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Housing: FOMO is fueling a homebuying surge that could become ‘a curse’


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I appreciate the fact he had the balls to mention that mommy and daddy might not always be right. I've known way too many people that went from FOMO to FUBAR, because they thought it was impossible for mommy and daddy to steer them wrong.

 

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Just going by what is happening in this area - I'm thinking a repeat of the meltdown of 2010 happening within a year or two. You know dam well there's boocoo of mortgages with a pin stuck in them from COVID-19 and as soon as that pin is pulled that FC and eviction grenade is going off. Has COVID delayed the inevitable? Yep.

 

A co-worker is in the market for a house and I rather flippantly quipped "Are you paying with cash?" ... she mentioned losing out on two houses because of cash offers. Then she says "But I have a mortgage pre-approval!" ... cash always outranks a mortgage buyer.

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6 hours ago, IndyPoolPlayer said:

Just going by what is happening in this area - I'm thinking a repeat of the meltdown of 2010 happening within a year or two. You know dam well there's boocoo of mortgages with a pin stuck in them from COVID-19 and as soon as that pin is pulled that FC and eviction grenade is going off. Has COVID delayed the inevitable? Yep.

 

Things are going to get interesting. Very interesting. The US as most every other first world country has been printing money like no tomorrow and the Fed has pushed interest rates incredibly low. Partly to keep the economies going with the Covid-19 impact. Home prices are high because buyers look at the monthly payments, not the price. Historically low interest rates make payments affordable for higher ticket properties.

 

And I've been getting cold phone calls: "Do you want to sell your house?" almost every week.

 

But in a year or so when things get back to more normal times suddenly people won't be able to sell at anywhere near what they paid if they bought recently and new home buyers will look at steeper monthly costs as well.

 

Gonna get ugly and the govt. has fewer options than in 2008. Higher interest rates also drives up the cost of govt. debt service and that leverage is far worse now than 5 years ago with multiple big increases in debt going back 25 years. And it won't just be a housing market drop.

 

I keep looking at scenarios how this will all play out and I am stumped.

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Mrs. Vig works in HR for a grocery store chain. She does a lot of the hiring, and occasionally firing. Hiring these days for the front end of a grocery store (cashiers and baggers) is a PITA. Low pay historically for those jobs. Used to be those are jobs were filled by teenagers and college kids. Now nothing but the dregs are applying........at all age levels.

 

As long as Uncle Sam keeps handing out stimulus checks, extending unemployment, extending eviction moratoriums, etc, etc, etc. her job won't get any easier anytime soon.

 

Also being tax season, Shaquita and Rena Rae will now develop a case of W2 flu. Get a nice fat tax return on top of another round of stimulus. Quit their jobs with no notice. Just simply stop showing up for work. Piss away their tax and stimulus money in few weeks time, if it takes that long.

 

I feel bad for my local Louis Vuitton store. They have to make sure the recent influx of ultra subprime customers turning up, have a clear understanding of the stores return policy. 

Edited by CTSoxFan
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On 3/11/2021 at 12:03 PM, TheVig said:

Mrs. Vig works in HR for a grocery store chain. She does a lot of the hiring, and occasionally firing. Hiring these days for the front end of a grocery store (cashiers and baggers) is a PITA. Low pay historically for those jobs. Used to be those are jobs were filled by teenagers and college kids. Now nothing but the dregs are applying........at all age levels.

 

As long as Uncle Sam keeps handing out stimulus checks, extending unemployment, extending eviction moratoriums, etc, etc, etc. her job won't get any easier anytime soon.

 

Also being tax season, Shaquita and Rena Rae will now develop a case of W2 flu. Get a nice fat tax return on top of another round of stimulus. Quit their jobs with no notice. Just simply stop showing up for work. Piss away their tax and stimulus money in few weeks time, if it takes that long.

 

The future of grocery retail awaits -- https://www.forbes.com/sites/laurendebter/2021/01/19/kroger-is-testing-a-new-smart-cart-that-lets-shoppers-skip-the-checkout-line/?sh=2e193b826339

Edited by CTSoxFan
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10 hours ago, TheVig said:

 

Kroger isn't the only one testing out the idea.

Oh I know - but Kroger made the news here as they are the locally dominant grocery retailer and it was the first article I found a link to.

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On 3/4/2021 at 6:00 PM, IndyPoolPlayer said:

Just going by what is happening in this area - I'm thinking a repeat of the meltdown of 2010 happening within a year or two. You know dam well there's boocoo of mortgages with a pin stuck in them from COVID-19 and as soon as that pin is pulled that FC and eviction grenade is going off. Has COVID delayed the inevitable? Yep.

 

and just so folks don't think I'm talking doo-doo - here's this

 

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