Mortgage Delinquencies SPIKING and HOMES NOT SELLING!
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- เผยแพร่เมื่อ 27 ก.ย. 2024
- If we want a preview of where the US housing market is going next, we can look in 2 places. The first would be Canada to the north as their home prices have been coming down substantially as well as their mortgage delinquencies spiking. Here in the US, we already seeing a lot of inventory stagnating and not selling and, many properties with price cuts.
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#realestate #housingmarket #homeprices #housingmarketcrash
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MASSIVE UNEXPECTED EXPENSES DERAILING HOMEOWNERS! th-cam.com/video/iNyzFOMu8NU/w-d-xo.html
*"I've lost the home of my dreams which I could never afford to begin with!"*
You think the United States is being the “ world’s police “? The United States is bullying all these other countries into giving us their resources.
But I still like Charlotte better lol
Do a video of people leaving the country; or people you meet/know that intend to leave soon.
Michael, you should do a video on the rise of personal bankruptcy
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
I sold my home 2020 and I've been dollar cost averaging all year long and I've almost maxed out my reserve, so I'm basically waiting for stocks to fully recover so I can break even, but on the other hand, I've been coming by articles on people who are puIIing off recurring proflts of over $150K wlthln just weeks of trades, what am i doing wrong?
I sold a couple of homes in the Tampa area for pretty good cash and I'm thinking to just leave it in stocks while waiting for a house crash to happen and as well avoid inflation, but is this really a good time to buy stocks? I hear it's a madhouse right now and I still hear folks are raking in huge 6figure profits by the weeks and I'd love to know how.
look at it this way, while some folks are waiting to make minimal profits when stocks recover, some others folks already know where to look and what to do to make hefty gains in these times, so yea, it all boils down to knowledge to risk mltigation.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
TERRI ANNETTE MOORE is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
Mind if I ask you to recommend this particular advisor you using their service?
Vivian Jean Wilhelm is the licensed advisor I use. Just google the name. You’d find necessary details to work with and set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
The stock market is no different, to maintain profit, you need to have some in-depth knowledge on the market
True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
in my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
my partner’s been considering going the same route, could you share more info please on the advisor that guides you.
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
The new mortgage rates are crazy, add to that the recession and the fact that mortgage rules are getting more difficult, and home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. For now, get your money (as much as you can) out of the housing market and get into the financial markets or gold. If you are at a cross roads or need honest advice on the best moves to take now, it is best to seek an independent advisor who knows about the financial markets.
How can I reach this advisers of yours? because I'm seeking for a more effective investment approach on my savings?
My CFA ’’ Sharon Ann Meny, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for the recommendation. I'll send her an email, and I hope I'm able to reach her.
People continue to look towards the government for solutions. Government IS the problem.
People’s spending habits is the problem not government
Yes and no. They're in debt with the federal reserve.
Yes and no. They're in debt with the federal reserve.
Well put!
And US big corporations and the corporate elite have nothing to do with the problem? It's just government that is the problem? American people are brainwashed to the hilt.
I WISH I could get my wife to understand this.
She is worrying the hell out of me about buying a house.
All I see are over-priced average properties.
I keep telling her that now is not the time.
We have cash in the bank.
Just wait a bit longer and we can score a great deal.
Divorce her. It will cost you less in the long run.
@@Gokutrump You are aware not every couple gets divorced?
That's why most homeowners these days are women, they're more prone to falling for bad deals.
Your wife will be so happy that the patience will lead to great savings!!
@@handleyobusiness And boy do they! Then make videos about it, crying they got stung when THEY failed to do their home owner homework BEFOREHAND.
It's certain that this year will bring more challenging challenges. Looking back, I realized that I spent the entire previous year making expensive financial blunders because I was so consumed with worrying about my portfolio. I was forced to decide between raising my investments and purchasing a home. I discovered that the property I had bought needed more work than I had anticipated after deciding to sell my investments. It's becoming more difficult to determine how much longer I can take this.
