Real Estate and foreclosure thread

I was a renter three times. The first time, I left the place mostly clean, but not spotless. The landlord was very aggressive about that. The second time was a tiny studio, and the manager dinged me less than a hundred for covering tack dimples in the drywall where I mounted a map. Okay, I didn't contest that.

Years later, while selling our two houses, we rented. There were one or two minimal defects that we noted at the beginning. When we left, I asked the rental company if they could hire a cleaner and deduct that from our deposit. They did that and we were both okay with the outcome.

If one has lived years as an owner, I think that is a factor in allowing that person to be a short term renter. But I would be very careful about renting to someone who does not have a good record. On further thought, I would DENY a rental to one without a great history.

Someone_else said:

I was a renter three times. The first time, I left the place mostly clean, but not spotless. The landlord was very aggressive about that. The second time was a tiny studio, and the manager dinged me less than a hundred for covering tack dimples in the drywall where I mounted a map. Okay, I didn't contest that.

Years later, while selling our two houses, we rented. There were one or two minimal defects that we noted at the beginning. When we left, I asked the rental company if they could hire a cleaner and deduct that from our deposit. They did that and we were both okay with the outcome.

If one has lived years as an owner, I think that is a factor in allowing that person to be a short term renter. But I would be very careful about renting to someone who does not have a good record. On further thought, I would DENY a rental to one without a great history.

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I can't speak with authority - I was never a landlord.

But I've talked to many, and to a couple of lawyers. I almost rented out my house (my parents' house, I inherited) when I took a new job several states away. I was dissuaded, and probably rightly.

RACE is all over it. You can do background checks; the info you get may or may not be true; but in the end, if that person is of a sanctioned RACE, and you don't rent - even if you have good information, such as previous reports or credit references - you are legally open to lawsuits or other Woke actions.

It's society breaking down. We are moving from a relatively high-trust culture, into an ultra-low-trust culture. And people are coming undone. The junior executive of five years ago, might be a divorced single mum with a fentanyl problem, leaving kids untended, hooking for money, zonked out of her mind.

You just do not know. You DO know we're entering extreme stress and many people don't have the moral or internal strength to pull through it.

The Secret Life of BANKRUPT MILLIONAIRES...​

May 17, 2025
How can you be broke but be a millionaire at the same time? Sounds like an oxymoron, but it happens to more people than you think. The way this goes is someone buys a house that they can barely afford, they make the payments but most of their income goes towards paying for the house and never able to save anything for retirement. Fast-forward 30 or 40 years later, they have nothing safe for retirement but have a lot of equity in the house. What does somebody like this do from here and what kind of implications does this have on the housing market?

17:03

0:00 The broke millionaires
4:04 Pulling home equity with low income
7:00 Stop being house poor
7:54 Layoffs and Market Shifts
9:50 McDonald's is hiring..
12:09 Intracoastal waterway
12:19 Get a better job, stop eating fast food
13:11 Walmart winning the tariff war

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Voodoo said:

It is so weird that these RE markets are becoming very, very different in different places. But that is what Martin Armstrong predicted, the communist run states will be a disaster (get out ASAP) while the ones that attract people could actually do well. I would think that all places with lots of tourism/2nd homes will also be much worse as well high price markets. I could not believe how many of the Austin listings were $1 million+. Good luck with that because you're going to need it.

I decided to check San Antonio just to see if this was an Austin thing (local politics) and it does not appear like that is the case. They might be worse 150 sales last month with 8,244 for sale. 55 months of inventory.

I guess the people who couldn't see the prices going down yet are about to get their wish.

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I thought I had done one of these here somewhere. Thought I might check to see how things are going. Haven't done any sales prices but Listings alone tell a story. Almost 2 years later and they now have 12,175 for sale. There were 205 sales in the last 30 days so ..... 59 Months of Inventory. Lol

Not Winning.

A lot of Californitards moved to Austin because everyone else in their spheres were doing it. Jobs were there; a lot of tech and coding jobs going there; taxes were lower, safe place, lower crime.

They didn't UNDERSTAND the world they were going into, and how it compared to the world they were leaving. Austin is a Leftist city; but it's surrounded by Texas, and a Leftist Texas town probably doesn't compare to anything they knew and approved of in Calimexico.

The scenery is not so dramatic, probably. I don't know; I was never in Austin; but I know west of Houston, all you see is prairie, and the harsh afternoon sun. Speaking of which, the weather is harder, too. Texas doesn't get a lot of snow, but it DOES get some. A bit different from Cupertino or Van Nuys.

So a lot of them got there, looked around, decided they didn't like their neighbors all with that funny accent, all of them with guns, and drinking beer. Time to get out, they've decided.

Lot's of different factors come into play when inheriting a house. Could be a blessing or a problem depending on things like condition of the house, mortgaged or debt free, location, family, money, etc. And sometimes family can be a real trip to deal with.

Inheriting a House is ACTUALLY A NIGHTMARE...​

May 28, 2025

Everyone thinks that inheriting a house is like winning the lottery and it can be but for many, it is quite the contrary. People who inherit a house need to deal with a plethora of issues that come with it like probate court, clearing and sorting precious belongings, possibly inheriting debt and much less equity to go with the house than anticipated as well.
Read articles mentioned below the vid on youtube.

