This. How are people discussing the bubble but not discussing the millions in forbearance? Also I have seen anyone mention that the same people not paying their mortgage also probably aren't paying their taxes.
Is there a housing bubble?
- Thread starter fishfry600
- Start date
loyola llothta
☭☭☭
Went from the main Haitian neighborhood that was full of Haitians from 8 Northeast to 7 Northwest block to a white hippie neighborhood that took over Haitian stores with yoga and coffee spots
The neighborhood was very low on crime so all the Haitians in the 90s move to that area
The majority of the people on forbearance are FHA. Which means they are escrowed on their taxes and insurance. We keep paying your taxes and insurance even when you are delinquent because we are the lien holder and we don’t want another lien on the property. If you are delinquent due to covid, you are getting a modification if you still have income. For those who don’t have income or were delinquent prior to covid, you need to liquidate the property and we have a whole team dedicated to helping with that. But most lenders are aggressively trying to prevent foreclosures from happening.
I don’t think we will see a correction for a couple years but that’s just me.
loyola llothta
☭☭☭
Spread out in different places in broward county (deerfield beach, lauderdale lakes)
the Eastside had apartment housing (so it was easy to move people out) while the west part had houses(more difficult to gentrify )
aXiom
Maximized Potential
A lot of disingenuity in this thread. I'm not in real estate, so I'm not gonna pretend to know the ins and out of this shyt. However, to those of you who think the housing prices will never correct, how exactly do you see this playing out? Something will eventually have to give.
Housing prices in an area will always be tied to wages and employment opportunities of that area. There's literally no getting away from that. I see people use Silicon Valley as an example, but fail to understand the reason prices were crazy was because of the higher wages and employment being able to sustain the madness and they world saw value in what the area produces.
I'm seeing areas where housing prices have skyrocketed, but employment/wages in those areas can't sustain the increase in housing costs... and not just mortgages, rent too... so let's say wages don't follow and people manage to keep their homes or rent at these high prices(people have to live somewhere), or the new buyers that just bought at these ridiculous prices have less money to spend in said area due to more of their income going towards housing, how does that affect businesses in said area? The same businesses that will see a reduction in revenue due to housing cost increases, but remains the main source of employment for said people in the area who need their employ to cover said housing costs. What happens then? Some of you do understand how a consumer driven economy works right? One person's spending is another person's income. Unless you expect the COVID relief to be a permanent thing moving forward which would basically be UBI, I don't see how some of you can say with a straight face that this will be the new normal. It's literally unsustainable.
Housing prices in an area will always be tied to wages and employment opportunities of that area. There's literally no getting away from that. I see people use Silicon Valley as an example, but fail to understand the reason prices were crazy was because of the higher wages and employment being able to sustain the madness and they world saw value in what the area produces.
I'm seeing areas where housing prices have skyrocketed, but employment/wages in those areas can't sustain the increase in housing costs... and not just mortgages, rent too... so let's say wages don't follow and people manage to keep their homes or rent at these high prices(people have to live somewhere), or the new buyers that just bought at these ridiculous prices have less money to spend in said area due to more of their income going towards housing, how does that affect businesses in said area? The same businesses that will see a reduction in revenue due to housing cost increases, but remains the main source of employment for said people in the area who need their employ to cover said housing costs. What happens then? Some of you do understand how a consumer driven economy works right? One person's spending is another person's income. Unless you expect the COVID relief to be a permanent thing moving forward which would basically be UBI, I don't see how some of you can say with a straight face that this will be the new normal. It's literally unsustainable.
Yep I agree sista. It won't be a correction because from a government standpoint they can't have the housing bubble burst and this bad economy all at the same time. Especially after they done bailed out folks and companies.
Low loan rates. Folks buying more house then they can afford. Also cause kats working from home, no entertainment and getting stimulus checks. Soon as covid over then jobs say come back to work, entertainment opens back up and inflation hits with gas, food and other things.
You gonna see the rubber hit the road. A lot of folks gonna lose these houses.
Even car dealers running out of cars cause everyone got money to spend. So car prices shooting to the moon.
As far as dallas if a kat got money to spend on a home they need to wait to the fall when housing prices drop. They need to also look into having a home built or just newly built. Cause you less likely have to compete with folks. Plus on them new build houses you can get that property tax low for a year or year and a half and dump that extra money in the principal to pay that house down and avoid all that extra interest.
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I agree that the correction will take years because the government will continue to to prop up the market. I don't think it will be clean where the majority of people are gonna recover. American has zero financial planning skills. It's gonna be ugly.
itsyoung!!
Veteran
Lets not spread misinformation now. Car sales were down 15% in 2020. Almost 3 million less car sales than every year for past few years.
housing market is not fueled by stimulus checks either or low loan rates. Just cause you type a lot, doesnt mean its correct info.
loan rates have always been 3-4% for the past like 20 years. Now theyre like 2%. The housing market is not like this because of saving 1% on interest
people over bidding crazy amounts on houses would cancel out any money they would of saved on that 1% anyway.
Bryan Danielson
Jmare007 x Bryan Danielson x JLova = King Ghidorah
I’m not selling mine.... shyt mine can be paid off in a few years. I’m trynna rent this bytch out and legit all that money
I’m not selling mine.... shyt mine can be paid off in a few years. I’m trynna rent this bytch out and legit all that money
Do that for real!!!
Imma be honest with you, it is definitely fueled in the beginning because of record low interest rates. I’m pretty sure the rate drops have afforded me an extra 100k I either would have been struggling to pay or wouldn’t have qualified for. If the rates were still in the 4s in this market I would have to buy a much smaller home which wouldn’t do me any good or wait it out.Lets not spread misinformation now. Car sales were down 15% in 2020. Almost 3 million less car sales than every year for past few years.
housing market is not fueled by stimulus checks either or low loan rates. Just cause you type a lot, doesnt mean its correct info.
loan rates have always been 3-4% for the past like 20 years. Now theyre like 2%. The housing market is not like this because of saving 1% on interest
i'll never be able to buy a house unless the market crashes
avg house is over a mill a here and even a condo is 550k plus
avg house is over a mill a here and even a condo is 550k plus
Scott Larock
Its hard leaving thecoli but I gotta find a way...
Pricing going up because investors buying all the homes and selling for profit, going crazy in Florida.
Not only the homes but the maintenance is outta control, simply 3-2 in a new complex the maintenance alone is pushing 500 in any decent area.
Not only the homes but the maintenance is outta control, simply 3-2 in a new complex the maintenance alone is pushing 500 in any decent area.