With covid19 and people out of work.
What will happen with pricing of homes?
Another 2010 melt down?
I’m in middle of refi and maybe heloc to have $ on hand to buy another house.
What you guys think ?

i was just told this morning that a major national title co just furloughed about half it's staff if thats any indication

Good deals on houses and land mean nothing if you have to pay $1K or more a month in taxes.
Wait 'till the states, towns and counties re-assess this debt.
Ha.

😖 timing is everything.
I bought a new one a month ago
gonna sell the current one soon

If interest rates keep going lower, I don’t see a melt down. There’s not much cost to holding real estate at 1%.

I reckon the market is going to get saturated with foreclosures again, and prices will drop. At least for a while.

I closed on my current house exactly 5 years ago today.

I had to fight with my lender to have a 30 year fixed as all they wanted to sell me was an ARM because "You can get so much more house!"

I don't know what values will do in the near term but I don't doubt that a ton of borrowers learned nothing from the last housing crisis.

Actually - there's a house I pass regularly on my way to the little woman's. Love the place and location - they just lowered the price 900 bucks. It's a 700,000 dollar house. 900 isn't moving a disinterested buyer into the fray....

I watch pretty closely and for now the market just seems frozen in place.
It's new turf we're tilling, hard to say what might happen but it's always good to ready to jump if opportunity were to come your way.
I think a lot might be done to prevent a crash like before...

yeah, nobody working, how the heck they gonna pay their mortgage...families can't print money like the Feds can...housing will get crumbled.

There are a lot of things that can and will be done.
I don't think people need to start worrying themselves about loosing their homes.
We're gonna get beyond this.....

I think segments might get hit, but the rates are so friggin low that renting is a last resort. Foreclosures will be quite delayed anyway.

This is going to be a rough few months, I don't expect people will be loosing their houses and thrown out on the street. The government has stepped in and waived the 2 week waiting period for unemployment, added $600 a week to what the state pays, added a 1200 kicker, and most mortgage companies are allowing you to skip payments and add it to the end. Will it be tough, yes. Will we get over it soon, I think so. There is a ton of cash being thrown at this to help people businesses, it't not perfect but I think it's a good start and a good move.

No payment of mortgages means no payment of taxes through escrow.
Oh boy, here it comes.

Who is the only entity that can use the full force of law to collect debts? The .gov!

cash that does not exist

Oh, it does. They make it through electronic magic and printing presses.

It means what you and I have now just became worth MUCH less than when we earned it.

Don't forget; we get to pay it back with compound interest and penalties

Commercial real-estate might get slaughtered.

I can't see why the bottom won't fall out again and then pick up as the economy rebounds. I don't owe anyone anything besides the government and see no reason to bail anyone out. I worked my azz off for 40+ years to get where I'm at and I don't want no damn government handout. As a matter of fact if the government would get the he'll out of the way, I'd work myself out of this bs.

Property valued based on income?

You can bet on it.

Think they will add corona virus to list of required disclosures?

Yes, another melt down. It's inevitable. Depends on your financial position. I would not borrow to buy. Pay cash. If you have to borrow, you are increasing your risk. What happens if equity tanks or bank calls your HELOC?

Don't have a HELOC and so long as I keep paying (I have enough, right now for 1 year's worth of payments) I'd have to think my bank will bend over backwards to keep me from losing it.

They will for a lot of people.

The LAST thing banks will want right now is housing they need to sell.

New mortgage applications down 25%

The demand for interest bearing .gov backed and funded business loans will overwhelm the ability to process low interest residential apps.
My prediction.

Or property taxes they have to meet on those homes.

This

Most people will worry about food and other necessary things first so the buyer pool will be reduced in uncertain times.

Income to a small degree effect prices. Basic RE value is affected by cost of building. The next factor is units available.

If people start being unable to meet payments it will increase the units for sale.