We've all made mistakes at some point. You should consider financial planning
Invest in companies that provide current cash flows to diversify your portfolio. I hired a planner at the end of 2022 to enhance my portfolio, and in the last ten months, I've made profits in over fifty thousand different marketplaces. Should 2023 teach us anything, it's that luck doesn't last forever. Even in times of abundance, we should put in more effort to prepare for the worst-case scenario.
Who is this planner you use? My endurance is decreasing. To be completely honest, I'd like to get one as well.
Leah Foster Alderman. You'll undoubtedly find out more if you look her up online.
I appreciate the lead. I did some research on her and emailed her. I'm hoping she responds to me eventually.
Listened to your advice before selling my condo in the mid-west. 1.) Negotiated for 2.8% fee for seller's and buyer's agents, 2.) Listened to my agent and chose the lower valuation instead of pushing for another few thousand at the upper end, 3.) Listing went live on Friday, selected the most solid of 4 offers on Sunday, 4.) Left town on Tuesday morning. Quick, easy, done.
Where in the mid-west did you live? I've seen a lot of cities with much lower rent in the mid-west. Where did you move to?
Nice!
How quick did it close?
No dump that money into silver & gold before those fiat petro dollars come flooding back home.
@@bubbajones4522that’s what o think. When dollars come back inflation will skyrocket. Which will in turn keep prices high. Real estate won’t crash based on inflation alone.
Everybody is talking about Infaltion but don't forget to mention greedflation! The greediness of the Sellers is another reason why they can't sell their house.
Most are not greedy they are underwater, so there not able to sell
*you are 100% correct*
You do know the general response to inflation is raising prices right?
Some are. Some are naive - they think their house is so much better than the other guy’s. It’s a personal thing - their house is a reflection of their own value as a person. Should not be that way!🤑
@@--Morpheus-- that is until people can’t afford the product, then supply stocks up and prices go down or the business no longer functions if they can’t weather the cycle. Repeat cycle: however the cause was non stop printing, non stop giving away money for no labor, and bringing in 19 more million people to compete for the same products.
Since they are not working for the money they will pay more than the people working for the products.
We need to appreciate houses as shelter for families to live; we need to STOP viewing houses as investments or sources of passive income for savvy investors. The house affordability index is way out of line with wages. Realtors need to tell sellers to accept more affordable prices; realtors need to stop rooting for lower mortgage rates (Fed is not going to make it happen); a more reasonable house price will more affect the affordability than will a mortgage rate drop
And buyers need to get over FOMO! They are to blame as well. All the over bidding! Cra cra
When interest rates go low again it’s going to be because there’s 10%+ unemployment.
Thank you for telling them 🍑🕉
@@rathelmmc3194 When that happens there won't be any credit to buy.
I bought my home from the bank after the 2008 crash, in 2009 paying about 43% of what the previous purchaser's paid in 2006. Before a bank would even look at me and my perfect credit I had to show them I had a sizeable chunk of money to put down. I wasn't going to walk into a home on just a signature, even with an 800+ credit score.
Credit was tight and I think it's going to be much tighter next time around.
Unfortunately, that’s not how American individualism and greed work.
They aren't selling because the realtors are telling them their home is worth a lot more using older comps then you go to view the house and it needs gutted/rehabbed! IDK it's like they're using comps from 2021 😂
Especially in Florida!
Of course they’re using wrong comps. Most of the real estate agents are greedy BS agents only interested in their easy commission for only helping themselves. The higher the price, the better the commission.
@@CryptoAlex40 Absolutely.
Good, let 'em sit.🤣
It’s everywhere to be honest
The houses are overpriced. Interest rates are high. Insurance is insane. Property taxes are insanely inflated. Four things equal no.
New construction is not worth the price they are asking
The price of a home, of the four things you listed is the only item that will drop in price. The other three are here to stay and will continue to get worse. My costs for taxes and insurance on my home went from $300 a month in 2021 to $500 a month this year. It won't surprise me one bit if it goes up another $200 a month next year, and by the time I retire, my taxes and insurance will probably be at the level my mortgage payment was.
We'll see a blip in interest rates here and there when it's politically advantageous, but we'll pay the price afterward for it. The post 2001 interest rate party is going to be a multi-decade hangover that I think will go beyond my lifetime.
