Mortgage delinquencies starting to rise

[Saltwater60]

No surprise here now that banks are allowed to start foreclosure proceedings they are climbing. This will not end well and just wait until they make people start paying back student loans these rates will skyrocket. Storms a brewing.

Mortgage delinquencies rose for the first time in 9 months. Here’s what that means for the housing market.

Plus, what home buyers and sellers should take from this news.

www.marketwatch.com

 

[1075tech]

Hmmm...if I can hold off a couple more months maybe I can get something cheaper. Although interest rates are climbing. And it takes forever for a foreclosure to come to market.

At the rate we're going, I might just look for a bigger RV and truck

 

[FP1201]

Party's over, the Band and Caterer want to be paid.

 

[ManualF150]

I wouldn't be surprised if house fires increase for insurance payouts to get people out of large debts...

In my neck of the woods, there was one, and damn it just seemed too suspicious from kibitzing with the locals.

To some, it's worth the risk of being charged with arson and potentially murder. Money is the root of all evil sometimes...

 

[FP1201]

I wouldn't be surprised if house fires increase for insurance payouts to get people out of large debts...

In my neck of the woods, there was one, and damn it just seemed too suspicious from kibitzing with the locals.

To some, it's worth the risk of being charged with arson and potentially murder. Money is the root of all evil sometimes...

Probably right, and it does happen, but there are no winners in a house fire.
Close friend of mine had a sever House Fire just over a year ago....the Insurance Company was one out of Mass that "Specialized" in Rural, Farm, and unique construction.....talk about fucking around, fucking off, and just being fucked with, and the shit they pulled was stunning!....honestly I'm surprised the Representatives didn't loose some teeth let alone their lives. All I can say is to corner your Insurance Agent to make damn sure in writing that you're covered far and above what they think is sufficient, then investigate the Insurer for service on other peoples past claims.

 

[ManualF150]

Probably right, and it does happen, but there are no winners in a house fire.
Close friend of mine had a sever House Fire just over a year ago....the Insurance Company was one out of Mass that "Specialized" in Rural, Farm, and unique construction.....talk about fucking around, fucking off, and just being fucked with, and the shit they pulled was stunning!....honestly I'm surprised the Representatives didn't loose some teeth let alone their lives. All I can say is to corner your Insurance Agent to make damn sure in writing that you're covered far and above what they think is sufficient, then investigate the Insurer for service on other peoples past claims.

Wasn't saying there was any true winners though. lol

FWIW, after that happened, I did just that. Double-checked my insurance and spent quality time with my agent.

In fact, I did an entire inventory during the pandemic, and last week, I updated with current replacement costs of possessions, and then I increased my personal property by another 20% for the continued rise in inflation. Along with increasing the house by another 30%. Plus I added some additional coverage on other items. My insurance only went up slightly, which I thought it was going to go up like crazy. But it actually was a fair price increase.

If things go back down, then I'll lower the coverage accordingly.

Now I am going to be checking my insurance once a year and sitting down and updating my inventory.

One thing I'll mention.... the cost of simple things like tables, towels, pots and pans, add up quick... things that most forget about, but when they get stolen or destroyed, cost!

My insurance company has never stiffed me or left me in the dark. They have been quite helpful over the years.

They may not be the cheapest around, but when I need them, they are there!

 

[masterswimmer]

Wasn't saying there was any true winners though. lol

FWIW, after that happened, I did just that. Double-checked my insurance and spent quality time with my agent.

In fact, I did an entire inventory during the pandemic, and last week, I updated with current replacement costs of possessions, and then I increased my personal property by another 20% for the continued rise in inflation. Along with increasing the house by another 30%. Plus I added some additional coverage on other items. My insurance only went up slightly, which I thought it was going to go up like crazy. But it actually was a fair price increase.

If things go back down, then I'll lower the coverage accordingly.

Now I am going to be checking my insurance once a year and sitting down and updating my inventory.

One thing I'll mention.... the cost of simple things like tables, towels, pots and pans, add up quick... things that most forget about, but when they get stolen or destroyed, cost!

My insurance company has never stiffed me or left me in the dark. They have been quite helpful over the years.

They may not be the cheapest around, but when I need them, they are there!

Excellent advice.

Whose your carrier?

 

[C3D]

And so it begins. I hope all your assets are well hedged, that you hold physical gold and silver, that you have firearms and enough ammo to last a while, and that you've read this book:

 

[Saltwater60]

I’ve been telling anyone who will listen to wait. Interest rates are climbing, but remember the mortgage rates aren’t expressly tied to the fed rate. Yes the mortgage rate has been climbing, but remember that’s where the banks make a lot of money so when sales go down the interest rates will as well.

 

[FP1201]

Wasn't saying there was any true winners though. lol

FWIW, after that happened, I did just that. Double-checked my insurance and spent quality time with my agent.

