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Stock Market Crash

Housing markets still seems strong in SC according to my real estate agent. We also got two offers yesterday on the house we had listed for two weeks. Full asking price or more. My agent is afraid the house won't appraise for as much as an agreed upon price.
 
forensicdeac said:
Housing markets still seems strong in SC according to my real estate agent. We also got two offers yesterday on the house we had listed for two weeks. Full asking price or more. My agent is afraid the house won't appraise for as much as an agreed upon price.
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Great for you, but a big reason it is holding up for now is low rates coupled with a ton of folks pulling their listings the last couple of weeks, so not as much inventory to sale so helping to keep prices up for the few willing to purchase. I suspect lower priced/conforming loan type houses will start to get dinged heavily next few months with the 15+% unemployment as you lose a lot of potential buyers when folks don't have jobs and that will slowly work it ways way to jumbo market.

If looking to buy a car I would wait until summer as good chance used car values get dinged as pretty much all auto finance cos. are not repoing cars now and instead deferring folks payments for a few months as well as they aren't able to sell the cars via auctions that are being turned in from leases/loans. Essentially building up a large volume of cars that could be much more than normal if a lot of the extensions turn into defaults (which I would expect with these unemployment #s and doubt a lot will go right back to work) along with just build up from inability to auction cars for last month and possibly longer.
 
forensicdeac said:
Housing markets still seems strong in SC according to my real estate agent. We also got two offers yesterday on the house we had listed for two weeks. Full asking price or more. My agent is afraid the house won't appraise for as much as an agreed upon price.
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Your realtor is beibg deliberately misleading.

Banks are staring at massive mortgage defaults later this year and are going to stop lending to anyone but the best buyers at some point the next few months.
 
Liquid Karma said:
Your realtor is beibg deliberately misleading.

Banks are staring at massive mortgage defaults later this year and are going to stop lending to anyone but the best buyers at some point the next few months.
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no doubt. And she was not speaking anything beyond this week, but based solely on her current listings and showings. Besides, I try not to blindly accept info from people who will directly profit from me.
 
saltydeac said:
Great for you, but a big reason it is holding up for now is low rates coupled with a ton of folks pulling their listings the last couple of weeks, so not as much inventory to sale so helping to keep prices up for the few willing to purchase. I suspect lower priced/conforming loan type houses will start to get dinged heavily next few months with the 15+% unemployment as you lose a lot of potential buyers when folks don't have jobs and that will slowly work it ways way to jumbo market.

If looking to buy a car I would wait until summer as good chance used car values get dinged as pretty much all auto finance cos. are not repoing cars now and instead deferring folks payments for a few months as well as they aren't able to sell the cars via auctions that are being turned in from leases/loans. Essentially building up a large volume of cars that could be much more than normal if a lot of the extensions turn into defaults (which I would expect with these unemployment #s and doubt a lot will go right back to work) along with just build up from inability to auction cars for last month and possibly longer.
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Inventory has been short in my area for at least a year. I have been tracking it for quite some time. You are correct about potential buyers. I'm just glad to dump the mortgage payment.
 
The SBA Payroll Protection Program has now officially run out of money. That was program designed to pay small businesses to keep employees on their payroll for eight weeks. Meanwhile, I have numerous friends who own restaurants and other small business who say they did not receive any money. At the same time, large restaurant chains did get millions of dollars from the same program, which was designed for small businesses.

This is going to be a disaster.
 
MichDeac25 said:
The SBA Payroll Protection Program has now officially run out of money. That was program designed to pay small businesses to keep employees on their payroll for eight weeks. Meanwhile, I have numerous friends who own restaurants and other small business who say they did not receive any money. At the same time, large restaurant chains did get millions of dollars from the same program, which was designed for small businesses.

This is going to be a disaster.
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Given it was Moscow Mitch's, Kudlow's and Trump's program how could you expect anything other than a disaster?
 
RJKarl said:
Given it was Moscow Mitch's, Kudlow's and Trump's program how could you expect anything other than a disaster?
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We got funded today. As far as processing goes, the speed at which they’ve done it is actually remarkably effective. However, just funding straight unemployment insurance would have been better
 
PhDeac said:
Well Republicans wanted to erase everything Obama has accomplished. Now we're back to Bush recession employment.
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It took a Worldwide Pandemic. It took a 35% plunge in the stock market. It took 6 feet of social distancing. It took quarantining. It took small businesses closing. It took closing practically everything to bring the U.S. economy back to the Obama HIGH MARK!

'nuff said.
 
TheReff said:
It took a Worldwide Pandemic. It took a 35% plunge in the stock market. It took 6 feet of social distancing. It took quarantining. It took small businesses closing. It took closing practically everything to bring the U.S. economy back to the Obama HIGH MARK!

'nuff said.
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may want to check your math on that
 
palmab03 said:
We got funded today. As far as processing goes, the speed at which they’ve done it is actually remarkably effective. However, just funding straight unemployment insurance would have been better
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Funding unemployment doesn’t keep people on the payrolls. When things turn around, a decent chunk of the business will want employees back and it’s easier if they’re still on payroll.
 
bym051d said:
Funding unemployment doesn’t keep people on the payrolls. When things turn around, a decent chunk of the business will want employees back and it’s easier if they’re still on payroll.
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All businesses are going to furlough as they would in any other point in time, and they will once these two months are over. Most furloughed employees would come back (as they have no where else to go right now) if the businesses all the sudden needed them again. What this did was just directly give a huge gift to any small business that wasn't going to lay off all their staff anyways, or a gift of free rent and free 2 months of salary they were going to pay anyways to people they keep. Those funds would be better spent actually beefing up the unemployment past the 4 month mark.
 
Basically free helicopter money to anyone who owns a white collar business that is able to work from home effectively, while the employees of said company are roughly in the same position whether they get kept on payrolls or receive money in the form of unemployment.
 
TheReff said:
It took a Worldwide Pandemic. It took a 35% plunge in the stock market. It took 6 feet of social distancing. It took quarantining. It took small businesses closing. It took closing practically everything to bring the U.S. economy back to the Obama HIGH MARK!

'nuff said.
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Holy fuck you're dumb. Go lick a shopping cart.
 
TheReff said:
It took a Worldwide Pandemic. It took a 35% plunge in the stock market. It took 6 feet of social distancing. It took quarantining. It took small businesses closing. It took closing practically everything to bring the U.S. economy back to the Obama HIGH MARK!

'nuff said.
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This demonstrates a Brad-level understanding of math.

No wonder you are now a taker instead of a maker.
 
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