Real Estate Crash thread

[liv2ski]

Damn, that article shows a huge mess^^^^

[fastfred]

called a customer today to check in
didn't need to i guess
bought the place for 1.1 mil a year and half ago
dumped around 250k into the place
sold it a few weeks ago for cash, sold 3 days after listing, and closed in two weeks after the offer for 2.5 mil

[babybear]

Saw this yesterday

https://www.consumerfinance.gov/abou...-unacceptable/

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today warned mortgage servicers to take all necessary steps now to prevent a wave of avoidable foreclosures this fall. Millions of homeowners currently in forbearance will need help from their servicers when the pandemic-related federal emergency mortgage protections expire this summer and fall. Servicers should dedicate sufficient resources and staff now to ensure they are prepared for a surge in borrowers needing help. The CFPB will closely monitor how servicers engage with borrowers, respond to borrower requests, and process applications for loss mitigation. The CFPB will consider a servicer’s overall effectiveness in helping consumers when using its discretion to address compliance issues that arise.

“There is a tidal wave of distressed homeowners who will need help from their mortgage servicers in the coming months. Responsible servicers should be preparing now. There is no time to waste, and no excuse for inaction. No one should be surprised by what is coming,” said CFPB Acting Director Dave Uejio. “Our first priority is ensuring struggling families get the assistance they need. Servicers who put struggling families first have nothing to fear from our oversight, but we will hold accountable those who cause harm to homeowners and families.”

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides borrowers with federally- backed mortgages with access to forbearance, and private lenders have also provided similar assistance. As of January 2021, approximately 2.7 million borrowers remained in such programs, with 2.1 million borrowers in forbearance and at least 90 days delinquent on their mortgage payments. Another 242,000 mortgages not in forbearance programs were at least 90 days delinquent. Industry data suggest that nearly 1.7 million borrowers will exit forbearance programs in September and the following months, with many of them a year or more behind on their mortgage payments. Beginning with the expiration of the federal foreclosure moratoriums at the end of June 2021, mortgage servicers will need ramped-up capacity to reach out and respond to the large number of homeowners likely to need loss mitigation assistance. To meet this surge, servicers will need to plan now.

[Toadman]

Seems like a bargain.

https://www.yahoo.com/news/massive-r...153006703.html

The luxury of owning a lot of land comes at a price, and for a recent Montana ranch deal in particular, it cost a whopping $136.25 million. According to Mansion Global, the 80,000-acre property in the Rocky Mountain West sparked a bidding war and reportedly sold after being on the market only less than a week.

[glademaster]

I believe that's a sign that we don't tax the rich nearly enough in this country. It's also a sign that we need to figure out a way to sterilize them all. The only thing worse than people in general are rich people.

[I Skied Bandini Mountain]

Seems like a bargain.

https://www.yahoo.com/news/massive-r...153006703.html

Probably Stan Kroenke. Dude loves his big patches of dirt and has more money than god.

[Conundrum]

I believe that's a sign that we don't tax the rich nearly enough in this country. It's also a sign that we need to figure out a way to sterilize them all. The only thing worse than people in general are rich people.

Maybe I’m wrong but don’t your parents have some cash and were helping you buy a place? Seems like having parents help you buy a place within a stones throw of one of the wealthiest places in the US might fit the definition of rich but it’s all relative.

[sirbumpsalot]

Maybe I’m wrong but don’t your parents have some cash and were helping you buy a place? Seems like having parents help you buy a place within a stones throw of one of the wealthiest places in the US might fit the definition of rich but it’s all relative.

In addition to this little tidbit a day ago:

I'll be more than happy to leave and make room for someone. I want out of this shithole country.

[MontuckyFried]

Maybe I’m wrong but don’t your parents have some cash and were helping you buy a place? Seems like having parents help you buy a place within a stones throw of one of the wealthiest places in the US might fit the definition of rich but it’s all relative.

Yeah, but he's one of the self-loathing rich kids, so it's all good. Like all the trustafarians in ski towns who pretend to be dirtbags while collecting their monthly trust beneficiary check at the local ski town post office like clockwork. And the college kids at expensive schools who wear Che shirts, fight for socialism, screaming "eat the rich", while totally ignoring they are only afforded the life they live thanks to their rich parents. Pretty typical with the arts scene too. SOOOOOO many rich trust funder Bohemians who pretend they're just "part of the proletariat."

