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There Is A Great Shakeout Coming

A report from Mortgage News Daily. “Mortgage delinquencies spiked in June and the serious delinquency rate, loans 90 or more days past due but not in foreclosure, reached its highest level in more than five years. CoreLogic predicts that, barring additional government programs and support, serious delinquency rates could nearly double from the June 2020 level by early 2022. Not only could millions of families potentially lose their home, through a short sale or foreclosure, but this also could create downward pressure on home prices – and consequently home equity – as distressed sales are pushed back into the for-sale market.”

“‘Sustained unemployment has pushed many homeowners further down the delinquency funnel, culminating in the five-year high in the U.S. serious delinquency rate this June,’ the report says, ‘With unemployment projected to remain elevated through the remainder of 2020, we may see further impact on late-stage delinquencies and, eventually, foreclosure.'”

“All states logged annual increases in both overall and serious delinquency rates in June with those hit hardest by the pandemic showing the most damage. In New Jersey and New York serious delinquent rates were up 3.7 and 3.6 percentage points, respectively. Nevada’s rate rose 3.4 points and Florida’s by 3 points. Similarly, all U.S. metro areas logged at least a small increase in serious delinquency rate in June. Miami and Atlantic City, both hard hit by the collapse of the tourism market saw increases of 5.1 and 4.3 points while energy dependent markets such as Odessa, Midland, and Laredo Texas had similar increases.”

From DS News. “Not only could millions of families potentially lose their home, through a short sale or foreclosure, but this also could create downward pressure on home prices—and consequently home equity — as distressed sales are pushed back into the for-sale market. ‘Three months into the pandemic-induced recession, the 90-day delinquency rate has spiked to the highest rate in more than 21 years,’ said Dr. Frank Nothaft, Chief Economist at CoreLogic. ‘Between May and June, the 90-day delinquency rate quadrupled, jumping from 0.5% to 2.3%, following a similar leap in the 60-day rate between April and May.'”

From Bloomberg. “The U.S. mortgage market shows a widening gap between winners and losers as affluent borrowers take advantage of record-low rates while protracted unemployment drives serious delinquencies to their highest levels since 2010. About 2.25 million mortgages were at least 90 days late in July, a 450% increase from pre-pandemic levels and the biggest number since the global financial crisis, according to industry tracker Black Knight Inc.”

“More borrowers with ability to refinance are using their equity to get cash. About $44.5 billion in equity was tapped through cash-out refinancing in the second quarter, the most in more than a decade. Markets with the biggest delinquency increases in July were Miami, Las Vegas, Orlando, New York and New Orleans.”

The Boston Herald in Massachusetts. “An exodus of apartment dwellers from some pricey zip codes in Cambridge and Boston during the pandemic has driven down prices by about 7%. ‘It’s really a good time to be a renter. You can get a great apartment in Fenway, Back Bay or Beacon Hill for Allston-Brighton prices,’ said rental agent Mark Coronado. Landlords are ‘panicking’ — dropping prices and cutting deals as the market remains flooded with apartments even after Boston’s busiest move-in day, Sept. 1, he said.”

The Providence Journal in Rhode Island. “Landlords are feeling the pain and worry more is to come in the months ahead following the Trump administration’s imposition of a moratorium on evictions for tenants who say they are unable to pay their rent due to the COVID-19 pandemic. ‘It’s going to harm landlords. It’s going to kill some of them,’ said Michael Crane, a Providence lawyer who represents private and public housing entities as well as so-called ‘mom and pops,’ owners of multifamily housing who rely on rent to help make their monthly mortgage.”

“It’s those property owners, many of whom purchased multifamily houses in a bid to live out the American dream of home-ownership, who are likely to be the hardest hit, as a tenant’s missed rent can set the mortgage payment behind, he said. ‘They are going to get slammed,’ Crane said. He and others forecast a wave of foreclosures in the year ahead.”

