Real Estate and foreclosure thread

Sitting on the sidelines with dry powder....

searcher said:

Fortune

Uninsurable homes are selling for all cash at a deep discount​

There’s an incredibly risky two-pronged trend in the housing market. Insurance companies are refusing to cover properties because they’re located in severe weather zones or because the housing stock is old.

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After I bought my last house, I looked for insurance, but the local dealer gave me a "F U GO AWAY" price.
I know the insurance industry is always taking more than they are giving. They are parasites, sometimes they are closely clipping corners and not a bad deal, and sometimes they are trying to take your money for the minimum payout.

Here, it looks like the insurance companies may be following resale value, and their estimates may be actually based on reality. Who has an opinion on this?

Florida insurance carriers used altered hurricane damage reports, whistleblowers say​

Sep 29, 2024

Adjusters in Florida say insurance companies altered Hurricane Ian damage reports to underpay homeowners. Whistleblowers detail what they found.

13:25

Philadelphia’s office buildings have lost over $1 billion in assessed value​

The assessed value of Center City office buildings fell by over $1 billion in recent years, the Office of Property Assessments (OPA) reported to City Council on Monday afternoon. That spells trouble for the City of Philadelphia’s tax revenue.

The assessed value fell from $9.82 billion in tax year 2023 to $8.78 billion in tax year 2025, OPA stated, amid persistent office vacancies and recent transactions that have seen buildings selling for far below their previously assessed value.

“There are a lot of buildings in Center City that are considered to be distressed, and a number of buildings that are in bankruptcy,” said Councilmember Jeffery Young Jr., who called the hearing and represents much of the Center City office district. “Our tax base depends on Center City.”

Center City’s vacancy levels have been around 20% for over a year — more than double pre-pandemic rates — as many firms downsize their office space for the era of hybrid work.

That means lost taxes on food and beverage sales downtown as well as less wage tax paid by workers who live in the suburbs and a smaller service sector workforce. Real estate transfer tax dollars downtown have shriveled, too, as few buildings have changed hands since the pandemic and those that have commanded substantially smaller asking prices than they did when last sold.

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"There are a lot of buildings in Center City that are considered to be distressed, and a number of buildings that are in bankruptcy,”
“Our tax base depends on Center City.”

Looks like your screwed buddy.

Hurricane Helene changed Everything! (Insurance insolvency)​

Oct 1, 2024
There is so much going on with the damage in North Carolina, Tennessee, Georgia and Florida.

20:52

- My last condo video- 80% of Condos in Florida could be worthless! Part 1 • 80% of Florida Condos could be Worthl...
- Check this video out!- Florida Drops bombshell on Condo Owners- • Florida Drops Bombshell on Condo Owne...

Florida MASSIVE INSURANCE FRAUD CONFIRMED!​

Oct 3, 2024
What I've been talking about on my channel for the last couple of years has now been confirmed to be happening without a doubt. Property tax fraud confirmed insurance fraud being committed by the insurance companies confirmed. A lot of people like to think that these things aren't really happening, but now we have proof of both. This is gonna have major implications on the future of the housing market.

22:01

It's Time For EVERYONE TO DECIDE WHAT YOU BELIEVE...​

Oct 6, 2024

The most recent jobs report has been the most suspicious one all year and it's timing couldn't be more suspicious with the election one month away. It's time for everyone to stand up and decide what they believe. Do you believe these phony government numbers that are constantly revised downwards in the coming months or do you believe what you see happening with real people and real businesses today? That's the real economy.

15:41

Politico opinion piece.

Opinion | Undocumented Workers Aren’t Raising Home Prices. Undocumented Cash Is.​

The nation’s housing affordability crisis has become so acute that even our presidential candidates are paying attention to it. Former President Donald Trump blames immigrants for driving up prices and vows he will reduce demand by banning mortgages for “illegal immigrants” and deporting them. For her part, Vice President Kamala Harris promises to increase supply by building 3 million new homes.

But the number of  housing units in the nation has grown faster than the number of households since the turn of the century. Something else is happening here. It is not just a supply problem. And it is not just a demand problem caused by an increase in households, whether they are immigrants or not.

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