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The Rapidly Expanding Volume Of Troubled Debt

A report from CBS 12 in Florida. “Florida is ranked fifth in the country for mortgage delinquency, according to Black Knight. Right now there are almost 94,000 unemployment claims in Florida according to the state’s Department of Economic Opportunity. Despite this, experts say they do not expect a housing crisis like the one in 2008. ‘Most homeowners have equity and a lot of it right now. So if homeownership becomes unaffordable for them, they’ll just sell it rather than let the home foreclose or short sale. They can take their equity and move on,’ said Realtor Erica Wolfe.”

“For people struggling right now with payments, forbearance is an option: where your mortgage payments are put off and tacked on to the end of your mortgage. ‘We’ve got unemployment benefits that are set to expire at the end of July. We have the housing moratorium set to end July first. Which means evictions, foreclosures,’ said Jim Sahnger, a mortgage broker. ‘So they would allow you to set up forbearance for 90 days, and before that ends you can file for another 90 days. And you can do that for up to 12 months.'”

The New York Post. “With property taxes due July 1, it should come as no shock to anyone that thousands of building owners will be unable to make their equivalent of rent payments on time. That doesn’t bode well for a city already teetering on the brink of economic collapse. Landlords are in this predicament because there has been a 25 percent to 35 percent decline in rent collection since April, shortly after COVID-19 shut down the Big Apple.”

“But small building owners — mom-and-pop operations, mostly immigrants and people of color — aren’t getting rent from as much as 50 to 60 percent of their apartments. ake Lincoln Eccles. The son of Jamaican immigrants, he owns a 14-unit building in Crown Heights. He has been working on payment agreements with half of his tenants, and that doesn’t include two apartments that haven’t paid rent since 2018. The property taxes due today represent 60 percent of his rent rolls, revenue he simply doesn’t have. Not to mention, Eccles is also grappling with a $9,000 emergency boiler repair.”

“Property taxes last year accounted for nearly half of the city’s revenue and fund essential services like public hospitals, education, sanitation and emergency response. Break the backs of owners, and they won’t be able to contribute at all — a catastrophe.”

The Silicon Valley Voice in California. “Development experts from the Urban Land Institute gave a presentation to Santa Clara Planning Commissioners at a special session. Drew Hudacek, Development Officer for Sarges Regis Group, spoke about the current development landscape in the Bay Area with a focus on Silicon Valley in light of the COVID-19 pandemic.”

“‘As we’re experiencing this coronavirus, industrial and multifamily apartments are generally holding up well or fairly well, office is somewhere in the middle, and retail and particularly hospitality are absolutely decimated at the moment,’ said Hudacek.”

“‘I do expect some developments to get delayed because of the COVID crisis,’ said Commissioner Steve Kelly. ‘I’m in the mindset that they’re probably hurting financially, they’re going to probably have greater losses because of the delays and the economic situation we’re currently in.'”

“Hudacek responded that capital markets froze in March and April due to the pandemic, and so for many projects that were planning on breaking ground in 2020 or 2021, the financing evaporated.”

From Bisnow on Texas. “The Dallas-Fort Worth multifamily sector lost some of its rental price growth in the wake of the coronavirus pandemic. ‘[In] Class D and C, there wasn’t as much activity there as I was expecting,’ ApartmentData President Bruce McClenny said about rental price changes. The higher-priced segment simply has farther to fall in price and, because of recent development activity, more spaces to fill, McClenny said.”

“Transwestern Dallas Research Manager Andrew Matheny said older properties have less to lose in terms of price when compared to Class-A properties that sit well above the $1,200 per month rate. ‘We have seen similar trends with most of the movement happening on the Class-A side, but I think that is a function of really where they are price wise,’ Matheny said.”

