Banks are finally being forced to foreclose on delinquent mortgages after years of extend-and-pretend. Housing Bubble 2.0 is bursting, but this time around the Fed has already blown its wad with 16 years of QE.
https://www.dailymail.co.uk/real-estate/article-15464081/banks-seize-homes-foreclosures.html
Posted by Key_Brief_8138
8 Comments
BlackRock will scoop all of them and will begin the massive housing rental empire.
367,000 is 14% higher than last year, but still significantly lower than every year before the Pandemic.
For context, even the “free money” run-up that led to the 2008 crisis regularly saw 500-700k foreclosures/year. And of course, we saw more than 1M foreclosures every year from 2007 through 2015.
I’m not saying we don’t have a problem, but the “367,000” number isn’t as scary as it sounds.
Buddy, the fed has been QT’ing since 2022. They just barely started QE’ing last month. Your bubble pop came and went. Rates continue to come down, prices are staying steady, affordability continues to improve. Give it up.
Foreclosures on auto loans are high and getting higher. Housing is the last place people stop paying.
daily mail
How about we times that number by 10. C’mon, stupid housing market, crash already!!! 🙏
This is good. I’m sorry if someone gets their home foreclosed, but if you bit off more than you can chew financially then it’s the bank’s job to step in and repossess the property. This is a key feature of a properly working market. We had several years of turning a blind eye and rules being changed to favor irresponsible borrowers, and the result was crazy inflation and whole generations of hard working, financially responsible people being priced out of housing. Home gets foreclosed, you downsize, life goes on, people find a way to manage; but you don’t ruin the economy for everyone else that’s being responsible because it’s not nice to take away the keys from someone who bit off more than they can chew. At the end of the day that kind of policy rewards the most greedy and the most irresponsible actors in the economy at the expense of the working class.
I read some stats earlier that something like 71% of realtors across the country had zero sales last week.