From KOIN in Oregon. “Mayor Ted Wheeler signed an executive order Monday extending the city’s eviction moratorium through the end of 2020. Portlanders are currently about $120 million behind on rent. The data from the Portland Housing Bureau showed 12-15% of Portland renters were unable to make rent in May. The highest rates of nonpayment were in outer Portland. There was about 15% nonpayment in June and 14% nonpayment in July.”

From WKRN in Tennessee. “It’s a downward trajectory we’re not used to seeing in the metro– demand for Nashville rents is dropping. ‘The employment situation is going to hurt demand and also the pandemic and nature of travel is going to stop people who would be moving there in the first place,’ said Joshua Clark, Economist, Zillow Group. The lack of demand is forcing landlords to entice renters with concessions. ‘When you’re talking about thousands of dollars, 25-percent off a years rent, things like that, ya, I think concessions are going to be effective in getting people to stay or into a vacant unit.'”

The Real Deal on New York. “Rating agencies in Israel are reassessing the creditworthiness of New York-based real estate developers trading on the country’s bond market. The latest company to face a ratings drop was Yoel Goldman’s All Year Management, whose four bond series all saw two-step downgrades from rating agency Midroog, according to a Sunday filing on the Tel Aviv Stock Exchange. The firm’s unsecured Series B and D bonds were downgraded from A3 to Baa2, while its Series C and E bonds — secured by the William Vale hotel complex and phase one of the Denizen Bushwick development — went from A2 to Baa1.”

“That portfolio deal encountered a hiccup last week as All Year disclosed that the buyer, David Werner, had not paid the remainder of its deposit on time. Midroog has given All Year’s bonds a negative outlook due to these developments.”

“All Year is far from the first New York City-based real estate firm to face scrutiny in these uncertain times. In late March, rating agency Maalot — an S&P Global subsidiary — downgraded Related Companies’ Israeli bonds from A+ to BBB in light of an impending maturity date. Extell Development’s bonds were also put on watch in late March, and in June Midroog officially downgraded the developer’s bonds by one level, from A3 to Baa1, with a negative outlook. The main reason for the move was the expected decline in the pace of condo sales, as well as prices, as a result of the pandemic. (Contracts for condos in Manhattan saw a nearly 38 percent year-over-year drop in August.)”

“Earlier in June, Midroog also downgraded Moinian Group’s bonds by two grades, from A1 to A3, with a negative outlook, citing the lack of sufficient liquidity to cover debt service requirements. The agency reiterated its negative outlook for Moinian’s bonds in a new filing last week.”

The Philadelphia Inquirer. “Hundreds of investors hoping to recover $375 million from Philadelphia-based Par Funding should lower expectations that they will get back all of their investment, let alone make any money, a federal judge warned Tuesday. U.S. District Judge Rodolfo Ruiz, presiding over a fraud civil suit against Par Funding and others, raised troubling questions about the lender’s business model. Par Funding took in money from investors, paying them returns of up to 14%, and then lent out cash advances to businesses, charging punishing average interest rates of 50%.”

“Denver developer Colorado Homes owes Par $25.5 million — money Par Funding is seeking to collect from the company in an ongoing lawsuit filed in Philadelphia Common Pleas Court in March. In a recent pitch to potential investors, owner Ranko Mocevic sought to raise $92 million for a suburban Colorado condo development and a nearly two-square-mile hemp farm, among other projects.”

“Judge Ruiz said he had become skeptical of Par’s claim that it was a profitable company before the coronavirus shutdown slammed small businesses, cutting their sales and their ability to make loan payments. ‘COVID may have accelerated an undergoing problem,’ he said. He also backed away from what he said was his earlier hope that receivership could ‘save this business and keep this operation going.’ Instead, he asked, ‘How much of a workable business model is left here?'”