The Philadelphia Inquirer in Pennsylvania. “Up to $2.7 billion worth of commercial mortgages held by Wall Street investors against Philadelphia-area property is being monitored for potential default as damage from the coronavirus mounts. The figure was the sum ‘watchlisted’ for potential nonpayment in May, according to new data from the loan-analysis specialists Cred IQ. The total sum, the most recent figure available, jumped 74% from March, when the pandemic began to drive down the economy, Cred IQ reported.”

“Nationally, the amount of such watchlisted debt surged 84% to nearly $100 billion over that time, the data show. Analysts blamed the entire increase, both nationally and locally, on the pandemic, underscoring deepening concern that owners of all types of property will begin missing mortgage payments en masse, as shuttered or otherwise cash-starved tenants increasingly fail to make rent.”

“‘We’ve shut the economy down: It was like flipping a switch,’ said Christophe Terlizzi, who heads KeyBank’s commercial real estate practice in the region. ‘I can’t imagine there are many properties right now that are not impacted.'”

“In Philadelphia and surrounding Pennsylvania and South Jersey counties, there were 80 loans totaling $1.5 billion in debt in May for which COVID-19 was cited as a reason for their being watchlisted, up from seven loans totaling $189.6 million in March, according to Cred IQ. They include the Hilton Penn’s Landing hotel, the Montgomery Mall in North Wales, the View at Montgomery student housing tower near Temple University, and the Fillmore Philadelphia concert venue.”

“Banks have the same set of options available to them, but are more likely to offer distressed borrowers forbearance than to foreclose on their properties, said Michael Fay, a principal, managing director, and head of the asset-resolution team at brokerage firm Avison Young. There are only about a dozen or so special servicer firms operating in the country, while there are thousands of banks, so servicers are less able to offer customized responses to the rapidly expanding volume of troubled debt that the growing watchlists may presage, he said.”

“Special servicers have about as much work on their hands as they did when the real estate market was feeling the brunt of the last recession a decade ago, Fay said. ‘But that happened over a three-year period,’ he said. ‘This is over a three-month period.'”

From TMZ on Wisconsin. “Dustin Diamond needs to be saved by more than the bell if he wants to keep his home in Wisconsin — the bank is knocking on his door and looking to foreclose. The ‘Saved By The Bell’ star owes Wells Fargo a whopping $269,329.36 — according to legal docs obtained by TMZ — and the bank is asking the court to sign off on the foreclosure.”

“Dustin tells TMZ … he didn’t even know he was so far behind on the mortgage, because he hasn’t been to the Port Washington property since January of last year, as he’s been living in Florida instead. Screech says he moved into the house way back in 2003, when the property was worth $340,000, and tells us he plunked down a $68,000 down payment. He says he doesn’t understand how he owes such a large sum. Homeownership ain’t easy, or cheap.”

“Screech says he lost 30 years of memories in the home’s flooded basement … his comic collection, instruments, chess collection, family pictures and videos were all ruined. Dustin tells us … ‘Foreclosure means nothing when a house is destroyed … with my items I’ve lost, it now feels like Wells Fargo is trying to kick me when I’m down.'”

The Star Advertiser on Hawaii. “Most of the state’s visitor industry is in preseason training for the Aug. 1 reopening of trans-Pacific tourism, which revolves around a COVID-19 passenger testing program. One exception is Oahu’s vacation rentals, which are still sidelined by Honolulu Mayor Kirk Caldwell’s emergency orders prohibiting them from operating as essential businesses. While Hawaii’s entire visitor industry is struggling, vacation rentals, especially on Oahu, have been among the hardest hit.”

“Only 9% of short-term units statewide were occupied in May, a month when emergency bans were active on all islands and occupancy experienced a 61.7 percentage-point drop. In comparison, Hawaii’s hotels, which are deemed essential businesses, were more than 14% occupied last month.”