22:10

Start around the 2 minute mark and the first ten minutes of this video were enlightening (to me at least).

Michael B

Why The American Dream is DEAD...​

May 30, 2025
For decades now, the American dream has been to get a good paying job buy a house and start a family. But that dream is quickly swiping away from potential reality for many Americans as the cost of living fall outpaces wages in 2025. And that's why the American dream is dead. But it doesn't have to be. Once people can reevaluate what the American dream really means for them. People can start achieving it once again, even under the current economic circumstances.

Why The American Dream is DEAD..

Like Bordenaro, I don't understand how owning a home became, somehow, "The American Dream." A symbol and avatar of it, yeah, maybe. The Ownership Society - a culture in which you own your own land and other investments. Sure.

But land/real-estate, like everything else in a manipulated bubble economy with currency-debasement the prevalent feature...there are gonna be bubbles. The madness of crowds. Don't hang onto your money - it will buy less every day. Buy LAND - it ALWAYS GOES UP. Never mind whether it's right for you or even if you can afford it.

We're just witnessing the top of the bubble. It goes without saying, that with the current average-price-to-mean-income, it's unsustainable. Ten percent of the population cannot own 80 percent of the residential property. And as Bwak Rook is going to learn, investment ownership of single-household properties is not particularly lucrative. Not when factoring in the management costs incurred when there is no individual landlord nearby. And especially not when trying to control the market and jacking rents to where most tenants can barely manage payment.

So...the bubble deflates. I had this argument at a drunken frat party in 1979 (I wasn't a frat-boy, and I didn't subscribe to Conventional Wisdom). What the in-sync, kewel, smooth young men of Tappa Tappa Kegga, told me, was, land is always gonna go up. (Actually one of those did wind up starting his own vacation-properties-focused real-estate firm; he's done okay). I held the contrarian view: Land is only worth what people can pay for it.

Well, aside from a brief 1981-83 pullback, we'd been on a tear economically - prices, and money-supply, going up, but GDP going up faster. We all had more money. And the monetists tried to patch over the 2009 crash with money-printing. It worked, short-term.

Now the bill is coming due. Now is when we see a reset - as we have, in the past, with other assets. And I'm proven right (not unlike a stopped clock, some would say...).

An excellent job of marketing by the banks. After all, real estate creates a huge amount of new money everytime a house sells (assuming no cash buyer).

Voodoo said:

An excellent job of marketing by the banks. After all, real estate creates a huge amount of new money everytime a house sells (assuming no cash buyer).

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Yabbutt....

Selling to people who cannot afford what they're buying - can't even be sure of making the payments - is not a path to success. The S&L crisis, and the Kafkaesque rules that came out of it. The Fanny-Freddie-Affirmatively-Affirmative liar-loan mortgage crisis of 2007-8, and resultant economic chaos.

Yes, the oligarchs profited. But a lot more second-tier millionaires, and their banking empires, got obliterated or sucked up. As the rich get richer, they also get fewer in numbers.

Leaving less opportunity for chaos, and a more-obvious line of sight, where it's coming from. Once Fannie-Freddie had run its course, banks had to depend on bailouts. THAT done, the oligarchs, separate from their banking divisions, had to go to USAID directly, sometimes via NGOs for the purpose, sometimes just getting transfers. Ask Klaus Schwab. Ask Georg Soros.

I'm not saying it won't happen. I'm saying it's getting harder, even for the large-scale rentiers.

Mortgage demand drops for the third straight week, even as interest rates ease​

• The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.92% from 6.98%
• Last year at this time, rates were 15 basis points higher
• Applications for a mortgage to purchase a home fell 4% for the week but were 18% higher than the same week one year ago.

Mortgage rates fell slightly last week, but that did nothing to spur mortgage demand. Total mortgage application volume fell 3.9% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, decreased to 6.92% from 6.98%, with points decreasing to 0.66 from 0.67,including the origination fee, for loans with a 20% down payment. Rates have really moved in a very narrow range for the last two months.

Applications to refinance a home loan, which are most sensitive to weekly rate moves, still dropped 4% for the week but were 42% higher than the same week one year ago. Last year at this time, rates were 15 basis points higher, so not a huge difference, but the volumes are so low to begin with that it doesn’t take much to move the needle.

More:

Local scene stuff.

These 6 Bucks County towns are among 25 in PA where house prices have doubled in 5 years​

• Several Bucks County neighborhoods, including two in Levittown, have seen significant returns on real estate investments since 2015.
• Forsythia Gate and Red Rose Gate in Levittown saw increases of 84.5% and 85.4% respectively, outpacing many financial markets.
• Other Bucks County areas such as Newtown Grant, Langhorne Manor, Woodbourne and Woodside also made the listing.

Imagine that it's 2015, you're living in Bucks County, and you have $300,000 to invest.

Where do you put it? Stocks? Bonds? Tesla?