And HOAs continue to raise. Food, gas, water & gas & electric. People feeling trapped.
Property values and prices will come down but I doubt taxes based on those assessed values will drop accordingly. The government will cry poor and push increases to the millage rates not mentioning that they have been pocketing a windfall in revenue increases since property values doubled.
Yep. Your house is worth exactly what someone else will pay for it. Not a penny more, and what you think it's worth, really doesn't matter.
Just came here for my daily dose of bad news 😂
Lol
Lmfaooooo
Me too!😆
Facts! Me too 😂
That's funny
Been looking in Tennessee for homes, saw one today listed for 1.5 mil. Sold 2 years ago for 650k. WTF
From canada here (unfortunately) Your comments on our housing, economy, interest rates, etc., are right on. Keep up the great work!!
Just sold my house. Listed just below the home value and got six offers on the first open house. The highest bid was forty five thousand above the asking price. Sold!
what city/state and did an investor buy it? and was it a low end, mid, high end house?
Did you list it below the assessed value?
I work for a media company that owns 10 TV stations and dozens of radio stations across the country. We just went through another round of layoffs. Half our department was let go. We were already at half staff from layoffs last year. No pay raise for anyone this year. And I’m one of those let go this round. Mixed feelings. I despise the media and am not surprised in the least how bad they’re doing in today’s economy. They worked hard for this outcome. This terrible economy. Ad revenue has collapsed. No one is buying products. No ads to sell. But at least we haven’t had any mean tweets the past four years! Sort of glad to be free of all that now. Looking for work in something that won’t get cancelled or replaced by AI bots.
I know one thing, the Canada border was shut down a long time to Americans, the fishing and hunting tourism alone was absolutely devastating for folks in rural areas.
Canada a beautiful Country .
I am a soul hunter, my weapon is a double edged sword, it's sharp too. ❤
Invasive muscles... they've found none but could and spend millions per year on useless positions to monitor it. They also cull deers that eat invasive plant species. Deranged leadership.
I miss hunting in Saskatchewan
@@jerimahjohnson8698that’s up in Canada, eh
As an Ontarian, I can confirm, it's bad here.
Trudeau is more than a Democrat than Biden!
Sometimes you walk past 3 houses in a row for sale.
I would vote for you if you ran for president. Your well spoken, humble and know your stuff. You also understand people’s needs
Affordable small starter houses are selling. The problem is, there’s very few of them
Save your money and don't buy a property right now
I agree 100%
💯👍👍
Bitcoin
I sold my house last September. I saw the freight train coming, got me running. Very grateful I sold. The Fed is stuck, they can't raise or lower rates.
Agreed, this is the worst policy disaster by the FED ( previous 0 FED rate ),combined with all the fiscal stim from covid policy disaster. We're screwed.
The mistake they made was during COVID with the stimulus payments. That was a huge mistake. The best thing to do is NOTHING and let the strong survive. Some businesses will go under. The ones remaining will improve.
The feds leverage over anything is shot. At this point they have about as much call over the market as a kids toy phone.
They can, but Biden has a 35% approval rating so they can't do what needs to be done.
What was your mortgage payment and interest rate? Did you buy another house or rent instead?
Once you have seen someone double their money on a house in the span of 3-6 years, anything less feels like you were taken for a ride.
This whole game is rigged
Who has rigged the game?
@@jackwilson3121 You know EXACTLY who
@@jackwilson3121Democrats
the game is the game and corruption is part of it
@@jackwilson3121tiny hats
If I ever start to feel too positive about things, I just come to this channel.
I live in a popular tourist town on a large lake in Northern Maine; property here has gone insane! I bought my small cabin overlooking the lake 8 years ago for $45K, and now Zillow shows it valued at about $200K. Lots that sold for $35K a couple years ago are now $80K or more. I know of a couple properties here that sold their first day on the market. Location, location location!
What can I do for a job in that part of Maine? With those low prices I just might move there.
That is the illusion. That the property values have gone up. Sadly, it’s just the exact opposite. The value of the dollar is going down which is why these prices are so high! But hey, at least you are hopefully still eating those lobster rolls for under $20 a pop 😂 all the best from Hot Florida.