“‘Mayor Caldwell’s glaring omission of legal vacation rentals from any reopening plans on Oahu is discriminatory against lawfully operating, tax-paying vacation rental owners and operators,’ said Andreea Grigore, vice president of property management for Elite Pacific Properties, which manages approximately 300 short-term and 400 long-term properties statewide. ‘The obvious consequence of this is that it’s causing severe economic hardship for individual owners of vacation rentals as well as vacation rental management companies.'”

“Another hui member, Munro Murdock, founder of Love Hawaii Realty and Love Hawaii Villas, said vacation rental losses, especially on Oahu, are mounting. ‘From the end of March through June, we’ve lost $300,000 as a management company for 30 owners,’ Murdock said. ‘We’re projecting well over $2 million in losses for our owners.'”

From Seattle PI in Washington. “In regards to this week’s market conditions in Seattle’s Downtown core, listings rose to 208 units and 232 condos for sale if you consider the new construction units currently listed. There were 7 closed sales and 22 pending sales. Over the last 5-6 weeks, Downtown Seattle condo inventory has risen 25% – up from 165 units or so back in March.”

“In the last 30 days there were 23 pending sales. That equates to an absorption rate of just over 11% or 9 months of inventory. Buyers seem to have firm control of the condo market at these levels. That brings me to a very important market consideration. Are Seller’s fleeing the downtown core for the suburbs?”

“I had an opportunity this week to share my thoughts with my Company (Compass). One of the questions I was asked to answer, was to validate if people are leaving the downtown core. The short answer is yes. Some owners are fed up with Seattle City Council, the Mayor, the homeless and the protesting. The biggest catalyst for people moving however has been the Coronavirus. There are some buyers that just can’t imagine vertical living right now.”

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This Post Has 94 Comments

  2. ‘Most homeowners have equity and a lot of it right now. So if homeownership becomes unaffordable for them, they’ll just sell it rather than let the home foreclose or short sale. They can take their equity and move on’

    See, UHS says no problem, you can “just sell”!

    ‘Over the last 5-6 weeks, Downtown Seattle condo inventory has risen 25% – up from 165 units or so back in March’

    ‘In the last 30 days there were 23 pending sales. That equates to an absorption rate of just over 11% or 9 months of inventory. Buyers seem to have firm control of the condo market at these levels. That brings me to a very important market consideration. Are Seller’s fleeing the downtown core for the suburbs?’

    1. “owners are fed up with Seattle City Council, the Mayor, the homeless and the protesting”

      Kiss your property tax revenue GOODBYE.

        1. This stuff is getting good. Libs are taking it hard and raw due to the ridiculous policies and politicians they voted for.

          1. Yeah, they may just get Trump re-elected despite all the ammunition he gives them to take him out.

          2. “get Trump re-elected”

            I’m looking forward to watching Portland burn itself to the ground live on YouTube after this happens.

            #ClownWorld gonna clown.

      2. A couple years back they would sweep all the hobo tents back to wherever they were supposed to be about once a week, and they’d gradually show back up the following week. I bet they just fester in uninterrupted splendor now. It’s too bad. Seattle is a really interesting city.

        1. Judging by the staggering volume of garbage around some Seattle homeless encampments I saw, clearly they had been festering in uninterrupted splendor for quite some time.

  3. ‘I do expect some developments to get delayed because of the COVID crisis…I’m in the mindset that they’re probably hurting financially, they’re going to probably have greater losses because of the delays and the economic situation we’re currently in’

    Losses. But Steve, this is California? It’s a no brainer!

    ‘capital markets froze in March and April due to the pandemic, and so for many projects that were planning on breaking ground in 2020 or 2021, the financing evaporated’

    How can this be Drew? You got money losing companies worth billions, and you can’t get financing? The fact is CRE in California cratered long ago.

