Originally Posted by ChiliConCarnage:
It was expected. As cities and states have gone into lockdown lots will be laid off. I think food and hospitality is 15 million workers. A huge chunk of that will be laid off. You don't need waiters if you can't seat anyone for possibly the next month or two.
Hopefully it works and this shit goes away and doesnt come back for a 2nd wave.
Agreed. I’ve had enough.
Hopefully those jobs are still there at the end. [Reply]
2008 recession blasted construction, manufacturing and financial / professional sectors employment.
I think an economic depression would mean construction falls off a cliff, if you're bearish then short homebuilders but probably not Lowe's / Home Depot types.
Big Finance I could imagine will have layoffs which will ultimately improve their bottom line as IB was already purging entry / early tenured professionals. I think working from home will expose IB and big corp management to the idea that their headcounts are inflated. [Reply]
Not that I think anyone will be buying houses who aren't already in the position where they are immune from the depression, but it's looking likely mortgage rates will go up as lenders raise minimum FICO scores and thus will need higher yields to meet the bottom line. [Reply]
Originally Posted by Discuss Thrower:
Not that I think anyone will be buying houses who aren't already in the position where they are immune from the depression, but it's looking likely mortgage rates will go up as lenders raise minimum FICO scores and thus will need higher yields to meet the bottom line.
So it’s a good thing I got locked in at 2.9 percent this month? [Reply]
My attorney told me he has 15 closing scheduled for next week then crickets. I've been monitoring the list of properties we were interested prior to buying and nearly all are price slashing, one slashed their price twice yesterday. [Reply]
Originally Posted by Discuss Thrower:
Not that I think anyone will be buying houses who aren't already in the position where they are immune from the depression, but it's looking likely mortgage rates will go up as lenders raise minimum FICO scores and thus will need higher yields to meet the bottom line.
Care to elaborate on this or link to any reasoning?
Wife and I are currently building a house. Two months ago I was thinking, "Great...market is doing well and we shouldn't have trouble selling current home AND interest rates are pretty damn low and not expected to rise much if at all."
In the past few weeks, rightly or wrongly I've thought that while I'm still not terribly worried about interest rates rising too much by the time our build is complete, I've started being a little less confident in the ease of selling our current home.
As it stands, construction hasn't slowed down and builder doesn't foresee much change in original timeline, which is targeted at a late October completion. [Reply]
Originally Posted by Discuss Thrower:
If you're going to stay in the house for a time where the amount you spent in fees is saved in cheaper mortgage payments, sure.
My mortgage guy covered all the fees
And My next address after this one will be the cemetery [Reply]
