Renters – your dream home awaits. 100,000 houses are now in foreclosure.

Photo above - an allegedly vacant home, allegedly in Plant City, Florida, where I live. I can't find it online though. I'm possibly an interested buyer. The facade seems to be bulletproof stucco, which would be important if social values continue to deteriorate.

If you ever wondered how higher fed funds rates were supposed to work, today’s foreclosure stats are “Economics 101”. People lose their jobs, can’t make their mortgage payments, and get their cars repossessed too.

Mortgage defaults are up 17% this year. Some of this is attributable to “too high, too long” fed funds rates. Some is now going to be laid at President Trump’s doorstep. His lavish new ballroom doorstep. The ballroom is a new White House addition which evidently will be so large it can be seen from outer space. Do we need this? Probably not. But it was embarrassing to have Biden feed 500 of America’s greatest campaign contributors under a lawn tent while toasting Hindu strongman Narendra Modi in 2023.

Back to the home foreclosures. They’re happening here in Florida. And in California. New York/New Jersey. Even Texas. Know where they AREN’T happening? The flyover states - places where you can’t go to the beach on your day off.

There’s no easy way to do the math on the impact of 100,000 foreclosures. How much of original downpayments for these owners will have disappeared? How far housing prices will fall in the worst hit markets. Apparently, these unlucky evictees are going to have to move into the apartments which being vacated by the same renters who are now bidding to buy those foreclosed homes. When god closes a door, he opens a window,

In addition to Fed Funds and tariffs, we should add Artificial intelligence and humanoid robots to the list of unindicted co-conspirators. But don't worry - if you’re a public sector employee (teacher, police, first responder) under the protection of a union, you’re not currently at risk. Everyone else, look out - the economy is killing construction, auto sales, appliance sales, restaurants, trucking, hotels and casinos. I expect to see one of those top-heavy cruise ships sink at dockside soon, because of deferred repairs and maintenance.

America’s incomes are being flattened. This is what progressives have wanted since forever. Housing prices could come down, even though we barely build any new homes, due to red tape and restrictions.

Watch out Bitcoin and stock indexes. People who lose their jobs, cars and homes are no longer your potential customers, whether it's a 401K or otherwise.

I’m just sayin’ . . .

Over 100,000 Homes Enter Foreclosure As Mortgage Stress Spreads Nationwide | Watch

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whowasthatmaskedman · 70-79, M

Now have a look at car repossessions, and the pressure on new and second hand dealerships. The dominos are falling..😷

AthrillatheHunt · 51-55, M

@whowasthatmaskedman lots of people are driving uninsured these days. My car is 10 years old w close to 200k kilometers, but it’s bought and paid for years ago

whowasthatmaskedman · 70-79, M

@AthrillatheHunt I think we established long ago that thee and me are relatively rational decision makers. And the totally rational car choice for the majority is a 10 year old camry. Bulletproof and boring. But my point is that a lot of people dont make rational decisions.. And when an economy falters, the cracks show in descending order of the cost of our purchases. First goes the house, then the car, while the credit cards stretch to keep everything else together at over 20% interest..In the case of real estate, a lot is being bought up by corporate operators to either rent for income or just as a asset store or value. An admission that they cant make more profit by plowing ther money back into the business. Equally, a number of the repo cars are being farmed out to second string car rental companies. (After all, if you have had your car taken away, you may still need to drive..)
While business is business, I find it telling that much of American business is focused on exclusively American customers now. Rather than exporting to the world..😷

AthrillatheHunt · 51-55, M

@whowasthatmaskedman It’s comforting to know others think like I do. We stopped exporting cars decades ago w NAFTA. This is economic survival of the fittest . The govt wants us to be ignorant slaves . They don’t like people like you and me bc we are not ignorant .

whowasthatmaskedman · 70-79, M

@AthrillatheHunt Granted..For the record, my Outlander was bought second hand 3 years ago (for cash) and since I only do about 3000km a year now, it will see me out.. But those people who are walking into the debt trap now with homes mortgaged to 90% of their value, leased cars and credit cards they dont clear every month are never going to get ahead. If your credit score matters to you, you already have a problem.😷

AthrillatheHunt · 51-55, M

@whowasthatmaskedman so many people are operating the exact opposite way I (we) was taught. Zero future time orientation.

whowasthatmaskedman · 70-79, M

@AthrillatheHunt And with employment under pressure, wages not rising and interest rates going up, its not going to end well for most people...😷

ShenaniganFoodie · 36-40, M

@whowasthatmaskedman 35c & 92% hum Port Douglas

whowasthatmaskedman · 70-79, M

@ShenaniganFoodie I would be out of there by now.. But enjoy McCrossen street Freezing my butt off with 12c and drizzle😷