Sniper

Also, what about property taxes? Many people pay their property taxes as part of the mortgage payment. If they haven't paid their mortgage in a year, is the bank paying the taxes, to prevent a tax sale? Or, is there a tax collection moratorium too? I haven't seen anything regarding that.

Exactly what I was thinking. I believe part of the moratorium was that the mortgage companies couldn't report you to the credit agencies as a late pay, so I wonder how many are just taking advantage of the free ride? Also, what legal authority does Murphy have that he can overrule contract law between a mortgage company and owner?

Went searching for some data, here's the status in NJ, which was just posted the beginning of the month: - Households that report falling behind on mortgage payment: 25.5% (#26 highest, 14.3% less than in 2020) - Households with lost income that fell behind on mortgage: 24.4% (#36 highest, 17.7% less than in 2020) - Unemployed respondents who fell behind on mortgage: 30.9% (#13 highest, 15.1% greater than in 2020) https://madison.com/business/investment/personal-finance/how-covid-19-has-impacted-mortgage-payments-in-every-state/collection_7ca1035e-1e88-57cc-b6ef-182d85313c4c.html#32 What should help people this go around compared to the last housing crisis is that many houses have equity, due to the recent jump in prices, versus last time, when prices were dropping. People in trouble will probably opt to sell the house, and keep the equity, versus letting the bank have it. But, if the 25% in this report all decide to sell at the same time, it would add to the available inventory, which might affect prices.

Actually, last month, he extended the NJ moratorium to January. Can you say "buying votes"? I knew you could!

Part of the high pricing will depend if Biden kicks the moratoriums further down the road. The longer he does that, the longer it will take to stabilize. I wouldn't be surprised if the ending of them at the end of this month gets extended. I believe there's still 15 million people receiving some sort of pandemic unemployment, 15 months later. Before the pandemic shutdowns occurred, it was around 1.7 million. Big difference!

Had a conversation last night with my daughter-in-law, who's in the real estate business regarding the upcoming eviction and foreclosure moratorium coming up at the end of the month. Cliff notes version: These current high prices will be ending soon. If you're looking to sell, we're close to the top on prices. If you're looking to buy, try to hold out, as more inventory will be coming on the market, pushing prices down. She gets access to the "heat maps" of people in pre-foreclosure. She says the list is off the chart, tons of houses are in this status. Now, some with do a mortgage modification, and roll past due balances back into their loans. But, she said many people have passed that window of opportunity to do that with their mortgage company. They will just "squat" and let the clock run out, just like back in 2008, but the numbers are WAY HIGHER this cycle. IN NJ, the process to foreclose can take years, specially with these high numbers. If any of you remember looking around to buy in the last downturn, these pre-foreclosure houses ended up being in really bad shape, since people stopped doing maintenance on them. That pushed prices down too. Regarding the rental evictions, all those tenants will never make up the overdue rent. They had a big party with all their stimulus dollars and UE kicker money. Even with evictions, it takes months to kick the freeloaders out. Then, where will they go and what landlord will re-rent to them, if they know they stiffed the last landlord? Also, many ma and pa landlords stopped paying their mortgages without rent coming in. They are in the same boat as the homeowners above. And, to add, these non payers of rent and mortgages in many cases, also stopped paying utilities and taxes. The utility moratorium is also coming to and end. Bottom line, the current housing market will make 2008 look like a preschool party.

Speaking of credit cards, I'm reading on other forums that people are reporting that their available credit line on their cards is being reduced. Banks are reducing their exposures. Something for you guys to keep an eye on. Also, when these lines of credit at WF, and even your credit lines on cards gets reduced, your FICO scores can take a hit, due to an increase in your utilization and ratios... Can affect any future borrowing you might do in the future.

Wonder how much of that credit card debt and consolidation loans were from the Reddit boys buying Game Stop stock and Bitcoin?