Moose head lake?
Good luck with your next property tax assessment. My inlaws lived on Pine Point for 40 years…til a bunch of rich transplants moved in and overpaid…and forced the original families out due to increased taxes and insurance assessments.
Wow, I just heard Maine was one of the top overpriced markets , what is going on up there?
Renting is not happening. Requires 3x the rent price with an average rent of 2k... can't quality for a rental. Nope. There is no livable wages!
I call bs on food insecurity at this point. I don’t think I’ve seen one underweight person in America due to lack of caloric intake
Food insecurity includes access to quality food sir.
Junk food is cheap.
I'm 5'10" and 130lbs. 😂
You don’t believe there are people who can’t buy food in the US? They aren’t the people you think they are.
They aren’t the poor receiving food stamps. They’re the elderly, people with families who make just over the poverty line to get any help. You know these people, you just don’t think of them.
Well said
I love it when you do the cut-away to the trees. It allows a slowdown (at least for me) and a break to compile all the information.
It helps me because I type out the words as the video is playing. This information will make for a good book.
Hi Mike, I think people are just trying to sell their homes, get out of debt and come out clean, but with the market so down all over, most everyone is underwater.
Hahaha LOL good.
60% of homes have no mortgage
@@manormythright, so how could any price get them to move?
People are underwater. People are also needing a thicc downpayment on the next house due to.higher interest rates. I think there is very little supply but even fewer buyers. And thats the recipe for stagflation in any market
@@manormyth what is that like the national average? I can take you to a phase III development where 80% of the homes are underwater. Either a for sale sign in the yard, a foreclosure notice on the door or both. Some are just abandoned now.
@@manormythIm art of that percent.still sold mine,tax structure too high.
Michael, you do realize that this much truth and common sense is not allowed on youtube, right?
TH-cam and techscum in general hate truth, beauty and above all science.
Joo-Toob that's why
@@13ChroniclesOfDagger Yes they hate all truth....
@@OilTrading 💯 facts
50% over 50 years old on the street is shameful. Family should help them out.
Thank you to our host for taking us along on walk-around outdoor educational tour. Always learn a lot
Why is everyone so desperate to buy a home? It has got to be FOMO. Well, here is the plan , this bubble will burst just like 2007 and 2008 , if you own a house sell it to some sucker for more than it is worth , rent a home for a few years till the bubble bursts and then buy a nicer home for half the price you sold yours for , that is what I did 15 years ago.
You forgot about inflation, which could turn into hyperinflation... This is not like 2008...
Over 25% mortgages in Canada are variable rate mortgages. So many people are seeing large increases in their mortgages as their rates increase
I can’t believe that people even agree to a variable rate mortgage. That’s what bit everybody in the butt in 2008 also. Do you think they would’ve learned. People don’t plan ahead. They just look at the here and now.
In Australia it’s basically all of them, after their initial fixed teaser rate
Dang, that’s insane!
The variable rate was stable for many years, with slight influxes, not no more
@@dishappywithlife2556 i’m no expert at all. But I have always remembered that I was told to never ever ever ever do a variable rate loan. So I’ve stuck by that advice.
Mortgage bundled with property insurance and taxes decreased $94 in June. Pleasant surprise in Florida.
I've been watching your videos for a few months before I subscribed. You're spot-on with your information about the economy etc. I know some people complain about what you say but they will see as time goes on that you're right. I already see it in my life and I see you what's going on around me also. Michael keep being truthful and honest with your reporting and your information I don't care if it's good or bad it is what it is and people need to know all this stuff. I'm here in Southern California and it is pretty pricey here. If anybody out there doesn't think this is going on and you're living in an area and you don't see any of this stuff just wait it will be coming to you also.
Doom and gloom keeps me debtless! 🎉 Greetings from Australia 🇦🇺 😅
Me too. Cheers for sitting out the Aussie Property Ponzi.
Let's get something straight, outside of a bubble market 60 days to sell a home is the norm and 90 days is the upper boundary. Anyone selling a home in a week to a month is leaving allot of money on the table.