The Santa Monica Daily Press in California. “The California law is important because it allows tenants to find a way back to financial balance, assuming they can find work, and get caught up on their other bills as well. How will that impact the landlords who right now are struggling to pay their mortgages while they are receiving drastically reduced, or in some cases eliminated, income. They will be filing for relief in the bankruptcy courts themselves in order to reorganize their debts. Will that impact property values? Most certainly.”

“As the pool of distressed properties grows and come on the market for sale, that means that prices will start to drop, that can trigger lines of equity to be called on borrowers, who are then faced with coming up with large sums of cash, or they will have to liquidate their properties.”

“Banks will be impacted by this domino effect of lost revenue, which is the lifeblood of our economy. As banks have to foreclose on properties and take them into their inventory, that means they will be experiencing losses, which lead to job cuts, increased holdings of devalued properties which they must then sell in order to keep their monies on hand high enough to satisfy the federal regulators. That means that even more properties will be sold at lower prices and now we have a downward spiral.”

“What does this mean for Santa Monica? It’s already begun here. You may have noticed that there are many open stores on the Promenade. Sur La Table is having a going out of business sale due to the shutdown and the transition to online shopping. The number of For Lease signs are multiplying along Wilshire Blvd like rabbits. The loss of both foot traffic due to the stay at home orders and the transition to online shopping means that it’s more and more difficult for a retail shop to survive, which translates into lost revenue for the commercial property holders and that whole downward spiral is at play for them as well.”

“There is a great shakeout coming in both residential multi-unit apartment buildings and in the commercial real estate market.”

The Los Altos Town Crier in California. “A local real estate developer who invested in a major, city-approved housing project at 5150 El Camino Real is suing Dutchints Development LLC – the owner of the property that is facing several other lawsuits alleging unpaid debts and breach of contract – along with its managing director, Vahe Tashjian.”

“Richard ‘Tod’ Spieker, president of Spieker Companies, manages nearly 3,000 multifamily units in Silicon Valley. In a lawsuit filed in Santa Clara Superior Court Aug. 18, Spieker said a $2.5 million investment he and his wife, Catherine, made in the development at 5150 El Camino was instead used to pay Dutchints’ and Tashjian’s existing debts and operational expenses.”

“Three weeks ago, the Town Crier published a report on Dutchints – a Los Altos-based real estate developer involved in several major projects in Los Altos and the greater Bay Area – that found the group was being sued by several construction companies and investors for millions of dollars. Additionally, the Town Crier obtained records indicating that property owned by Dutchints adjacent to 5150 El Camino is in the process of being foreclosed.”

The Los Angeles Times. “Greg Glassman couldn’t quite work out a profit in Hawaii. The CrossFit co-founder, who stepped down as CEO over the summer, just sold his coastal retreat for $5.65 million, or $100,000 less than what he paid for it four years ago. He originally sought $7 million for the property in December, according to the Multiple Listing Service.”

This Post Has 89 Comments
  1. Clifton, VA Housing Prices Crater 14% YOY As Fairfax County Slips Deeper Into Foreclosures And Mortgage Defaults

    https://www.zillow.com/clifton-va/home-values/

    *Select price from dropdown menu on first chart

    As one Fairfax County broker lamented, “How can we possibly sell a resale house when builders are selling new houses for 20% and sometimes 30% less?”

  2. ‘More borrowers with ability to refinance are using their equity to get cash. About $44.5 billion in equity was tapped through cash-out refinancing in the second quarter, the most in more than a decade’

    DONG!

    1. of course there are people in a lot of trouble.

      But even if not, that is not a bad strategy. Cash out some – and only have to pay 2% interest. You could build up a few years of expenses – just incase.

    2. Cash out refi is how most borrowers have been staying current on their mortgages…. and have been for 6 years.

      Now housing prices are cratering.

    3. This is great for the lenders, as all of that liberated equity translates into a longer term of debt servitude on behalf of the “homeowner.”

