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Nzoner's Game Room>***NON-POLITICAL COVID-19 Discussion Thread***
JakeF 10:28 PM 02-26-2020
A couple of reminders...

Originally Posted by Bwana:
Once again, don't come in this thread with some kind of political agenda, or you will be shown the door. If you want to go that route, there is a thread about this in DC.
Originally Posted by Dartgod:
People, there is a lot of good information in this thread, let's try to keep the petty bickering to a minimum.

We all have varying opinions about the impact of this, the numbers, etc. We will all never agree with each other. But we can all keep it civil.

Thanks!

Click here for the original OP:

Spoiler!

[Reply]
SAUTO 06:48 AM 04-02-2020
Originally Posted by BigRedChief:
They are not sick.
How the fuck can you say that? you dont know...
[Reply]
dirk digler 06:51 AM 04-02-2020
6.6 million filed unemployment claims last week. We are fucked.
[Reply]
wazu 06:52 AM 04-02-2020
Originally Posted by WhawhaWhat:
Good lord. Doesn’t he have handlers or someone to manage his ignorant, incompetent ass? How does anybody let that statement go out?
[Reply]
PAChiefsGuy 06:54 AM 04-02-2020
Originally Posted by dirk digler:
6.6 million filed unemployment claims last week. We are ****ed.
That is insane
[Reply]
Discuss Thrower 06:59 AM 04-02-2020
Originally Posted by dirk digler:
6.6 million filed unemployment claims last week. We are fucked.
Tens of millions of Americans will likely lose their jobs as the coronavirus pandemic sends the U.S. economy into a free fall, causing the unemployment rate to surge to levels not seen since the Great Depression, according to a St. Louis Federal Reserve estimate.

The analysis, posted by St. Louis Fed economist Miguel Faria-e-Castro, projected that unemployment could hit 32 percent in the second quarter as more than 47 million workers are laid off as a result of the pandemic, which has forced swaths of the economy to shut down. That would exceed the 24.9 percent peak during the Great Depression.


Source
[Reply]
Discuss Thrower 07:01 AM 04-02-2020
Originally Posted by :
From landlords to economists to Wall Street traders, a lot of folks are fretting over what’s going to happen on April 1.


That question is hanging over the U.S. real estate industry as $81 billion in rent payments come due. Renters are warning they won’t pay, prompting property owners to have delicate conversations with their lenders. And regulators are racing to keep the wheels of finance turning in the middle of a global health crisis.

Few in the industry are certain how things will play out. Most agree that laid-off renters and shuttered retailers are suffering, and that the pain is going to spread as long as the economy is locked down.

“The hardest thing right now is that nobody actually knows how bad it’s going to get,” said Willy Walker, chief executive officer at commercial real estate lender Walker & Dunlop Inc. “That’s driving everybody crazy.”

After a long economic boom in which tight housing inventory gave apartment landlords unprecedented power to raise rents, the shoe is on the other foot as the calendar turns toward April. Many local governments have placed temporary bans on evictions, and there’s a growing sense that even tenants who can afford to pay will skip rent.


Apartment owners collect more than $22 billion in rent in a typical month, roughly a quarter of the total landlords take in across major types of commercial property, according to CoStar Group Inc. In an extreme scenario, more than 25% of the households that rent in the U.S. may need help making payments because of the coronavirus, requiring up to $12 billion a month in government support, according to research from Amherst Holdings.

U.S. Set to Report Millions More Unemployment Claims This Week

Residential landlords aren’t the only ones worried. Retail owners have little leverage, since a quarantine is a bad time to find new tenants. Rental debt typically must be paid eventually, but uncertainty about the economic impact from the virus makes it hard to anticipate when people and businesses will be able to make up missed payments.

“If tenants stop paying rent, then at some point landlords can’t pay utilities,” said Scott Rechler, chief executive officer at RXR Realty, a New York-based owner of offices, apartments, and other properties. “The municipalities don’t get their property taxes or mortgages aren’t paid and the banks get a spike in defaulting loans.”

Across credit markets, regulators are racing to prepare for missed rent to turn into late loan payments. The apartment industry alone has more than $1.5 trillion in outstanding debt, said Dave Borsos, vice president of capital markets at the National Multifamily Housing Council. Last week, the Federal Housing Finance Agency said it would allow apartment owners who financed their properties through Fannie Mae and Freddie Mac to delay mortgage payments.

Real estate investor Tom Barrack argued in a series of tweets on Saturday that offering forbearance on interest owed by real estate owners and mortgage investors is central to providing relief to U.S. businesses – and that the U.S. Treasury could help stabilize debt markets by purchasing certain commercial mortgage backed securities.

American renters, meanwhile, are making their own calculations. Kansas Wade, a 28-year-old recruiter for tech companies in Austin, sent an anxious email to her landlord after social-distancing efforts cost her girlfriend her job as a hairdresser. Their property manager dismissed a request to reduce or defer part of the monthly $1,400 payment, leaving Wade to worry she’ll have to use her credit card to make rent.

While the stimulus package passed by Congress should eventually put cash in the pockets of consumers and make emergency loans available to small business owners, the economic carnage is still unfolding. Jobless claims are spiking, with economists estimating that 3.3 million Americans filed for unemployment last week.

“I’m less worried about April,” said Bruce McNeilage, CEO of Kinloch Partners, which operates single-family rental homes. “I’m more worried about May 1. Once people miss three or four paychecks, that’s when things get bad.”
Source
[Reply]
Donger 07:03 AM 04-02-2020
Well, I guess the spring breakers aren't immune after all.
[Reply]
Monticore 07:14 AM 04-02-2020
Originally Posted by Discuss Thrower:
Source
I only have one rental with only the boyfriend having been laid off so I will probably be ok getting my rent but I can’t imagine guys with tons of rentals and being their primary income coming from rent.
[Reply]
petegz28 07:15 AM 04-02-2020
Originally Posted by dirk digler:
6.6 million filed unemployment claims last week. We are ****ed.
What did you expect?
[Reply]
HonestChieffan 07:18 AM 04-02-2020
Originally Posted by petegz28:
What did you expect?

There was never a doubt....
What we cannot gauge is the overreaction in the market and will compound when the Realestate business realizes no rental income.....
[Reply]
dirk digler 07:18 AM 04-02-2020
Originally Posted by petegz28:
What did you expect?

Around what it was last week, 3 million or so.
[Reply]
SuperBowl4 07:21 AM 04-02-2020
http://worldlifeexpectancy.com
[Reply]
HonestChieffan 07:24 AM 04-02-2020
Originally Posted by SAUTO:
How the **** can you say that? you dont know...
Maybe he gets his data from the Georgia Gov...
[Reply]
petegz28 07:25 AM 04-02-2020
Originally Posted by dirk digler:
Around what it was last week, 3 million or so.
I hate to tell you but it's going to get worse. Like up to 30 million. You don't shut shit down like we are and expect unemployment to not get ass plowed. The longer this goes on the more and more the numbers will shoot up. Think about it....everyone who works in a theater, salon, gym, bar restraunt, event center, etc. and the businesses that serve those business are now either completely shut down or have greatly reduced staff.

Everyone wants everything shut down which is fine. But there is a cost to it.
[Reply]
displacedinMN 07:26 AM 04-02-2020
Happy and healthy day to everyone.
[Reply]
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