Google Says Housing Market about to Crash

creepycoug

Well, they actually say that people are searching the fuck outta that term. Made ya look. But still, chintresting. @RaceBannon ? @paws ?

https://www.marketwatch.com/story/is-the-u-s-housing-market-heading-for-a-crash-heres-what-the-experts-say-11619023745?siteid=yhoof2

‘When home prices are growing faster than incomes, ultimately that is an unsustainable trend.’— Robert Dietz, chief economist at the National Association of Home Builders

RaceBannon

I'm on record from early in the two weeks to flatten the curve that the housing market would end up flattened

People scoffed before the last crash too. There is a vested interest to keep it going as long as possible.

You can't beat human nature and there is no free lunch. Combined that spells trouble.

I don't think we? have the cash or the will to just pay everyone's rent or mortgage

creepycoug

RaceBannon said:

I'm on record from early in the two weeks to flatten the curve that the housing market would end up flattened

People scoffed before the last crash too. There is a vested interest to keep it going as long as possible.

You can't beat human nature and there is no free lunch. Combined that spells trouble.

I don't think we? have the cash or the will to just pay everyone's rent or mortgage

God I hope not. That line of thinking has been, perhaps, the most disturbing trend associated with this point in history. That, and the 'you can't kick them out' non-sense.

There is always a crowd in any hot market saying "you don't get it" right before they realize that they don't get it.

BleachedAnusDawg

Call me crazy, but I think the people typing in that search are probably those who can't afford to buy right now, or those who are thinking they can time the market when they sell.

People can say "the market is going to crash, prices are crazy" until the cows come home and eventually they will be right. We've been reading this same headline for the past 3-4 years and the market has continued its ascent. Eventually the bears will be right, but if the market increases 100% before the 25% correction finally happens who's really the winner in that argument?

For context, we bought our home 2.5 years ago and if the market dropped 30% tomorrow we would still have a small bit of equity.

RaceBannon

BleachedAnusDawg said:

Call me crazy, but I think the people typing in that search are probably those who can't afford to buy right now, or those who are thinking they can time the market when they sell.

People can say "the market is going to crash, prices are crazy" until the cows come home and eventually they will be right. We've been reading this same headline for the past 3-4 years and the market has continued its ascent. Eventually the bears will be right, but if the market increases 100% before the 25% correction finally happens who's really the winner in that argument?

For context, we bought our home 2.5 years ago and if the market dropped 30% tomorrow we would still have a small bit of equity.

That whole pandemic shut down thing is a variable not in play the last 4-5 years

RaceBannon

https://cnbc.com/2021/04/05/homeowners-in-covid-forbearance-could-get-foreclosure-reprieve.html


Millions of Americans took advantage of the payment suspension and mortgage forbearance programs both lenders and the federal government rolled out due to the Covid-19 pandemic last year. But as these emergency programs start to wind down this year, the Consumer Financial Protection Bureau wants to put safeguards in place to ensure millions of families aren’t forced into foreclosure.

A year into the pandemic, about 2.5 million homeowners are still enrolled in some type of forbearance program, according to the Mortgage Bankers Association’s data for the week of March 21, 2020. Yet even with these programs in place, about 5% of homeowners are currently delinquent on their mortgages, the MBA found in its latest report.

That could increase exponentially as forbearance programs start to wind down this fall.

“Emergency protections for homeowners will start to expire later this year and by the fall, a flood of borrowers will need assistance from their servicers,” CFPB Acting Director Dave Uejio said Monday. “The CFPB is proposing changes to the mortgage servicing rules that will ensure servicers and borrowers have the tools and time to work together to prevent avoidable foreclosures, which disrupt lives, uproot children and inflict further costs on those least able to bear them.”

To help homeowners who are behind on their mortgages, the CFPB is proposing a new rule that would establish a “temporary Covid-19 emergency pre-foreclosure review period” that would essentially block mortgage servicers from starting the foreclosure process until after December 31, 2021.

This new review period would be in addition to existing rules that bar loan servicers from starting the foreclosure process until a homeowner is more than 120 days delinquent on their home loan.



Sooner or later those chickens will insist on roosting at home

creepycoug

RaceBannon said:

https://cnbc.com/2021/04/05/homeowners-in-covid-forbearance-could-get-foreclosure-reprieve.html


Millions of Americans took advantage of the payment suspension and mortgage forbearance programs both lenders and the federal government rolled out due to the Covid-19 pandemic last year. But as these emergency programs start to wind down this year, the Consumer Financial Protection Bureau wants to put safeguards in place to ensure millions of families aren’t forced into foreclosure.

A year into the pandemic, about 2.5 million homeowners are still enrolled in some type of forbearance program, according to the Mortgage Bankers Association’s data for the week of March 21, 2020. Yet even with these programs in place, about 5% of homeowners are currently delinquent on their mortgages, the MBA found in its latest report.

That could increase exponentially as forbearance programs start to wind down this fall.

“Emergency protections for homeowners will start to expire later this year and by the fall, a flood of borrowers will need assistance from their servicers,” CFPB Acting Director Dave Uejio said Monday. “The CFPB is proposing changes to the mortgage servicing rules that will ensure servicers and borrowers have the tools and time to work together to prevent avoidable foreclosures, which disrupt lives, uproot children and inflict further costs on those least able to bear them.”