  4. ‘Our Luck May Have Run Out’: California’s Case Count Explodes
    Los Angeles County, which has been averaging more than 2,000 new cases each day, surpassed 100,000 total cases on Monday.
    Motorists line up at a coronavirus testing center at Dodger Stadium in Los Angeles on Monday morning.
    New York Times
    By Shawn Hubler and Thomas Fuller
    June 29, 2020

    SACRAMENTO — Only a few weeks ago, thousands of Southern Californians were flocking to beaches, Disneyland was announcing it would soon reopen and Whoopi Goldberg was lauding Gov. Gavin Newsom on “The View” for the state’s progress in combating the coronavirus. The worst, many in California thought, was behind them.

    In fact, an alarming surge in cases up and down the state was only just beginning.

    Over the past week California’s case count has exploded, surpassing 200,000 known infections, and forcing Mr. Newsom to roll back the state’s reopening in some counties. On Monday, he said the number of people hospitalized in California had risen 43 percent over the past two weeks.

    Los Angeles County, which has been averaging more than 2,000 new cases each day, surpassed 100,000 total cases on Monday, with the virus actively infecting one in every 140 people, according to local health officials. More than 2,800 cases were announced in the county on Monday, the most of any day during the pandemic.

    More than 7,000 new cases were announced across California on Monday, its highest single-day total of the pandemic.
    …

    1. I was just out there and the number of people flaunting the mask thing was about the same as Arizona. At the hotel where I stayed the last night none of the employees wore masks.

      Farcie!

      1. No need to scream…the numbers are speaking loudly and clearly to anyone whose fingers aren’t stuck in their ears. Florida’s case rate is skyrocketing as well.

        2. Numbers are skewing the cases younger. More testing = more cases and the cases they are catching are asymptomatic or very mild that wouldn’t have been tested before. It’s a GOOD thing it’s running through the young population – get them immune with minor or no symptoms and block that transmission path for the virus to the vulnerable.

          Besides, we were literally told we were in health emergency and to stay away from people for MONTHS and then overnight large gatherings and protests/riots were just a-ok. Now LA County has 180’d again and told us we can’t go to the beach or have any fireworks displays this holiday weekend. WHICH IS IT?

          They are lying. They are hypocrites. They’ve lost all credibility and many of us don’t take anything they say seriously.

          Oh many jurisdictions are telling the vaunted contract tracers to NOT ask about protest attendance so any data we get is absolute junk at this point.

          1. Good so long as the virus doesn’t mutat into a version which produces deadlier cases in young people, as appears to have happened in the WWI trenches of Europe during the 1918 flu pandemic…

          2. It’s a GOOD thing it’s running through the young population

            It has been pointed out that there are still many things we don’t know about this virus. Including the possibility that people who contract it might suffer health problems from it years or decades down the line.

        3. “Florida’s case rate is skyrocketing as well.”

          How Can I Take Care of My Coronavirus Elbow?

          Coronavirus elbow is an injury you can have even if you never ran in circles flapping your arms and screaming. It happens when the tendons that connect your forearm muscles to the bones in your elbow become inflamed.

          Running in circles and flapping your arms is just one of many repetitive movements that can strain your muscles and tendons. Others include painting, carpentry, playing a musical instrument, or using heavy tools.

          When you’re having an ongoing problem with your elbow, be sure to see your doctor so you can be diagnosed and get on the road to recovery. If you do have Coronavirus elbow, she can come up with a treatment plan that’s best for you — from pain relief to surgery.

          Here are self-care tips to manage your pain, heal more quickly, and try to avoid the problem again.

          Rest Your Elbow

          This condition comes from repetition and overuse. As much as you can, do not listen to or read MSM reports on inflated case counts and rest your elbow.

          Pain Management

          Coronavirus elbow can be painful. Some ways to ease the pain include:

          Over-the-counter pain relievers : Ibuprofen (Advil, Motrin) and naproxen (Aleve) can ease mild to moderate pain. These are called NSAIDs — nonsteroidal anti-inflammatory drugs — and they reduce inflammation, too. Talk to your doctor about taking these, especially if you need them for weeks.