Sold my house in 6 months 2 weeks first realtor was bringing people in with low ball offers, didn’t renewed her contract, hired a new agent sold the property in 2weeks for exactly what I wanted… she explained the first agent didn’t list it correctly….didn’t list all the positive about the location, so people should look up their own listing on MPL and see if everything is correct, sometimes it’s the agent
We had an agent that took a picture of the house, in a snow storm. You couldn't see the house at all. We had to clean it up. The realtor could not attach the info box to the sign( we had to do that as well). There was much more he did not do. I got another realtor and the house sold right away. Some realtors are lousy.
Nothing like telling the truth, Michael. Bravo!
You're not wrong Michael. Thanks for all you do!
The difficulty is that the areas that have homes that are affordable, there's basically no jobs. And even those areas all inflated in 2022 because of all the money printing. Im seeing fixer-upers / borderline dumps selling for 250k+ , again in areas with no jobs.
As someone who just moved back to US from Canada (lived in BC for past 7 yrs)... Canada was in trouble 5 years ago and kept kicking the can down the road. I cant begin to explain how deep in debt the average person (at least in BC) is. It is incredible. And this was a problem there pre-pandemic. You combine that with all the foreign buyers who bought so many houses (and many are unoccupied) just to park their money - it is really a mess. And since their economy is so tied to real estate - they are a house of cards. It is definitely a preview (although perhaps not as extreme) of what will come...
When you compare income to home prices it's not realistic
Prices of everything, not only houses. Rents are sky high too and everything else.
If those tennis courts in your video were pickleball courts they'd be full with people.
Lazy tennis lol
Interesting perspective, got me thinking!
Hi Kathy.
Oh please...
Not likely
The people complaining they have no food manage to go to the Bahamas 3 times a year.
And throw the Starbucks on their credit cards each and every day, throw other crap on their cards all the time and yet wonder WHY they are in so much cc debt
If people can go to the Bahamas 3 times a year then they shouldn't be hurting for money. 😂
Or buy cigarettes and beer every week.
This is a stereotype that’s on its way out. A lot of poor people are average joes with kids that have slipped behind due to inflation, previously were doing OK
Or spend lots and lots at Disney World with the family. Hotel, food, expensive clothing, and other trinkets.
We previously got a raise on our social security and right after that our Medicare payments increased
Doesn’t that happen every year?
I know that feeling.
That happens every year! They call it a cost of living raise then turn around raising up the cost of medical ins... you will be lucky in the end if you get an extra 2.00 increase. Your cost of living raise always gets allocated to the ins. It's a # game on paper for the gov, It happens every year...
That's ok! We have BILLIONS for Ukraine. A country that would not give a DAMN about us if the situation was reversed.
And you don't expect that each and every year???? Since we are low income, the state pays for Medicare premiums. All we pay is a portion of dr bills, scripts, Medicare takes care of the rest.
Thanks for talking about Canada. You should do a walk around up here. It's a disaster.
Been trying to tell my sellers this… it’s NOT 2022 anymore….
The conversation is 2008 vibes. I worked real estate during the crash in NY. May not be the same reasons but it’s the same temperature.
Yes here in Canada it's 1 to 5 year renewal, also we do not get to write off interest on a mortgage on our taxes.
So that’s where the IRS got that idea!
People don't seem to "get it" that an economic downturn is like a rock slide in super slow motion. We won't get one big "bang". We will feel each and every shock ripple as the whole thing comes tumbling down rrreeeaaalll slow.
If you ask any politician they will say that the American people are still flush with cash and the economy is stronger than its ever been. Also this is the same thing with cars dealers trying to proce trucks for 100k and struggling to figure out why they can sell them
People looking to either relocate, or move to a more upscale property are finding themselves stuck in a Catch 22.
Because the homes they're interested in buying are so overpriced, they feel that they have to overprice their own home in order to facilitate making the move without being totally upside down on both ends of the transaction. It's a no win situation, and a vicious circle.
that's basically me. I want to move, but the repayments would cripple me to take out a mortgage for that much again.
Houses selling here in Ohio. I live 50 miles west of Cleveland. A lot of new construction and developments being built. We are losing are country, rural farm areas. All these new houses going in.