Personal loans and lines of credit are unsecured, right? And at lower interest rates than credit cards. Some speculation is that it might be tied to the upcoming eviction moratorium and foreclosure moratorium ending at the end of the month. Did tenants/landlords or homeowners draw off their lines of credit to stay solvent, and now it will be time to "pay the piper", and they're tapped out? Also, how many small business owners have lines, and have drawn them down to stay alive and the businesses are struggling for workers and sales volume? I expect many business owners to just throw in the towel if we go back into any type of lockdowns.

Just saw this article. This might explain it. People have been loading up on debt, and WF wants to play Prevent Defense from defaults. Borrowing Is Back as Sign-Ups for Auto Loans, Credit Cards Hit Records Americans are borrowing again, in some cases at levels not seen in more than a decade. Consumer demand for auto loans and leases, general-purpose credit cards and personal loans was up 39% in April compared with the same period last year, according to credit-reporting firm Equifax Inc. EFX -1.32% It was also up 11% compared with April 2019, according to Equifax, which measured how often lenders checked consumers’ credit reports to make loan decisions. “There’s a significant increase in consumer-credit demand and a growing appetite to use credit on things like those vacations that were postponed for 18 months,” said Tom Aliff, senior vice president of analytics consulting at Equifax. Lenders also issued nearly six million general-purpose credit cards in March, up 32% from a year earlier and the highest March figure on record. https://www.wsj.com/articles/borrowing-is-back-as-sign-ups-for-auto-loans-credit-cards-hit-records-11625736601

This could be a really big story. My guess is that they see something coming behind the curtain, and are circling the wagons in advance... The bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC. The product, which typically gave users $3,000 to $100,000 in revolving credit lines, was pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts. With its latest move, Wells Fargo warned customers that the account closures “may have an impact on your credit score,” according to a frequently asked questions segment of the letter. “Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts,” the bank said in the six-page letter. The move would let the bank focus on credit cards and personal loans, it said. https://www.cnbc.com/2021/07/08/wells-fargo-is-shutting-down-all-personal-line-of-credit-accounts-.html

Definitely agree with that. We moved to Virginia years ago for a few years. Great place to live and a great place to raise the kids. Housing was HALF the cost it was here, and taxes were 1/4 of here, for more house and more property. People asked, "why the hell did you move back to NJ?" I said, it was cheaper than getting a divorce...

Ha, exactly what I thought. I like hardware that's a bit "different", and not another face in the crowd! When are you taking that baby out for a test ride?

Do they like it?

I'm guessing it's not legal here (too many evil features), but it has a brace, does it fit in the "other" category? The Kalashnikov USA Komrad Firearm 12ga AK-47 12.5in 5rd Black SBA3. The Komrad is a US manufactured 12 GA semi-automatic tactical firearm based on the Russian Saiga series. It is designed to accept 2.75 and 3 shells and includes two 5 round magazines. The Komrad has a SB Tactical SBA3 pistol brace, adjustable pistol grip, tri-rail forend, vertical forward grip, standard side mounted optics rail and a threaded muzzle nut. Total length of the firearm comes to 31.5 inches. https://tombstonetactical.com/product/komrad-12ga-ak-47-pistol-12-5in-5rd-black-sba3#product_detail

Did he just finally wake up from his nap? ....."Governor Andrew M. Cuomo today declared the first-in-the-nation gun violence disaster emergency as part of a new, comprehensive strategy to build a safer New York. This new strategy treats gun violence as a public health crisis, using short-term solutions to manage the immediate gun violence crisis and reduce the shooting rate, as well as long-term solutions that focus on community-based intervention and prevention strategies to break the cycle of violence. The disaster emergency allows the State to expedite money and resources to communities so they can begin targeting gun violence immediately. To coordinate this nation-leading gun violence prevention effort, the Governor announced the creation of the Office of Gun Violence Prevention. The Governor also required by Executive Order major police departments to share incident-level data on gun violence with DCJS to compile this data weekly. This data will be used by the new Office of Gun Violence Prevention to track emerging gun violence hotspots and deploy resources to those areas that need it most. https://www.governor.ny.gov/news/governor-cuomo-declares-first-nation-gun-violence-disaster-emergency-part-comprehensive

You could also go to a free state like Tennessee.

