Are you going to see a spike in foreclosures??

SJ76 said:
so what’s the answer here? Spike in Foreclosures coming? I think I’m gonna buy more land

Been thinking of buying a rental house but not sure I want the mess with it
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No. Values are softening in most markets. You looking to buy here locally?
 
williewilliejuan said:
No. Values are softening in most markets. You looking to buy here locally?
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Yeah man I’m kicking it around. The rental house. McKinney really. My buddy has a lot of properties and sells. This area is pretty healthy and I think the more expensive houses have dropped some. Rental houses not so much.

But I’ve been looking at 80-120 acre deals in the hills up in Arkansas too.


What’s your take on this area the next 12 months. I keep hearing wait
 
SJ76 said:
Yeah man I’m kicking it around. The rental house. McKinney really. My buddy has a lot of properties and sells. This area is pretty healthy and I think the more expensive houses have dropped some. Rental houses not so much.

But I’ve been looking at 80-120 acre deals in the hills up in Arkansas too.


What’s your take on this area the next 12 months. I keep hearing wait
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It seems a little top-heavy in my area. The houses in my immediate neighborhood that are on the market have been lingering for a while, but they’re not really at a rental price point. Lower cost stuff still seems to be moving relatively quickly. There’s one house for rent in my neighborhood that hasn’t rented in forever, but that’s likely because the owner has a ridiculously high rental figure on it. It’s been for rent since last summer.
 
williewilliejuan said:
It seems a little top-heavy in my area. The houses in my immediate neighborhood that are on the market have been lingering for a while, but they’re not really at a rental price point. Lower cost stuff still seems to be moving relatively quickly. There’s one house for rent in my neighborhood that hasn’t rented in forever, but that’s likely because the owner has a ridiculously high rental figure on it. It’s been for rent since last summer.
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Yeah I haven’t looked at houses around here in an awhile. Probably need to talk my buddy about finding a fixer upper if I go that route.

You seeing a drop in mortgages? Time of year probably has a bit to do with that
 
No state income tax. Property is 2800. Vehicle is I think 180.

We do have sales tax including groceries, which I guess is rare. There is a bill going through that is likely going to pass to get rid of the groceries part though.
 
SJ76 said:
Yeah I haven’t looked at houses around here in an awhile. Probably need to talk my buddy about finding a fixer upper if I go that route.

You seeing a drop in mortgages? Time of year probably has a bit to do with that
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Mortgage market is as bad as it has ever been. No refinances to speak of and we are in a seasonal low for purchase business. People don’t buy many houses Dec through Feb.
 
williewilliejuan said:
Mortgage market is as bad as it has ever been. No refinances to speak of and we are in a seasonal low for purchase business. People don’t buy many houses Dec through Feb.
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Yeah it will be interesting to see how things go come March or April
 
Short sales will happen much more frequently if there is a "spike".
 
SJ76 said:
so what’s the answer here? Spike in Foreclosures coming? I think I’m gonna buy more land

Been thinking of buying a rental house but not sure I want the mess with it
Click to expand...
I inherited a three mobile home park eight years ago. I managed it myself for eight years, this year I am going with a management company. I lost so much money because of Covid it was either pay someone to come demolish the trailers and plant them in pines where I could make a little bit of money in 15 years and break even in 30 years or turn it over to someone who will make me guaranteed money fromnow on. If I could sell this property for what I had in it I would. Unless you are buying a resort property to rent I'd advise against it in this economy.
 
People forget what drove all the foreclosures years ago. Option ARM loans, interest only loans, huge increases in home values out west led to people doing massive debt consolidation loans (cash out refinances) — all these dangerous loan types where employment was verified with either stated or no income verification needed. Most of these things don’t exist anymore so it’s become harder for people to drive themselves into debt.

@williewilliejuan can fact check this for accuracy.
 
RobBase (c) said:
People forget what drove all the foreclosures years ago. Option ARM loans, interest only loans, huge increases in home values out west led to people doing massive debt consolidation loans (cash out refinances) — all these dangerous loan types where employment was verified with either stated or no income verification needed. Most of these things don’t exist anymore so it’s become harder for people to drive themselves into debt.

@williewilliejuan can fact check this for accuracy.
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Option ARMs, alt doc loans and a huge amount of speculative lending that isn’t present in today’s market.
 
Kaplony said:
I inherited a three mobile home park eight years ago. I managed it myself for eight years, this year I am going with a management company. I lost so much money because of Covid it was either pay someone to come demolish the trailers and plant them in pines where I could make a little bit of money in 15 years and break even in 30 years or turn it over to someone who will make me guaranteed money fromnow on. If I could sell this property for what I had in it I would. Unless you are buying a resort property to rent I'd advise against it in this economy.
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williewilliejuan said:
Option ARMs, alt doc loans and a huge amount of speculative lending that isn’t present in today’s market.
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I used to sell the shit out that option ARM to people in CA. Everybody wanted it. I’d explain the loan and how the payment would have a massive increase on X date, and nobody cared. They figured they’d just refi out if it later when the time came.

Well, when the time came, their debt ratios were different, LTV much lower obviously and often credit was lower than last time. All of a sudden they don’t qualify for a new loan and can’t pay the current one.

So…poof! Foreclosure.
 
RobBase (c) said:
I used to sell the shit out that option ARM to people in CA. Everybody wanted it. I’d explain the loan and how the payment would have a massive increase on X date, and nobody cared. They figured they’d just refi out if it later when the time came.

Well, when the time came, their debt ratios were different, LTV much lower obviously and often credit was lower than last time. All of a sudden they don’t qualify for a new loan and can’t pay the current one.

So…poof! Foreclosure.
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Markets can't ever crash again, cause those loans don't exist. Never again, for any other reason ..
 
Hu War Yu said:
You're getting hosed, mine are around 2500
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That seems high..mine is $1300 for property tax.. I don't have home owners insurance right now because my insurance company went out of business.. but it's around 1200 a year here
 
Kaplony said:
Tell me you don't know shit about what you are posting about without telling you don't don't know what you are posting about.
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Tell us how you're German Royalty without tellin us you're a sissy fag
 
Hu War Yu said:
You're getting hosed, mine are around 2500
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also because I am a "coastal" county (still 45 miles from the gulf - i have to have windstorm insurance with homeowners and that is about 5k a year too

its common here to see peoples escrow payment match the home payment.

so if you pay 2600/month

1300 to home
1300 to escrow
 
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