Add that on top of the pandemic, and it's no surprise real estate sales at Seabrook have come to a grinding halt.
One-half of owners have trouble paying mortgage
It's no shock people are having a tough time paying their mortgage payment. And that's on their primary residence. At Seabrook, the majority of homes are vacation homes, which is why over half of Seabrook homeowners are missing their mortgage payments.
In good times, these homeowners rent their houses out to vacationers. But much of that business has been shut down by the governor, and the missed mortgage payments began mounting up.
So homeowners are rushing to list their homes for sale. Currently, there are 32 homes for sale, which is 20% off the Seabrook stock. Of the 32 homes for sale, 18 of them are resales. And this is just the beginning. As the summer selling season begins, more homeowners will list their Seabrook house for sale, if Seabrook lets them (generally, Seabrook does not allow too many resales on the market as they do not want resales competing with their new home sales).
New home construction has collapsed
Investors infused money into Seabrook in late-2018 to help the land development company finish building long-awaited commercial buildings and new home construction. That money was supposed to be replenished by sales. It has not. And it's drying up quick. Which is why new construction is coming to halt.
Seabrook is leveraged up to its eyeballs. You should see the forums with their homeowners. The panic is so real you can feel it come through your screen. This is not good for the housing values that were already super inflated at Seabrook.
