Real Estate and foreclosure thread

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I’m TIRED of WAITING! I WANT TO BUY A HOUSE! (w/@realestatemindset )​

Dec 17, 2023

I know a lot of people are on the brink of giving up and just buying a house in this crazy market and stretching their finances to the max to make it happen. This current housing market is frustrating and it might seem like there is no relief in sight. So I wanted to bring on Travis from @realestatemindset to speak on this subject, considering he is personally in this situation and might be able to shed some light on how to handle this difficult situation.

29:52
 

They Will TAKE ADVANTAGE OF YOU! (HORRIBLE Real Estate Agents)​

Dec 22, 2023

One of my viewers sent me a reddit thread posted by a real estate agents talking about how horrible realtors will do anything to close the deal, and its shocking! By hearing these crazy / funny stories, it gives you a good idea of what to look out for next time you need an agent.

22:22
 

Missouri AG suing Jackson County over property assessments​

KANSAS CITY, Mo. — Missouri’s Attorney General announced Tuesday he is suing Jackson County for what he alleges are illegal property assessments.

Attorney General Andrew Bailey said he filed the suit, along with the State Tax Commission, against the county “for its failure to follow the law in assessing and levying taxes.”

The news comes one day after the Missouri state auditor released initial findings from an audit on the county’s property assessment process. Auditor Scott Fitzpatrick said the county was not compliant with state law.

“As many as 200,000 Jackson County taxpayers have been victims of an assessment process that violated state statute and trampled on their rights,” Fitzpatrick said Monday.

Three cities — Lee’s Summit, Independence and Blue Springs — have also filed lawsuits against Jackson County, accusing the county of breaking state law in its property assessments.

More:

 
On the local front..........

Philly’s sheriff hasn’t held a tax sale in years. The city says it’s costing them millions.​

Published Dec. 24, 2023, 5:00 a.m. ET

The abandoned building at the corner of 36th and Race Streets is in such high demand that would-be buyers are writing their contact information on a demolition notice that city inspectors taped to the front door.

“Love this building. Interested in buying,” one person wrote next to their email address. A local pharmacist left her phone number below that message: “Also interested in buying!!”

Built in 1876 as the original home of Simpson’s Apothecary, the three-story Italianate-style building near Drexel University still features the original pressed metal facade advertising “Drugs” and “Chemicals.”

Full article:

Philly’s sheriff hasn’t held a tax sale in years. The city says it’s costing them millions.

The city’s failure to hold the auctions is a lose-lose: The taxes are not collected, and nuisance properties and vacant lots sit undeveloped for years.
www.inquirer.com
 
Usually shy away from posting stuff like this but I'm looking into different things for 2024 so.....

This Real Estate Portfolio Yields More Than 12%​

Select real estate may be the income investing play for 2024. As I write, seven real estate investment trusts (REITs) are dishing dividends from 8.7% all the way up to 15.4%.

These REITs—and their ilk—are literally designed to deliver dividends. That’s how Congress wrote the rules when they legislated these real estate investments into existence back in 1960.

REITs avoid taxes at the corporate level. But in exchange, they need to pony up at least 90% of their taxable income and redistribute it to investors as dividends.

More:

This Real Estate Portfolio Yields More Than 12%

Select real estate may be the income investing play for 2024. As I write, 7 real estate investment trusts (REITs) are dishing dividends from 8.7% all the way up to 15.4%.
www.forbes.com

*Note: Take this fwiw and dyodd.
 

You know, this "I just can't wait anymore" is the exact mentality that gets people to buy the top of a market.
 

That single-family data is Non-sense. It literally makes no sense. For one the Grouping of the years is Idiotic and likely points to data manipulation. Why would you break out pre-2004 and 2005 to 2008 loans but then leave everything else (98%) in one group. That's not how data works.

Then how on earth are those Old loans in 2.5% delinquency 4-5x more than current loans? That makes no sense. Any loans that old still outstanding should have the least problems/risk. Because there should be a huge amount of principal/equity in those houses.
 
Voodoo said:
You know, this "I just can't wait anymore" is the exact mentality that gets people to buy the top of a market.
Click to expand...
Imagine if we had real money. People wouldn't need to play these games to get a home to live in.
 
