When you ban foreclosures for years, that can happen.
Which U.S. Areas Have The Highest Risk Of Eviction Or Foreclosure ?
- Thread starter Dave Hess
- Start date
I don't think thay are banned. They can still be found, just not as many by a longshot. The lending qualifications are much tighter now, so you don't have so many unqualified people getting loans that can't afford. This tightning has happened since the financial crisis. Result is less foreclosures today.
After Covid shutdown everything was done to avoid foreclosures.
Payment of mortgage was not important and financial accommodations made to keep people in their homes.
That infrastructure never left. All those programs still exist.
Additionally credit scores have greatly increased on average. Average score in 2005 was around 680, and average now is around 720, so it just looks like there better. This increase is mainly due to different reporting standards. For example delinquent student loans have not been reported for years. Credit card minimum payments used to be 5% of the balance but are closer to 2% now, so easier to extend and pretend. So the "higher lending standards" are not all that much higher in reality.
There were very few foreclosures in 2007 either, and aren't yet because most people bought a couple years ago or more, and hence there house is worth more than they paid - so better to just sell than go through foreclosure. There are also way more programs to help homeowners above - especially those in the lower tiers like FHA.
Lookup Government hiding foreclosures on YouTube from Reventure Consulting. The taxpayers have bene paying mortgages for lots of people to forestall foreclosure, and you know why (can't talk about that part here). Presumably this practice will end shortly if it hasn't already.
Yep.
Lots of troubling info he talks about in that video.
Calm before the storm… or gov just keeps postponing all this crazy debt, bankruptcies, foreclosures, evictions, etc… ?
The new rules have been around since 2012ish, but during 2018+ grew the extraordinarily toxic group to -540000 that should immediately hit foreclosure with another group of 1-2million large that are very poor but occasionally making a payment. (real estate and economy we’re going south much longer than most admit but the pandemic and the 2020 $ trillions shadow bank bailouts paused and distracted)
And to be clear 2018 was a very bad year according to many metrics but we debted/ non backed spent / borrowed our way out of the recession we should have had. Many houses would have hit 2019 or 2020 even under the new rules but wining and the 2020 paused it.
Because things are actually worse than 2008 but for different reasons neither dems or R’s want to touch it as evidenced by bad decisions 2018, 2020, 2022. It is very likely a bipartisan view that they want to kick that can again but we are loosing our ability to sell off debt, so fun times.
So with many properties festering from 2018 (7 years) and a few longer yet this could be a major problem or .gov may continue trickling them out as has been the 2019+ practice.
Bad debt is accumulating faster than it’s cleared to the market, so we will see.
Oh and bank failures, that nobody seems to talk about are accelerating.
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Late 2019 Fed bank repos had me very worried, then in the beginning of 2020 the repos reached $100B (ONE HUNDRED billion) nightly bank repos.
Did you see what I wrote:
$100B in nightly Fed bank repos.
$100,000,000,000 per night.
I had PMed a few people on here about the increasing repo crisis. They know who they are.
Yield inversion in 2019 and Warren Buffett had $130B cash on the sidelines….. something is going to happen.
Something very troubling was happening and all that bad news conveniently disappeared when Covid was discovered in a Seattle nursing home….
Folks…. Keep your eyes on the beautiful sunset and ignore the cruise ship you’re on is quickly sinking.
Did you see what I wrote:
$100B in nightly Fed bank repos.
$100,000,000,000 per night.
I had PMed a few people on here about the increasing repo crisis. They know who they are.
Yield inversion in 2019 and Warren Buffett had $130B cash on the sidelines….. something is going to happen.
Something very troubling was happening and all that bad news conveniently disappeared when Covid was discovered in a Seattle nursing home….
Folks…. Keep your eyes on the beautiful sunset and ignore the cruise ship you’re on is quickly sinking.
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Dummy YTuber doesn't understand what he's saying.
Meh....not likely but he sure gets clicks.
Life is good, employment is still good, jobs plentiful.
It's a big country and as always, things vary.
Unemployment rate still low but I have to ask this, did anyone think this fake economy would last forever? We have 36 trillion in debt so things were never as they seemed and if you didnt prepare, well, I dont know what to say.
Many peoples household debt is worse than the nations debt. Well, sooner or later, like in the 1920s everyone is going to learn a lesson around the world, once again.
I wouldn't worry about it, though I know it's nice to talk about but nothing is different from even 5 years ago. The clock keeps ticking and the one that fixes it, well, the public will have to adjust to their unsustainable lifestyle.
Things are not worse, they never were as they seemed to begin with for the last decade or more. Who can argue with this? We are a free people, we voted for it. GO ahead, look at the chart, tell me I am wrong.
DO you think reversing the clock is going to be painless?
https://www.usdebtclock.org/
...
Me? I could care less, living my life and will not let the media or anything else bring down the remaining years of my life. I do my civic duty and place my vote every election. Some people live in a life of everything is bad and end up when its to late to see, it was all static and wasted their life away worrying about things they have no control over.
I will say, pay attention to who you select to run public affairs (public servents) other than then that, stop buying things that you cannot afford. Stop asking people to borrow money. If you have to borrow money, then figure out what you are doing wrong. Being free to chose is part of life.
It's a big country and as always, things vary.
Unemployment rate still low but I have to ask this, did anyone think this fake economy would last forever? We have 36 trillion in debt so things were never as they seemed and if you didnt prepare, well, I dont know what to say.
Many peoples household debt is worse than the nations debt. Well, sooner or later, like in the 1920s everyone is going to learn a lesson around the world, once again.
I wouldn't worry about it, though I know it's nice to talk about but nothing is different from even 5 years ago. The clock keeps ticking and the one that fixes it, well, the public will have to adjust to their unsustainable lifestyle.
Things are not worse, they never were as they seemed to begin with for the last decade or more. Who can argue with this? We are a free people, we voted for it. GO ahead, look at the chart, tell me I am wrong.
DO you think reversing the clock is going to be painless?https://www.usdebtclock.org/
...
Me? I could care less, living my life and will not let the media or anything else bring down the remaining years of my life. I do my civic duty and place my vote every election. Some people live in a life of everything is bad and end up when its to late to see, it was all static and wasted their life away worrying about things they have no control over.
I will say, pay attention to who you select to run public affairs (public servents) other than then that, stop buying things that you cannot afford. Stop asking people to borrow money. If you have to borrow money, then figure out what you are doing wrong. Being free to chose is part of life.
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The house across the street from my mom was foreclosed on last week and went to auction at the County courthouse. I wish I had known, as the postings are definitely obscure and I didn’t find it until the day before the auction due to a potential buyer knocking on doors and asking questions. 20 hours notice wasn’t enough time for me but I’m curious what it sold for, if it actually sold. The balance in 2022 was $325k and the house is probably worth $425-$450k totally fixed up. It likely needs $100k in work to get that price so unless the lender was eager to let it go, I don’t know that it sold. They purchased it in 2010 or 2011 so I’m not sure where things went wrong.
I think the owner just gave up and was separated from her husband. The place really looked crappy and I imagine the inside was destroyed. Sad for the woman getting kicked out. I’ll check the assessor’s site for sales updates in a few weeks.
I think the owner just gave up and was separated from her husband. The place really looked crappy and I imagine the inside was destroyed. Sad for the woman getting kicked out. I’ll check the assessor’s site for sales updates in a few weeks.
You make the most sense. Don’t borrow money to buy stuff.
I checked, the county website usually lags a few weeks in my experience.
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