Major housing crash coming this winter or sooner

[Deleted User 887]

I'm reading A Promised Land. If what Obama says is true in Chapter 9, and since it's "documented" I have no reason not to believe it's true, we can understand how/why McCain "The fundamentals of the economy are strong" didn't become President.

[twocoach]

Looking like we may bail on our CO condo pretty soon to take advantage of the stupidly high market before interest rates get raised. Looks like we'll list it for 50% more than we bought it for 4 years ago. Gotta cash out before the upcoming Vail Resorts owned condo building gets slapped right in front of our building, blocking much our beautiful view. Fuck them.

[Deleted User 89]

i’ve said from the beginning that banks are what congress need to be dealing with re: rent and mortgages in default

What do you suggest the governement do? Give profitable banks even more money? Part of lending money is loans going bad. They have reserves for it. The banks will be fine.

i don’t know, but it seems silly to me to put all the onus on renters/homeowners/landlords when ultimately the ones “needing” the money are the banks/lending institutions...most of which have much more financial flexibility than those referenced above

[twocoach]

i’ve said from the beginning that banks are what congress need to be dealing with re: rent and mortgages in default

What do you suggest the governement do? Give profitable banks even more money? Part of lending money is loans going bad. They have reserves for it. The banks will be fine.

i don’t know, but it seems silly to me to put all the onus on renters/homeowners/landlords when ultimately the ones “needing” the money are the banks/lending institutions...most of which have much more financial flexibility than those referenced above

There are billions of dollars allocated by Congress for this issue but only a tiny portion of it has actually been distributed to this point. Yet another case of Congress giving away money with no plan or audit in place to make sure it ends up where it is supposed to in a timely manner.

[Deleted User 89]

What do you suggest the governement do? Give profitable banks even more money? Part of lending money is loans going bad. They have reserves for it. The banks will be fine.

i don’t know, but it seems silly to me to put all the onus on renters/homeowners/landlords when ultimately the ones “needing” the money are the banks/lending institutions...most of which have much more financial flexibility than those referenced above

There are billions of dollars allocated by Congress for this issue but only a tiny portion of it has actually been distributed to this point. Yet another case of Congress giving away money with no plan or audit in place to make sure it ends up where it is supposed to in a timely manner.

too much bureaucracy, and not all the fault of congress

[TDub]

Wait a minute....the governement is inefficient and poor at executing their flowery sounding plans? Im shocked

[japhy]

Starting this week I read that many of the online real estate search companies will have a link to this website. You input a zip code or name of city, and they will give you a report on what climate change issues are expected in that location. If buyers start using this info, it will be interesting to see how that changes the direction of population migration in the next few years. We took climate change into account when decided where to relocate when I retire.

https://climatecheck.com

[Deleted User 863]

i’ve said from the beginning that banks are what congress need to be dealing with re: rent and mortgages in default

What do you suggest the governement do? Give profitable banks even more money? Part of lending money is loans going bad. They have reserves for it. The banks will be fine.

i don’t know, but it seems silly to me to put all the onus on renters/homeowners/landlords when ultimately the ones “needing” the money are the banks/lending institutions...most of which have much more financial flexibility than those referenced above

I think i misinterpreted the intent of your comment. If the governement provides direct assitance to renters then i think that is best way to bridge the gap. Could also work with landlords, but that becomes much more complicated because how do you identify those that truly need it and those that just appear to need it (thinking of rich people who own various properties in LLCs...tax returns, which is what they have to go off of, can look bad, but personally that property owner has plenty of personal funds to keep the properties afloat.. i dont want those guys getting more free money). If you provide direct assistance to the renters most in need for them to pay rent it will be the most efficient way to ease the financial pain.

[Deleted User 887]

Crazy question. How many people in major cities are being told by a bank that they cannot afford let's say a $1250 a month mortgage payment so they are stuck paying let's say $1750 ($500 more) in rent instead?

[twocoach]

Crazy question. How many people in major cities are being told by a bank that they cannot afford let's say a $1250 a month mortgage payment so they are stuck paying let's say $1750 ($500 more) in rent instead?

There is a difference between "you cannot afford that much" and "we cannot accept the level of risk that we believe is involved in you owing us that much".

[Deleted User 887]

Crazy question. How many people in major cities are being told by a bank that they cannot afford let's say a $1250 a month mortgage payment so they are stuck paying let's say $1750 ($500 more) in rent instead?

There is a difference between "you cannot afford that much" and "we cannot accept the level of risk that we believe is involved in you owing us that much".

Very true! Maybe I should rephrase the question.