Texas and Florida are allowing developers to destroy productive farmland the fastest in the country.
People are more committed to their political tribes than instincual self preservation…. on both sides!!!!
I can confirm that, here west of Cleveland several farms are being transformed into "little box" developments.
Thanks for another great video Michael! That's a beautiful looking park for a walk!
I am looking in Iowa, out in the middle nowhere and a house just came up. In January Zillow said the house was worth $200k and today they are selling for $330k. Unbelievable. Single people have no chance.
Keep looking in different areas.
I'm an old fool & out of touch - but to me, cars cost < 1500, houses cost
Ditto
Like in the US, the state of the market in Canada varies a lot depending on the region and type of property for sale.
Those Miami realtors that convince their clients to overprice their home should be sued by the client.
People need to do their own due diligence before meeting with a realtor. Then, you begin to take responsibility for the outcomes. Stop looking to blame other people for your bad judgment!
My payment was $2415 month. We would pay an extra $500 a month towards the principal. We currently just refinanced to get a lower interest rate and to get off of PMI. Our new monthly payment is $2915 a month. We plan on still paying $3700 a month but are now going to do bi-monthly payments.
Try making the payments quarterly, in addition to adding, a payment each month and watch how fast the payments begin to drop on your amortization chart. I've got one more year after starting about a year ago. The timing of the payments is everything. This is the only thing that they all leave out when doing the videos.
Instead of extra payments, I suspect you would be better off putting the $782 per month into shares of Apple and Amazon. The video more or less describes how you can get out of being a debt slave When you have cash you have options. Smart people hold on to cash. They don't instantly shove it toward debt. Once it is used to pay on the debt, it is no longer accessible.
One part of this vid that I do like is the idea of not taking on a large debt in the first place. I think there should be a balance between the amount of debt you incur and the amount of cash you can invest. I would rather have a $1000 house payment and $1000 going into stocks than a $2000 house payment and no stocks. If you have cash and you’re confused I will suggest you contact a finance advisor
Thanks for replying, You seem to know much, How did you go about it and can you recommend an advisor like yours?
Sharon Ann Meny just check her out. It's better to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in 2021 April due to the crash.
Definitely applies to places like FL, in part due to that market and also the state's inability to control the property insurance crisis.
The Florida real estate market is particularly distressed due to climate issues, problems with insurance caused by inaction by the state legislature, and, concerning the condominium sector, problems associated with inadequate funding of maintenance budgets that impact the integrity of the structures.
The sky isn't falling. I was at a car dealership yesterday and it was a zoo. People still have the means to buy new cars which is a pretty decent economic indicator. The properties are sitting because greedy people have unrealistic expectations and we are shifting towards reality.
Hi Michael
I am from Canada - Toronto Ontario
Everything you said - I AGREE WITH - You hit it out of the park!
Starting to see more for sale signs on homes -but people will soon realize they have priced it to high and will lower listing price once they realize they cannot afford it anymore.
Condo market has already come down (See MLS) - so many condos on the market (do to investors baying a second place back then - and now cant afford it with higher rates)
HLOC - people borrowed so much during the last 5 years on their homes in Canada (renovations/Pools/more cars) and now will realize as home prices come down - they might even lose money!
In Dallas, Texas people are selling based on what the appraisal district lists as market value without even appraising the property. A townhouse that was $140k a couple of years ago is now listed at $300k. It has been sitting empty since November 2023. Nobody is biting on that price.
The monthly SNAP benefit is $291 per person in California. A family of 4 would get almost $1200 per month in SNAP.
The problem in California is SNAP is accepted at many fast food and pizza places. So a person on SNAP will order a large supreme pizza and blow $20 to $30 of their monthly SNAP allotment on a single large pizza. Many liquor stores in CA accept SNAP for food purchases. People on SNAP will blow $7 to $12 on a sandwich or a salad from a liquor store.
Don't forget McDonald's and numerous other restaurants. That shouldn't even be legal.
The problem occurs when the clients are living in hotels/ homeless shelters/ streets. No place to cook food. Those that get small fridges, microwaves, management will confiscate and throw them out due to fire hazards.