<SLV> said:
Imagine if we had real money. People wouldn't need to play these games to get a home to live in.
Click to expand...

Can we add to this fantasy world we actually own the homes and don't have to pay extortion to people who claim a right to steal your home if you don't pay taxes?

Sure that would be a great world with homes a plenty.
 
Voodoo said:
Can we add to this fantasy world we actually own the homes and don't have to pay extortion to people who claim a right to steal your home if you don't pay taxes?

Sure that would be a great world with homes a plenty.
Click to expand...
It's the "subscription model." Everyone is doing it now.
 

NOBODY WANTS TO PAY THESE PEOPLE! LAYOFFS ARE HERE​

Dec 30, 2023

States like California where they're now going to be increasing the minimum wage to $20 an hour are going to have inflation and layoff problems like you've never seen before. On paper it sounds like a good idea but in reality it's probably going to have a massive backfire on the economy.

25:09
 
I don't need "some guy I have never heard of" spend 25 minutes telling me what I already know about a $20 minimum wage. Nor do I need to spend 56 minutes listening to a flapping mouth about the next housing market crisis.

If I did miss something, please feel free to correct me!
 

Home Sellers NOW GIVING UP 1.9% MORTGAGE RATES!​

Just like I said would happen, homeowners with "golden handcuffs" would start selling their homes regardless of how low of an interest rate they have. Very simply put, no matter how low the mortgage rate, life goes on and people are not going to hang onto homes simply to keep a good rate if that home is not matching up with their desired lifestyle. Looks like the housing market is in for some changes.

26:11
 
Life goes on. Even with the perfect rate, or paid off, perfect location...people retire, or go off to nursing homes, or die. The house must be sold.

Right now, TPTB are doing what they can to hide the Great Die-Off...so it's the job of shills, and the credulous, to publicly wonder why these good homes with good mortgage rates, are being sold.
 
personally i have no idea how commercial realestate is surviving other than one of my children is a very higher up in a very large international commercial realestate company (accounting director) and when i ask she says past dues are rising and lengthening and so far a lot of retail space (malls etc) are being repurposed into things like pickleball courts etc so they are still producing

also in the family are several residental and farm realestate investors/brokers/agents and in our area of the world rural properties are short inventory and still selling when availible unless there are issues.......residential has been slowing since rates started to rise

fwiw
commercial intrest rates flow with the short term market
farm and rural intrest rates flow with the short term market
unlike residential single family mortages that have long term fixed rates
 

The Feds Shouldn't Subsidize Fancy, Risky Beach Houses​

Sen. John Kennedy (R–La.) is upset because Sen. Rand Paul (R–Ky.) wants to limit federal flood insurance.

But Paul is right. In my new video, Paul says, "[It] shouldn't be for rich people."

That should be obvious. Actually, federal flood insurance shouldn't be for anyone. Government has no business offering it. That's a job for the insurance business.

Of course, when actual insurance businesses, with their own money on the line, checked out what some people wanted them to insure, they said, "Heck no! If you build in a dangerous place, risk your own money!"

More:

The feds shouldn’t subsidize fancy, risky beach houses

Government is "promoting bad behavior," says Sen. Rand Paul. He's right.
reason.com
 
^^^^^
Got rid of the face book page. Here's the real deal. Why should taxpayers be forced to pay for this?

 
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It FINALLY HAPPENED TO ME! Insurance CANCELLED!​

Jan 13, 2024
For a while, I have been talking about numerous accounts all over America from people who have had their home owners insurance non renewed. Well, now it has happened to me. Not only that, but insurance premiums are surging all over the country.

25:17
 
Fortune

Meet the housing market ‘hackers’ who do not live in their homes: These people bought run-down cabins, moved into their sheds and slept in their basements to rake in extra cash​


Across America there's a growing trend: people own homes, they just don't live in them. Instead, tenants renting in expensive areas are buying cheaper properties as holiday homes, retirement nest eggs, or to bring in some extra cash.

The individuals Fortune spoke to said the choice to buy a house which isn't their primary residence was pretty simple: they had a pot of savings and didn't want to miss out on the returns promised by the housing sector.