          Ice: If you don’t like the idea of taking pills or want to take fewer, cold packs can also reduce swelling and pain. Put one on for about 15 minutes at a time several times a day.

          https://www.webmd.com/pain-management/take-care-coronavirus -elbow

    3. ‘How Could the CDC Make That Mistake?’

      The government’s disease-fighting agency is conflating viral and antibody tests, compromising a few crucial metrics that governors depend on to reopen their economies. Pennsylvania, Georgia, Texas, and other states are doing the same.

      ALEXIS C. MADRIGAL
      ROBINSON MEYER
      MAY 21, 2020

      The Centers for Disease Control and Prevention is conflating the results of two different types of coronavirus tests, distorting several important metrics and providing the country with an inaccurate picture of the state of the pandemic. We’ve learned that the CDC is making, at best, a debilitating mistake: combining test results that diagnose current coronavirus infections with test results that measure whether someone has ever had the virus. The upshot is that the government’s disease-fighting agency is overstating the country’s ability to test people who are sick with COVID-19. The agency confirmed to The Atlantic on Wednesday that it is mixing the results of viral and antibody tests, even though the two tests reveal different information and are used for different reasons.

      This is not merely a technical error. States have set quantitative guidelines for reopening their economies based on these flawed data points.

      Several states—including Pennsylvania, the site of one of the country’s largest outbreaks, as well as Texas, Georgia, and Vermont—are blending the data in the same way. Virginia likewise mixed viral and antibody test results until last week, but it reversed course and the governor apologized for the practice after it was covered by the Richmond Times-Dispatch and The Atlantic. Maine similarly separated its data on Wednesday; Vermont authorities claimed they didn’t even know they were doing this.

      The widespread use of the practice means that it remains difficult to know exactly how much the country’s ability to test people who are actively sick with COVID-19 has improved.

      Read: There’s one big reason the U.S. economy can’t reopen

      “You’ve got to be kidding me,” Ashish Jha, the K. T. Li Professor of Global Health at Harvard and the director of the Harvard Global Health Institute, told us when we described what the CDC was doing. “How could the CDC make that mistake? This is a mess.”

      https://www.theatlantic.com/health/archive/2020/05/cdc-and-states-are-misreporting-covid-19-test-data-pennsylvania-georgia-texas/611935/

      1. This is not merely a technical error. States have set quantitative guidelines for reopening their economies based on these flawed data points.

        Obviously, hiring and promoting people based on race or sex puts the smartest people in top leadership roles.

        2. Obviously, hiring and promoting people based on race or sex puts the smartest people in top leadership roles.

          I think that collectively we have become accustomed to having incompetents promoted into these roles, and we just shrug when their ineptitude is exposed. Just like how we don’t expect the black or Hispanic police chief to weed out “racism” from his or her organization.

      2. “The Centers for Disease Control and Prevention is conflating the results of two different types of coronavirus tests, distorting several important metrics and providing the country with an inaccurate picture of the state of the pandemic.”

        But…

        “the numbers are speaking loudly and clearly to anyone whose fingers aren’t stuck in their ears.”

        1. If the numbers were only coming in from the CDC, then I might be more convinced…but this is a pandemic with 10 million confirmed cases.

          1. Hospitals are clearly counting anything and everything as corona virus now. It started with car accidents being reported as coronavirus deaths to plump up the numbers to serve the globalist narrative, and has spiraled into a Demolition Man-esque future, where “All ailments are coronavirus”. Bullet wound? Corona virus. Jock itch? Coronavirus! Bunions? CORONAVIRUS!

            Pretty easy to get to 10 million by that metric.

    4. “Only a few weeks ago, thousands of Southern Californians were flocking to beaches,”

      And nobody said boo.

      All too predictably, the shoulder to shoulder social distance free Loot and Scoot rioting “peaceful protesters” marching side by side with Michigan’s governor Eva Braun has passed and the MSM is dutifully out with their shut down your Mom and Pop small business, get back in your apartments and go to Walmart but don’t you dare go to any beach or get on a boat where you would be 1/4 mile from other humans.

