Efficient energy, modern design. Go solar with TeslaEfficient energy, modern design. Go solar with TeslaEfficient energy, modern design. Go solar with TeslaEfficient energy, modern design. Go solar with TeslaEfficient energy, modern design. Go solar with TeslaEfficient energy, modern design. Go solar with Tesla.
I have been looking into the FHA foreclosure delay program in my market this week. (Thanks to John Comiskey and others for shedding more light on this program).
There's a house down the street from me that has been vacant for months, and I decided to look into it...
Here's this one example:
-Buyer buys property in early 2022, with a FHA 1st at 97% of the purchase price, AND a second at 3% of the purchase price (down payment assistance grant from the state of California). (Buyer has $0 in the property).
-Late 2022, the property starts getting utility loans recorded against it.
-Early 2023, HOA liens start getting recorded
-Mid 2023, HUD records a $29,000 loan against the prop.
-Mid 2024, more utility liens later, HUD records another $17,000 against the prop.
-Now 2025, the property has been vacant for 9+ months, and HUD just recorded another $36,000 against the prop.
-Property is underwater.
This program isn't always about keeping some family in their home who lost their job during Covid. In this case, they are delaying foreclosure on a VACANT property that was bought in 2022 with no real money from the buyer.
Alarming.
Read this twice 👇
"....Banks had to try 12 times harder to create the illusion of healthy balance sheets and to curb portfolio losses in a single quarter of 2024 than they did in all of the global financial crisis..."
-Look at the ballooning unrealized losses.
-And consider that is with a lot fewer institutions reporting
Q2 - 2007
8615 institutions reported
unrealized losses of $297 billion -FDIC
Q4 - 2024
4487 institutions reporting unrealized losses of $482 billion - FDIC
"..The onset of the global financial crisis saw 8,615 institutions reporting unrealized losses of $297 billion, while the fourth quarter of 2024 saw 4,487 institutions reporting unrealized losses of $482 billion.... in just a single quarter.."
Think of the last couple years when the media and Wall Street told us the economy was great
@McSqueezyTheCow