For all of you waiting for the explosion of cheap boats hitting the market it hasn’t happened. I don’t expect it to happen either.
I’ve been watching boats and touring motorcycles and both markets for used are still strong.
All in time. Going to be a brutal winter and last for many businesses.
In my price range I was looking many prices came down, about right for timing. This cold and snow makes it seem longer along then it is in the year.
We’re still going to see a market correction IMO. The feds pumped trillions into unemployment payments and other assistance. They can’t keep doing that forever. Eventually the money from the feds will stop and people will no longer be able to afford their toys, or paying their mortgage for that matter.
When the housing bubble burst and caused the markets to crash 2007-08 and lead to a large scale recession, the housing market didn’t bottom out in terms of pricing/home values until end of 2010 and first half of 2011.
There’s always a lag time between the actual crash and it hitting segments of the consumer based market. It’ll happen. The feds pumping trillions into the economy is only going to prolong the inevitable. It could be two years before the ripple effects of this are fully felt if the feds keeping pumping money in trying to stop it from happening.
The housing market will crash, and along with it so will everything else. People don’t hang on to their boats and ATV’s when they can’t pay their mortgage. That stuff will flood the market in the not too distant future. It took a three year lag time without banks being restricted from foreclosing on homeowners like they are now to hit the bottom, but it started going down sooner. This one will take a longer lag time before really dropping. Foreclosure is a process that often takes a year or two before the home hits the market again. Banks aren’t currently allowed to start that process. That alone will increase the lag time.
Consumer spending hasn’t just crashed it’s cratered and 70% of the commerce that was our economy was consumer spending based. In MN we had over 200,000 people lose their job in a day, out of a total of 2.8 million jobs in the state. What makes it more staggering is that we’ll be lucky if half those jobs return with pay half of what it was before.
It’s going to crash, just give it a little more time for the money to dry up first.
Who in their right mind would read this spew from joneser? I agree, you are one serious moron.
Who in their right mind would read this spew from joneser? I agree, you are one serious moron.
Really insightful take. Lots of pertinent info.
Speaking of the housing market…..
….it’s nice to see I’m living in your head rent front free, beeee-iatch! 
Next time come with a decent take on the subject or don’t come at all. You might not care for my takes but at least I actually have ones to share.
What do you have? Nothing. Is that all you are, just some loser with his panties in a bunch who has nothing else to contribute but some weak azz trash talk?
You better sit yourself out of this game and undress if that’s the best you got. Girls locker room is that way [middle finger pointed towards the horizon].
Who in their right mind would read this spew from joneser? I agree, you are one serious moron.
Just because a guy comes in with a strong opinion based on valid points from the not so distant past is no need to call names and degrade. You should look in the mirror.
As far as the subject matter the I couldn’t agree more with jonsers insight on it.
It’s a cycle. It will come around
Housing market will dip, but not crash like it did in 2007. By ridding the Clinton/Obama (pre Obama presidency) banking deregulation, it has put many safe-guards back in place. Banks are much more conservative on residential home loans/equity loans.
It is concerning to see recreational toy loans. I’ve seen people not be able to get a loan to enhance their home, but get a 50k loan on a used boat???????
Banks are much more conservative on residential home loans/equity loans.
Tell me about it. We locked a refinance 5 weeks ago. They are backed up so we are just waiting for closing. Three times in five weeks they have asked for pay stubs, also thy have called my wife’s employer TWICE to confirm her employment (she answers the phone at her work), I’m assuming they have called my employer as well. Also when my wifes job was eliminated due to covid in April she was given a sizable severance payment. They found that deposit and needed confirmation that it is not a loan of some sort we didn’t disclose. We have really good credit, and they are treating us like we have something to hide. It’s kinda to the point I’m getting pi$$ed off. I’ve financed my share of stuff through this bank, I have never been treated like this before.