      1. No, not weird.

        More sun –> vitamin D –> milder case
        Younger patients
        better treatments
        masks –> low inoculum –> milder case
        Death lag

      2. The emergency rooms are filling up, and I think it takes a couple weeks to die of it. We’ll see what happens.

        Emergency room occupants and deaths are the solid numbers. Testing is so inconsistent as to be almost useless for determination of personal risk. It does tell us “they’re out there, and they got it” though.

    6. So far Maryland is doing kinda ok. There was a small uptick in cases, probably the Memorial Day bump, but it’s since leveled off again. This is because the Gov, so far as I know, has not lifted his executive orders for masks indoors.

      I expect one more bump from the protests. When that bump manifests, I need to do some mundane stuff — like get the car serviced and go to the used bookstore for a big load of books — before the kids go back to school. That’s when the next big wave is going to be.

    7. Per the MSM, BBQs Held during Memorial Day weekend caused the spike. It had nothing whatsoever to do with weeks of rioting, immediately following Memorial Day weekend.

      1. Maryland and DC had huge protests and we’re not seeing any spike in cases… yet. We had a tiny bump, likely from Memorial Day, and that’s starting to go down a little. I wonder if the masks really are that effective. Honestly I think it’s the bars and restaurants.

        1. Our views are beginning to converge, as I now dutifully wear my mask while shopping indoors, while wondering if it would really protect me if someone recently coughed up a load of virus nearby.

        2. Honestly I think it’s the bars and restaurants.

          The government is implying that extended family gatherings are much worse than bars or restaurants because people (especially the kids) don’t distance at all with family. To me that would imply that one of the family sub-units were symptomless carriers in most of the cases these statistics are based on.

  6. And yet … I just dont understand. Trendy houses in Madison Park and Greenlake are selling at huge premiums. Someone a few days ago on this board said it was the ultra low mortgage rates – but i cannot understand this

    From urbnlivn.com “Did you see that 2052 McGilvra Blvd in Madison Park sold last week for 30% over list price! Meanwhile 5516 Woodlawn Ave N in Green Lake sold for 28% over. Nuts.
    Last week was a record week with 334 homes going under contract in Seattle, up 20% week-over-week and more than any week last year. (The busiest week last year saw 293 home go under contract.) Sellers were also busy listing over 400 homes last week. This will be a slower week due to the 4th of July holiday weekend.

    ———
    From Seattle PI in Washington. “In regards to this week’s market conditions in Seattle’s Downtown core, listings rose to 208 units and 232 condos for sale if you consider the new construction units currently listed. There were 7 closed sales and 22 pending sales. Over the last 5-6 weeks, Downtown Seattle condo inventory has risen 25% – up from 165 units or so back in March.”

    “In the last 30 days there were 23 pending sales. That equates to an absorption rate of just over 11% or 9 months of inventory. Buyers seem to have firm control of the condo market at these levels. That brings me to a very important market consideration. Are Seller’s fleeing the downtown core for the suburbs?”

    1. “And yet … I just dont understand. Trendy houses in Madison Park and Greenlake are selling at huge premiums.”

      Pre WWII neighborhoods with classic homes on tree lined streets aren’t going out of fashion anytime soon.

    3. And yet … I just dont understand. Trendy houses in Madison Park and Greenlake are selling at huge premiums. Someone a few days ago on this board said it was the ultra low mortgage rates – but i cannot understand this

      Trillions in FED liquidity and the debasement of the currency forces people out of cash and into hard assets. Those people with said cash buy the expensive houses in expensive neighborhoods. Those trillions are going to move markets. The FED knows this, which is why it’s doing it.

      But we’re at zero now. They are wringing out the last of the suckers. Rates cannot go lower. They’ve basically stolen the maximum amount of future demand they can, and they’re propping it up with the forbearance programs and free $600 per week extra cash. Can they do this forever? I don’t think so, so it’s all going to come crashing down one way or another.