[fastfred]

Yeah, but he's one of the self-loathing rich kids, so it's all good. Like all the trustafarians in ski towns who pretend to be dirtbags while collecting their monthly trust beneficiary check at the local ski town post office like clockwork. And the college kids at expensive schools who wear Che shirts, fight for socialism, screaming "eat the rich", while totally ignoring they are only afforded the life they live thanks to their rich parents. Pretty typical with the arts scene too. SOOOOOO many rich trust funder Bohemians who pretend they're just "part of the proletariat."

is that what its like? just checkign for a friend
waiting to pick up my check in june dont think it'll be the six figures like last year but it will get me by

I prefer my "ok boomer" shirt

[Toadman]

Yeah, but he's one of the self-loathing rich kids, so it's all good. Like all the trustafarians in ski towns who pretend to be dirtbags while collecting their monthly trust beneficiary check at the local ski town post office like clockwork. And the college kids at expensive schools who wear Che shirts, fight for socialism, screaming "eat the rich", while totally ignoring they are only afforded the life they live thanks to their rich parents. Pretty typical with the arts scene too. SOOOOOO many rich trust funder Bohemians who pretend they're just "part of the proletariat."

Then they drive off to their $5k-$7k month condo in their Mercedes/Jaguar/BMW/Range Rover SUV's.

There's quite a few of them running around here.

[Toadman]

Probably Stan Kroenke. Dude loves his big patches of dirt and has more money than god.

I was thinking Bill Gates adding to his land holdings.

[Danno]

Maybe I’m wrong but don’t your parents have some cash and were helping you buy a place? Seems like having parents help you buy a place within a stones throw of one of the wealthiest places in the US might fit the definition of rich but it’s all relative.

Yeah, but he's one of the self-loathing rich kids, so it's all good. Like all the trustafarians in ski towns who pretend to be dirtbags while collecting their monthly trust beneficiary check at the local ski town post office like clockwork. And the college kids at expensive schools who wear Che shirts, fight for socialism, screaming "eat the rich", while totally ignoring they are only afforded the life they live thanks to their rich parents. Pretty typical with the arts scene too. SOOOOOO many rich trust funder Bohemians who pretend they're just "part of the proletariat."

I don't know Glade, but I think calling him rich is a big stretch, just because his parents were going to help him buy a place 30 minutes from Aspen. Rich is all relative, by some metrics we're all rich. But if you have to work for a living, and need some parental help to buy a modest roof over your head, that doesn't fit most people's definitions. And the fact that one has parents that may be able to kick 50k or 100k or whatever into your down payment hardly indicates that those parents, let alone the kid of those parents, is rich.

[AdironRider]

If your parents can throw you 100k to buy a house you are definitely well above almost everyone else in the country in terms of assets / wealth / rich / whatever you want to call it. That is 1% territory.

I know this is TGR and we are all dentists and 100k+ a year jobs & six figure down payments fall from the sky, but you guys need a reality check.

Over half this country lives paycheck to paycheck with zero savings. I don't think most of the people here actually know what that means.

No one wants to admit it because its trendy to hate the rich but almost all of you are. Some worked for it, some didn't, but one of the most annoying things in the fucking world to the average joe is when rich people try and play poor.

[Conundrum]

I don't know Glade, but I think calling him rich is a big stretch, just because his parents were going to help him buy a place 30 minutes from Aspen. Rich is all relative, by some metrics we're all rich. But if you have to work for a living, and need some parental help to buy a modest roof over your head, that doesn't fit most people's definitions. And the fact that one has parents that may be able to kick 50k or 100k or whatever into your down payment hardly indicates that those parents, let alone the kid of those parents, is rich.

This again. He says something tone deaf just after saying the US is a shithole and he wants to leave, me or someone else picks on him, and you defend him.

I guess you don’t see the irony of someone calling for sterilization of the rich when your parents are helping you purchase housing close to one of the highest concentration of wealth communities in the country.

Maybe the guy could get laid or ski some pow or something and calm down. This is the padded room. If people talk shit, they should be able to take some.

And yes, I’ve said eat the rich too on the boards so find it and quote it. I didn’t say it right after moving to Aspen.

[Danno]

Glade says some terrible shit. Weird that you seem to think I have a pattern of defending him. I am an equal opportunity defender when I see something wrong. :shrug:

[liv2ski]

Glade is a cunt, put I found your comments spot on Danno.

[Danno]

If your parents can throw you 100k to buy a house you are definitely well above almost everyone else in the country in terms of assets / wealth / rich / whatever you want to call it. That is 1% territory.

I know this is TGR and we are all dentists and 100k+ a year jobs & six figure down payments fall from the sky, but you guys need a reality check.