After all, while the S&P500 tends to have an average return rate of around 10% a year, property comes with an average value increase of 5.4% annually and might have the added boon of rental or holiday letting income.

So individuals are choosing to bury their cash in property, even if they don't have the benefit of that roof over their head.

Whether it was purchasing a smaller holiday home, buying a rental in need of some love, or even moving into the shed, there's one thing everyone agreed on: the get-rich-quick property market America loves so much simply no longer exists.

More:

 
When I read these I wonder if they're made up or true.

My parents want to pay off my $200,000 mortgage, and move into my rental. They say I’ll owe my sister $100,000. Is this fair?​

Dear Quentin,​

Recently, my parents sold their condo to fulfill their long-standing desire to live in my downtown condo, offering them greater convenience for shopping, socializing with friends, and fostering a stronger connection to the community.

My parents propose to use the proceeds from their condo sale to pay off my mortgage, an amount that precisely matches the outstanding balance. The challenge arises as I still carry a mortgage on my condo, initially intending to rent it out to cover the monthly payments.

Complicating matters, my older sister is entitled to 50% of the money from our parents’ condo sale, given that there are only two children in the family. If they clear my mortgage, how do I determine my sister’s future claim on my condo?

Assuming the condo sale fetches $400,000, with $200,000 allocated to settle my mortgage, my parents assert that, upon their passing, I must return this amount to my sister. However, I wonder if it’s truly that straightforward, considering the potential inflation of this value over time.

More:

MSN

www.msn.com
 

People are freaking dumb. That's all I can say there.
 

I knew I had used this city before and I was kinda shocked checking up on San Antonio. Most places have been pretty flat over the winter. Since its fairly warm there I'm thinking seasonality starts early.

There are now 7,939 homes for sale with 2,449 in the last 30 days. There have been 147 sales in the last 30 days so 54 months of supply. It too looks like its still stabilized for now.
 
Car prices, cost of food, layoffs, real estate in this one.

How Long Before PEOPLE GO BROKE! MORE LAYOFFS ARE HERE​

People are not only spending more than ever on their lifestyle in general but payments for brand new cars and the amount of people who have car payments over $1000 per month has once again hit a new record high! When will people run out of money??

19:45
 
Sixteen years ago, I almost bought a Homevestors franchise.

Glad I didn't. Not just for this, but for the general insanity and the financialization of the economy.
 

Here's part 2.

I was finally able to get another insurance policy on my place after having my coverage dropped earlier this month. However, even though I was able to obtain insurance, doesn't mean all is well, here's why.

 
$1,100 a year for almost jack squat ($15,000 less deductibles and hassle) in insurance is outrageous. Like they think the building is just gonna wash away in 10 years.
 
Voodoo said:
$1,100 a year for almost jack squat ($15,000 less deductibles and hassle) in insurance is outrageous. Like they think the building is just gonna wash away in 10 years.
Click to expand...
There has to be something going on. He filed no claims but got cancelled. Why would they do that, if it was easy free money for the insurers?

Too many Teslas parked in underground garages at these condo-warrens? Other sorts of abuse, risk and fraud?
 
Actually I think its part of the plan to steal your homes. Just jack up insurance rates so that you can't afford insurance or can't even get it and fullfil the mortgage requirement.

The other big problem is that most of these insurance companies "invest" all of the premiums into "safe" things like Treasuries. Well as rates shoot up all their investments lost tons of money.
 
Too many moving parts for me to take that seriously - at least as an organized attempt. Abolish/severely-limit private home ownership, and the homeowners'-insurance market dies, too.

Major commercial owners/investors are going to have commercial insurance, a whole 'nuther kettle of fish. MAJOR exposure will involve huge, often NGO, reinsurance pools - Lloyd's of London, and similar

Podunk Property and Life has no way of servicing that market.

I don't doubt that there are black hands trying to make this happen, but I do not see retail property insurance companies as part of this. I see this as a result of fraud, of transient owners taking NJNIA (no-job-no-income-approved) mortgages, and about the monetary destabilization and currency debasement that's now official policy.
 
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