Went to monitor property listings, and dear me the amount of forclosures is insane. In Colorado its almost 9/10 new listings. I can’t even get prices because they are pre-auction.
I feel like this is the beginning before a bunch of foreclosed houses get scooped up by housing vultures only too eager to kick evicted people to the street and flip houses for a lot of money
Basically, a repeat of 2008
Yeah I remember the housing market in Boston MA, and specifically Cape Cod, is booming if anything
I’m so glad my landlord, who owns three houses, just bought a $600k McMansion next to a major highway with his $50k salary and his wife’s $60k salary thinking that his tenants would cover all of the mortgages. I can’t wait to be made homeless during a pandemic and economic crash because he suddenly decides that rather than risk losing money he’d prefer selling this house to buy a bunker. The address of that bunker will be my most prized possession.
Huge landlord companies use AI to buy homes automatically. Not sure how to build a guillotine for an algorithm, but we need to figure it out.
My theory is the government will never allow boomer assets to collapse. They will move heaven and earth to bail this out somehow. Boomers won’t start dying off until 2030. Sometime around then, you’ll start seeing real talk from the big guys that houses are too expensive and oh boy how are we going to defuse the 30 year mortgage time bomb. Maybe by then people will be trapped in 50 year mortgages. Millenials can only be allowed to inherit the vapors of boomer wealth.
My theory is the government will never allow boomer assets to collapse.
That makes at least two of us.
has the media just decided not to talk about foreclosures? I can’t find anything written about this
Remember investment funds are holding most properties at the moment and media is there to trick the masses for capitalists. There has been warnings that it was coming, but the data is so new that most media corps haven’t been paid to write about it yet. My guess is those investors are cornering their next move before they let the cat out of the bag.
Who you gonna listen to? Finance news or the mainstream media? NPR keeps telling me that million dollar McMansions are selling like hotcakes so don’t worry.
