I can see the following 'possibilities'....I'm sure there are more....
Do real estate prices 'explode upwards', because there is always a 'finite amount of land'?
Do real estate prices decline, as 'excess deaths' cause mass vacancies (increased inventory)?
If a loaf of bread (eventually) costs $300,000 (and salaries go up exponentially) - can people then pay off their (fixed) house loans for the price of a loaf of bread? Does that make houses more or less 'valuable'?
Do local/state gov'ts tax the heck out of property, to raise more revenue? (Making 'holding' real estate expensive.) Same with house insurance.
Can banks 'grab' houses from people - even if they can pay their mortgage?
Can the gov't seize property?
Is real estate one of the 'safe' bets?
I’m in the market to buy right now and it’s insane what a house cost at the moment. What should be a 200k home is in the range of 550-700..
I would wait.
I sold my house last year waiting for the market to crash. I feel like its a bad time to buy so I'm renting. Rents are so high now its pretty bad but still going to rent until the housing crash because I think the crash will be worse than 2008.
You and me both. And I'm in western Washington (PNW) where it's getting nearly as bad as California. Even shit-heaps that need tons of work are going for 350-400K which doesn't seem like a lot but then you realize you're right back where you started and ended up spending as much as someone who bought a complete house.
Try to hold off. Cheap houses may be coming soon.
mortgage rates are insanely hi also, just like the Jimmy Carter era.
A paralegal once told me to get your property into an alloidal title.
I never get a day without homework around here.! New term to me, will be looking it up tonight...
Me too , never heard of it , i did a homestead but this is new to me
That’s why we need to abolish property taxes.
not an expert, but I think real estate is a 'safe bet'. I still have the property that my grandparents got over 100 years ago; before the depression and WWs. still there & holding its value. As for the mortgages, WHO would enforce the repossession? their foreign call centers? Once their system is overwhelmed, I don't think they'll recover.
I think county sheriffs are in charge of evictions, so, I would guess that of the shit really hits the fan, they would probably be very slow to give a fuck about anyone defaulting on their mortgage. Disclaimer, I'm just a retard on the internet.
Someone would buy the note. Your mortgage gets sold and resold all the time.
agree don't think there'd be anyway they could, or would want to enforce it. be stupid to approach the farmers & try to get their land, especially near hog confinements etc. in red states.
Lol SEND IN THE ...shuffles cards... Foreign Call Center Worker!!!1
audience gasps
yep^ round and round...where we stop nobody knows; really is like a pick your own plot movie; worksheets in school where you fill the blanks.
https://www.youtube.com/watch?v=AKec3LTILRU
This might answer your questions. Only 3:43 long, but pretty good.
Love it.
If you own your home without a mortgage, nothing happens, unless you can't pay your taxes, then someone who can pay the taxes can lay claim to your property. If you have a mortgage, the bank can make a call on your property or sell your mortgage to another bank to cover their own debts. If you can't pay, the bank forcloses, you lose the property and end up on the street/tent city, just like it has happened in the past. Just look up "Mortgages during the Great Depression." High rates of unemployment, homelessness, and predatory land grabs. Home values went up eventually around the early to mid 1930s but not until after the worst of the financial crisis passed.
The loan will probably be picked up by another bank and you'll have to pay them
I think that since they will be changing some lending guidelines, there will be fewer people able to qualify for mortgages. Fewer buyers, to me it means a Buyer market, with home prices lowering to attract the few. In real estate, the value of a home is completely determined by what someone is willing to pay for it, sadly.
And Black Rock will surely be happy to fill in the slack, as they continue to buy up property hand over fist
MATTHEW 18: 27
Then the lord of that servant was moved with compassion, and loosed him, and forgave him the debt.
28 But the same servant went out, and found one of his fellowservants, which owed him an hundred pence: and he laid hands on him, and took him by the throat, saying, Pay me that thou owest.
29 And his fellowservant fell down at his feet, and besought him, saying, Have patience with me, and I will pay thee all.
30 And he would not: but went and cast him into prison, till he should pay the debt.
31 So when his fellowservants saw what was done, they were very sorry, and came and told unto their lord all that was done.
32 Then his lord, after that he had called him, said unto him, O thou wicked servant, I forgave thee all that debt, because thou desiredst me:
33 Shouldest not thou also have had compassion on thy fellowservant, even as I had pity on thee?