In fact, I did an entire inventory during the pandemic, and last week, I updated with current replacement costs of possessions, and then I increased my personal property by another 20% for the continued rise in inflation. Along with increasing the house by another 30%. Plus I added some additional coverage on other items. My insurance only went up slightly, which I thought it was going to go up like crazy. But it actually was a fair price increase.

If things go back down, then I'll lower the coverage accordingly.

Now I am going to be checking my insurance once a year and sitting down and updating my inventory.

One thing I'll mention.... the cost of simple things like tables, towels, pots and pans, add up quick... things that most forget about, but when they get stolen or destroyed, cost!

My insurance company has never stiffed me or left me in the dark. They have been quite helpful over the years.

They may not be the cheapest around, but when I need them, they are there!

Our previous House had a detached Garage and the Insurance Agent just listed it as a "garage" to park the Car in when in reality it was a "Walk in Tool Box" with Welders, Lathe, Milling Machine, hand tools, etc. but I suspect she was just trying to write a competitive quote....cheaper ain't always better.
It's very good that you've taken time to inventory and factor in things such as the cost of replacement furnishings, my friend was very worried and found it very difficult just to get the materials to put the House back together....and something I didn't know was how significantly more it is to rebuild a House opposed to new construction.
One thing that comes up on Gun Forums is Firearms Insurance

 

[tirwin1]

I wouldn't be surprised if house fires increase for insurance payouts to get people out of large debts...

In my neck of the woods, there was one, and damn it just seemed too suspicious from kibitzing with the locals.

To some, it's worth the risk of being charged with arson and potentially murder. Money is the root of all evil sometimes...

I have a brother that used to work in the insurance business. He said arson is one of the more difficult crimes to prove.

 

[Jmac]

I have a brother that used to work in the insurance business. He said arson is one of the more difficult crimes to prove.

Not in this day and age. Our fire investigators have a lot of nifty tools along with 2 arson sniffing dogs County arson conviction rate is at 97%

 

[ManualF150]

Our previous House had a detached Garage and the Insurance Agent just listed it as a "garage" to park the Car in when in reality it was a "Walk in Tool Box" with Welders, Lathe, Milling Machine, hand tools, etc. but I suspect she was just trying to write a competitive quote....cheaper ain't always better.
It's very good that you've taken time to inventory and factor in things such as the cost of replacement furnishings, my friend was very worried and found it very difficult just to get the materials to put the House back together....and something I didn't know was how significantly more it is to rebuild a House opposed to new construction.
One thing that comes up on Gun Forums is Firearms Insurance

That was another thing that was added. My insurance calls it "Firearms and Sporting Goods". Which I declared my treadmill, running gear, guns, ammo, reloading, etc under. It was only a few bucks more.

Granted it would've been covered under my personal property, but I got it more in case of theft. The deductible is much less than doing a full outright homeowners claim.

Only way I'd put in a homeowners claim is for something massive.

At the end of the day, I can sleep better at night.

 

[Jchrisls]

I’ve been telling anyone who will listen to wait. Interest rates are climbing, but remember the mortgage rates aren’t expressly tied to the fed rate. Yes the mortgage rate has been climbing, but remember that’s where the banks make a lot of money so when sales go down the interest rates will as well.

Somewhat true, somewhat not. If I'm correct, fed controls fed lending rate ( prime) which impacts general lending rates and is mirrored in bank lending rates. As inflation rises the only tool the fed has is raising interest rates to slow it, hence "pumping the brakes " on the overall economy. The convergence of ending foreclosure moratoriums and an inflation rate equal to 1980 occurring simultaneously is bad news for most, with the exception of those liquid enough to capitalize on the downturn and patience to wait out the storm.

 

[meketrefe]

Well that is why I paid my mortgage off as soon as I got a chance 15 years ago. I also paid my vacation house that is my fall back SHTF plan. I could actually live off the grid there if needed be.

I know many say get a mortgage and invest more but invest in what with so many thugs at the wheel of peoples futures?

If it was up to me I could live in a shed with all my tools, a small office, a wood stove and my dog.

Big politicians, powerful lawyers, charlatans and celebrities, all experts at everything yet masters at nothing.

Fuck the elite.

 

[96coal449]

The Greatest Depression 1.0

The stench behind the fan is growing strong.

Edit: in front of

 

[TEOTWAWKI inc.]

Hopefully soon people will realize they can't pay their mortgage due to rising taxes and inflation. When they have to make the choice to let their home go so they can feed their families, maybe they will finally be angry enough to fight the government.

 

[ManualF150]

Hopefully soon people will realize they can't pay their mortgage due to rising taxes and inflation. When they have to make the choice to let their home go so they can feed their families, maybe they will finally be angry enough to fight the government.

Naaah, they will quit their jobs, get a 5th vaxx, then collect and pass go on the reaping benefits.

 

[Truebeliever]

The default rate is going to soar with all the variable interest rate mortgages about to go up dramatically.
The real estate bubble is about to pop if it goes up too high.

