Any mention of the foreclosure and bankruptcy figures ?
Yes..it's a double or triple negative..foreclosures are up..eviction proceedings are up..lots of fragility showing in credit markets of all kinds..
But..
Real estate prices nationwide, going up, mortgage loan apps, going up..low home inventory nation wide..
so my read is this..reports say rental prices are flat or slight declines..government intervention..by encouraging banks to move late or missed payments to the back end of the loan, restructuring..and rent relief and eviction moratoriu ms expire..
Another permanent under class established..foreclosure,eviction..will need to live in car or tent or under the overpass from now on..but w so many ready, qualified buyers,no supply of houses..we will just chalk up another..one man's loss is another man's gain and move on.
2 transactions I am personally aware of..East County San Diego..nice 3 bedroom,w den 2.5 bath 2 car garage..dated but functional kitchen..very nice condition..$640,000+ asking..went for $706,000 20+ bids..1970's low ceiling,flat rock roof..nice lot and trees ,everything old..or original..in Paradise Valley AZ..$85,000 above asking..
Pre pandemic I was in NYC and would meet guys that looked only a couple of years past acne, buying @600-$800,000 dollar 2 bedroom,2..2.5 bath apartments..w $800-1200 monthly fees for trash and the doorman..sure I was crazy jealous..but additionally I constantly wonder where the money is coming from..?
I see 60,70 thousand dollar trucks routinely..my neighbor just bought a Raptor..I thought it was cool until I found out it was $86,000 dollars..
The Covid crisis in my opinion is going to reveal how fragile, how close to the edge people really were w guzzling 9-11 dollar IPAs and $20+ glasses of infused vodka..
For all our sakes this economy..and the massive,stupendous loan load debt depending on it better get healthy and back to work..
I have read and seen stories on TV about personal savings rates in the US being at high levels that have not been seen for decades. Personally I have been saving money on accident by not having anywhere to spend it eating and drinking..and that saves cash on gas,oil and frozen yogurt....
I really really hope that we do a 180 and decide that health is the backbone to work and the economy,instead of now w the economy will make us healthy model..which almost everyone..can see doesn't work