Real Estate and foreclosure thread

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searcher said:

Landlord Orders Low-Income Tenants To Pay Rent Again After Property Manager Reportedly Steals Their Checks​

A former apartment manager is under investigation after she allegedly took advantage of her low-income tenants by stealing their checks and ordering them to pay again.

Casey Oiler was charged with theft in Warren County, Tennessee, and is being investigated in Manchester and Decherd for stealing rent payments, WSMV 4 reported.

The three properties Oiler is accused of stealing from are owned by the Volunteer Management Company. The company recently sent a letter to its tenants that it isn't their fault that their rent payments were stolen, but they still asked residents to pay again.

More:

MSN

www.msn.com
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NO, we paid. Sue the person you hired.
 
Just had a young couple across the street put their 2200 sq ft house up for $420K. They are still building like crazy down here in Raleigh/Durham NC area. I mean everywhere. When this bubble finally does pop it will be fugly.
 
With rates this high people don't want to exit their mortgages. This is causing a supply crunch that is continuing to keep the bubble inflated. Only when rates exceed affordability (demand falls) will prices start to drop.

I bought my first property in 2000, and it was a zero-down 7.5% mortgage. People are willing to pay these rates as long as they can afford the payment.
 
For all those but the market hasn't crashed yet. This chart is pretty clear, this bubble was bigger and faster than the 2008 bubble and is already declining at a small but faster rate.

1693173182088.png

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com

This is very important and over-looked by the "but inventory is Low" salesman.

"corporate owners will awaken from their fantasies and realize they better sell now to lock in their gains before they vanish. Wealthy households who "land-banked" properties for capital gains and places to park "surplus capital" will also awaken to the the need to lock in gains by selling."
 
In my experience 2-4 units houses sell for far below single-family dwellings and don't see the price appreciation. However, they can make for very good cash flow.
 
Another way for these people to foreclose on you or just extort you for WAAAY too much money. INSURANCE. All these Woke companies not writing policies screams like a scam. Even if its above board for actual costs and risk it will still Kill the housing market in any area where costs have gone out of control.

It's time for some Republicans to investigate these companies and not writing policies.

 
The US housing market may be broken, and the Federal Reserve's aggressive interest rate hiking cycle over the past year could be to blame, according to top economist Mohamed El-Erian.

"There's a real issue as to whether we've broken the housing market," the Allianz chief economic advisor said in an interview with CNBC on Monday, pointing to high mortgage rates weighing on the market. The average rate on the 30-year fixed mortgage notched a fresh 23-year-high last week, clocking in at 7.48%, according to Mortgage News Daily.

High rates have frozen the housing market over the past year by crimping both supply and demand. Many prospective buyers are priced out of the market due to higher costs of borrowing. Meanwhile, existing homeowners are discouraged from putting their properties up for sale, as many are looking to cling onto the low interest rates at which they financed their homes years ago. This has kept prices elevated even as demand slips.

The result is a housing market in a state of limbo, with affordability unlikely to improve unless mortgage rates dial back more significantly, experts say.
...
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markets.businessinsider.com

The Fed may have destroyed the housing market by crushing both supply and demand, top economist Mohamed El-Erian says

"When you go from record-low mortgage rates to levels that we haven't seen for almost 20 years, you've destroyed both demand and supply," El-Erian said.
markets.businessinsider.com markets.businessinsider.com
 
pmbug said:
markets.businessinsider.com

The Fed may have destroyed the housing market by crushing both supply and demand, top economist Mohamed El-Erian says

"When you go from record-low mortgage rates to levels that we haven't seen for almost 20 years, you've destroyed both demand and supply," El-Erian said.
markets.businessinsider.com markets.businessinsider.com
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This is not about the housing market being "broken." It's the corrective phase of a period of mal-investment, fueled by free ZIRP money, which brought more-marginal borrowers in; which increased the potential buyers' pool and thus inflated prices.

Increased supply (buyers) on relatively-static supply (sellers) equals price rises.

The ZIRP-QE∞ money-printing party cannot last forever - it's impossible.

All those who went in on similar mal-investments, depending on continued central-bank distortions, are gonna lose.

This is the danger of investing or borrowing, not on fundamentals but on the caprices and whims of powerful key-people.
 
Man, I just checked on Austin Tx and that market looks to be in Huge trouble.

Enough that I don't think I checked Zillow correctly. They showed just 92 sales last month with 3,122 properties for sale. That would be 34 months of housing supply. Yikes.
 
Voodoo said:
Man, I just checked on Austin Tx and that market looks to be in Huge trouble.

