re: #30 Anymouse 🌹🏡😷

What’s also going to cascade are foreclosures.

The housing market was already soft, and the typically over-built suburbia of the wastelands were already showing increasing numbers of distressed sales. Las Vegas is always a classic example of this - happened after 2008 when a tsunami of foreclosures.

Last night on HGTV’s long-running House Hunters, an episode aired, “From a Trailer to a House for Eight”. watch.hgtv.com

Even though it aired last night, the season it is from is 173, which would be from a couple of years ago (I think they are up to season 195 now.)

Anyway, a couple with 6 kids are buying a house in Oceanside, California. It’s the northwest corner of San Diego county and the town serves as housing for lots of military (it is next to Camp Pendleton.)

Said couple had a house previously, sold it, but wanted to be debt free, so they lived in a trailer (with all their kids) for a couple of years to save money.

They had $650k to spend (a decent down payment but not a big budget for most of the county.)

Their idea to be debt free is fine… but if this episode is from a couple of years ago then they were buying near the top of the market. For all their idealism about being debt free, buying at the peak price is not a good idea, but they couldn’t take living in their trailer anymore.

So they eventually bought a place (typical southern California crappy tract house).

Hopefully they liked their choice, as even if they have no mortgage their house value is now going to decline.

Here’s the Zillow page for Oceanside today, the middle price range page is linked (which has houses around their budget.)

zillow.com

And if you look at that page what do we see?

“Pre-foreclosure”. “Pre-foreclosure”. “Pre-foreclosure”. “Pre-foreclosure”. “Pre-foreclosure”. “Pre-foreclosure”. “Pre-foreclosure”. “Pre-foreclosure”. “Pre-foreclosure”. “Pre-foreclosure”. “Pre-foreclosure”. “Pre-foreclosure”. ….

This is going to cascade, as real estate markets always do.

We are only at the beginning of this economic disaster. The AOC tweet below is poignant, yet the “slush fund” is an acknowledgment by the Republican Senate that the financial industry is going to be in trouble. While we can take it as a sign of the hard-heartedness of the GOP… it is also a sign that they know the economy is in trouble.

The remaining Trumpers (31% to 36% of the electorate depending on various polls) are beyond clueless. They are so far in denial of how bad Trump really is that I can confidently write that they are either vile people or have serious mental deficiencies. No one can look at Trump by any objective measure and come to any conclusion other than he’s the worst President the US has had (and the US has had some doozies back in the 19th century.)