Totally off the usual topic of healthcare here. But I hope it may serve as an early warning for someone before they get themselves into a bad position.
Thanks to the blank check Joe regime, the 2023 automobile repossessions and housing foreclosure will make the 2008 subprime meltdown look like a pleasant day on a sunny beach.
Yup. We are seeing this very issue in our subdivision. People bought too high and cannot afford those homes. NO option to refi with interests at 7%! We live in a small subdivision of maybe 50 homes, and there are 2 that I suspect may be just abandoned but I am not sure. They have been on the market for several months and no one is around them. There was some article my husband was reading about vehicle repossessions already ramping up this past August/September especially in the south/southeast part of the country. Buckle up……this is going to be ugly.
I have an older truck that I use for work. It’s still reliable but starting to cost me in small repairs now and then. I’ve had people come up and offer to buy my truck several times, offering much more than it’s worth. Apparently trucks are in high demand and short supply. I began to check into purchasing a new truck and was shocked to find that both new and used trucks were priced much higher than I suspected. As a result, I decided to keep my old truck and avoid a astronomical vehicle payment. I see a storm on the horizon. Thanks for the information.
Yes! My husband drives a 2016 truck. He watched the value of it go up by DOUBLE in 2021-2022! He was like shoot I should sell it and make money off of it but no way were we going to pay what they wanted for a new truck, if you could even get one! We do a ton of trailer towing house work, moving kids to college, towing motorcycles in the wintertime, so not having a truck is not an option. We decided the 2016 stays in the garage despite the $$ we could have made selling it.
Reminds me of all the people who were stoked they were making so much money by selling their house.........only to realize all those gains will be eaten up trying to find a new house.
They're fixing it so you can't afford your (home/business/car) and they'll be able to swoop in and buy it for (newly printed) pennies on the dollar. Meaning the banks win on the way up, they win during the good times, and then they win on the way down.
Hopefully we’ll be able to pick up a repo when they begin to pop up. I have empathy for the ones that don’t see this coming. It’s shameful the banks can contribute to someone destroying their credit just to improve the bottom line.
While this is not a new situation in housing and autos (remember 2007-10?). It, sadly, presents an opportunity for those who refused (or who werent forced)to pay the inflated prices. If they can wait a little longer there will be many bargains out there.
We are hoping to move to TN this coming year...I have been watching housing there. I'm seeing many of the second home/rental/investment homes coming on the market.
Absolutely nailed it. Those of us who lived through the 2007-2010 period remember this debacle just all too well! That recession taught me some really big lessons, I watched the value of my home drop, and 2 of my neighbors go through foreclosure. I sold that house in 2017, and it took that long for that house to finally be worth what I had bought it for in 2006 again. I have watched the prices of homes in my current subdivision inflate to more than double what they were in 2020. Those on the market are not selling and have not been since about July. No way no day would I pay double for the house I live in right now!! It is not worth it! You are coming into the perfect time to buy/relocate…….because those who did not learn the 2008 lesson are in trouble and dumping property and those prices will keep dropping!
It is truly amazing how many people forgot what the 2007 recession looked like. It is like they just forgot!
How easily they forget or aren't paying attention. All that "free money" is going to be a shocker. Wonder how many realize they will be paying taxes on it? SMH
Thanks to the blank check Joe regime, the 2023 automobile repossessions and housing foreclosure will make the 2008 subprime meltdown look like a pleasant day on a sunny beach.
Yup. We are seeing this very issue in our subdivision. People bought too high and cannot afford those homes. NO option to refi with interests at 7%! We live in a small subdivision of maybe 50 homes, and there are 2 that I suspect may be just abandoned but I am not sure. They have been on the market for several months and no one is around them. There was some article my husband was reading about vehicle repossessions already ramping up this past August/September especially in the south/southeast part of the country. Buckle up……this is going to be ugly.
I have an older truck that I use for work. It’s still reliable but starting to cost me in small repairs now and then. I’ve had people come up and offer to buy my truck several times, offering much more than it’s worth. Apparently trucks are in high demand and short supply. I began to check into purchasing a new truck and was shocked to find that both new and used trucks were priced much higher than I suspected. As a result, I decided to keep my old truck and avoid a astronomical vehicle payment. I see a storm on the horizon. Thanks for the information.
Yes! My husband drives a 2016 truck. He watched the value of it go up by DOUBLE in 2021-2022! He was like shoot I should sell it and make money off of it but no way were we going to pay what they wanted for a new truck, if you could even get one! We do a ton of trailer towing house work, moving kids to college, towing motorcycles in the wintertime, so not having a truck is not an option. We decided the 2016 stays in the garage despite the $$ we could have made selling it.
Reminds me of all the people who were stoked they were making so much money by selling their house.........only to realize all those gains will be eaten up trying to find a new house.
Thank you Jennifer - I had no idea. Love thy neighbor as thyself. Peace.
They're fixing it so you can't afford your (home/business/car) and they'll be able to swoop in and buy it for (newly printed) pennies on the dollar. Meaning the banks win on the way up, they win during the good times, and then they win on the way down.
Hopefully we’ll be able to pick up a repo when they begin to pop up. I have empathy for the ones that don’t see this coming. It’s shameful the banks can contribute to someone destroying their credit just to improve the bottom line.
Interesting topic! I passed this article on.
While this is not a new situation in housing and autos (remember 2007-10?). It, sadly, presents an opportunity for those who refused (or who werent forced)to pay the inflated prices. If they can wait a little longer there will be many bargains out there.
We are hoping to move to TN this coming year...I have been watching housing there. I'm seeing many of the second home/rental/investment homes coming on the market.
Will people NEVER learn?
Absolutely nailed it. Those of us who lived through the 2007-2010 period remember this debacle just all too well! That recession taught me some really big lessons, I watched the value of my home drop, and 2 of my neighbors go through foreclosure. I sold that house in 2017, and it took that long for that house to finally be worth what I had bought it for in 2006 again. I have watched the prices of homes in my current subdivision inflate to more than double what they were in 2020. Those on the market are not selling and have not been since about July. No way no day would I pay double for the house I live in right now!! It is not worth it! You are coming into the perfect time to buy/relocate…….because those who did not learn the 2008 lesson are in trouble and dumping property and those prices will keep dropping!
It is truly amazing how many people forgot what the 2007 recession looked like. It is like they just forgot!
How easily they forget or aren't paying attention. All that "free money" is going to be a shocker. Wonder how many realize they will be paying taxes on it? SMH