      1. “forces people out of cash”

        What cash? Everybodys broke and slipping deeper underwater as housing prices continued to plummet.

        Centreville, VA Housing Prices Crater 22% YOY As Northern Virginia Housing Market Hits The Mat

        https://www.movoto.com/centreville-va/market-trends/

        As a noted economist stated, “If you have to borrow for 15 or 30 years, you can’t afford it nor is it affordable.”

    4. Can’t speak for Seattle. But in Missoula, old houses – like 100 years old which I know for people in Boston is barely broken in but hey it’s the west – on tree lines streets are a always in demand. I live in one myself and love it. Only downside is the Karen type neighbors with every left wing cause sticker on the Audi and Subaru wagons. But a small price to pay.

      1. Only downside is the Karen type neighbors with every left wing cause sticker on the Audi and Subaru wagons.

        That alone is reason enough to move.

        1. That alone is reason enough to move.

          Says the guy who remains in Colorado? 🙂 The bumper stickers always reminds me of the study that said bumper stickers of any persuasion frequently indicate a high conflict personality. So I always tried to stay away from the Coexist people regardless of what the sentiment of the sticker would imply.

          1. I don’t live in Denver, Boulder or even Ft. Collins. Not a single “Coexist” or “Biden 2020” bumper sticker in my neighborhood.

            But the rot is spreading and I am beginning to prepare my exit plan. Cheyenne could work, though the winters are chillier there.

      3. I’m sure the thugs will appreciate the “hate has no home here” signs on the lawn when they march into their town and burn them alive inside of their old homes. Those homes were probably built by slaves!, they will claim.

        3. very nice! BTW thanks much for creating and maintaining the Joshua Tree extension, it makes reading the comments tolerable, even enjoyable sometimes 😉

  7. ‘experts say they do not expect a housing crisis like the one in 2008’

    They’re right, it’s gonna be worser!

    ‘Special servicers have about as much work on their hands as they did when the real estate market was feeling the brunt of the last recession a decade ago. ‘But that happened over a three-year period…This is over a three-month period’

    1. ‘But that happened over a three-year period…This is over a three-month period’

      V-shaped housing recovery from a dip that never transpired, here we come!

  10. What is it about falling housing prices that enrages you? It’s really nothing personal.

    Falling housing prices are what they are.

  11. 94K on unemployment in FL? There are millions who have filed in this state. The realtwhore is a liar as usual. This fake equity will fall like dominoes. Can’t wait for the crash

  13. Despite this, experts say they do not expect a housing crisis like the one in 2008.

    Um, yeah…those same “experts” didn’t expect a housing crisis in 2008, either.

    1. …and they assured everyone who would listen that no financial crisis would ever again occur, thereby encouraging the reckless financial gambling activities that make the economy ripe for crisis.

  14. ‘Most homeowners have equity and a lot of it right now. So if homeownership becomes unaffordable for them, they’ll just sell it rather than let the home foreclose or short sale. They can take their equity and move on,’ said Realtor Erica Wolfe.”

    Two things:

    1. Realtors are liars
    2. Sell to who? 46 million ‘Muricans have filed for unemployment since COVID-19 reared its ugly head. “Furloughs” are turning into lost jobs that aren’t coming back. That mythical equity is evaporating along with the rest of the fake Yellen Bux “wealth” from the past 11 years.

    1. Even if many get their old jobs back, plenty won’t. And many don’t want their old job back, they want the free $1000 a week extended into perpetuity.

    2. “They can take their equity and move on,’ said Realtor Erica Wolfe.”

      I saw her spew that on the local news last week.

      Erica Wolfe should hire me to do her advertising for her.

      Having trouble selling your house?

      Wife and mother in law saying you bought at the high end of the market?