<div class=”d4p-bbt-quote-title”>Wallyhntr1 wrote:</div>
Who in their right mind would read this spew from joneser? I agree, you are one serious moron.Just because a guy comes in with a strong opinion based on valid points from the not so distant past is no need to call names and degrade. You should look in the mirror.
As far as the subject matter the I couldn’t agree more with jonsers insight on it.
Exactly. I don’t agree with many people on this site when it comes to “things” outside the scope of the forum, but I also agree with jonesers. Especially if you’re already in a area of poverty. Also, no one I know that received pandemic assistance used that money to better their situation. Nobody paid off bills or saved a dime. Everyone blew their cash on toys. And like jonsers said, people don’t hang onto boats and ATV’s when they are facing foreclosure. So, we will end up with families with no assets transitioning from single family homes to the EVER EXPANDING apartment complexes you see sprouting like corn fields. The single family home is being faded out for mass subsidized housing. That’s been happening for decades and this is just the push it needs to be fulfilled.
Who in their right mind would read this spew from joneser? I agree, you are one serious moron.
Perhaps wallyhunter guy posted in wrong post.
Also agree with joneser on this one
I think there will be a surplus of used boats, RVs, etc next year and the year after. Basically, when life returns to “normal”, people will realize that they want to go do the things they were doing before the pandemic and wonder why they have a $40k boat sitting there only being used once a year. It was a lot of impulse purchases this season.
There will be another big stimulus package by January.
I agree with some of the posted points and not others.
Yes, people have overreached on home and recreational purchases. Yes, that has basically become “The American Way.”
No, I’m not 100% certain the toys will at some point flood the market. A portion of them will, but not all. The ones rarely used and sitting around will join the market. The ones being used likely won’t. I completely disagree with the one point above about people not being able to afford a mortgage so they have to dump recreational purchases. There are plenty of people out there who will live behind on a mortgage to keep their truck and boat. Priorities and common financial sense are a confusing thing for many. I know local families in our area who have lost homes yet drive luxury vehicles and have big pleasure boats. It’s the same concept when I follow someone through a grocery store line that uses stamps but has nicer shoes, clothes, and cell phones than I do. A guy in his early 30s who lives just down the road from me switches poor paying jobs regularly, has 2 kids with different women, lost his small ranch house a few years ago…but drives a couple year old Duramax with a giant custom Trump decal pulling a maybe 5 year old bass boat. He’s always offering to “buy a round” at the bar too!
Housing market will dip, but not crash like it did in 2007. By ridding the Clinton/Obama (pre Obama presidency) banking deregulation, it has put many safe-guards back in place. Banks are much more conservative on residential home loans/equity loans.
It is concerning to see recreational toy loans. I’ve seen people not be able to get a loan to enhance their home, but get a 50k loan on a used boat???????
Toys can be repossessed easily. It’s harder to foreclose on a house.
There will be another big stimulus package by January.
Well, I hope they figure out a way to do it correctly or with purpose. Sending my wife and I another $2,400 check is senseless. Neither of us has missed a day of work. No negative impact from covid other than supply chain issues. (Think TP)
I know we are not alone here!
-J.
Um, this is about boats and motorcycles.
Anywho went fishing with a IDO Mn transplant a couple weeks ago and his neighbor. The word on the streets is in 2 years you’ll be able to buy a gently used boat at a good price. Demand is high now, but once the rona is a gonna, it’ll be time to buy.
IMO, people are thinking that job loss is across the board and it isn’t. Many are doing the same or thriving during this pandemic. They are buying and taking advantage of extra money from not going anywhere or just flat great deals out there. My wife and I are retired and make the same today as we did pre virus. We’ve had to cancel a number of trips this year and I can’t remember our savings account ever being bigger. It has seemed to me that the service industry and namely lower income jobs have been the hardest hit. I don’t see them as the ones making the large purchases in the first place.
I dont know many people who have lost there job or were out of work. I havent missed a day. Actually got busier for us. Didn’t qualify for any stimulus and probably won’t for the next one. I bought a couple toys and a home in this market. Did it smart paid cash on toys, bought a house straight from a friend with no realtors at a price way undervalued.