    4. Is $44.5 billion a lot? Because it sounds like a lot.

      I wonder how much of this is for living expenses, and how much is people expecting to buy the dip in stocks, housing, etc. I remember from the last bust, people selling their houses close to the top and renting, using the money to go long in the stock market.

  3. ‘It’s a downward trajectory we’re not used to seeing in the metro– demand for Nashville rents is dropping’

    Rents in Nashville have been sinking like a turd in a well for over a year.

    1. ‘Portlanders are currently about $120 million behind on rent’

      Each city is going to have its own tipping point as the parasites start to overwhelm the productive and responsible, causing the latter to flee. Except if Biden and Harris win the election, for all intents and purposes that means that the radical left will move to impose their collectivist ideology on the red states too.

  4. ‘Three months into the pandemic-induced recession, the 90-day delinquency rate has spiked to the highest rate in more than 21 years’

    Wa? But zillow says red-hotcakes?

    1. Hotcakes for some. The one real estate agent in my neighborhood, that I know, has been driving for Uber for the last few months. He is very positive, too, except he did not close any deals in the last six months.

  5. ‘just sold his coastal retreat for $5.65 million, or $100,000 less than what he paid for it four years ago’

    UHS, somebody is a lion in Hawaii.

    1. How many hotel room nights would $100k have paid for over the past 4 years?
      How many nights did he spend in his coastal retreat during that same 4 year period?

      1. How many hotel room nights would $100k have paid for over the past 4 years?

        Ditto for those who went out and spent $100K on a super duper deluxe pickup and trailer RV?

        1. Ditto for those who went out and spent $100K on a super duper deluxe pickup and trailer RV?

          Right. Add in the interest, depreciation and $125 per month storage fees and these people will never dream of getting their money’s worth.

          1. Especially the depreciation. At least with real estate there was the expectation of appreciation, but trucks and especially trailers depreciate like a rock dropped in a well.

          2. depreciate like a rock dropped in a well

            My vintage Airstream seems to be worth a lot more than I paid for it a decade ago. Sometimes fully depreciated but functionally correct and clean is less of an economic disaster.

            I hope to use it until it and I are worthless.

          3. My vintage Airstream seems to be worth a lot more than I paid for it a decade ago.

            If there’s anything that everybody who reads this blog has learned, it’s that you are perfect. You have done everything exactly correct in life, and you post it here. I mean, are you the Dos Equis guy?

          4. it’s that you are perfect

            I suggest that you exaggerate. Did I insult you by being happy and optimistic or something? I don’t have a lot, but it is more than what I need and I enjoy the hell out of it.

            I don’t have interest, depreciation and $125 per month storage fees. I have towing insurance though.

          5. If there’s anything that everybody who reads this blog has learned, it’s that you are perfect.

            You must be new here. We were once graced with a poster named “Bill in LA” or “Bill in MD” or “Bill in Tampa,” depending on where his long-term-temp gov contractor work took him. He was our resident Perfect Man. He was absolutely and utterly flawless — oh, you have no idea. He was a master swimmer, and had a 6-pak bod in his 50s, was a staunch libertarian to the point of throwing Grandma into the street, was in the peak of health, either rented cheap of mooched off a sister to preserve wealth, was a perpetual renter but would never accept less than a $500K for himself should he ever buy, generally did no wrong, and, despite his decades of government-paid employment (top secret clearance, of course), fervently believed that Taxation Was Theft, and (we suspect) took actions to prevent said Theft. How did we know he was perfect? Because he helpfully informed us of that fact.

            Every single day.

          6. must be new here

            And missed, IIRC, him marrying his bipolar high school sweetheart, having 4 children with her (one disabled) then raising those 4 children as a single parent when his ex went AWOL. Please correct me if I’m wrong.