 

[Saltwater60]

The default rate is going to soar with all the variable interest rate mortgages about to go up dramatically.
The real estate bubble is about to pop if it goes up too high.

I can only imagine this is why Biden extended the pause on student loans again because the mortgage delinquencies would be much, much worse. I’m sure plenty of morons took their student loan payments and bought houses with that money.

 

[fresch]

You will own nothing and like it.

 

[Saltwater60]

Seems they have dropped a bit. I’m sure this is temporary and they will scream up soon enough.

 

[Apeman]

They're going to cancel student loan debt. They'll use the excuse "people can't afford to live if they have to pay them". It's bullshit. They don't care that millions of Americans have paid back previous student loans by working extra jobs and that those that owe now just don't want to work.

What's next? The economy crashes and you can't pay for auto loan so they cancell those too?

 

[Blimey]

Well that is why I paid my mortgage off as soon as I got a chance 15 years ago. I also paid my vacation house that is my fall back SHTF plan. I could actually live off the grid there if needed be.

I know many say get a mortgage and invest more but invest in what with so many thugs at the wheel of peoples futures?

It depends on the period, but generally investing in an S&P 500 index fund or any typical broad-market mutual or index fund will out perform paying off one's mortgage.

I don't know when you took yours out, though. Market didn't grow in the 5-7 years prior to you paying yours off and I bet your rate was much higher than what they've been for most of recent years. I have a 3.6% rate on a 30 year and have no inclination to overpay it. I do invest extra money in stocks, believing they will outperform over the next while. I will probably tire of this at some stage and pay it off early. I recognize that there is a very high percentage of those who did who find the peace of mind worth any marginal losses vs investing.

They're going to cancel student loan debt. They'll use the excuse "people can't afford to live if they have to pay them". It's bullshit. They don't care that millions of Americans have paid back previous student loans by working extra jobs and that those that owe now just don't want to work.

What's next? The economy crashes and you can't pay for auto loan so they cancell those too?

There's talk of it but no appetite right now with high inflation is there? Was more a year ago or so. To be honest I'm really thinking about having my eldest take out debt we otherwise might not on the off hand they do discharge it down the road. And with the many thousands per year I pay in federal taxes no I do not feel guilty about that one iota. The whole college tuition situation in this country is an embarrassment.

 

[Truebeliever]

They're going to cancel student loan debt. They'll use the excuse "people can't afford to live if they have to pay them". It's bullshit. They don't care that millions of Americans have paid back previous student loans by working extra jobs and that those that owe now just don't want to work.

What's next? The economy crashes and you can't pay for auto loan so they cancell those too?

Why should I pay for their choices that give them high paying jobs( allegedly) ?
Can I get a rebate for paying my bills too?
Does Biden even have the power to do it? Or is it a political trap to get someone to fight it

 

[TEOTWAWKI inc.]

Why should I pay for their choices that give them high paying jobs( allegedly) ?
Can I get a rebate for paying my bills too?
Does Biden even have the power to do it? Or is it a political trap to get someone to fight it

Someone should fight it, as it is outright stupid.

If the government takes much more of my money, for anything, I will stop earning an honest income, and become the biggest fucking tax sucking leech. I will take EVERYTHING, and keep learning how to take more. I will teach others how to do the same. I will do it, by orders of magnitude, better than anyone with a lifetime of experience.

 

[Apeman]

Why should I pay for their choices that give them high paying jobs( allegedly) ?
Can I get a rebate for paying my bills too?
Does Biden even have the power to do it? Or is it a political trap to get someone to fight it

I agree. My wife paid off her student loans on her own. She's not going to be reimbursed because she did the right thing.

I don't know if Biden has the power to do it on his own. If he or the idiot demoncraps do get it to go through it will only be for federal debt. Not that it makes it any more fair for those that did the right thing and paid theirs. I'm sure they're stupid enough to try and pressure private lenders to forgive the loans too but they don't have the power to erase those.

 

[spat]

Not in this day and age. Our fire investigators have a lot of nifty tools along with 2 arson sniffing dogs County arson conviction rate is at 97%

How do you calculate an arson conviction rate ?

Maybe 97% of the cases they charge are convicted, but I would think the really successful insurance fraud arsons aren't even suspected.

How would you know the true rate of arson in order to calculate that 97% of them result in convictions ?

 

[TEOTWAWKI inc.]

How do you calculate an arson conviction rate ?

Maybe 97% of the cases they charge are convicted, but I would think the really successful insurance fraud arsons aren't even suspected.

How would you know the true rate of arson in order to calculate that 97% of them result in convictions ?

Jewish Lightning is a thing. 97% of the investigators in those cases are in on it.

 

[Truebeliever]

Jewish Lightning is a thing. 97% of the investigators in those cases are in on it.

Your comment is wrong in so many ways