People don’t care if someone else is paying for it. That’s why they keep voting democrat for free stuff.
@@cynthiawylie3584I am sure under Trump people got snap too.
Not just California....I see 'we accept snap' at many stores I shop at including Amazon.
So much learning and understanding from this guy. Young people should hear this.
Can you do a video on land prices, lot prices and exemption loop holes?
A townhouse built in 2019 was sold at $292,000 and now it’s listed for sale at $477,000 with 1,800 sq feet in Winter Garden, Florida
I bet not one illegal border crosser is lacking for food or anything else, for that matter!
Or a cell phone or free healthcare.
or a job
Or get out of jail free card
They hang out at every gated pool in the fancy neighborhoods.
HOA will pester you for a trash can out of place and do nothing about the take over of the community pool.
@@chrislindsay3104 they do not need to work they get everything free
Exactly the same happening here in Germany. Even with a decent salary you can't afford a house any more.
-New built houses are too expensive.
-Existing houses + necessary renovation = even more costly than a new built house
I don't feel bad for the mortgage industry, let alone banks, and investors that purchased millions of properties with the hopes of making "HUGE" earnings.... Greed perhaps? In Winter Park, Orlando, FL a two bedroom house, with barely 1200 sq ft $450,000k~!!!! FML! It's been sitting and will continue to sit for a very, very long time! Ridiculous!
I live in Winter Park. It's a bit crazy. 2 years ago that house would have had a bidding war and gone to contract in 2-3 days tops for $100k over ask. Half the time they pay that and then knock it down and build a new house. Winter Park is out of land. People have always paid a premium to live here.
@@piedpiper7051I lived down 426 (aloma) in Oviedo years ago,winter park was always a desirable location.
@@dennyfie It has a lot to offer. I expect to be selling soon though. I love the arts and culture here but I'm a country girl at heart and prefer some land and gardens on a daily basis. Winter Park is fantastic if you thrive on having lots of options on things to do and great restaurants.
I miss old Florida.
I live in Northern Ontario Canada (middle of nowhere on a map and freezing most of the time) a mid-sized town that had historically low and fair prices and in 2020 the price of homes literally more than doubled. You could get a 3 bedroom, 2 bedroom detached with a basement and a modest sized yard for around $200k... heck, not many years ago you could barter the price down to $175k. That same type of house is now listed as $380,000 and may even end up in a bidding war to go over $400k.... the wages in my market have not gone up much - I got a 3% raise at a good job in a hospital - Everybody I know who was ready to buy before the equity firms bought up everything are now staying with family and gave up the idea completely....and the unemployment rate in Ontario is worse than 6.2% - They don't count ppl who have given up looking for work... and adding to the problem is the government has programs that allows employers to hire immigrants (a large influx) for a cheaper rate so they obviously get favored over locals - It used to be non-existent in my town for somebody to be homeless... the problem (and drugs like meth) has exploded and empty buildings are now shelters - It's apocalyptic. They even once had a program called 'Habitat for Humanity' why? Because at one time it was felt everybody no matter how poor had a right to a home - Now double income couples with decent jobs have given up on that. Trudeau and Biden are working off the same WEF script which I blame for all of this - The plandemic was planned.
So you lower the price of your property so you can sell it.. but when you go to buy they don't want to lower their price... What do we do Michael.... I see everybody's house on the market for too long.. so we're all into this together
Tell them to kick rocks and move on.
That's the problem. People are not greedy when they're trying to extract fair value because they'll need those funds to pay for fair value again. Everyone just says sellers are greedy... it's not that simple.
I don’t know how I got here but I watched a few more prior videos of yours and I’m doing my research but in the meantime I’m a new sub, thanks for being so informative!!
thanks for sharing, you inspired me to try something new
Where I live, homes are flying off the market & everything is at an all time high!!
They can't back our money by gold because there's no gold in fort Knox
But they are replacing it with Bitcoin 😂
There’s not enough gold on the planet to back all the money in circulation.
