People on my street are starting to lose houses over being behind on payments or higher interest rates , do you see people losing homes yet?

[888theGreat]

Look for this to increase as more court cases are heard and as interest rates climb. It looks like 2008 all over again.

Yes , a few

yes, more than a few

yes, a lot

no

[andreasderjuengere]

Banks NEVER lose :D
If 'you' do business with a bank - it's 'your' own stupidity that drags 'you' down.

Two or so houses in ''my street'' are for sale. But I don't know the background.
They are unfinished inside (since years), and look to me like (failed) investment attempts.

[Jltakk]

We never recovered from 2008 and idiots in charge think gentrifying small towns and fucking rates up will fix anything.

[theothersider]

nah, we refi'ed all of our mortgages lower when covid was a thing and the tenets weren't complete ass holes and paid their rent the whole time. So my husband and I decided to help them by knocking 250 dollars off their rent for the next year or two.

[Paris13]

I am Into Wholesale for Distressed Properties so Yes---I see plenty. xx

[888theGreat]

If interest rates rise 5% , what will the outcome be?

[Paris13]

It is Getting harder for Wholesalers like us to find Houses that fit our criteria, Thanks to Joe. We are Changing our strategy and Working with another Partner and Pulling together now to keep our Doors open. xx

[Paris13]

Thank You, dear!!! xxoo

[jamesgoldman]

No, not yet but it's coming, the financially astute could make that call when the free money train rolled through during COVID times

Good for being in the gold/silver business... even the standard scrap hasn't been bad well it wasn't on my last batch

[Slartybartfast]

I remember when George w wrecked the economy back in the spring of 07 and half the homes on my street were in foreclosure. We were loosing a million jobs a month and the ratings agencies were illegally dumping bad loans on the government giving them AAA ratings in exchange for cushy jobs after they left office.

None of these people , many admitted openly that their criminal activities) were prosecuted.

[Levin]

We can smell a crash. That's why I'm putting off buying a house.

The only problem is, this crash looks like it's going to the mother of all crashes.

[midnightmoon05]

Where is that?
not yet here or a few other places I talked to friends…

anyone purchased before this year should have gotten a low good interest rate…
by 7/8% up… I think will happen

[Redstang88]

Just the opposite, housing market is still out of control. Nothing sits on the market more than a few days and new builds are sold before they even start digging

[888theGreat]

go up 1% and millions will not be able to pay

[midnightmoon05]

They decided to live with such tight budget… that’s not good.
I thought banks are more careful with how they lend money to not have a 2008 repeat.

[douride2]

If people are losing their houses over this very small interest rate increase they were way over mortgaged to start with. I hear that back in the 80s mortgage rates were up into the mid 20%.

[888theGreat]

They probably voted for Biden. Anyone that stupid deserves to be homeless

[captain_voidwalker]

Thats because houses are far more expensive in relation to household Median income than in the 1980's. Also its not just interest rates going up. Inflation is also kicking people on the ass. The reported inflation of 11.5% is apocalyptic, but using the same metric they used in the 1980, s to calculate inflation we are approaching 23.5% thats an extinction level event in economics.

[Fireguy17]

Not in our area, there are a few houses for sale, and those are sold fairly quickly.
Interest is still pretty low, and there are more jobs than people to fill them.

[Guy13]

I wish especially that historic one there. They are damn stupid…there are tons of Entities that will but that 💩 up.

[HighValue]

Not yet where I am, but I am waiting for that to happen and drive the prices down before buying a house. I am just keeping my saved money until then.

[WhitneySnow]

They actually put on the sign that it’s a foreclosure? That’s messed up. I’d be so embarrassed if I lived there.

[exitseven]

No, but I have seen many houses up for sale. I think people want to cash out before interest rates go sky high.

[midnightmoon05]

I don’t understand if they sell… where would they live? Interest rate is getting higher

[exitseven]

@midnightmoon05 I hear that people are moving to Florida in droves. Anyone who can do it is bailing on this wrenched place.

[Sevenpointfive]

the big short is one of my favorite movies. i totally see it happening again

[driven159]

If they are losing their home with rates so low, then they put themselves in that place by miss management of their money

[888theGreat]

When half of a car is $200 , and everything up 30% , 1% increase can make people lose homes. This is what you get with an idiot in oval office

[888theGreat]

cart

[Likes2drive]

No nothing here, just businesses leaving because of high taxes and the internet, New York is a tough place

[jimmy2]

Yes the packed their stuff on yard and kick the doors. I came close myself

[XXblack88]

Not really at less were I'm at

[sp33d]

So far, nothing out of the ordinary.