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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

#151

Post by thephyber »

AmericanChopper wrote: post #111
eagsalazar2 wrote: post #70

Earlier quoted context omitted.

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.

Landlord aren’t the ones imposing the artificial limitations though. It’s the same group who created the rules that would punish a landlord for temporarily lowering rent.

> Landlord aren’t the ones imposing the artificial limitations though

It's certainly not the people moving in from outside the area who want to rent for affordable rates.

Landlords are part of the NIMBY problem, but not the only part.

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

#152

Post by viburnum »

0x8BADF00D wrote: post #2

Yet the S&P500 is still green. The Fed continues to print in order to delay the inevitable. Either a currency crisis or hyperinflation.

Not every inflation is a hyperinflation. Look at inflation in America in the 1945-1951 or the 1970s. It wasn’t the end of the world. A little inflation is easier to deal with than mass unemployment and bankruptcy.

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

#153

Post by jungletime »

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're very lucky. Rented to a single mother with two teenage sons. The teenage sons that decided to strip down living trees of their branches, to make bonfires for parties in the backyard. Two trees are severely damaged, and anything that was burnable in the landscape is burnt. I don't even know how to go about pricing out the damage. Insurance is paying for their rent, because the last house they lived in burned down. Sent her a strongly worded email. She promised not to make more bonfires. But I was there this week, and more branches where hacked off, and one tree is almost hacked of its bark 60% around. Can't sleep at night, getting anxiety that they will burn the place down. They're to move out before the end of the month.

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

#154

Post by tinza123 »

caseysoftware wrote: post #145
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've been watching 20+ properties around Austin, some out of genuine interest, others for a baseline. Zero of them moved in March and April despite asking price coming down every couple weeks. Now in the last couple weeks, 8 of them have had offers. I can't tell if they just dropped back into a "reasonable" range or some segment of the market has turned but it's fascinating.

Yeah Atlanta had a similar "dip" period earilier, with many offers cancelled and investors on the sideline. Maybe the "reopen" gave people confidence? I'm afraid it is still too early to tell so I don't want to jump in too fast.

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

#155

Post by minism »

Jabbles wrote: post #123
matwood wrote: post #87

Earlier quoted context omitted.

Yeah, the 7 day moving average of new cases and deaths is also slowly trending up [1]. I think we all wished COVID would just go away, but that seems unlikely. [1] https://www.worldometers.info/coronavirus/country/us/

Please post a screenshot of the graph you're referring to, because I cannot see this upward trend on the page you linked. Regardless, your second sentence is true.

I think they are referring to the uptick seen after May 29 here: https://imgur.com/a/Z9y7cek

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

#156

Post by calcifer »

dmarlow wrote: post #135
tyre wrote: post #90

Earlier quoted context omitted.

> 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

#157

Post by aphextron »

bitbuilder wrote: post #129
walterbell wrote: post #66

Earlier quoted context omitted.

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.

>Is there a dashboard which shows increase in testing capacity over that same period Here's the best resource Ive found for comparing all the relevant data: http://91-divoc.com/pages/covid-visualization/ Playing around with the data there, it looks like yes NC has had an increase in cases recently, but it tracks an increase in testing. Test positivity rates are about flat. It really is completely pointless to discuss…

>"Deaths are up, but as another poster pointed out it's hardly statistically significant. The rolling 7 day average is 2.2/1m now, vs 1.7/1m on May 1st."

How is a 34% increase not statistically significant?

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

#158

Post by eli_gottlieb »

chrisco255 wrote: post #142
eli_gottlieb wrote: post #126

Earlier quoted context omitted.

>The death rate has massively spiked beginning May 24th So it's all right for deaths to spike if the hospitals don't expend their resources dealing with it? What are the hospitals for, then?

Yeah we can't live in bubbles forever. 40 million people are unemployed in the U.S. now and counting. Millions of livelihoods are being destroyed, suicides are up, deaths for untreated non-Covid diseases are up, and if we want to avoid the complete breakdown of civilization we need to get back to work.

But that's not the choice facing us. An exponential spike in deaths is quite a different thing from a linear one!

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

#159

Post by novok »

JadeNB wrote: post #74
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…

> 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. Surely the lesson here is that "this person was a criminally inconsiderate jerk", not "all S…

There is a 'blood from a stone' aspect from lower income tenants. If they trash a house and cause six figure damages to your property, your not getting your money back, and typically landlord insurance does not cover intentional damage:

https://webcache.googleusercontent.com/search?q=cache:CoWtuC...

Also people growing up in poverty experience higher stress, so the probability of them doing the 'going mental' thing is higher.

Many mom & pop and breaking even on a mortgage landlords cannot afford that kind of catastrophic loss.

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

#160

Post by fiter »

leereeves wrote: post #38
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.

If a lot of landlords start exploiting that loophole, I wouldn't be surprised if the law were revised to be based on the average rent over a year, or something similar.

This is already the case in Berkeley.
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