8 Million Face Foreclosure or Eviction Beginning July 1 -- Economic Recovery Is About to Crash

[mystery-ak]

8 Million Face Foreclosure or Eviction Beginning July 1 -- Economic Recovery Is About to Crash
By Shipwreckedcrew | Jun 17, 2021 12:45 PM ET

This issue has been lurking in the background for months.  Where I live, there are almost no homes on the market for rent.  The inventory of the number of homes for sale is at record lows, and when combined with historically low home mortgage rates, the prices at which homes are selling have gone through the roof.

There are no homes for rent because landlords have been unable to evict tenants for non-payment of rent for a year or more, depending on where you live.  The federal government — based on dubious legal authority — imposed an eviction “moratorium” during the pandemic, allowing renters to stop paying their rent safe in the knowledge that their landlords couldn’t do anything about it.

There are fewer houses for sale on the market because homeowners in financial trouble have not had to sell their houses in order to eliminate their mortgage debt.

That is all about to end.  As reported in this story by CBS News, as many as 8 million people face eviction by their landlords or foreclosure by their banks and could lose their place to live beginning next month.

    Even as the nation rebounds from the coronavirus pandemic, more than 2 million homeowners are behind on their mortgages and risk being forced out of their homes in a matter of weeks, a new Harvard University housing report warns.

    Separately, millions more renters are “on the brink of eviction,” the Harvard researchers found. Census data show that 6 million households are still behind on rent and could face eviction at the end of June, when federal eviction protections expire.

    The Center for Disease Control order halting some evictions, and federal liminations on foreclosures for federally-backed housing, both expire on June 30.

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https://redstate.com/shipwreckedcrew/2021/06/17/8-million-face-foreclosure-or-eviction-beginning-july-1-economic-recovery-is-about-to-crash-n398158

[IsailedawayfromFR]

all because the federal government has propped up these people.

It is called enabling, and only for political gain.

Deliberately done so a disaster could come about and the feds step in with more power .

[Wingnut]

Deadbeats have got to go.  Their time is up. 

[libertybele]

all because the federal government has propped up these people.

It is called enabling, and only for political gain.

Deliberately done so a disaster could come about and the feds step in with more power .

You are absolutely correct...this is the beginning of the economic collapse.  We will once again see skyrocketing numbers on food stamps and other welfare assistance.  Meanwhile the leftists/socialists will be calling for monthly 'support' checks.

[sneakypete]

Not a problem. The feds will allow those foreclosures to happen and people will lose the homes they never could afford to have bought in the first place.

The banks and finance companies that lent them the money will go bankrupt also,but that's no problem either because the international banks will step in to buy the debt for a penny on the dollar,so it won't be long before they are up for rent again.

This happened the first time in America at the end of the War of Northern Aggression,when the yankee bankers came in and bought up 10's of thousands of acres of farm land for back taxes.

Happened again in the 1930's,and will be happening again soon.

Funny how that works out,ain't it? If you didn't know better,you might almost think that was the plan to begin with.

Wash,rinse,repeat in another 30 or 40 years,and no one will ever remember it happened before.

[sneakypete]

all because the federal government has propped up these people.

It is called enabling, and only for political gain.

Deliberately done so a disaster could come about and the feds step in with more power .

@IsailedawayfromFR

I can't remember who it was,but it seems like someone famous in financial circles once said  something close to "In every crisis there is opportunity if you look for it."

[sneakypete]

all because the federal government has propped up these people.

It is called enabling, and only for political gain.

Deliberately done so a disaster could come about and the feds step in with more power .

[/b]

@IsailedawayfromFR

And so the international financiers who have bought and paid for the politicians can step in and hit the bankruptcy sales.

[IsailedawayfromFR]

@IsailedawayfromFR

I can't remember who it was,but it seems like someone famous in financial circles once said  something close to "In every crisis there is opportunity if you look for it."

[sneakypete]

@IsailedawayfromFR

Thank you. My memory is a bit "iffy" these days.

[GtHawk]

Not a problem. The feds will allow those foreclosures to happen and people will lose the homes they never could afford to have bought in the first place.

The banks and finance companies that lent them the money will go bankrupt also,but that's no problem either because the international banks will step in to buy the debt for a penny on the dollar,so it won't be long before they are up for rent again.

This happened the first time in America at the end of the War of Northern Aggression,when the yankee bankers came in and bought up 10's of thousands of acres of farm land for back taxes.

Happened again in the 1930's,and will be happening again soon.

Funny how that works out,ain't it? If you didn't know better,you might almost think that was the plan to begin with.

Wash,rinse,repeat in another 30 or 40 years,and no one will ever remember it happened before.

I don't think the banks and lenders will go bankrupt this time. I know that here in California homes are being bought very quickly and people of moderate means are squeezed out because of bidding wars and buyers willing to pay all cash. Also we just talked to a friend that moved to Georgia who said it's the same there, no sooner does she try to purchase a property only to find it's already been bid up 40K. Now when the interest hike and all that's coming hits there will be more people that can't make the payments but the cash to pick them up is out there, I don't think lenders will be squeezed to take pennies on the dollar.

But then I'm often wrong

[sneakypete]

I don't think the banks and lenders will go bankrupt this time. I know that here in California homes are being bought very quickly and people of moderate means are squeezed out because of bidding wars and buyers willing to pay all cash. Also we just talked to a friend that moved to Georgia who said it's the same there, no sooner does she try to purchase a property only to find it's already been bid up 40K. Now when the interest hike and all that's coming hits there will be more people that can't make the payments but the cash to pick them up is out there, I don't think lenders will be squeezed to take pennies on the dollar.

But then I'm often wrong

@GtHawk

You may well be right and I may be wrong,but it seems like what I wrote is such a part of the "regularly scheduled programming" that is always related to economic inflation and the cycle of boom and bust that keeps the bankers in private castles in Europe,that I just don't see them passing up on this opportunity.

Especially given that it seems like they are SOOOOOO close to their dream of creating and controlling a One World Government.

[GtHawk]

@GtHawk

You may well be right and I may be wrong,but it seems like what I wrote is such a part of the "regularly scheduled programming" that is always related to economic inflation and the cycle of boom and bust that keeps the bankers in private castles in Europe,that I just don't see them passing up on this opportunity.

Especially given that it seems like they are SOOOOOO close to their dream of creating and controlling a One World Government.

Oh you are right about the regularly scheduled program, I was part of that show when Obama tanked the economy and no one was building or remodeling labs. I was also unmarketable due to age and experience. I just hope that others who find themselves in the position I was don't have mortgages with Wells Fargo the most dishonest and corrupt bank I have ever dealt with. They delayed delayed delayed until almost every penny from my homes sale, I beat out foreclosure, was eaten up in extra fees and interest.