Enough that I don't think I checked Zillow correctly. They showed just 92 sales last month with 3,122 properties for sale. That would be 34 months of housing supply. Yikes.
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VD,
I haven't talked RE much since the death of gim2, we have slowly backed out of the business and only handle a deal if it is just too good to pass up... x3. Our market volume dropped 25% in 2022 and is down an additional 30% this year. Our first time buyers market is dead and buried as well as the move across town one step up market. Keep in mind they were 86% of the historical market just 4 years ago... now pretty much totally gone.

What we have left is the whiny exile market. People from the northeast fleeing sanctuary cities and people originally from the northeast who moved to Florida now moving halfway back to get out of the heat, traffic and insane home insurance rates. Most are flush with cash, but incredibly arrogant and demanding... not anyone you would want as a neighbor..

Our company just fired all the local management, passed on all insurance and office costs to the agents... the next couple of years are going to be a bloodbath here
 
It is so weird that these RE markets are becoming very, very different in different places. But that is what Martin Armstrong predicted, the communist run states will be a disaster (get out ASAP) while the ones that attract people could actually do well. I would think that all places with lots of tourism/2nd homes will also be much worse as well high price markets. I could not believe how many of the Austin listings were $1 million+. Good luck with that because you're going to need it.

I decided to check San Antonio just to see if this was an Austin thing (local politics) and it does not appear like that is the case. They might be worse 150 sales last month with 8,244 for sale. :eek: 55 months of inventory.

I guess the people who couldn't see the prices going down yet are about to get their wish.
 
BackwardsEngineer said:
VD,
I haven't talked RE much since the death of gim2, we have slowly backed out of the business and only handle a deal if it is just too good to pass up... x3. Our market volume dropped 25% in 2022 and is down an additional 30% this year. Our first time buyers market is dead and buried as well as the move across town one step up market. Keep in mind they were 86% of the historical market just 4 years ago... now pretty much totally gone.

What we have left is the whiny exile market. People from the northeast fleeing sanctuary cities and people originally from the northeast who moved to Florida now moving halfway back to get out of the heat, traffic and insane home insurance rates. Most are flush with cash, but incredibly arrogant and demanding... not anyone you would want as a neighbor..

Our company just fired all the local management, passed on all insurance and office costs to the agents... the next couple of years are going to be a bloodbath here
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That's a huge difference for the agents. Are they still demanding the same cut of your sales? Seems like you should just go independent at that rate.
 
Voodoo said:
That's a huge difference for the agents. Are they still demanding the same cut of your sales? Seems like you should just go independent at that rate.
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Yes, the splits are the same. First of the year they demanded all agents create a new email funneled through a company server they have access and control of, then they changed the master database giving them full info of every conversation and potential deal...

I kept my old one and only use the new fake email for company stuff..
 
Another walk & talk with Michael.

NO MONEY NO PROBLEM! 1% Down Mortgages ARE FINE! (According To Lenders…)​

Sep 14, 2023


22:58

1% down payment mortgages are the new product that are supposed to be able to help low income people get on the property ladder. Lenders say its FINE...however, where have we heard this before? Oh yeah, the great financial crisis and housing crash of 2008. Sounds like a page out of that book, but this time its different...or is it?

Articles Mentioned in the Video
https://apple.news/AXG0xGrNESxS8FMFzG...
https://apple.news/AWW9XzPioQeG-k8lWg...
https://apple.news/Afzh8pbBVSPmmUKUrE...
 
I think a pause in rates in September and nothing in October will prime the market. The FED could redefine CPI again or change their target to 3% annual inflation to save the banks and housing.

I am optimistic that the current knuckleheads will keep inflation as the new normal to offset their spending. I am concerned they will muck it up with tax increases. I hope to have enough time and market activity to liquidate and shelter from any large tax increases.
 
nickndfl said:
I think a pause in rates in September and nothing in October will prime the market. The FED could redefine CPI again or change their target to 3% annual inflation to save the banks and housing.

I am optimistic that the current knuckleheads will keep inflation as the new normal to offset their spending. I am concerned they will muck it up with tax increases. I hope to have enough time and market activity to liquidate and shelter from any large tax increases.
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nick,
I'm going to be blunt for emphasis. The current insurance crisis is going to devastate beach property ownership. It has already hit our condo market here in Charleston, we are one bad hurricane away from carriers dropping out in droves. As I type, we are staying beachfront on Kiawah at my buddies condo. Their HOA requires full insurance and it took numerous vendors to get complete coverage at the last minute. The kicker is their hoa/taxes are 34k a year, to get insured it required a bi annual 7k assessment.... so they are now paying 48k a year...

So my advice is... F the taxes, you have an avalanche of people heading your way over the next month, list em and price them to sell. If and when the next storm hits, it will be too late!
 
Insurance companies are almost all WEF friendlies. I'd bet that was a sneaky and wise part of their plan to take people's homes. Time for ALL Republican states to investigate them hard. Insurance is a fairly highly regulated market after all. OF course, that in and of itself could be the problem but I doubt it.
 