That is of course unless the political arena makes changes that allow borrowers to keep the home without making payments. I see that as a distinct possibility given the present

conditions. They will not want empty houses and homeless families.

Once this thing passes I think inflation is on the horizon. Not seeing a full blown depression. We were at record highs just 6 weeks ago. I think we will get back there but it will take some time and we now have a big bill to pay. I would go forward with your refinance.

We are 3 weeks into a 30 day closure(selling) here...Hope it goes through...

I don't see this being a big bump in the road.

I wouldn't be draining my savings to meet mortgage payments right now.
I'd go talk to my bank sooner than later, keep your nest eggs....

See how flexible they are willing to be, try for a one year extension on your mortgage loan and open a 12 month window with no payments starting now.

Keeping taxes and insurances current should show you as making a reasonable effort..

i personally am not doing anything financial until at least sept. i transferred all my retirement equity investments to a money market fund on feb 14th and am going to circle the wagons until i see how this crap works out. i'm 58 and ain't taking any chances. as BTO said, we ain't seen nothing yet.

What do you think the states are going to do when they find their income tax collections dropping like a rock? Oh yeah. Property taxes.

So is everything else.

Thanks everyone
I have enough in savings and mattress money to survive for 2 years. All my major stuff is paid off, just the house that I have or had 200k equity.
I’m going for refi first 15 year below 3% is the goal.
The heloc might not happen as banks are tightening up.
But if I can have that equity to pull out to buy another house l, I want to be ready

What do you suppose is going to happen to Zillow and other realtors who carry inventory?

I would be moving somewhere else, first thing in the morning.

I agree w this. With inflation which is inevitable I think today’s home prices will look cheap in a few years. They will look ridiculously cheap in a decade.

I’m with you, it’s looks like it’s going to grind into a real recession. So the bottom might be a year or more out. I’m happy on the sidelines for a while.

I used to think this bailout would cause massive inflation, I no longer do. The worlds economy is crashing, The USD with be the cleanest dirty shirt in the hamper, therefore dollars will be in high demand throughout the world... I.E. no hyper inflation

Inflation is coming hard. We just devalued the dollar by dumping trillions of new dollars into the system.

Inventory is empty (still) interest rates historically low, materials will be coming down as well as labor (possibly, still a huge labor shortage so won't come down much)

Great time to build if you still have a job (which most folks working for above minimum wage will)

I had three calls this week about new custom homes.
Building will help carry us out of this mess. Of course your local govt will be raising your property taxes to make up for the massive shortfalls in food tax etc.. right now.

I am a Buyer of homes at this time, prime rental locations preferably close to major State University’s, also when available on main shopping arteries. I’ve bought 2, offers on 4 more. Money ends up in the hands of the rightful owner.

https://www.fxstreet.com/analysis/job-losses-soar-and-dollar-follows-heres-why-202004031821

Too early. Better deals in the stock market right now than the housing market. This ain't 2009. I haven't seen prices drop or inventories build at all yet. Only 3 weeks into it, do not really surprised.

We can only HOPE that inflation is coming. There's only 2 ways out of this national debt mess, inflate it away so we only have to pay back 30cents on the dollar over time, or have a complete reset of the monetary value. It's a simple as that.

Gov'ts worldwide HAVE been dumping liquidity in the markets, and we still have deflationary pressure. That's why all the Euro countries decided to bring in trash from all the ME countries...trying to stimulate growth. Stupid policy...if your well is low, you don't dump septic tank loads in, to raise the water level..but that's what they tried to do. We are down to ALMOST 0% Fed rates...if inflation doesn't start so they can raise the rates some, we are in serious doo-doo. Will make the Great Depression look like a tupperware party. The Dollar will be gone.

The only reason we can run this ponzi scheme in the meantime, is we suck the least, when it comes to monetary policy and GDP. Corrupt politicians have sold us out, we only can perpetuate this goat rodeo, because we suck the least...not because we have our poop in a group.