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Lets talk about this headline that just recently came up: A perfect financial storm is brewing and it is worse than 2008.
One, this article mentioned that we have the Eviction Protections ending the week of July 24th – meaning that landlords will now be able to pursue evictions from tenants who have not paid their rent.
The most likely TRUTH behind all of this is…coming from the prospective of a landlord…is that, realistically, there’s NOT going to be a huge wave of mass evictions like every article is talking about. I’d venture to say that most states will have protections and resources in place for tenants NOT to all be evicted at once, AND – I’d bet most landlords would want to work with any tenant who’s willing to structure a re-payment plan. If that option becomes available, TECHNICALLY…tenants would have even more time to catch up on missed payments before being evicted, so even if they know they can’t pay in the future…it’ll buy them time.
Two, the other issue is the unemployment benefit of $600 per week potentially ending.
THE BRIGHT SIDE is that it looks UNLIKELY that the unemployment benefit is going to be COMPLETELY going away down to $0. This is probably going to need to be something that’s slowly weened off and reduced over time as the economy begins re-opening, and perhaps within 6-12 months, the whole thing will go away…but, for now, I do think it’s important to continue to some degree, and that looks to be the case.
Third…we also have the FORECLOSURE CRISIS…meaning, home owners are behind on their payments, they’re in temporary forbearance, and once that pause period is up – lenders can foreclose and take back the home.
Yes, this IS something of concern – but, the numbers behind it aren’t quite as alarming. Federally backed mortgages have given home owners the option to temporarily pause their housing payment for up to 180 days, with the option to EXTEND AN ADDITIONAL 180 days if needed…so, a year SHOULD be sufficient time for home owners to restructure their loans and make up for missed payments at a later date, if need be. And, according to the research…the number of loans in forbearance has actually been DECREASING recently, down to 7.8% according to the Mortgage Bankers Association.
ALL OF THAT, COMBINED…is what’s going to lead us into a perfect storm, WORSE than 2008…according to CNBC…and, I have to say, as a total investing amateur who just makes video like this in a bedroom of my house and asks way too much for likes…I would say the biggest elephant in the room, isn’t necessarily what we just mentioned here….but, instead, how long our economy takes to re-open, how many jobs comes back, and how freely people begin spending money again.
So, overall – we have quite a lot going on right now, but headlines saying “this is a perfect storm” is a little exaggerated…yes, there are some serious concerns out there, that hinges on unemployment being extended…BUT, the likelihood of this actually all happening at once is very slim, and I think we’ll know by the end of this week whether or not the next stimulus package address these issues.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
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