How about Levittown, where purchasing a house in certain neighborhoods could bring you more than an 80% return?

More:

Casey Jones said:

Yabbutt....

Selling to people who cannot afford what they're buying - can't even be sure of making the payments - is not a path to success. The S&L crisis, and the Kafkaesque rules that came out of it. The Fanny-Freddie-Affirmatively-Affirmative liar-loan mortgage crisis of 2007-8, and resultant economic chaos.

Yes, the oligarchs profited. But a lot more second-tier millionaires, and their banking empires, got obliterated or sucked up. As the rich get richer, they also get fewer in numbers.

Leaving less opportunity for chaos, and a more-obvious line of sight, where it's coming from. Once Fannie-Freddie had run its course, banks had to depend on bailouts. THAT done, the oligarchs, separate from their banking divisions, had to go to USAID directly, sometimes via NGOs for the purpose, sometimes just getting transfers. Ask Klaus Schwab. Ask Georg Soros.

I'm not saying it won't happen. I'm saying it's getting harder, even for the large-scale rentiers.

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Bailouts.... if they were ever to need em. But these middle manager types are clueless.

Rising cost of homeowners insurance is scaring away millions of Americans​

As homeowners insurance becomes more expensive, many Americans are choosing to go without it – even as risks that are prevented, or at least mitigated, by insurance coverage increase.

The Federal Reserve’s Economic Well-Being of U.S. Households of 2024, released in May, is the latest analysis to document the trend. Across the country, 7% of all homeowners in the survey of more than 12,000 respondents had no insurance, the report found, although there were some discrepancies based on geography.

When asked why they didn’t have homeowners insurance, 43% said they “couldn’t afford it”, while another 19% said “it is not worth the cost.” And respondents with fewer financial resources were among the most likely to go without insurance. Roughly 3 in 10 homeowners with incomes of less than $25,000 or those whose only asset was their home went without.

More:

searcher said:

Rising cost of homeowners insurance is scaring away millions of Americans

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When the premiums are so huge; and when cancellation is inevitable after putting in a claim...AND when full payment of a claim, and not just a fantasy figure that amounts to a percentage of real cost...there's really no reason not to just bank (meaning, save; not put in criminal bankster operations) the premiums and hold those against future events.

Right now the insurance companies are sniggering...riding on the wave of AUTO insurance rate-jacking, THAT done because the price of auto repairs has exploded. But when home insurance becomes unaffordable and payment a legal crap-shoot...people will find other ways, or simply not buy.

Either way it's a collapse for the industry. As well as for retail home ownership and sales. However it goes, it will change things deeply in the economy and destroy their industry.

Should People Who CAN'T SAVE MONEY BUY A HOUSE?​

Jun 7, 2025
One of the most common things I get asked about being in the real estate business is this. Should I buy a house because it's a forced savings account? Meaning that when you buy the house you're forced to pay it off and once the mortgage is paid off. You have an asset that you can now borrow against in retirement. The thing is it's not that simple and there are many nuances that can make this more problematic than you think.

19:13

Articles Mentioned in the Video

- https://apple.news/AdQR_XEu2SCybsT9vi...
- https://www.floridarealtors.org/news-...
- https://apple.news/AgvGVoEHdSvmLixUyg...

Florida Home Prices Are DROPPING FAST​

Jun 8, 2025
Florida is ground zero for the housing crash as some spots in Florida have seen price drops of 10 to 12% since home price is peaked back in 2022. Situation is likely to only get worse as inventory continues to pile up past pre-pandemic levels. But here's the thing, it's not just Florida anymore. The housing downturn is now spreading to many other metros across America.

18:06

Articles Mentioned in the Video

- https://apple.news/AQlplBQSCTX2Q502jE...
- https://apple.news/AjcqreCRnQRSvJKTgZ...
- https://apple.news/AhdBgKsiaSvKqZ3Mwb...

pmbug said:

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Darn it! I should have bid a little more.

Viking said:

Darn it! I should have bid a little more.

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I bid tree fiddy.

I bid a 10 oz'er of Silver.

I used to be part-owner of that joint.

Really. My (former) credit union, over in Wisconsin, is the owner of that joint - that basically is abandoning it.

That's my money working hard, invested wisely...NOT.

Casey Jones said:

I used to be part-owner of that joint.

Really. My (former) credit union, over in Wisconsin, is the owner of that joint - that basically is abandoning it.

That's my money working hard, invested wisely...NOT.

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When people brag about college education..takes real education to blow that much money....

Home Sellers CUTTING PRICES AT FASTEST RATE IN 10 YEARS​

Jun 13, 2025
According to realtor.com's latest housing market report from May 2025 US housing inventory has surpassed 1 million homes on the market for the first time since winter of 2019. In conjunction with that, home sellers are now cutting prices at the highest rate that they have in 10 years. The housing market is flipping and it is flipping fast.

20:43


Articles Mentioned in the Video

- https://www.floridarealtors.org/news-...
- https://www.floridarealtors.org/news-...
- https://www.floridarealtors.org/news-...
- https://apple.news/AHGqGgLHFTC-kujfbO...