Went to monitor property listings, and dear me the amount of forclosures is insane. In Colorado its almost 9/10 new listings. I can't even get prices because they are pre-auction.
I feel like this is the beginning before a bunch of foreclosed houses get scooped up by housing vultures only too eager to kick evicted people to the street and flip houses for a lot of money
Basically, a repeat of 2008
Yeah I remember the housing market in
BostonMA, and specifically Cape Cod, is booming if anythingOops you're right, it's talking about MA in general, and focusing on the cape. I'll edit the original comment to reflect that.
they've been doing that for years, one house we liked got snapped up in 36 hrs and the house we ended up closing on, had 5 offers they could have gone with.
I'm so glad my landlord, who owns three houses, just bought a $600k McMansion next to a major highway with his $50k salary and his wife's $60k salary thinking that his tenants would cover all of the mortgages. I can't wait to be made homeless during a pandemic and economic crash because he suddenly decides that rather than risk losing money he'd prefer selling this house to buy a bunker. The address of that bunker will be my most prized possession.
Huge landlord companies use AI to buy homes automatically. Not sure how to build a guillotine for an algorithm, but we need to figure it out.
Just buy a giant magnet and hold it up to the mainframes running the algorithm
My theory is the government will never allow boomer assets to collapse. They will move heaven and earth to bail this out somehow. Boomers won't start dying off until 2030. Sometime around then, you'll start seeing real talk from the big guys that houses are too expensive and oh boy how are we going to defuse the 30 year mortgage time bomb. Maybe by then people will be trapped in 50 year mortgages. Millenials can only be allowed to inherit the vapors of boomer wealth.
My theory is the government will never allow boomer assets to collapse.
That makes at least two of us.
has the media just decided not to talk about foreclosures? I can't find anything written about this
Remember investment funds are holding most properties at the moment and media is there to trick the masses for capitalists. There has been warnings that it was coming, but the data is so new that most media corps haven't been paid to write about it yet. My guess is those investors are cornering their next move before they let the cat out of the bag.
as someone who covers real estate at a shitty business rag- foreclosures aren't even on anyone's minds. It's depressing, and the experts I talk to all assure me that this won't be anything like 2008, even though the signs are already showing up.
Who you gonna listen to? Finance news or the mainstream media? NPR keeps telling me that million dollar McMansions are selling like hotcakes so don't worry.
President Biden 2021: I've struck a deal with Senate Republicans that will cut the number of Social Security recipients in half by the end of the year in exchange for a 50/50 federal/state Cobra expansion payout. Obviously, we hope all states will work with us on this. Now if you excuse me, we got some bad guy terrorists to track down and I need to check my daily CIA report of Putin. Puts on shades and finger bangs off the stage.
Liberals: "I love having a leader again!"
I remember people throwing around the term "everything bubble". Theyre gonna run every investment into the ground before we crash and there's nothing left
Like this is probably the deepest capitalist crisis in history: it's going to be a multi-year process and we haven't seen the bottom.
Wait until they are forced to ramp up austerity in the short to medium term and watch for the wave of unrest that follows/accompanies new cuts. This wave, which arguably has already begun in a few places where they were unable to provide any sort of relief to workers, will be especially turbulent given a very similar trend from 2008 is still in the process of playing out.
Whole bunch of rich folk think this is the perfect opportunity to buy poor people's shit and get away with everything since it all goes up long term. Heck, maybe they'll get away with it one last time. But at some point its all gonna be worthless, you cant do disaster capitalism in every country forever
The ubiquity of technology in our world has made it so dudebro investors can marketize even more of a private space.
Remote workers are moving out of cities to cheaper locations because they no longer need to be close to the office. Same is happening here in the UK.
Supposedly people are trying to move to states with less restrictions which is making the value go up in those places.
good luck with the sale. did the same thing earlier this year, was a tense feeling until the previous one sold
Fuck that. You take advantage of whatever break you can get in this hellworld. Just remain humble and understand you got lucky.
"I'll invest in this property (real estate always goes up, over a long enough period of time), but I'll just get out before the collapse hits" a guy who is very smart
The last few months its been investment groups shifting funds out of the market into "stable" housing. Wall Street inflated home prices again, but this time it went off the rails way faster than 2007. Hope all the chapos here can grab themselves a cheap home. If you can't afford it then go take it. Tell them Yaweh said it was cool.
Actually, this is interesting. My grandmother died maybe 2 months ago and my father has been taking care of the property, and he already has some offers. For some reason the housing demand in Burlington Vermont is huge. Correlates with others in the thread saying many from out of state are moving in.
Seems like a lot of people are moving to areas with less covid restrictions. Does Vermont have strict guidelines?
Honestly? Not sure. I live north of the border in Canada. I imagine they’re better due to low population density [2nd lowest state population], plus a pretty progressive track record. I mean, sanders was mayor of Burlington for years. I’d guess those are factors plus a drive to get cheaper housing outside the cities.
And by more progressive I mean I would imagine they had strict initial restrictions, but have probably been able to loosen them due to lower cases. I’d have to look into it though.
Wait, are housing prices actually going to go down now?
Will we actually be able to afford houses soon, or are they going to keep getting bought out by investment firms?
WallStreet got $4 trillion from the CARES act to float asset prices and the FED is buying up "bad assets" with no max ceiling. It's basically socialised finance capitalism.
I don't even know if it's possible for prices to fall under that system?
We must give up private home ownership in solidarity of our brave yet forgotten generally older people.
Housing prices will never go down. Boomers will sell off to investment companies who will snatch up every property to make everyone into a renter.
Hard to tell atm, eventually yes. How long until then? Depends on the area.
Probably not. Credit is cheap. There's a lot of money floating in the market that these firms will use up to buy all the stock.
I've been wanting to buy a house for a really long time. The rates are insanely low right now, but house prices are really high and even the bad houses are becoming "offer pending" before I get a chance to see it!
I've been looking into buying a house and was talking to a guy whose wife is a real estate agent. Apparently investors and developers are buying up all the stock right now, and so houses are moving in a day or two at 10-20% over asking price. Shit sucks for actual human beings who just want a place to put their bed. Fucking parasites.
Anyone who profits from housing is the worst kind of fuck. If I had one bullet and I had to pick between a guy who raped a baby and a landlord it would be the hardest decision of my life.
Choose the hedge fund manager whose company owns thousands of rentals.
