I appreciate that, thank you. We are starting to realize this is going to be around longer than anybody thinks and I likely wont hear from my employer for months, so it makes more sense to stay here for now and head down once my employment is actually ready
The next thing we knew, he was day trading soybean futures.
Does anyone have thoughts on what the pandemic will do to the housing market?
I’m house-shopping, but not under a particular time crunch. Real estate agents can no longer show homes in this area (New York). Interest rates are low. … wondering if the coming recession will depress housing prices or if the market will simply grind to a halt at current price levels.
I don’t think the housing market will go up or down. Those aren’t really concepts for what is going to happen in the near future; there won’t be a housing market in coming weeks and perhaps months. No one is going to be able to sell their house, not because prices are down, but because all the mechanisms to do so are being held in abeyance.
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This seems right–an agent told me this weekend that starting today they can’t show any homes. But at some point this will end (I’m assuming) and so it seems maybe the impacts on the housing market will be … maybe a glut of homes coming online, combined with a recession?
That would be my guess, but goosing the housing marketing is one of USA#1’s favorite approaches to promoting/faking economic recovery. I wouldn’t rule out drastic government action to try to keep the housing market from cratering, possibly something like government-insured 0% loans for home buyers or something.
Estate agents are being sacked here instead of being paid to sit around at home, due to a dead housing market.
I will be selling a house in Pittsburgh in June. Have to wait until my tenants lease ends and they move out. Then supposed to be buying in December in New Jersey. My relocation package says the company will buy it from me for appraised value if I can’t sell it from within 3% of appraised value. Hopefullythe appraiser just uses comps from before the pandemic.
There will still be people like me who are contractually forced to move, but overall the market has to slow down. New house construction is likely to be one of those industries where a longer shutdown leads to large job losses.
If my tenants can’t or won’t move out not sure what I will do.
We were within a week of putting an offer in. Yesterday, lender informed me they are not funding jumbo loans anymore, and my understanding is that next to nobody is still originating jumbos which, if true, is going to absolutely destroy the more expensive markets. I think the economic carnage is just beginning and is going to be almost unimaginably bad, so I expect huge decline in home prices, but am likely to buy anyway as we need a place to live and renting isn’t really realistic.
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Fed announces unlimited QE
There might be an influx of expensive rental homes if the expensive markets decline. People will be reluctant to sell at a loss and will rent them out for their mortgage payment or less in the hope that the market will rebound.
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I don’t understand why the Fed is buying mortgage bonds.
We might go from limit down to limit up, amazing
Fed got a solid 15 minute market bump out of the announcement of infinite QE, better than last time!
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They probably want to keep lenders from getting spooked. Lower interest rates, plus security of offloading mortgage to the Fed should lead to low rates for conforming mortgages or refinance, which is a backdoor stimulus to the middle and upper middle classes.
You don’t say…???
We have infinite resources available to make sure rich people stay rich, but food and medicine for the other 95%? Fuck them.
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I go to bed, very very late, with futures down around 5%, expecting to wake up and check on whether we’re going to open into a circuit breaker or it’s going to take like 5 minutes. Instead, I wake up and futures are up like 4%… I’m like holy shit, did Italy announce they were out of the woods? Did some medical trial show efficacy? Did the Senate come to terms on a deal?
Open up CNN, no headlines that indicate a swing of that magnitude. Open this thread, oh, UNLIMITED QE.
UNLIMITED!
Wall Street is like…
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And now Wall Street is like just kidding, open -1.5% and dropping.
The Fed has emptied its clip, and it is not enough.
It’s the stimulus bill, dummies. It’s making the the 99% are still above water in 6 months, 12 months, however long it takes.
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