To help homeowners who are behind on their mortgages, the CFPB is proposing a new rule that would establish a “temporary Covid-19 emergency pre-foreclosure review period” that would essentially block mortgage servicers from starting the foreclosure process until after December 31, 2021.

This new review period would be in addition to existing rules that bar loan servicers from starting the foreclosure process until a homeowner is more than 120 days delinquent on their home loan.



Sooner or later those chickens will insist on roosting at home

Agreed. It's a band aid meant to help superficial wounds heal. If you have an infection, you need to do moar.

Bob_C

The government already has all of the bonds this time and this can set the rules on foreclosures. They’ll kick it down the road again. We can only inflate our way out of it this time.

dirtysouwfdawg

So I may be selling and then buying elsewhere in the near future. I’m going to make out like a bandit on the sell but feel like no matter how long I stay in the next house I’m going to lose my ass.

Please educate me on why I’m right or wrong and if you have an ideas because I’m clueless and don’t have any other wise counsel to seek other than you fucks.

Thanks in advance.

RaceBannon

dirtysouwfdawg said:

So I may be selling and then buying elsewhere in the near future. I’m going to make out like a bandit on the sell but feel like no matter how long I stay in the next house I’m going to lose my ass.

Please educate me on why I’m right or wrong and if you have an ideas because I’m clueless and don’t have any other wise counsel to seek other than you fucks.

Thanks in advance.

What i learned last time was that I should have sold at the top and then rented instead of buying again at the top. Then buy after the drop

And don't try to move to Aberdeen

We didn't like what was available to buy if we sold. Didn't think about renting and having several hundred grand in the bank to spend on flipping foreclosures after the crash

BennyBeaver

RaceBannon said:

dirtysouwfdawg said:

So I may be selling and then buying elsewhere in the near future. I’m going to make out like a bandit on the sell but feel like no matter how long I stay in the next house I’m going to lose my ass.

Please educate me on why I’m right or wrong and if you have an ideas because I’m clueless and don’t have any other wise counsel to seek other than you fucks.

Thanks in advance.

What i learned last time was that I should have sold at the top and then rented instead of buying again at the top. Then buy after the drop

And don't try to move to Aberdeen

We didn't like what was available to buy if we sold. Didn't think about renting and having several hundred grand in the bank to spend on flipping foreclosures after the crash

Hindsight is always 20/20.

BleachedAnusDawg

dirtysouwfdawg said:

So I may be selling and then buying elsewhere in the near future. I’m going to make out like a bandit on the sell but feel like no matter how long I stay in the next house I’m going to lose my ass.

Please educate me on why I’m right or wrong and if you have an ideas because I’m clueless and don’t have any other wise counsel to seek other than you fucks.

Thanks in advance.

Timing the market is a fools errand. Find a place you'll like and stay in for the next 10+ years and you'll be fine either way.

pawz

https://www.youtube.com/watch?v=EBb9zf_zWvU

paws

creepycoug said:

Well, they actually say that people are searching the fuck outta that term. Made ya look. But still, chintresting. @RaceBannon ? @paws ?

https://www.marketwatch.com/story/is-the-u-s-housing-market-heading-for-a-crash-heres-what-the-experts-say-11619023745?siteid=yhoof2

‘When home prices are growing faster than incomes, ultimately that is an unsustainable trend.’— Robert Dietz, chief economist at the National Association of Home Builders

I don't know why yore axeing me 'dis question, mang?

pawz

paws said:

creepycoug said:

Well, they actually say that people are searching the fuck outta that term. Made ya look. But still, chintresting. @RaceBannon ? @paws ?

https://www.marketwatch.com/story/is-the-u-s-housing-market-heading-for-a-crash-heres-what-the-experts-say-11619023745?siteid=yhoof2

‘When home prices are growing faster than incomes, ultimately that is an unsustainable trend.’— Robert Dietz, chief economist at the National Association of Home Builders

I don't know why yore axeing me 'dis question, mang?

Who the fuck are you ?!

Sources

Consider a 1031 exchange if you are just changing residences

pawz

Sources said:

Consider a 1031 exchange if you are just changing residences

1031 exchange does not work for primary residences.

Also, you get up to 250k/500k tax-free on a primary residence*.







*Some rules and considerations may apply. Consult a tax advisor not named Hondo.

dirtysouwfdawg

Primary. *pour

creepycoug

RaceBannon said:

dirtysouwfdawg said:

So I may be selling and then buying elsewhere in the near future. I’m going to make out like a bandit on the sell but feel like no matter how long I stay in the next house I’m going to lose my ass.

Please educate me on why I’m right or wrong and if you have an ideas because I’m clueless and don’t have any other wise counsel to seek other than you fucks.

Thanks in advance.

What i learned last time was that I should have sold at the top and then rented instead of buying again at the top. Then buy after the drop

And don't try to move to Aberdeen

We didn't like what was available to buy if we sold. Didn't think about renting and having several hundred grand in the bank to spend on flipping foreclosures after the crash

Always sage advice.