On a totally unrelated housing note.....
I'm dealing with a crazy conundrum right now.
I have an 88 year old mother who is currently pretty much self sufficient.
In the near future she is either going to move in to a two bedroom (she currently lives in a one bedroom) in her current building or a one or two bedroom in a very nice "senior living" facility.
My dilemma is if/when she does need a care giver, obviously being in the senior living facility would be a better place for her in regards to ease and quality of care but my mother seems to prefer living in her current building - right now - and even if/when she may need a caregiver.
I can't make her do anything but the problem is someone else is going to be paying for this.
That person prefers she move in to the senior living facility but as I said, my mother prefers to live in her current building. I feel bad for my mother in that she should be excited to move in to a newer nicer place and yet she has a lot of anxiety regarding her decision/s.

[twocoach]

Crazy question. How many people in major cities are being told by a bank that they cannot afford let's say a $1250 a month mortgage payment so they are stuck paying let's say $1750 ($500 more) in rent instead?

There is a difference between "you cannot afford that much" and "we cannot accept the level of risk that we believe is involved in you owing us that much".

Very true! Maybe I should rephrase the question.

On a totally unrelated housing note.....
I'm dealing with a crazy conundrum right now.
I have an 88 year old mother who is currently pretty much self sufficient.
In the near future she is either going to move in to a two bedroom (she currently lives in a one bedroom) in her current building or a one or two bedroom in a very nice "senior living" facility.
My dilemma is if/when she does need a care giver, obviously being in the senior living facility would be a better place for her in regards to ease and quality of care but my mother seems to prefer living in her current building - right now - and even if/when she may need a caregiver.
I can't make her do anything but the problem is someone else is going to be paying for this.
That person prefers she move in to the senior living facility but as I said, my mother prefers to live in her current building. I feel bad for my mother in that she should be excited to move in to a newer nicer place and yet she has a lot of anxiety regarding her decision/s.

No clue. Is she on a lease at her current place? Maybe involve your mother in mapping out a timeline for when this lease is up and she when she feels comfortable moving so that she is involved in the decision and doesn't feel like she is being made to do anything. She may not be ready to change if it is "do you want to do this right now?" but may see it as a necessary step down the road. I don't know, I am still hopefully a few years away from having to tackle those decisions.

[TDub]

Not necessarily crash related....but this is Alllllll bad.

https://www.vice.com/en/article/93ymxz/ ... ican-homes

[ousdahl]

*bites tongue*

[TDub]

Yea. Itd be so much better for the govt to buy them all....seize them.....and then provide govt housing for us all. You got me!

[ousdahl]

I never said anything about the gummint.

But you have to ask yourself: should housing be more about keeping communities warm and dry?

or more about being just another commodity for rich people to get richer off of?

I’d ask why you think this example of the free market working its wonders is suddenly Alllllll bad, but I know all that does is get me labeled as the radical again

But yeah this almost seems less like capitalism and more like some kinda neo-feudalism. Soon enough, every single everything will be owned by the same few corporate conglomerates.

[Deleted User 887]

Yesterday I visited an "Independent senior living" place in the heart of Chicago.
If you need to be in "assisted" living then they have all the resources there for you.
You purchase a place and then pay monthly fees. When the person dies (or leaves) you get back 70% of your "investment" (purchase cost).
It currently has what they are estimating as being a 4 year waiting period for a 2 bedroom apartment.
Of course meaning there is a substantial waiting list.
What if anything is the moral of this?

[TDub]

I never said anything about the gummint.

But you have to ask yourself: should housing be more about keeping communities warm and dry?

or more about being just another commodity for rich people to get richer off of?

I’d ask why you think this example of the free market working its wonders is suddenly Alllllll bad, but I know all that does is get me labeled as the radical again

But yeah this almost seems less like capitalism and more like some kinda neo-feudalism. Soon enough, every single everything will be owned by the same few corporate conglomerates.

Yes thats not a function of capitalism. Capitalism and free market would have prices at what the market will bear. These are artificially increased market conditions with houses selling for 30% over market value. Its not at all market driven.

[TDub]

Its speculation. And market control. Neither of which i support.

[ousdahl]

But isn’t “prices at what the market will bear,” um, whatever prices the market will bear?

As in, if a bunch of tech corporations flush with cash start buying up real estate, what’s to stop them?

This strikes me less as some market control and more the free market at work.

Maybe we’re debating definitions, but this seems like capitalism doing its thing. The ones with the capital get all the goods. It’s hard to distinguish “capitalism” from shameless grabs at wealth and power.

I suppose it’s less a free market and more a monopoly, but again, that seems to be precisely what these “capitalists” want.

If there is any “market control” at play, it’s the wealthy and powerful using their wealth and power to control the market by squeezing competition out. It’s not like the gummint is stepping in with regulations or something.