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Millions of Americans skipping payments as wave of defaults and evictions looms

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Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#61

Post by matwood »

lacker wrote: post #51
bshipp wrote: post #17

This is just the start. Landlords would be smart to work with tenants to share some of the loss and renegotiate temporary adjustments to keep at least some revenue coming in because the heady days of high demand for rental units is likely behind us for a while. It'll be worse in downtown areas. I've heard from multiple firms that are looking at downsizing their expensive office space and continuing to allow employees…

In some places, like Oakland and Tahoe, rent seems to be going up. But in San Francisco it is going down. Probably all as a result of people fleeing San Francisco to nearby places with a cheaper rent per square foot.

Yeah, people want that space for a home office now.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#62

Post by tinza123 »

As a passive real estate investor I'm seeing bidding on new sales has actually been more competitive than ever in my area (Atlanta GA). A lot of houses are selling above asking prices with 8-10 offers on the table. I am not sure if people genuinely think it is a good time to buy, or is it mostly FOMO.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#63

Post by whalesalad »

sonthonax wrote: post #43
cft wrote: post #26

Earlier quoted context omitted.

In California for example, due to state-wide rent control, it's very dangerous for a landlord to lower rents. I would rather offer 6 months free rent than lock into permanent nonadjustable lower rent situation.

So a rent reduction by another name?

Yep. My landlord did this with me. My rent is still the same amount but we created an additional 'discount' agreement on top of the original lease to lower it by a substantial amount.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#64

Post by cft »

Barrin92 wrote: post #46
cft wrote: post #11

Earlier quoted context omitted.

I wonder who downvotes this and why.

Because there's no indication of inflation let alone hyperinflation in any economic data or a 'currency crisis' whatever that means. In fact a sharp decline in demand seems to have outweighed reduction in supply leading to if anything, deflation. (which is in line with data as inflation has slowed to about 0.3%, down a percent from last year). Given how large the service sector is in particular in the US, and how str…

"US food prices see historic jump and are likely to stay high"

https://abcnews.go.com/Health/wireStory/us-food-prices-histo...

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#65

Post by pkaye »

ed25519FUUU wrote: post #14
mullingitover wrote: post #4

Earlier quoted context omitted.

Savings rates are through the roof right now, I would worry more about a deflation spiral.

You may be biased as a WFH/silicon valley type (continuing to produce income despite shelter at home). The median checking account balance was $3,400 in 2019, and that was before COVID19 struck. There's a lot of people who were already barely hanging on, and now covid and demonstrations have pulled the rug out from under them. We're only 2 months in. Things will get worse before they get better. 1. https://www.valuep…

> The median checking account balance was $3,400 in 2019, and that was before COVID19 struck.

Does that count money market and savings accounts? And given interest rates are so low I wonder if people invest in more riskier stuff.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#66

Post by walterbell »

aphextron wrote: post #36
walterbell wrote: post #7

If there is no spike in infections within two weeks, from areas which had large public protests in the past week, can millions of Americans be helped by restarting the economy?

>If there is no spike in infections within two weeks, from areas which had large public protests in the past week, can millions of Americans be helped by restarting the economy? Daily new infections have more than doubled here in North Carolina in the last two weeks since "reopening" [0]. We have had more new cases in the last two weeks (2200) than in the entire length of lockdown from March until then (2000). The de…

Is there a dashboard which shows increase in testing capacity over that same period, case demographics, presence of other medical conditions, and asymptomatic cases?

With increased (including employment-related) testing, case count should be increasing everywhere, but some of those could be recovered or asymptomatic.

We know that most hospitals were well below capacity, so new cases can be treated.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#67

Post by the-dude »

ngngngng wrote: post #47

I'm so extremely grateful that I accepted section 8 tenants into my rental units. Most of these tenants have nearly all of their payment covered by the government and they just have to pay $100 or $200 on top of that to cover what the government won't. These tenants are often not accepted by landlords because they're thought to cause more issues. Mine are great. They keep the units spotless, mow the lawn for me on my…

Is this in Soviet US?

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#68

Post by dmarlow »

ngngngng wrote: post #47

I'm so extremely grateful that I accepted section 8 tenants into my rental units. Most of these tenants have nearly all of their payment covered by the government and they just have to pay $100 or $200 on top of that to cover what the government won't. These tenants are often not accepted by landlords because they're thought to cause more issues. Mine are great. They keep the units spotless, mow the lawn for me on my…

> if they can't pay the hundred bucks the government won't I sure don't care

I used to have this same mentality. Until the person who was renting one of my properties decided to lie about certain issues (like claiming a shampoo bottle lodged down one of the toilets was there for years). When I decided to not renew the lease with that tenant, they decided to cause considerable damage to our property.

Sometimes, when things come easy to people, they don't appreciate it. Holding people accountable helps them lift themselves up too.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#69

Post by Avicebron »

ed25519FUUU wrote: post #14
mullingitover wrote: post #4

Earlier quoted context omitted.

Savings rates are through the roof right now, I would worry more about a deflation spiral.

You may be biased as a WFH/silicon valley type (continuing to produce income despite shelter at home). The median checking account balance was $3,400 in 2019, and that was before COVID19 struck. There's a lot of people who were already barely hanging on, and now covid and demonstrations have pulled the rug out from under them. We're only 2 months in. Things will get worse before they get better. 1. https://www.valuep…

Yeah, most of the US is one medical emergency from absolute financial ruin. It's amazing to see how disconnected the economy is from the lived experience of the majority of people.

Re: Millions of Americans skipping payments as wave of defaults and evictions looms

#70

Post by eagsalazar2 »

dheera wrote: post #49
cft wrote: post #26

Earlier quoted context omitted.

In California for example, due to state-wide rent control, it's very dangerous for a landlord to lower rents. I would rather offer 6 months free rent than lock into permanent nonadjustable lower rent situation.

At the same time maybe it's time for landlords who have been sitting in armchairs swimming in cash to start giving back to the people who haven't been able to afford to live here?

Not sure why this was downvoted. The reality in SF and many other locations is that supply has been artificially limited and landlords who bought years ago have been making enormous profits. I don't know that I'd describe it as "giving back" but there is a market recalibration that is justifiable and I won't lose too much sleep worrying about landlords in SF who make 30% less than they do now.
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