

Any person or org should have some savings. General Cash flow dictates that but if we go beyond a year then what?

[GeoffD]

Originally Posted by massnative71

Of course but my point was about expecting everybody to have 12 months of expenses stashed away. Sure most experts would advise on such, but realistically and especially with Boston's COL it's simply unobtainable for most. And of those landlords who do, that is generally there to cover unanticipated expenses like a boiler going out (not so people can squat there 9-12 months for free). They are suffering along with everyone else, maybe they also lost their primary job or had income severely reduced...

It would be pretty unusual for the owner of an owner-occupied multi family to have a year of expenses as a cash reserve. That’s been the traditional entry to the middle class by the working class. There are thousands of people like that in the “other” Massachusetts cities. Without those people, those neighborhoods quickly turn into Section 8 ghettos. There are a lot of people here who act like Boston is the only city in the state.

[id77]

Originally Posted by Shrewsburried

Personal accountability and failing to fulfill existing contracts are two very separate things. One could easily apply your accountability argument to the tenant versus the landlord.

Oh and I do. They're just as culpable for not being able to meet their obligations, either.

[Igor Blevin]

Foreclosures to follow.

Right now there is another housing boom. Probably a bubble. It is relatively easy to evict tenants renting an apartment or a home. So the fallout from the Covid shutdowns will be renters being evicted first.

Later on down the road, a year or 2 perhaps, this will be followed by a wave of home foreclosures. People will do much more to try to stay in a home, but there will be many homeowners who simply cannot service their mortgages as a result of Covid job loss/income loss/business loss.

The first wave will be a spike in tenant evictions. The second wave will be a spike in homeowner foreclosures.

The housing bubble will likely pop hard with the wave of home foreclosures. It should be nowhere near as drastic as 2008, but it will still hit the housing market hard and home values will temporarily plunge. Again, house values will not be cut in half like 2008, but they will still be a good deal to future buyers compared to the bubbly prices today.

[Igor Blevin]

Originally Posted by massnative71

I have no idea what percentage it is, but a lot of people are gaming the system right now. People who never lost their job or income, decided they would stop paying rent because they know they are immune from eviction. I guess we shall see how many "suddenly" come up with some cash once they face the final notice.



Fwiw, any extension of this would have to add in protection to the landlords as well. It's not like their mortgage and other expenses don't suddenly get put on hold either, and I'm not sure how much power the state has to shield them from national banks their property is mortgaged to.

I don't agree with you that people in good financial shape are not paying their rent. As I understand it, the current rules have been to not evict tenants who fail to pay rent, but what happens is the unpaid current rent is being added to the balance. The tenants are required to pay the same amount, they are just getting a grace period to pay.

People in serious financial jeopardy who can't pay their rent, have no choice and face eviction.

People in good financial health who can pay their rent, would be extremely foolish to stop paying rent, since they will only have to pay it later. It would be even more foolish to pay nothing, get evicted, and have your rental history ruined for 7 years.

This does not make any sense to me.

[Huckleberry3911948]

It’s one thing to forbid me to collect rent quiet another to say I must pay for house squatters

[id77]

Originally Posted by mdovell

I'll take a property owner vs any speculative land owner any of the week.

Any person or org should have some savings. General Cash flow dictates that but if we go beyond a year then what?

Then you start liquidating assets to keep afloat or you sink like any other business or individual.

Generally speaking, life isn't fair. The shutdown wasn't fair. But, it happened and so everyone -- landlords, tenants, others, doesn't matter -- has to deal with their obligations whether it was fair or not.

If the state (or federal) government decides that a situation that is beyond personal responsibility, they'll legislate something to correct course. They did that with the moratorium, but they haven't decided that debts should start being forgiven, and until they do, each person still owes what they owe. This is why saving should be such a priority for everyone: it's your first, and often only, hedge against misfortune.