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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

#131

Post by opportune »

MattGaiser wrote: post #91
opportune wrote: post #28

I imagine a huge cash crunch is coming up soon as deferred payments come home to roost. We can’t continue kicking the can down the road forever. If people are over leveraged or insolvent we have to bear the pain eventually. It’s part of the credit cycle and it’s how savers get their foot in the door regarding asset ownership. Otherwise we will have basically embraced some absurd worst-of-both-worlds kind of socialism…

For mortgages I don't see why the deferrals are a problem as long as they are just tacked on to the end of the mortgage. It is going to be a major problem for renters.

If people don’t have their jobs immediately come back after all the restrictions are lifted then they’ll still be unable to make future payments.

Correct though that renters will be hurt more, though it will likely have less systemic effects.

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

#132

Post by [deleted] »

api wrote: post #23

I know people who are skipping payments just to be in solidarity with people who can't pay. They see it as an act of protest not only of inequality generally but of the fact that no matter what happens the financial industry will get a limitless bailout at the expense of everything else. Not paying is a way of getting a piece of that bailout. I agree with the latter point. We've seen in the past 10 years or so that t…

[deleted]

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

#133

Post by wysewun »

pnw_hazor wrote: post #94

A wave of more layoffs will happen as soon as the Paycheck Protection quiet period ends. After June 30, companies that took PPP money are free to fire people without repercussion.

this is true. will probably happen at my workplace as well unfortunately. the PPP was a stopgap which helped a bit, but sales are still not back to normal to help pay for full staff.

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

#134

Post by dx87 »

thorwasdfasdf wrote: post #95
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…

you have to be careful. I've noticed Section 8 neighborhoods tend to attract a lot of Crime.

That was my experience as well. There's Section 8 housing near the entrance to Fort Meade in Maryland, and the base commander put those neighborhoods off limits to all military personnel stationed there because of the high levels of violent crime.

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

#135

Post by dmarlow »

tyre wrote: post #90
dmarlow wrote: post #68

Earlier quoted context omitted.

> 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 t…

> when things come easy to people I think you have a very misguided idea of what it's like to live in poverty.

I think you are very presumptuous. I grew up in poverty in a third world country and know what it's like to not eat, and when I did eat, I remember having to pick bugs out of my beans before cooking them.

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

#136

Post by mikem170 »

ceejayoz wrote: post #101
mikem170 wrote: post #80

Earlier quoted context omitted.

There are more tests than there were a month ago, and that affects how many positives are seen (by some amount). Also the increase in deaths you link to is not statistically significant, given it is in the rage of 10-30 over the course of several months in a state with 10 million people. Those numbers don't prove your point.

> Also the increase in deaths you link to is not statistically significant, given it is in the rage of 10-30 over the course of several months in a state with 10 million people. A penny doubled daily is $0.64 after a week, $81.92 after two, $10,485.76 after three, and $1,342,177.28 after four. Upwards movement in cases and deaths in something that spreads exponentially is... not great.

Nothing is doubling every week anymore. Why did you bring that up?

Daily deaths across pretty much all nations are decreasing even as lockdowns are removed. Nit pick all you'd like, be as afraid as you like, but the numbers you supplied don't support your assertions.

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

#137

Post by troughway »

US and Canada are going to soon realize that all the govt did was buy temporary peace.

Not sure how either country will lift from this without having a negative impact, as not only was it giving emergency funds to people, but in a lot of cases giving up to 200-300% of what they earned prior.

It will be a shitshow.

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

#138

Post by vkou »

cft wrote: post #41
MattGaiser wrote: post #37

Earlier quoted context omitted.

QE has been going on for years since 2008. Still waiting on that inflation. https://www.usinflationcalculator.com/inflation/historical-i... QE contains an easy break on inflation. If it starts surging, the market can just have the assets the fed holds added back to it.

In the past QE was injected from the top (thus coastal real estate and asset bubbles). But now it has been injected from the bottom too (PPP)

The overwhelming majority of QE2020 has gone to the top (Fed purchasing assets.)

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

#139

Post by jedberg »

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…

I love my section 8 tenants. Same here, they take good care of the place and the government doesn't miss rent payments.

Some counties even provide free legal help for landlords if their section 8 tenants do something bad. It's actually pretty low risk.

The main downside is the increased overhead of paperwork and inspections. The government wants to (rightly) make sure you aren't a slumlord so they do a lot more inspections.

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

#140

Post by tinza123 »

poulsbohemian wrote: post #82
tinza123 wrote: post #62

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.

I sell real estate in Washington state. What you are describing has been our norm for a while. I am curious - is this a new phenomenon you are seeing in Atlanta? Is it at all price points and areas of the city? Would be interesting to see the data.

I'm not sure how it compared year-to-year, but at the beginning of the COVID thing, house prices did drop a little with quite some offers cancelled (even pending ones, according to some of my agent friends).
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