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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

#341

Post by uoaei »

virmundi wrote: post #262
sky_rw wrote: post #227

Earlier quoted context omitted.

Every time I see comments like this, and no direct offense intended, It always strikes me as coming from somebody who has never filed large insurance claims before. Been seeing this so much with riots lately, "oh you have insurance right, why you mad about your business getting destroyed?". If only it was that simple.

Depends on the insurer too. Riots might not be covered. Neither was pandemic. Sucks to be a small business right now. Anyone got first hand experience with SBA loans?

If riots aren't covered in cities and neighborhoods with historical precedent of civil unrest, I don't think that's anyone's fault but the policy provider's.

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

#342

Post by prawn »

Red_Leaves_Flyy wrote: post #198
thorwasdfasdf wrote: post #95

Earlier quoted context omitted.

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

Attract crime? Section 8 neighborhoods are like gated communities for poor people except instead of gates they have excessive police presence, few opportunities, overpriced essential goods, poor access to banking but usually several check cashing shops and payday lenders, minimum wage jobs or worse, bad schools. Section 8 neighborhoods are a dumping ground for the people and families society deems undeserving.

Are there many efforts in the US to spread subsidised housing out through a broader community to avoid this? I think the idea is that everyone learns something from someone else (empathy, community spirit, leading by example with behaviour, etc).

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

#343

Post by Obi_Juan_Kenobi »

gshubert17 wrote: post #233
sytelus wrote: post #200

Meanwhile stock market is preparing to for its record high :).

> Meanwhile stock market is preparing to for its record high :) Yes, and I don't understand it. The S&P500 is within 8% of its all-time high (3393). Even without a second wave of coronavirus cases and deaths, the current levels of unemployment, defaults, and bankruptices, I can't see what supports these asset price levels. Any ideas?

Money is cheap, and where else would you put it?

The market is effective at allocating funds among equities, but the overall valuation of the equities market is another issue entirely.

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

#344

Post by refurb »

jeffbee wrote: post #229
dv_dt wrote: post #59

Earlier quoted context omitted.

Unfortunately, as part of the unfolding of the post 2008 recession, a lot of rentals shifted from individual or smaller landlords to larger corporate landlords whom take a much more impersonal approach to making it through the depression. To some degree, to the extent they can take out holdover loans and let rentals sit empty, they will do just that - irregardless of the social utility of compromise. https://www.thea…

Corporate landlords are rational and reasonable negotiators who will readily respond to market signals. Small landlords are a crapshoot; you might get one who just prefers an empty unit over lower rents. You can easily see this from craigslist data right now. Large buildings are lowering rent faster than small buildings and single-family houses.

This is really true. People talk about rents dropping in SF, but if you dig, it's really the large apartment complexes that are professionally managed. The same apartments that tends to be more expensive.

A good friend just moved to a 1-bed in SF last weekend. Small building (6 units). Rent was $2,200 per month, which is about the same as what it was last year. And they looked at a lot of units. They definitely noticed rents softening as they could knock $100 off most rents with little effort.

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

#345

Post by dmarlow »

michaelmrose wrote: post #275
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…

Anyone who thinks anything comes easy because you're poor hasn't been poor except in the poor college student "working" their way through the college daddy is paying for type of poor. Your experience points to the human race sucking not poor people.

I don't disagree. I hope I didn't come across any other way.

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

#346

Post by beervirus »

m463 wrote: post #304
beervirus wrote: post #56

I have a commercial tenant who was forced to shut down their business during the lockdown. I just waived rent until they were allowed to reopen. You can't get blood from a turnip, and I really don't want to force them into default and try to find another tenant in this environment anyway. Almost everybody is taking a haircut this year.

> Almost everybody is taking a haircut this year. I haven't had a haircut since febuary. (cutting my actual hair) :) Some of my friends look a little bushy too. I've paid the lady who cuts my hair anyway, I've been seeing her forever and this is her only income.

I needed a haircut even at the beginning of the lockdown, so it got pretty long in a hurry. My wife finally got sick of it and cut it for me a couple weeks ago.

It’s.. ok. Very short though.

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

#347

Post by refurb »

patmorgan23 wrote: post #264
novok wrote: post #191

Earlier quoted context omitted.

It's not low when you first buy, even for years after. Rates can effectively start around %1.5 to %1.2 percent depending on the city.

That's because entrenched property owners are paying artificially low taxes due to prop 13. Repealing it would equalize the tax burden.

While I agree that property taxes could come down if Prop 13 was eliminated, I highly doubt that would ever happen. The gov't could never turn down a new pot of money.

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

#348

Post by brutus1213 »

tinza123 wrote: post #149
entangledqubit wrote: post #89

Earlier quoted context omitted.

How do things look without using the questionable guidance of "asking price"? "Asking price" (and the notion of above asking) often seems like real estate agent reality distortion to me. Mortgage rates are super low, so some may see this as getting an asset they can leverage in an improved environment later.

I mean listing price is the most direct measure of the market temporature, not saying it's 100% accurate but it does represent the sentiment. Mortgage rate is indeed low, but not that significant compared to before ( I'm hesitating to bid because 1) price is still high 2) unemployment benefits will run out in 2 months, and I do think teh COVID effects have a long tail, that takes time to pan out. Thus the curiosity a…

Two obvious theories ... pent up demand/renters with savings and jobs are pulling the trigger (to reduce uncertainty in renting/city slickers moving back to cheaper areas). Alternative is people know QE is debasing the currency and people are going for hard assets (stock market is going in the same direction).

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

#349

Post by uoaei »

thephyber wrote: post #211
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.

I like to remind people that in 2008, Bear Stearns fell in March. Most of the the economy didn't realize the financial system problems until late August. I'm waiting for a very large shoe to drop in a few months. How big will depend on whether consumers feel comfortable about their jobs+health.

> How big will depend on whether consumers feel comfortable about their jobs+health.

This is a very frightening sentence because obviously not many consumers feel comfortable about either right now.

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

#350

Post by stx »

virmundi wrote: post #262
sky_rw wrote: post #227

Earlier quoted context omitted.

Every time I see comments like this, and no direct offense intended, It always strikes me as coming from somebody who has never filed large insurance claims before. Been seeing this so much with riots lately, "oh you have insurance right, why you mad about your business getting destroyed?". If only it was that simple.

Depends on the insurer too. Riots might not be covered. Neither was pandemic. Sucks to be a small business right now. Anyone got first hand experience with SBA loans?

Travel insurance did not cover my 2 week vacation I had planned in Florida in May. They would only cover it if I or a family member who was traveling with me was sick. I count myself lucky to have a job that I can do from home. Others have it way worse right now.
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