Yes they can, but gold will be a lot more expensive than it is now , that is why I have been buying gold for the last several years. We will either officially go back to a gold standard or we will go to a Defacto gold standard - has to happen.
Michael you were right to call this property bubble early... the same thing happened before the great recession: property prices had stopped rising everywhere by 2007 but even those who bought several years before then still ended up in negative equity by the time the market bottomed out in 2011-2012.
AMS69X will change lives this year. Hold for long and let's see what happen.
Good thing Joogle censors FBI crime data but not obvious spam.
Bitcoin is a scam and anyone with a brain knows this . I’m glad I didn’t invest 12 yrs ago. Anyone who know about bitcoin knows it’s a scam.
scammer
I see so many people moving out of Winter Garden, Florida everyday. I wish I knew where they are moving too
Before the Federal Reserve pushed interest rates to artificially low levels, having a six month inventory of homes for sale was normal.
It appears Redfin's definition of a stale listing is based on recent history not long term historical analysis.
Up here in NE , I'm finally seeing a cool down in the real estate market and price cuts. First time in many years.
Maybe this explains why the inventory of available pre-owned homes has suddenly spiked upward in the past 2 weeks. Hopefully this glut will put some downward pressure on asking prices.
Seasonality also plays a role. Schools are going on summer break soon, so families are able to move around more freely now. All the increase in supply will do is temporarily slow down the increase in home values. Anyone that sells their home has to go somewhere, and most aren’t moving into their cars.
Those CPI numbers would be terrible even if they reflected reality, which, because they don't include energy and food costs, they don't. All we have to do to fix that is to somehow invent people who use neither food nor energy. The govt. has been acting like we already did.
It's the Michael Bordenaro tour 2024
😂
He would make a good George Carlin spin off lol
Thanks Michael for also reporting how CANADA 🇨🇦 is doing VERY WELL 😂😂😂
Imagine trying to sell your house about 3 years ago and wanted to put 15K of the proceeds into NVDA, however, you had it priced way too high, it didn’t sell for a few years and you missed your window and a 1000% return. Ouch!! Talk about opportunity cost!!
Canada is in a huge bubble 👍🏽
My parents paid 12.5% in 1979 for their house and 8.5% in 1989. Be thankful the rates have been as low as they have been.
I see FL real estate inventory is skyrocketing. High property taxes and high insurance premiums on top of falling values. Folks that bought at the peak are under water.
Cheaper to rent in many markets.
My friend just sold her house $60k over asking price after being on the market only 1 day. She had what would be called a 'starter home'. People need starter homes.
Our first home was a starter home, and we sold it $70K over the asking price .
In that town, you can buy homes dirt cheap , but you better remodel it .
There you could live very cheap in that town, cost of living was best for families.
Now where I live now , it's not cheap , but it's NOT as expensive , compared to other towns
in the area. I like it here , because it's clean, quiet , and nice neighbors. No Regret .
And many of the people who lived in our old town , moved in this new town.
We are close to everywhere by 3 - 5 miles away , the mall is only 20 minutes,
The hospital is only 4/10's of a mile ( 2 blocks ) , including doctors , dentist , etcccc.
Honesty , it's where everyone wants to move too . I hear that saying often .
Exactly. The big and not affordable houses are not selling. But the little houses go instantly. There are so few starter homes out there now that people are desperate for them. I wish they would build starter homes, but they just want to build the big expensive ones.
Homes selling very fast in my area. No slow down at all!
@@nogames8982 Where I live these homes aren't Huge. I guess you could call this a starter home , but the home I used to live in at that time was called a smaller home. Here homes go between 1, 400 sq ft - 2,500 sq ft . personally I would NEVER want a bigger home than, what I live in now , because who wants a huge home, that's going to cost you $$$$$$$$ , property taxes , etccc. People needs to live on a budget , save money , and get out of debt if they can .
Where is this at? New England?
I'm not even falling for the VA zero percent down thing. My buddy did that and already refinancing. I'm staying put in my apartment.
VA has always had 0% downpayment
Everybhouse us overpriced. I see way to many that are overvalued by 75%.
Homeowners insurance premium increase was 24% for our home in Hollywood, Fl. That is a problem.