My homeowners insurance has doubled in 5 years. I have never had a claim. Property taxes on a piece of recreational land I own doubled this year.
 
Chigg said:
My homeowners insurance has doubled in 5 years. I have never had a claim. Property taxes on a piece of recreational land I own doubled this year.
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The goal is to force you out of property ownership. To achieve their goals, you must own nothing.
 
BackwardsEngineer said:
nick,
I'm going to be blunt for emphasis. The current insurance crisis is going to devastate beach property ownership. It has already hit our condo market here in Charleston, we are one bad hurricane away from carriers dropping out in droves. As I type, we are staying beachfront on Kiawah at my buddies condo. Their HOA requires full insurance and it took numerous vendors to get complete coverage at the last minute. The kicker is their hoa/taxes are 34k a year, to get insured it required a bi annual 7k assessment.... so they are now paying 48k a year...

So my advice is... F the taxes, you have an avalanche of people heading your way over the next month, list em and price them to sell. If and when the next storm hits, it will be too late!
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Update.. on costs of beach front condos
Ran into the owner of the condo next to my buddies, they had a total of 60k of fees last year on a one bedroom unit. They are selling after 30 years, are still coming 4 to 6 weeks of the year, but at 3k per week its a darn site cheaper...
 
BackwardsEngineer said:
Update.. on costs of beach front condos
Ran into the owner of the condo next to my buddies, they had a total of 60k of fees last year on a one bedroom unit. They are selling after 30 years, are still coming 4 to 6 weeks of the year, but at 3k per week its a darn site cheaper...
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$60,000 of fees in One year is NOT an asset. Geez. Don't catch that hot potato.
 
Voodoo said:
$60,000 of fees in One year is NOT an asset. Geez. Don't catch that hot potato.
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amen brother... worse yet they are steadily increasing deductible levels, 2% away from the beach to up to 10 to 12% for actual beach front. So for a three mil beach place(typical down here) the first couple of hundred is on you, so it really is just catastrophic loss insurance. All that for 60k per year

That plane flew within five miles over my place and directly over my sons... things that make you go Hmmm.
 
With little to NO evidence that actual property damages are really up at all. Of course rebuilding costs are skyrocketing but a Lot of that value is in the land which isn't getting destroyed. Well, outside of a Lahaini attack and confiscation.

That and likely all the big Insurance Co's are losing BIG money holding low interest rate bonds.
 
Yeah.

One of the benefits to being an old f@rt is, I have memory. And perspective.

I remember when a six-percent home loan was normal, with reasonable credit.

And homes were affordable - because the average price was about $100k or less, not $450k.

My first home, with a VA guarantee, was $51k. Nothing down. Payments were about $300 a month.

It was in an unfashionable section of town (Buffalo, NY) but safe and liveable.

What has to happen...is for home prices to normalize. It's going to take more than an economic slowdown to do that - it'll take cutting BlackRock off from ITS funding. And/or, taxing the snot out of residential properties purchased by corporations or non-resident buyers.
 
I have 3 oceanfront condos for sale now. Just got a recent double of insurance, but taxes can only go up 10% annually. I am accepting any reasonable offer and will try to ride it out.
 
Well good luck but I think that you may have waited just a bit too long. Then again, real estate in a good area like Florida beach front will probably at least transfer some value to the next system.
 
This one's a bit different, it's a neat story.

30-year-old bought a ‘cheap, old’ abandoned house for $16,500—and completely transformed it: Take a look inside​

In 2019, I rented a loft in Wheeling, West Virginia. I had just quit my job to work on restoring historic buildings.

Between working at the Wheeling National Heritage Area and being welcomed by the town’s tight-knit community, Wheeling quickly felt like home. But I wasn’t planning to buy a house until I saw the 3,075-square-foot McLain House during a walk through the East Wheeling Historic District.

I was immediately drawn to its location, an up-and-coming neighborhood full of beautiful architecture. Built in 1892, the house had tons of original detail and came with an enormous side lot.

Full story

www.cnbc.com

30-year-old bought a ‘cheap, old’ abandoned house for $16,500—and completely transformed it: Take a look inside

Architectural historian Betsy Sweeny instantly fell in love with a 131-year-old abandoned house in Wheeling, Virginia. Here's how she renovated the dream home that she bought for just $16,500.
www.cnbc.com www.cnbc.com
 
Lancers32 said:
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Lancer...
The in vogue real estate training is all about conversations for every situation, they call it couching, I call it preprogrammed BS for the mindless. When rates started rising, week after week we were drilled to divert the conversation any time rates come up and counter with 5 year arm to be refied later... So basically sign up for the most payment you can afford and pray within five years to be saved by the grace of the fed....
 
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