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Old 08-23-2020, 08:15 AM
 
Location: Native of Any Beach/FL
35,565 posts, read 20,909,470 times
Reputation: 14189

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Quote:
Originally Posted by MetroWord View Post
Um... home sales also spiked right before the housing market crashed back in 2009.
I don't know -my sis is the real estate tycoon of the family and my son wants to buy, and she said - I'd wait a bit, the Repos are coming. She has been in BZ 20 plus yrs. My thoughts- are the Chinese and COPRs like "Invitation/American Homes" still buying by the block??
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Old 08-23-2020, 08:16 AM
 
12,268 posts, read 6,442,637 times
Reputation: 9418
Quote:
Originally Posted by Robert9 View Post
God Bless Trump!
Aren`t they one and the same? He was going to make Covid go away with a miracle.

Last edited by gmagoo; 08-23-2020 at 08:17 AM.. Reason: add
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Old 08-23-2020, 08:20 AM
 
Location: Barrington
63,919 posts, read 46,615,875 times
Reputation: 20674
Quote:
Originally Posted by MetroWord View Post
My husband works in the corporate office of one of the biggest home builders in America. There was a report from research a few days ago that say even though home sales are still up, foreclosures are starting to go way above normal.

Just saying. We are seeing all the signs of a housing market crash coming just like 2009.
Real estate in a very local market. It was that way in 2008-9 and remains that way, today.
Foreclosure moratoriums have forced lenders to get creative in terms of tacking missed payments onto the back end. Seriously delinquent mortgages ( 3 or more missed payments) now represent nearly 8% of all outstanding mortgages. Delinquency rates are highly variable by state and within state.

Mortgage debt and mortgage serving are two different animal.

Common for a lender to sell servicing rights to party A and the actual debt to party B. The serving agent is responsible for collecting and making principal and interest payments to the holders of the mortgage debt, regardless of what the homeowner does or not. They are also responsible for paying property taxes when taxes are a part of the monthly payment. These can cause potentially serious cash flow challenges for some servicing agents.

The impact of delinquencies will not be realized until the foreclosure moratoriums are lifted and the so called free market resumes.
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Old 08-23-2020, 08:21 AM
 
Location: Native of Any Beach/FL
35,565 posts, read 20,909,470 times
Reputation: 14189
Quote:
Originally Posted by northofnowhere View Post
By the start of 2009 housing prices had dropped by over 50% from their peak in 2006, so the crash you refer to had already been underway for many many months.
My sis had ten rentals.., by 2010 she was broke, skinny and grey haired... she may own one now, maybe... this is in FL.
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Old 08-23-2020, 08:27 AM
 
Location: Barrington
63,919 posts, read 46,615,875 times
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Quote:
Originally Posted by PotatoMan View Post
My sister just sold her $700,000 house in days and had a bidding war raise the price. They didn’t even have to put a sign up.
The real estate market is local, very, very local. Anecdotal stories, good, bad and ugly are meaningless.

The $700,000 price point might be the sweet spot in one market while more affordable and/ or $750,000 + market is dead in the same market, or vice- versa.
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Old 08-23-2020, 08:31 AM
 
Location: In the middle of nowhere... and enjoying it
1,897 posts, read 795,141 times
Reputation: 1772
Quote:
Originally Posted by tinytrump View Post
My sis had ten rentals.., by 2010 she was broke, skinny and grey haired... she may own one now, maybe... this is in FL.
Timing is everything. in 2006 a condo in a Orlando Neighborhood cost $200K, by 2010 you could get it for under $40K, today its back up to $200K.

Some might say it's in a bubble again,others say it's just caught up to where it should be from prices 15-20 years ago.
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Old 08-23-2020, 08:32 AM
 
Location: Native of Any Beach/FL
35,565 posts, read 20,909,470 times
Reputation: 14189
Quote:
Originally Posted by middle-aged mom View Post
The real estate market is local, very, very local. Anecdotal stories, good, bad and ugly are meaningless.

The $700,000 price point might be the sweet spot in one market while more affordable and/ or $750,000 + market is dead in the same market, or vice- versa.
I'm seeing some low prices in Central Fl compared to what it was, but very few homes. Maybe when the moratorium lifts, things may change. FL is a service state, so tourists, food and sun... are down and hurricane season so far so good for FL, but two wicked storms will barrel into middle of the southern part of the US... I expect flooding and more migrating.
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Old 08-23-2020, 08:42 AM
 
Location: Barrington
63,919 posts, read 46,615,875 times
Reputation: 20674
Quote:
Originally Posted by MetroWord View Post
We are not in the 1%. Far from it, actually. But we are in the owner class. And I can tell you the problem is a lot worse than what you think.

See, people keep pointing to the 1% as having cheat codes. But trust me, you don't need to be in the 1% to have the cheat codes.

I am likely the only licensed broker who opposes the mortgage interest and property tax deduction. Then again, I also oppose the child credit - heck all deductions and credits.
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Old 08-23-2020, 08:47 AM
 
Location: Los Angeles
7,826 posts, read 2,710,336 times
Reputation: 3387
Things are just fantastic in the economy

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Old 08-23-2020, 09:02 AM
 
Location: Barrington
63,919 posts, read 46,615,875 times
Reputation: 20674
Quote:
Originally Posted by cp102 View Post
Homes are selling like Crazy in Texas, I live near Austin and see homes selling quickly. In my neighborhood once it goes up its pending in a few days. We are seeing people from NYC, California, Washington state, Illinois.
I have been called by realtors to see if we are interested in selling one of our rentals.
Texas is a big state. Homes are not selling like crazy all over Texas.

Austin has been a hot market for a long, long time. Within Austin, some neighborhoods are substantially more desirable than others.

Like many cities, Austin experienced looting and property damage related to the Geo Floyd protests in late May- early June.

While anecdotal, I know several people who have trailed their children and moved from Illinois to the greater Austin area. Kids went to school in Austin and stayed.
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