          7. one disabled

            Side note: That wonderful child of mine has been sequestered by the state in her family care setting for six months. We met on the lawn, distanced, during that time. She was finally allowed by the government to make a “home visit” Labor Day weekend. We had a great time! Pizza and a movie. Our favorite breakfast. A walk on the Lake Outlet trail. Snuck her over to visit her brother & BBQ at the farmhouse. I’m taking her for a four day cruise on my boat up the Erie Canal next week, “sorry you’ll miss a couple days of program”. Her face was lit up like a lightbulb.

          8. I’m a presumed highly-educated libtard feminist raised by a single mom but married into law enforcement family and had an autistic child. My experience on 9/11 and my son’s disability were the ultimate redpill.

        2. PS – $100k doesn’t even buy you anything top of the line. If you want to go big, you need the $80,000 pickup truck and the $125,000 5th wheel.

          1. “…$80,000 pickup truck and the $125,000 5th wheel…”

            You can bet your first born that many households who spend this kind of money have a household income of <$50K.

            Fantasy: Your neighbors will be *so* impressed.
            Reality: Your neighbors will give a flying F* about your new junk.

          2. Reality: your neighbors will hate you for parking that sh!t in your driveway (or worse, on the street) and clogging up the sight lines in your nabe.

          3. your neighbors will hate you for parking that sh!t in your driveway (or worse, on the street) and clogging up the sight lines in your nabe.

            In many places you aren’t allowed to park it on the street or your driveway, so you’ll have to pay $100 a month to park it in an RV parking facility.

        3. Ditto for those who went out and spent $100K on a super duper deluxe pickup and trailer RV?

          What RV? You can spend $100k (or very close to it) for a new top trim Diesel 1-ton (3500) truck right now.

          Here’s is a Dodge RAM I just specced out on Dodge’s web site.. $95K MSRP … https://i.imgur.com/Im4cxIR.png

  6. ‘a Los Altos-based real estate developer involved in several major projects in Los Altos and the greater Bay Area – that found the group was being sued by several construction companies and investors for millions of dollars. Additionally, the Town Crier obtained records indicating that property owned by Dutchints adjacent to 5150 El Camino is in the process of being foreclosed’

    Eat yer crowz Thornberg.

  7. ‘Hundreds of investors hoping to recover $375 million from Philadelphia-based Par Funding should lower expectations that they will get back all of their investment, let alone make any money, a federal judge warned’

    Those Israeli bonds guys are having their expectations lowered as we type.

  8. Trump’s recent flurry of executive orders on “anarchist jurisdictions” and diversity training have him moving hard to the right to shore up his base — but, perhaps more worryingly, moving further left to keep Americans from losing their homes during a crisis than Obama did.

    1. Again, could you imagine a Democratic Administration cutting off funds to state and local governments that cut budgets for education or health care, but only if they have Republican Mayors or Governors?

      The way Trump is proposing to cut funding for state and local governments that cut funding for police? Or some of them.

      “Lets see if we can hurt people who live in other parts of the country” can come back to halt people. The fact that disaster relief after Hurricane Sandy was delayed for moneys, while aid was rushed to Houston after its hurricane, is not forgotten here.

      1. You mean like the way Obammicare funneled billions toward states that voted for him? Or the federal property tax deduction which had a similar result?

      2. could you imagine

        Are Republican Mayors encouraging Antifa violence and cutting their police departments? Are labels more important than actions?

      3. The way Trump is proposing to cut funding for state and local governments that cut funding for police? Or some of them.

        What’s really going to be sweet is when truckers refuse to make deliveries to libtard-run cities that have defunded the police. If you think things are anarchic now, wait until the “nine missed meals” threshold gets breached and these cities become something out of post-apocalyptic fiction at its most disturbing.

        1. My vintage Airstream seems to be worth a lot more than I paid for it a decade ago.

          For the right price there will be those willing to transport the goods.

        2. What’s really going to be sweet is when truckers refuse to make deliveries to libtard-run cities that have defunded the police. If you think things are anarchic now, wait until the “nine missed meals” threshold gets breached and these cities become something out of post-apocalyptic fiction at its most disturbing.