Over half this country lives paycheck to paycheck with zero savings. I don't think most of the people here actually know what that means.

No one wants to admit it because its trendy to hate the rich but almost all of you are. Some worked for it, some didn't, but one of the most annoying things in the fucking world to the average joe is when rich people try and play poor.

This is why I said it's all relative. We are on a skiing forum, so yeah, there's some inherent "wealth" here. For this country and the world. So, yes, in some sense we are all "rich". But to me, in the context of this thread and this forum, the label "rich" is reserved for people who can do things like buy a new car with cash, take regular heli-ski/european/etc vacations, that could retire now if they wanted to (perhaps have to shuffle some things around). Rich isn't the guy who has to work to make a mortgage payment and has to search for deals on the things they want because they can't just buy retail. Even if they are not truly living paycheck to paycheck.

And I think you are absolutely wrong with the "people here don't know what it means to live paycheck to paycheck with no savings". I'd wager most people here were at that point at some point early in their lives. I was for many years. Yes, I had parents with some means so I did understand that I was far better off than someone in my exact situation that didn't have a safety net, but I was still living paycheck to paycheck with nothing in the bank. And I bet many people here were, that's pretty much what ski bumming is, right?

[MontuckyFried]

I don't know Glade, but I think calling him rich is a big stretch, just because his parents were going to help him buy a place 30 minutes from Aspen. Rich is all relative, by some metrics we're all rich. But if you have to work for a living, and need some parental help to buy a modest roof over your head, that doesn't fit most people's definitions. And the fact that one has parents that may be able to kick 50k or 100k or whatever into your down payment hardly indicates that those parents, let alone the kid of those parents, is rich.

Really? Goddam you must be loaded to have that sort of perspective. I mean, more power to you and all, and I know you've done a shit ton better than I have in this life (congrats), but seems you've been out of the struggling class loop for a while.

If your parents can throw you 100k to buy a house you are definitely well above almost everyone else in the country in terms of assets / wealth / rich / whatever you want to call it. That is 1% territory.

Seriously. Having the ability to throw that much cash at your kid just so they can live in a high dollar community definitely appears to be "rich" in my book. Vast majority of Americans could never hand over that kind of loot for any reason. Must be nice!

[dtown]

^^^ Being able to part ways w/ $100k to help your kid does not put you in the top 1%...being able to part ways with $2M for the same purpose puts you in that group. Still very well off (probably too 7-10%) but not sure you grasp how much wealth the 1%’s have at their disposal.


Sent from my iPhone using TGR Forums

[simple]

With the real estate boom just about everyone I know has 100k on hand right now just because bought a home in the past year or two. Are they rich? Or is inflation worse that we want to admit? 100k isn't what it was even a few years ago

[Danno]

^^^ Being able to part ways w/ $100k to help your kid does not put you in the top 1%...being able to part ways with $2M for the same purpose puts you in that group. Still very well off (probably too 7-10%) but not sure you grasp how much wealth the 1%’s have at their disposal.


Sent from my iPhone using TGR Forums

Exactly. Some people's definitions of "rich" seems to be "more money than I have".

Being able to kick down 100k to a down payment for your kid doesn't mean you are "loaded" just because it means you have more money than Austin.

It's also NOT a statement about what the median income or resources are. "Rich" doesn't mean "above the median".

But again, it's all relative. Austin is "rich" compared to the average person in Bangladesh.

ETA: I don't have 100k to kick down to my kid's down payment, nor did my parents have that kind of money when I was buying.

[fastfred]

Ive eaten some rich pussy inmy life it definately tastes better when there is five million in the bank to back it up

[rideit]

Just an aside, but I find it cute that GM thinks you can find any apartment rental, at any price, within 70 miles of Jackson.

https://crctv.org/how-we-help/how-we...using/rentals/

These is exactly one apartment in the JH news and guide coming online in June, but something seems fishy about it.

https://www.jhnewsandguide.com/class...6e2767f18.html

In general, if there is an apartment listed, there is something terribly wrong with it.

Oh, and the median average price of a home in Aspen in ‘20 was $1.6 M...the median in JH was $2.4.

https://www.realtor.com/realestatean...en_CO/overview

This is more lamenting than dick-waving, it’s simply absurd.

[liv2ski]

That $100k may be an exaggerated number. We helped my daughter buy her 1st place with a $30k gift. The deal in the family is we will do our best to match what you save to buy a place. Whatever his parents contribute, we should not assume it is nothing for them to give, but parents will sacrifice for the children's good in many cases. Even if they are a big cunt on the internetz