Posted on 10/14/2023 9:39:24 AM PDT by ChicagoConservative27
Home foreclosure activity in the US surged to the highest level since the start of the pandemic, a sign that the financial aftermath of COVID-19 has been wearing out cash-strapped homeowners.
Foreclosure filings – including default notices, scheduled auctions, and bank repossessions – jumped 28% in the third quarter from the prior quarter to 124,539, the real estate data group ATTOM said in a recent report. That represents a 34% surge from a year ago, attesting to growing financial distress among US homeowners.
(Excerpt) Read more at markets.businessinsider.com ...
All part of the progressive democrats plan, you will own nothing and we will be happy with it all.
Someone really should take a look at what’s going on with land banks and foreclosed properties in NYS.
People are getting screwed.
Speaking of which, for the past couple of months, I’ve been getting phone calls from area codes all over the country from people wanting to “buy my home.” I’m never interested, of course. But it’s weird all the same.
In the past pals of the Dems bought the foreclosed houses and profited.
Many were made into Section 8 housing for people who caused the whole neighborhood to deteriorate.
Now the illegal aliens will live there free. Distorts housing values.
Realtor buddy tells me sellers have not brought down their price expectations from the COVID panic buying as people fled the city for the ‘burbs and boondocks.
Is Fauci still in his home?
I have been getting such calls for over 3 years.
ALWAYS the caller :
DOES NOT HAVE ENGLISH AS THEIR FIRST LANGUAGE
IS hard to understand & they speak too fast
Wants to OFFER CASH—NO restrictions—NO inspections
I tried everything I could.
Told them NO in high decibels
Told them to QUIT calling me
Finally-—I said I would sell-—
CASH ONLY-—10% down NON-REFUNDABLE TO THEM—
ESCROW TOTALLY IN MY CONTROL—MY SIGNATURE ONLY-—
I WANT $31 MILLION TOTAL IN CASH
I WILL BE GONE IN 45 DAYS (I have livestock)
LONG PAUSE-—THEN “CLICK”
Calls have finally calmed down.
BUT STILL GET WEEKLY WRITTEN “OFFERS” IN THE MAIL
Property worth about $450,000. I OWN IT.
Wow, 28% and 34% sounds alarming, but you need to weigh it against the numbers they are comparing it to. Without a complete spreadsheet the information is pretty useless.
Also how does it compare to the foreclosure situation in 2008 to 2010.
Lastly, foreclose activity is affected by state laws that differ significantly and local markets forces.
Home sellers are always the last ones to figure out that prices need to drop.
They wait and wait and wait and wait...and then panic.
Yeah, but at least there are no more mean tweets
The foreclosures are happening for the same reason banks are repossessing cars. The government showered people with money. They went out and bought cars and houses they could not afford. The three people I had as renters who I got onto the Covid money shower were all terribly damaged by the fact they suddenly had thousands of dollars. They’d been living paycheck to paycheck, and they reacted like they’d won the lottery.
If you’re carrying a mortgage at 3%, you’re going to price your homes based on the higher down payment you would need to make the same monthly payment on an 8% mortgage.
Depending on how deep one is into paying the mortgage, might either mean being unable to move or underwater.
In either case, the homeowner is likely to just sit tight and keep the home. That’s why inventories continue to be low in most major metro areas.
She's stuck on $9K, when the market screams $6K.
When she comes to me for her annual Christmas donation, I'm saying, "it's sitting in the driveway."
pandemic as the ‘financial aftermath’ take a toll on buyers”
The a-holes are actually trying to pin this on the pandemic.
True. Lousy spot to be if one was planning to move due to retirement, relo, family changes (up- or down-size).
We’ve had that for years in Florida. Some of it’s a scam and some in real... often buyers who are Chinese.
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