          C’mon, you’re outdoing even yourself with this hyperbole.

  9. I got this in an email with a link to a podcast:

    ‘I was drawn to inviting Jay Olshonsky, President and CEO of NAI Global, as a guest on the podcast when I read an article where he was quoted as saying that ‘real estate distress is 20 times worse’ today than during the global financial crisis of 2009.’

    ‘Jay oversees a firm that has 375+ offices, over 6,000 professionals company wide, and manages over 1.5 billion square feet of property.’

  10. Today’s stock market “rally” has the FED written all over it. Just look – zero volatility as it just moonshots by almost 700 points. I forget where I read it, but somebody was saying the FED is active in the futures market, and I believe it. The futures were down huge early, then suddenly erased losses and the market opened up on fire. Doesn’t pass the sniff test.

      1. ‘the current consensus (discussed in the Question and Answer sessions) pointed to the likelihood of an oversupplied log market, with prices expected to decline.’

        Gee, ya’ think? That futures rally (bubble) was completely ridiculous.

  11. This starts to get interesting if the cascading effect works (I think)

    – First luxury 2 br apts (with great view etc etc) drop rent by 20-30%
    – Then 5-10 year old complexes (that were one time luxury) have to drop their prices to be cost effective

    Eventually, folks that need reasonable priced units can be helped.

    The complex owners (private, REIT etc) get screwed eventually – which means the pension funds that own parts of this

    ———–
    ‘When you’re talking about thousands of dollars, 25-percent off a years rent, things like that, ya, I think concessions are going to be effective in getting people to stay or into a vacant unit.’

  12. The other day we had a thread going on emergency prep.

    When I started organizing, I asked myself these questions, assuming a natural disaster bugout:

    1) If I have 3 seconds to leave the house, what do I grab and where is it?
    2) If I have 3 minutes…
    3) If I have 10 minutes…
    4) If I have 60 minutes…
    5) If I have 3 days…
    6) Do I have use of the car.
    Just following that forced me to declutter, decide what’s important, get my papers in order, buy fireproof/waterproof safes, and keep gas in the car. Compared to bugging out at a moment’s notice, bugging in is relatively easy.

    1. It crosses my mind that in the more densely populated east cost bugging out could be rather tricky, especially the getting out of Dodge ASAP scenario.

      In my case, I would expect a deluge of Denverites to show up in my little burg under such a scenario, Of course, some scenarios are probably inescapable. If there was a nuclear strike or maybe if Yellowstone were to erupt there would probably be no way to escape quickly enough as all roads would be jammed.

      1. In my case, I would expect a deluge of Denverites to show up in my little burg under such a scenario,

        This is what I foresee as most likely with a lot of people bugging out from the Metro Seattle Area – There’s not really anywhere to go that could accommodate even 2% of the population (~80,000 people).

        Perhaps the closest would be the Portland Metro area, and the problem is that there really is only one way to get there .. I-5 .. and that’s already running at a high capacity on a normal day.

        Go East or West, and you’re immediately in the Mountains, with very limited travel routes and just small places here and there. Go north or south, and unless you make it to Portland or Vancouver, BC, you’re in a similar situation.

        So we get back to as we discussed earlier – it’s more practical if you have a second home/vacation cottage that’s ready for you on short notice, otherwise good luck finding accommodations at any price.

  13. I’m not a believer of this latest narrative where everybody flees large cities in favor of the rural life. Take most women who have lived in a city most of their lives, with all the amenities, and put them out in the sticks with no amenities to speak of and I will show you a miserable situation. It’s not sustainable.

    1. They are going to the high-amenity rural areas where they, or those in their orbit, already owned second homes. It’s just a matter of how much time is spent in each place.

