Up here in Michigan, I'm starting to see older cruiser boats going up for sale. You eventually find out that these people bought a boat with covid money and when gas was cheap. Now that they are back to work, with no more stimulus money coming in and gas is on the rise, they are selling trying to stop the bleeding. But the down side is because they bought high, they are still trying to sell high. There are some deals out there, but few and far between right now.

I have one 3 acre piece of dirt that I am OK selling now.
It happens to be next door to my ex-girlfriend...
...so value varies person to person.

Time will tell what happens, but I remember a lot of people in 08-09 telling people, "If I don't get X amount for my boat ill just keep it!" Then a couple months later it's repossessed and on National Liquidators. Seems to be a lot of that going around with sellers right now, even when the brokers flat out tell you they've had no real offers in months..

Totally remember ^^^^
I remember people that owed so much, if they didn't get what they needed, it was being repo'd anyway. So many people that had never been in a financial issue before, where. They didn't know what to do. I had some friends that washed their cars, brought them to me to do some repairs, to bring back because it was getting repo'd. Doh.. Obviously I stopped them from doing the repairs, not like they had any cash left anyway. I never wrote so many repair estimates for normal work, and was told they couldn't pay it in my life. Lots of work for nothing but stories. Even older retired people that used to have big cash. ugly.... Lots of people lost their shirts back then. Lots more will this time too. Gunna be ugly me's thinks.

Repos (autos) starting to flood used car market here about 3 weeks ago ? We'll see.

I really do not see that this one will be like 2008/2009. There just is not as many leveraged on junk like they were then. Most homes have had to be bought with real down payments and loans, not sign with no verification, no down interest only junk. Around me its amazing how many have been bought with cash, the value goes down no big deal.

Then those junk loans got bundled up and sold as investments, really took a lot out when the house of cards fell.

This will be more like the normal 10-12 year recessions. At least that is what I think, time will tell.

I'm not convinced the banks were writing any better business during these last couple years than they were back in the mid-2000's. Too many people making too many big purchases. Why if you were that flush with cash did it take the pandemic to make you go nuts with your own money? We shall soon see if things continue to go South.

No selling anything for me but it may cause me to push back my retirement date a year or two. Was going to go out next spring. Will wait and see how things go. Fortunate that it is up to me when to go and not being pushed out (at least for now).

I will say after a bit of a lull of a weekend post-Memorial Day weekend this past weekend at LOTO did not lack for cruiser or any other type of boat traffic. Plenty of peeps out on Friday and Saturday burning fuel.

agreed. Everyone keeps saying people are less leveraged and banks were responsible giving loans. Since when are the banks and government looking out for anyone. I can’t remember saying the phrase “where is everyone getting there money” as much as I did in the last 2 years. My guess is they don’t have money…

time will tell, but I think the writing is on the wall.

That how it feels around here as well. Some parts of the country have been over heated and are starting to roll over now though.

I imagine most that are or will be selling soon are the ones who bought overpriced recently and now need to get that overpriced back. Hopefully things cool gradually and not suddenly.