      Not to worry…

      https://youtu.be/ojTKkfgvwvU?t=25

  15. So many economic warnings, so many stock market rallies…will the disconnect ever resolve?

  16. The New York Post. “With property taxes due July 1, it should come as no shock to anyone that thousands of building owners will be unable to make their equivalent of rent payments on time. That doesn’t bode well for a city already teetering on the brink of economic collapse.

    Libtard-maladministered NYC isn’t just teetering on the brink of a financial collapse. Every day new videos come out showing emboldened thugs culturally enriching those of a lighter hue. Despite the media’s journalistic omertà when it comes to reporting real truth and real news, there is going to be a mass exodus out of the cities as law and order breaks down and the mobs start running wild. How much for your luxury skybox on Purge Night, Mr. Wall Street Banker?

    1. I only got to watch a couple of minutes of the first episode but Netflix has a new documentary on Trump’s younger years. They showed 70s NYC in all its gutted out glory…I hope people take a hard look and think about how it might have gotten that way.

  17. The total sum, the most recent figure available, jumped 74% from March, when the pandemic began to drive down the economy, Cred IQ reported.”

    Is that a lot?

  18. Some owners are fed up with Seattle City Council, the Mayor, the homeless and the protesting. The biggest catalyst for people moving however has been the Coronavirus. There are some buyers that just can’t imagine vertical living right now.”

    Gosh, I sure hope the mass exodus of productive taxpayers out of libtard-maladministered cities won’t impact the quality of life for the ‘tards that remain.

    2. for the ‘tards that remain.

      Hey now, we’re not all ‘tards…some of us are just finalizing our own exit strategies 🙂

  19. Just saw the DOW today. The plunge protection team came in even with no plunge. Da fuq. What’s driving this? The Fed has stopped pumping. Haven’t heard anything from Congress to extend moratoriums and cheesechecks. Is it the doofuses at Robin Hood?

  20. The ‘Saved By The Bell’ star owes Wells Fargo a whopping $269,329.36 — according to legal docs obtained by TMZ — and the bank is asking the court to sign off on the foreclosure.”

    “Dustin tells TMZ … he didn’t even know he was so far behind on the mortgage, because he hasn’t been to the Port Washington property since January of last year, as he’s been living in Florida instead. Screech says he moved into the house way back in 2003, when the property was worth $340,000, and tells us he plunked down a $68,000 down payment. He says he doesn’t understand how he owes such a large sum. Homeownership ain’t easy, or cheap.”

    It was still cheaper than renting Screech

    1. This guy has been milking one acting role for decades now. He will do anything for a buck. What’s next celebrity boxing?

      Also not the first time he was about to be foreclosed on. If it worked that time, and it works this time, he’s a genius.

      In 2001, Diamond filed for bankruptcy in California. On June 13, 2006, Diamond appeared on The Howard Stern Show asking listeners to visit his website and purchase a t-shirt. Diamond stated on the show that he hoped to sell 30,000 t-shirts that read “I paid $15.00 to save Screeech’s house” in order to raise $250,000 and avoid foreclosure on his house.[22]

  22. Alamosa isn’t your typical Colorado small town. It is half Hispanic and it’s home to a small, very liberal state college with a student body that is 55% non white. It stands to reason that a high percentage of the populace suffers from TDS. It ain’t Ridgway.

    1. The opposite of that would be Provo, UT…or Utarrr ’round these parts. I heard they had a protester try to shoot a driver through their window today when the vehicle wouldn’t stop. So perhaps being lily-white doesn’t help much…must be a different factor.

    1. Two or three on one tough guy.

      I am going to do a quick calculation to figure out what the chances are that Punk would have acted that way if there were three people tearing down signs and he was by himself.

      I’m done. 0%

      Pulling that sh#t in front of kids, he really needs to be taught a lesson.

  24. and that doesn’t include two apartments that haven’t paid rent since 2018.

    I wish I were smart enough to figure out how to skip rent for two years but still have a home!

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