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Old Yesterday, 10:48 AM
 
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Is this all ending come April 1st? I read they're expecting a ton of evictions and foreclosures. Any idea what this could do to the red hot housing market? I read somewhere 11,000,000 evictions are expected.
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Old Yesterday, 11:07 AM
 
Location: Salem, OR
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Quote:
Originally Posted by ericp501 View Post
Is this all ending come April 1st? I read they're expecting a ton of evictions and foreclosures. Any idea what this could do to the red hot housing market? I read somewhere 11,000,000 evictions are expected.
It depends on the state. I know here that the average renter that had job losses due to COVID is behind $2700. I can see landlords working with those that are really trying and paying a portion of their back rent every month to make that up over time.

There are definitely scammers out there and I know landlords can't wait to evict them. We can't evict in Oregon until July 1.

We won't have hardly any foreclosures in my area. People that are behind can easily sell their homes as they have equity. Even people that bought 6 months ago, can easily clear their mortgage as home prices have gone up since then.
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Old Yesterday, 11:17 AM
 
Location: Florida -
9,886 posts, read 12,461,119 times
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Quote:
Originally Posted by Silverfall View Post
It depends on the state. I know here that the average renter that had job losses due to COVID is behind $2700. I can see landlords working with those that are really trying and paying a portion of their back rent every month to make that up over time.

There are definitely scammers out there and I know landlords can't wait to evict them. We can't evict in Oregon until July 1.

We won't have hardly any foreclosures in my area. People that are behind can easily sell their homes as they have equity. Even people that bought 6 months ago, can easily clear their mortgage as home prices have gone up since then.
....So, renters should not be required to pay rent -- until home values stop going up??? I agree that there should be some forebearance for people who have made a legitimate, ongoing effort to pay their rent, but been unable to do so because of COVID-related job losses.

But, some of the $$billions I've seen reported for unemployment and no-pay rental scams -- are just another example of trying to make other people responsible (ie; Landlords) for the irresponsibility of non-payers and non-workers.

Now, Joe is talking about a $15 per hour minimum wage, with no sense of how small businesses (also hurt by Covid) will pay for it. Remember, the same happened with ACA ("We won't know what's in it until we pass it!"). Now E.Warren is proposing a 'wealth tax.' Further, the environmental taxes of the liberals will likely hurt everyone. Watch out! The Dems can always come-up with more ways to spend your money, than you can come-up with to earn it.
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Old Yesterday, 11:51 AM
 
Location: Ocala, FL
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Can we keep politics out of this ? Whether you are a liberal or a conservative means absolutely nothing if you struggle to feed your family.
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Old Yesterday, 12:33 PM
 
Location: Raleigh
10,714 posts, read 8,109,857 times
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Quote:
Originally Posted by jghorton View Post
....So, renters should not be required to pay rent -- until home values stop going up??? I agree that there should be some forebearance for people who have made a legitimate, ongoing effort to pay their rent, but been unable to do so because of COVID-related job losses.
He didn't say anything of the sort. The OP asked about a glut of evictions and foreclosures and the effect on the housing market. Silverfall answered as to why there's unlikely a huge effect on the housing market.

Foreclosures happen after people stop paying their mortgages and banks foreclose. Most will try and sell a house rather than go into foreclosure. Mortgages that are in forbearance will be dealt with as the banks see fit. Foreclosures are costly for banks. Especially when one considers that they are less likely to foreclose anywhere with significant equity.

Evictions happen when LL's chose to file for eviction, assuming the courts are open. It is at the discretion of the LL. A LL can decide to evict when courts open, or not. There certainly are scammers that are going to be on the short list. Then there are others that are behind or whatever, that the LL's will chose to work with. If the average shortfall of tenants that had COVID-related job losses is $2,700, that implies that (a year into this,) the average is roughly two months behind. A LL can certainly exercise their right to evict, after the moratoriums expire. But in the wake of all of this, they also may decide to work an arrangement with their tenants rather than paying for an eviction, paying to clean/repair the unit, and re-renting it.
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Old Yesterday, 12:37 PM
 
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I don't want to sound heartless, but eventually we have to stop with the free rent and extra unemployment and let people fail so they're forced to lift themselves back up. In 2018 I was out of work for almost 10 months, my unemployment only lasted 6 of those and was only $700 from the state of NJ. No extra federal unemployment, no 1 year continuation, no stimulus checks, no forbearances. It was hard and it sucked, but I kept going and got myself out of it.

If it means hard times that's to be expected, we've helped as much as we can, at some point people have to help themselves. The Lowes hardware store by me has signs up that they are doing on the spot interviews and they pay $15 an hour minimum, same with the little harbor freight next door. I honestly believe more people are milking the system than most want to admit.
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Old Yesterday, 12:39 PM
 
1,589 posts, read 1,191,984 times
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Quote:
Originally Posted by Silverfall View Post
It depends on the state. I know here that the average renter that had job losses due to COVID is behind $2700. I can see landlords working with those that are really trying and paying a portion of their back rent every month to make that up over time.

There are definitely scammers out there and I know landlords can't wait to evict them. We can't evict in Oregon until July 1.

We won't have hardly any foreclosures in my area. People that are behind can easily sell their homes as they have equity. Even people that bought 6 months ago, can easily clear their mortgage as home prices have gone up since then.

You're forgetting about the huge amount of people who refinanced their homes and decided to use them as piggy banks... millions and millions of people pulled tens if not hundreds of thousands out of their houses increasing their mortgages for cheap loans. All well and good until the market cools, jobs are lost, and you find yourself in an upsidedown inflated mortgage.
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Old Yesterday, 01:28 PM
 
Location: Fort Lauderdale, Florida
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Real estate is such a hot commodity here in South Florida that homes and condos are flying off the market.

I had 35 scheduled showings last week. Half went to contract before I could show them.
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Old Yesterday, 09:06 PM
 
Location: Kalamalka Lake, B.C.
3,232 posts, read 4,459,145 times
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this is a complete apples and torque wrench analysis. Housing going up has to do with years and years long issues well documented on other threads. People who can buy, and buy their second and even third PERSONAL home, along with deciding that tangible assets are preferred over stocks, are one thing. They also as a group has MONEY. Renters, including those who 'gamed" the system the moment they had a chance, were always marginal (and marginalized) and if they let their entire rent slide, they aren't going to get much landlord sympathy. What's worse, I've only seen ONE brief news story on landlords struggles. In the USA a lot of renters have ALSO dumped their utility bills, service fees monthly for garbage p/u, and the landlord is ON THE HOOK for that stuff. It's ugly for even the most generous, deep equity landlords.
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Old Today, 12:35 PM
 
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All, just to give some perspective:

My little hometown of 30,000 (with not much growth to boot) in a state falling back on the federal minimum wage of $7.25, has a Walmart that has admitted defeat. No, they're not closing.

Management has conceded that $11/hr is not enough to retain employees - they keep walking off the job. Starting this month, the new minimum (NOT forced by law) pay for employees will be $15/hr for a growing number of positions. This is not repeating what news articles detailed on solely deli/bakery associates. This is including overnight stocking associates and more. Overnight crew will keep the $0.50 differential, too.

Pay is permanent increase, not a temporary hazard pay differential, to clarify. The state says you only have to pay workers $7.25/hr. Enough people are voting with their feet and either taking easier jobs for the same pay, or getting paid more for the work they're putting in at Walmart. It is entirely possible that, even with an anti-union agenda (as expected of management) employees can and will still "fire" you as an employer and leave you high and dry if the workload and expectations are unreasonable. At-will works both ways.
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