The part that’s amazing to Me is the percentages. I forget the exact numbers. But normal foreclosure rates are maybe 1%. The height of the crisis, still was only 3% maybe. But that’s 3x the normal rate, making all the difference. I’m no mathematician by far, but small percentages affect things greatly. Bankers understand this. It’s pretty scary to Me, how such small shifts cause such big problems. Makes Me realize how fragile the economy really is. One blip, and things slow down, layoffs, postponed big ticket item spending, usual cars, then housing. Then everything else supported by those Markets. Hard to see it coming. U of M’s economic report is the official report that declares a recession. Defined as 2 consecutive quarters of negative growth. By the time it’s officially declared, we’ve already been in recession for 6 mos.
Zillow selling homes below cost.
Discussion in 'Other News' started by Chinatown, Nov 1, 2021.
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Just brought in the mail. Real estate one just sold a house across the street for $309k. It was listed for $349, then dropped to $289. Bid up to $309. I can’t believe it. Thought for sure the flippers were crazy. I think they paid 180k, totally redid the house. Just an average 1300 sf ranch, w/ attached 2 car garage and basement. My house is normally a bit more than the ranches on the block. I should sell mine, live in the Truck, till the Market drops, sell the Truck too, before prices drop. Might just be the difference between a mediocre retirement and a very good retirement. Very tempting to go for bust. I just can’t believe it. House would normally sell for $220k tops, all fixed up, 2 yrs ago.
Last edited: Nov 6, 2021
OldeSkool and Midwest Trucker Thank this. -
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Not because i think its neccessarily going to go up, though long term that seems a decent bet, but because governments still havent figured it out and regulated it into uselessness.
Stock market is and always has been a poor indicator of any financial health outside of the upper and investment class. Too out of touch with reality and destroys peoples lives they will never meet and their response is to shrug and say "dont be poor"
Burn wall street to the ground for all i careRideandrepair Thanks this. -
Rideandrepair Thanks this.
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