1st Liar Doesn't Have A Chance....

[gaussian]

I dunno, I'd have expected renters to wait until foreclosure season when the market's flooded w/competition. Why pay top dollar when the interest rates are likely to stay at zero past next year? Seems dumb.

I've gone back and forth with this and the only conclusion I can come up with is foreclosure season will never happen. Reason being people are currently doing anything to keep their house, and many mortgage companies are offering forbearance through Fannie Mae to help. However, the renter market is going to spike due to all the evictions from apartments and those people may be in the market to try to rent one of the many houses on the market today. Dunno.

Could also be that renters have cash available and an FHA at 2.5% might be worth the risk.

 

[El OchoCinco]

I've gone back and forth with this and the only conclusion I can come up with is foreclosure season will never happen. Reason being people are currently doing anything to keep their house, and many mortgage companies are offering forbearance through Fannie Mae to help. However, the renter market is going to spike due to all the evictions from apartments and those people may be in the market to try to rent one of the many houses on the market today. Dunno.

Could also be that renters have cash available and an FHA at 2.5% might be worth the risk.

To add this..after the housing markt crash and banks sat on foreclosures for years and years before they could unload and the properties were not taken care of..I doubt banks will ever rush in to foreclose anything again.

I remember one friend who cosigned a loan for someone (NEVER cosign a mortgage even for a family member) and the friend lost their job and could not pay and they went after my friend. The property was in foreclosure for 2.5 years sitting on the banks books as there was such a backlog in the courts and it is such a slow process. Ibet that bank will do anything to work with a homeowner to refinance or forebear before forcing a foreclosure.