Mad Mike
Well-known member
upward pressure on housing. Cash drawn from stock markets goes somewhere, used to be gold, now it’s real estate.
COVID and the housing market
- Thread starter mimico_polak
- Start date
I don't wish defaults on anyone but if they bought without cash wiggle room that's their fault. If it nets me a lightly used Corvette at a discount price from their garage I won't be upset about it.
While that sounds opportunistic, sacrifice sales are auctions. The seller has to dump debt, even if they have to pay someone to take the boat, Corvette or Harley off their hands. Best offer wins.
They owe $700K on the house, $150K on a toys and can't carry the $850K. They subsidize the toy sales by $50K, end up with $750K debt and hopefully can keep the house until better times. Storage and insurance costs are reduced. Every year the toy sales are delayed the more they depreciate. The house will hopefully appreciate.
It's ugly but reality often is.
You can see it right now , I’m looking for a travel trailer , asks for used is often the price of a new unit . Save the tax ! Well sure until you need to register it ( sure fake invoice) but hard to insure a thirty K unit you paid told the MTO was five K .
Sent from my iPhone using GTAMotorcycle.com
Sent from my iPhone using GTAMotorcycle.com
Decades ago a friend bought a new place with a hefty mortgage getting a better than average rate based on him using blue chip stocks as collateral.
Then the market tanked and he had to sign over more stocks. Fortunately he had them.
So many factors.
Then the market tanked and he had to sign over more stocks. Fortunately he had them.
So many factors.
