Vote With Your Feet
Last week’s California correspondent — who’s leaving the calamitous state — writes: “To answer your question, I am planning to move to Idaho, retiring in the Lake Coeur d’Alene area. It’s a great place for sailing, and the real estate is still affordable.
“Also, taxes are lower, there are no major earthquake faults and they experience all four seasons. Oh, and guns are welcome.
“The people are friendly, and they welcome us Californians… ONLY if we leave our politics behind.”
A sentiment echoed by another reader: “I hope the thousands (millions?) who leave the Golden State don’t forget why they left, resisting the urge to vote for ‘Cali-crat’ politicians, onerous regulations and new giveaways in the states to which they move.”
Speaking of voting, we asked readers if they’ll be voting come Nov. 3. A reader in Oakland, CA says: “Yes I will be voting. I have a mortgage, and I must do everything in my power to balance out the idiots.
“However, I might be voting with my feet too. I just need a bigger fool to take my property off my hands.”
Send your opinions to, TheRundownFeedback@SevenFigurePublishing.com.
Your Rundown for Monday, Oct. 5, 2020…
A quick correction on a reader’s take last week on nitrogen-powered cars; more accurately, that would be hydrogen-powered.
Turning to the housing market today, MarketWatch says: “By the end of 2020, several million borrowers who have received mortgage forbearance will have gone nine months without making a mortgage payment.”
Unfortunately for some Americans, the idea of mortgage forbearance has been conflated with mortgage forgiveness. But — at some point — it’ll be time to pay the piper…
To give an idea how many mortgages are in delinquency, according to June data from the Mortgage Bankers Association, that’s about 8.2% or 4.3 million mortgages.
And more recently: “According to HUD’s July 2020 ‘Neighborhood Watch’ report, 17% of 8 million [FHA-insured] mortgages are now delinquent.”
Hardest-hit areas of the U.S.?
It’s honestly a mixed bag, ranging from the Northeast to the Sun Belt and, in the case of Chicago, the Midwest. At least the Western half of the U.S. hasn’t cracked the top-ten… yet.
“Another reason for alarm is the private, non-guaranteed (non-agency) securitized mortgages that go back to the crazy bubble years and which are still active,” MarketWatch says.
We’ll talk more Wednesday on how sub-prime (and non-prime) mortgages have roared back to life since the Great Recession.
Market Rundown for Monday, Oct. 5, 2020
S&P 500 futures are up 22 points to 3,361.
Oil is up $1.75 to $38.80 for a barrel of West Texas crude.
Gold’s up $3.90 to $1,913.50 per ounce.
Bitcoin’s added $50.08 to its price at $10.713.54.
Send your comments and questions to, TheRundownFeedback@SevenFigurePublishing.com.
We hope your week’s off to a good start. We’ll talk soon.
For the Rundown,