Who wants to move to West Virginia? West Virginian lawmakers have eliminated the sales tax on all small firearms and ammunition and are also offering weapon manufacturers tax credits in hopes of sparking an economic boom, according to local news WOWK. The law was passed in House Bill 2499, which went into effect on July 1. Customers can purchase handguns, shotguns, rifles, and whatever their heart desires (chambered up to .50 caliber) without sales tax. But the sales tax is only a small part…the bill also stimulates economic growth in manufacturing industries by allowing tax credits for arms and ammo makers in the state. “If they do a $1 million piece of equipment, we will tax it as if it’s a $50,000 piece of equipment. That’s to encourage investment in the state,” said Delegate Howell. “It makes West Virginia the single best place to locate arms or ammunition manufacturing plant,” said Delegate Howell. Manufactures in bordering states are already thinking about making West Virginia their new home. The state hopes to get in on the action of record gun sales and millions of first-time gun owners sparked by the virus pandemic and social unrest of 2020. With millions of new guns owners, parts and ammo will be needed, and West Virginia plans to capitalize on that. If you are going to buy that $2,000 riffle, it's going to be $120 cheaper here in West Virginia than compared to our neighboring states," said Delegate Gary Howell, (R) District 56.

At first, I thought you were talking about 30 round and 15 round magazines..

Yeah, consistently wrong, but whatever... Ha... that's funny... You must be confusing me with someone who gives a shit. I don't spend a second worrying or putting in time about something I have no control over. But, you continue to knock yourself out, and go to all those town meetings, thinking that it will make a difference. You know, like voting every two years... how's that working out for you?

The disease is spreading.... ....."A 5 cent per bullet tax will be proposed in Pennsylvania as part of legislation to be brought forth by two state House Democrats, Rep. Manny Guzman and Rep. Stephen Kinsey. The tax would fund a state police database of ammunition sold in Pennsylvania. The planned legislation would require ammunition manufacturers to encode ammunition provided for retail sale in Pennsylvania, and to provide ammunition serial numbers to the Pennsylvania State Police for the ammunition database. The plan was revealed in a joint memo to the state legislature by Guzman and Kinsey. “By maintaining a record of purchases of ammunition,” the memo continues, “our law enforcement officers will be able to easily trace the ownership of any ammunition involved in a crime. This proposal is a much more reliable method of forensic tracing than current systems like ballistic fingerprinting, since determination of a bullet’s code does not require any special skills or equipment, and it serves as an objective identifier.” https://www.zerohedge.com/political/pennsylvania-democrats-propose-bullet-tax-and-encoded-rounds-track-ammo-owners It is unclear how such a law would address unmarked ammunition from other states or the ammunition already owned by Pennsylvanians.

But hours ago, you said this: Folks, you can't make this crap up... Here Jack, this should help your confusion: ....."With his signature, Christie lowered the existing ceiling on annual increases from 4 to 2 percent, and closed most loopholes in the existing law". When towns and schools starved of revenue want to raise taxes higher, they will have to get permission from a majority of local voters — something foes warn will widen the chasm between rich and poor communities. "They've got to come and get permission from the people who pay the bills," the Republican governor said, flanked by supporters at a signing ceremony in Hamilton Township." https://www.nj.com/news/2010/07/gov_christie_signs_2_percent_p.html

Here's your delusional conspiracy about a 2% cap per year. I screen captured my chart from Zillow. I whited out the front edge of the numbers, but you'll see the percentage increase each year. The assessed value has been the same since 2015, when it was lowered back down. Keep believing the 2% cap, do you also believe in unicorns?

A pool was added. Sure, the numbers are fake... keep believing that.. And that's how they play the game, either tweak the assessment or the rate. They get their pound of flesh either way. My assessed value is $7K LOWER now from when I bought the place in 2013. They bumped the assessed value up in 2014, to pound me with higher taxes, then bumped it back down in 2015. But guess what, my tax bill has gone UP every year, not down.... Imagine that...

Wow, a long post just to get to the point I was making. Really? Why don't you post your property tax bill for last ten years so we can see that. My taxes have gone up 34% in the seven years I've been in this house. The biggest jump came when they bumped up the assessed value in 2014.