Loading ...There were different reasons people took the Arm like first time buyers who bought Million dollar hype thinking they could flip them later.
People like some Filipinos told me they “ as referring to a group” bough a bunch of houses to rent them the one who told me bought houses in Las Vegas, and when everything dried up they just dumped them. I bet a lot of people did that driving the market down even lower between the two types.
Then others took them and some equity for home improvements or pay off bills and to sell later or figured they could Refi out because these no nothings told them the prices were going up.
Some didn’t even know they were in a Arm or instead of paying down principle they’re were losing it and only paying interest or particular interest.
That one when they left and were retired her husband was a fireman retired with health issues two new young people came came in. They were all happy they got it for 200K when it was 375k I think and all fixed up, new everything from the Refi loans of the other who walked and it foreclosed, they didn’t know what happened.
I told them one to watch out cuz squatters were taking up house keeping in empty homes around here so keep your windows and doors locked. That drove others who owned out when they year to years before they could of sold with equity.
Two they were young enough to hang through what’s going come if their jobs could hold out. They were actually trying to get rid of people and hired for less wages or dropping wages even if they didn’t need to because so many people were looking for jobs. Even hospitals were laying off because people no longer had insurance from work which Obama made worse. A lot of these places that did lower wages that are having trouble getting help still today. That’s why. They were ass hats and it got around even after they raised wages they were still ass hats.
That was going too.
Told the prices will still fall from here. But at one point they’ll stop then go back up to even higher but will take years but their young enough to wait it out.
Well when it dropped another 100K plus the empty houses it scared them off. That was a shame.
And for others it was like the student loan thing. They paid all those years and stuck with all those people takijg loans they couldn’t afforded of got predatory Refis from no nothing doing them dirty work and lost all their equity and were under water too. One sad case was some guy with no where to go no way out hung himself in his home.
Some ass hats abandoned their pets some locked them inside to stave to death. Many others curved to hand pets over. Thousands were put down.
Today if it’s mostly speculators and Blackrocks types that drove it up plus the Feds low forever rates help, if it crashes this time they’ll get exactly what they deserve. I read somewhere that blackrock bough up 25 percent of the housing market.
What will happen if we’re have people like that monopolizing the housing market. Look what damage it did to renters it already did. They’ll control the prices and rents and we already see what’s that’s caused.
They better make laws stopping them now.