<div class=”d4p-bbt-quote-title”>Randy Wieland wrote:</div>
Banks are much more conservative on residential home loans/equity loans.Tell me about it. We locked a refinance 5 weeks ago. They are backed up so we are just waiting for closing. Three times in five weeks they have asked for pay stubs, also thy have called my wife’s employer TWICE to confirm her employment (she answers the phone at her work), I’m assuming they have called my employer as well. Also when my wifes job was eliminated due to covid in April she was given a sizable severance payment. They found that deposit and needed confirmation that it is not a loan of some sort we didn’t disclose. We have really good credit, and they are treating us like we have something to hide. It’s kinda to the point I’m getting pi$$ed off. I’ve financed my share of stuff through this bank, I have never been treated like this before.
Drifter, Just an FYI…I hade the same experience when I applied for a mortgage. Granted, this was 8 years ago when we just came out of the last housing crash but it was the same extreme level of scrutiny back then. Pretty much everything such as a transfer deposit I made for the down payment. I had to prove it was from a savings source and not a loan.
But don’t blame your bank for this. There’s a set of check offs and due diligence that is now required across the board for all mortgage lending institutions. You can blame banks and lending institutions for getting us into this though, as what caused it in the first place was them handing out $ for loans to anybody (like the government is now) leading up to the previous housing crash.
Dutchboy, sorry I cannot/will not speculate on the future of the boat/motorcycle market any more than I would predict sports outcomes, weather, ice outs, first fishable ice…etc.
Whatever the day, it’ll be what it is…when the day comes. 
There is always a market correction, eventually.
Dutchboy, sorry I cannot/will not speculate on the future of the boat/motorcycle market any more than I would predict sports outcomes, weather, ice outs, first fishable ice…etc.
C’mon Andy, be a sport. You can speculate, everybody does. There are numerous threads spread across numerous forums that show you don’t need to know anything at all to respond to a thread. Just wing it, most do. 
There won’t be a correction, until if/when the market turns south. That may be soon if we have to lock down again, or it may not happen at all.
Sounds like the repo guy is going to be a job in high demand reading some of this doom and gloom.
MNdrifter, sorry your bank is yanking you. We refinanced through our existing mortgage company and they required almost nothing from us and completed it all in about a month.
Highest single quarter GDP growth ever was announced today. 33.1%
Previous record was 16.7% set in 1950
Highest single quarter GDP growth ever was announced today. 33.1%
Previous record was 16.7% set in 1950
Where’s Paul Harvey when you need him?
Anyway, to Jon J, I totally agree that the stimulus could have been better structured. But the government will never get something like a stimulus bill exactly right with all the competing political interests at issue.
Anyway, to Jon J, I totally agree that the stimulus could have been better structured. But the government will never get something like a stimulus bill exactly right with all the competing political interests at issue.
I would have liked to seen the distributions at the state unemployment level. Then reimbursed from the feds. Let the states pay the workers they know are out of work. But that just makes too much sense.
It’s an election year. Seems like both sides want to “Buy Your Vote”!
-J.
Highest single quarter GDP growth ever was announced today. 33.1%
Previous record was 16.7% set in 1950
Yes, but that followed a 31.4 % decrease in 2nd quarter.
It’s that “V” shaped recovery that Economists touted.
Soure:
http://www.bea.gov/news/2020/gross-domestic-product-third-quarter-2020-advance-estimate
-J.
<div class=”d4p-bbt-quote-title”>munchy wrote:</div>
Highest single quarter GDP growth ever was announced today. 33.1%Previous record was 16.7% set in 1950
Yes, but that followed a 31.4 % decrease in 2nd quarter.
It’s that “V” shaped recovery that Economists touted.
-J.
Yes but it’s far from the doom and gloom the media and **(political party)** continue touting.
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