      Ie. from Manhattan to the Hudson Valley, Catskills, Finger Lakes, Jersey Shore and Hamptons, and from San Francisco to wine country. Not rural west Nebraska.

        1. LOLZ. That’s not rural, Larry.

          To a city slicker it is. Some San Diegans consider places like Ramona to be “rural”.

      1. Lower Hudson valley yes, maybe the Catskills, but the Finger Lakes are too far. In the Bay Area they’ll move to Sonoma County but not Lake County or Trinity County.

      2. Larry: most of the women i dated when i was younger didn’t drive,and didn’t have a license just a NYS ID …the car and travel was a big plus

    2. Take most women who have lived in a city most of their lives, with all the amenities, and put them out in the sticks with no amenities to speak of and I will show you a miserable situation.

      True, they won’t go fully rural voluntarily. But in a true SHTF scenario it could be funny to watch while it happens involuntarily. As long as you’re not the poor guy killing himself trying to get them to stop complaining.

      1. In a true SHTF scenario, women will be cursing the feminists for taking away their providers and protectors. The tattoo-covered, garish-haired, pierced-face she-creatures so prevalent at BLM protests and Biden rallies are going to have the “short, nasty, brutish existence” foreseen by Hobbes.

        1. Unfortunately, the current generations of young(er) men have been gutted in terms of 1) Practical Skills and 2) Knowledge of said skills as in how to handle, survive and eventually thrive in a world without Amazon Prime, Door Dash, or public protection…. and finally 3) The kind of strength and temperament to grab such a situation by the horns, maker hard and unpleasant choices, and deal with those not willing to get with the program… i.e. no leaders/leadership.

          As much as I hate my ex, I must admit she would do ok in some of those situations and could kill and prep a chicken for cooking without getting squeamish. Can’t say that for many women (or men) under 30…

        2. “In a true SHTF scenario, women will be cursing the feminists for taking away their providers and protectors.”

          There’s truth buried in those words. Years ago the local school district was collecting feedback regarding a proposed large public day care facility that would displace the small church operated preschools. One outspoken and prescient woman said that the next step the house wife would be asked to work 40-hrs/wk to pay for the preschool, and she wasn’t having any of it. Many others agreed with her, and the issue never gained any traction.

    3. Take most women who have lived in a city most of their lives, with all the amenities, and put them out in the sticks with no amenities to speak of and I will show you a miserable situation.

      I have seen Green Acres and it’s not miserable it’s hilarious.

  14. The DOW remains “parked” at +650. We go from massive volatility to an enormous move up and no volatility? Fake.

  15. https://finance.yahoo.com/news/zillow-economist-theres-a-staggering-shortage-of-homes-on-the-market-182341131.html
    According to Zillow, real estate is much stronger with Covid 19 that before.
    What they forgot to mention is that. People are scared to move, that they don’t have money for rent or mortgage and that only those who have absolutely no option list their homes. The rest are people moving out that probably had something prearranged in other areas. You’d have to be completely wacko to try to buy or sell right now.

  16. “…loans 90 or more days past due but not in foreclosure, reached its highest level in more than five years.”

    Do such loans fall into the ‘criticised’ category (formerly known as ‘subprime’)?

  17. “many of whom purchased multifamily houses in a bid to live out the American dream of home-ownership”

    What? Now the “dream” is apartment buildings?

  18. North Hampton, NH Housing Prices Crater 11% YOY As Mortgage Fraud Ravages New England States

    https://www.zillow.com/north-hampton-nh/home-values/

    *Select price from dropdown menu on first chart

    As one economist stated so eloquently, “Nothing accelerates the economy and creates jobs like falling prices to dramatically lower and more affordable levels. Nothing.”

    1. It seems like that’s why they’re so quick with the nazi claim/label. Trying to create some kind of self fulfilling prophecy. My opinion is that you can’t be a real nazi and support the constitution. So until then I worry more about commies than nazis…since the commies are clear about wanting to throw away the constitution.

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