Home foreclosures see a 'notable' increase amid ongoing cost-of-living crisis

Yet we all know the Republican run FED will lower interest rates if Trump wins, they are just trying to hurt Biden's economy

... mark this post in case Trump wins, prove me wrong...

 

There are plenty of people and companies seeking cheap house buys right now, and they generally seek people in trouble who have to bail fast. The house I'm doing now is across the street from my own- and the primary reason for doing this is to control what kind of neighbors I have. I wanted a responsible owner-resident, not a renter or transients. Even so- if somebody doesn't renovate homes that are rough, your neighborhood degrades. The house is 70 years old, the owner was the builder. He was sick for years, died 20 years ago, so it needed a total update and a lot of mechanicals replaced or repaired. His widow could only do what had to be done- and she was 96 when she had to go to assisted living. I've put the home back in sound condition that will attract the right kind of buyer- and I will be selective about who buys. So, I'm not a flipper. Some of the people who are do good things, some take advantage. Kind of like every other aspect of life.

 

The changes in real estate value has to do with the wild inflation of materials costs, and that definitely connects it to politics. we were buying OSB sheathing, the most common material in building, $7-8 less than 10 years ago. Since then, it's been as high as $80, currently, it's $15.- double what it was. I've had a good carpenter on a renovation job- and he charges $50 an hour, where 10 years back it would be $20
When the cost of building materials and labor double, the price of the home you build does too. The real level of crazy began with the covid related decisions that stifled supply lines, so the last 4 years have been the killer.

This is not normal inflation, and it's created a very unstable housing market.

 

again, foreclosure rates are increasing; is that a good or a bad thing? It's a simple yes or no answer. Please set aside the Democrat talking points. This is a human being issue.

 

no need to defend yourself to an anonymous forum person. We tried the same with a home across from us.

 

No way does material costs coincide with politics !!!!!!

 

Let's get this straight. You on one hand blame the Democrats for creating a negative economic environment, and I assume you think that voting Republican or Trump back in power this will correct that, but then you state the highlighted in red. In other words, you also are wanting to drive more folks to look toward the govt for answers. So you are calling for the same thing you're criticizing others for, but I'm sure with a different "leader". LOL!
I do hear what you're saying, and I agree that there are some negative aspects within out economy, but I think most of the cause, and corrections, dwell within the free market system we have.
Unless you think we should vote in Trump and Republicans so they can get rid of the free market and put government controls on all products and services.
Seems like there's a name for that, can't quite remember what it is though..........................
Do you even really think about what you are posting?

 

Hope your experience produced the results you wanted, get the feeling that it may not have.
Not defending, just explaining. In my state, I can choose who to sell to for any reason; do not have to accept any offer, even higher than the asking price. I will sell by owner, free of the limits of conventional realtor contracts. Some laws apply, but I have the experience to know. I can also financially afford to sell to whomever I want, with restrictions I want, which many people cannot do.

 

You literally just glossed over what I posted. It’s a LAGGING indicator.

Yes foreclosures are increasing…so now you went form trying t blame democrat policies to “this is a human being issue”…

YES, it IS a human issue. So to solve this stop telling us the repub policies are the answer and point out that they are the problem.

 

your assumption, as always, is incorrect. They all need to go. Your "guy" is just as bad as his "guy"

 

I did one condo and made out ok

the house across the street I offered a fair, cash deal. Another buyer came in and outbid me, now it's back on the market as they realized that they overpaid and can't get sufficient rent to cover their outlay nor are there any offers, 4 months now on the market. I of course have offered them less than they paid. I will just sit and watch them sweat, hoping they finally are willing to cut their losses

 

Everything coincides with politics. Politics makes the policies, sets the taxes, sets the fed interest rates, makes the ease of production easier or harder, places restrictions on the production or imports or transportation of materials. They wipe out some things by declaring them dangerous. They subsidize some things, they penalize others.

When you shut down a pipeline, you change the availability (supply) of fuel, and that raises the price. Anything that the government makes easier or harder to do changes the cost of production of a material or changes the availability of it, which also changes costs. When a change is not the direct result of availability or the efficiency of productivity, the government is producing a shortage and inflating a cost.

What you are saying- Is that the captain (our President) and navigator (our Congress) have no control over the path of the good ship America. THAT IS THEIR JOB, the purpose of their existence.
When politics control their perception and decisions, they are not following the proper course. IF they were doing their job well, America would not be in the midst of the equivalent of a field of icebergs and rocks right now- it would be in the clear, on it's way to the future and thriving.

Don't blame the people manning the oars or the passengers. Blame the people steering the ship.

 

You cited "No matter how many feel-good stories the media regurgitates from the WH, reality seeps out and the folks see what is happening.", so you are taking sides, that along with the dozens of other posts almost identical to this, reveal that you are pushing against Dems and for Republicans.
Curious, what do you think should be done about all the economic strife you've been complaining about on this forum? What would be the "fix"?

 

That's a long time to be for sale in today's market. I think time is on your side, sounds like wise judgment to me.
As it has always been, reality teaches the best lessons, but not everyone pays attention.
I have considered entering the business of rentals, knew many who did well, some who found it too tough. I decided it was not for me.

 

Cost of living is certainly higher...for me food bill has doubled since 2021....but I'm think the high market prices on housing has a lot to do with it. We only bought hud houses at auction in past. They don't exist any more and neither does reasonably priced houses...

 

You are asking the question that all should be asking. 100 million complaints do not fix a problem; they only stir the pot and keep it muddy.
One sound solution could clear it up and do the job, and that is what we all should be looking for.

 

Being redundant doesn't make an argument, let alone stating no does business without govt dictating what goes.

 

Do you believe government has any level of responsibility for the increased inflation we are witnessing?

 

Limited responsibility.

 

the answer will always be debated because we cannot prove what would have happened had the harmful exec orders targeting fossil fuels, not been signed; or had bureaucrats not added countless more regulations upon business

 

The question is- if you get rid of everybody, who will you replace them with?

How do you make the process of election capable of rooting out those who will take advantage of the position, or lack the competence to do the job right?
We will always elect some people that are unfit. What we need is a way to identify and fire them quickly.

 

This is the down side of Bidenomics. He's throwing nearly a trillion away in subsidies for cars no one wants, and telling SCOTUS to stuff it and cancelling student loans. He is telling the world he is ignoring SCOTUS and really doesn't care about it one bit.
Imagine a president telling the MSM he is going to ignore what SCOTUS says. It would be global warming levels of screaming and screeching from the progressive MSM.

 

Ok. So what do you think is primarily causing it?

 

I've said it before, property values and the SALT act and the main reasons.

 

global supply shortages due to covid are the number one reason, that is getting better, but corporate greed will never allow prices to get back down to what they were