Back in 2007 I heard this guy named Dave Ramsey on the radio. I thought he was crazy but the more I listened the more I realized how smart and correct he was. It took me a while but I paid everything off. I am so lucky to have a paid for home. The relief and peace you have is incredible. I pray for those struggling.
There’s plenty of inventory however people can’t budge on their asking prices because they are upside down, just like 2007. Once they are forced to sell, you will see prices, start to nose dive. This all happened in 2008, I sold real estate back then. Why no one can recognize this is beyond me. This is actually worse, because you have other factors such as hyper inflation, reflected in massive increases in taxes and insurance, massive layoffs.
Great guest. He says it well. The crash is here but they have controlled this demolition masterfully and strategically, where the average person will not be able to capitalize on it.
The maintainence, insurance, taxes and HOA on a house make me never want to buy a house. Its not really the mortgage. Its all this other stuff that's not in my control.
@@teresa-o3tIt is very different. You have a lot more flexibility with renting. That said, if the market was good right now, I would probably buy. But it's not and I won't.
@@mikemcglauflin8985 The Fed in a large part screwed the working middle class with cheap 💰💰💰leading to the outrageous home prices we see now. The cheaper the note the more one can borrow & realtors figured that out very early.
Thank George Floyd. I fled my home town, Minneapolis a long long time ago. Sad to see it become a shit city. Too much woke. Too much Utopian thinking. Sad to see.
@@SachsRealtyhey Todd, hope you get this. You never return my message lol Hope you ain't telling me go kick rocks but this is another great show with John. He's a beast. He been in the game as long as we have. I'm 32 years in now. You're 35 and he's been in it for 30 as well. We all know it's about to be a major correction. The only reason hasn't broke yet cuz they've done everything under the sun to do keep it up. But eventually mother nature will sing loud. It's like the big bad wolf. He's about to huff and puff and blow the house down and it's nothing you going to be able to do to stop this correction. It's a cyclical business. Whether it's cars or homes. Some cycles take longer than others, but when it cycles back it's going to smack. You upside the head but that's the only way to get the room cleaned. You have to clean the room from the mess that's already there to get it's correct and that's what's about to happen. So for all these Realtors out here living in la la land please you're about to get in for a rude awakening. We've been in the game a long time. I'm from New York City. I'm here in Columbia and I'm still seeing homes selling fast and I'm sitting here going. Who in the world is buying these houses? And the downtime of the market is that on the doorstep of a hella correction and recession which I believe is already been here. We had two negative GDP people quarters 18 months ago. But the Biden administration want to rename with a correction was and it's always been two negative GDP quarters. So we've been in recession to be truthful but we're now entering phase one and it's going to be a doozy. You keep doing your thing. I hope one day we can meet and talk much props to my realtor Darnell. He's a beast and he knows the deal as well. I'm about to get back into the market of buying. I had to drop out a little bit help the kid but I'm I'm going to wait. Marilyn needs more inventory and I do believe it's coming especially now with the federal government layoffs that's looming.. never thought I see today when a federal government job would be put on The chopping block for possible layoffs yet 2 million face that possibility. That's a game changer. We're going to wait and see how that plays out. In the meantime, you stay blessed Todd. We'll talk. Good job again. You're a beast and one of the absolute very few along with my man Travis and Mitch at real estate mindset. Orlando minor and Michael bordinaro. They keep it a buck like you do... Stay blessed. We'll talk. Well done... Derrick Realtor, New York City remax now living in Columbia MD...
Congress and Trump MUST stop investors from buying real estate homes for investment purposes!!!!!!! THIS WILL NOT GET BETTER UNTIL IT BECOMES ILLEGAL. When that happens inventory will shoot up bringing prices to a reasonable and logical amount. This alone will increase inventory by 20%.
#47 was a real estate investor. To make it illegal for SOME people to buy and sell would crash the real estate market. It's like the stock market - buy low/sell high!
First mortgages with rates of 8 to 9% and 9% to 10% were common when I bought my first house to live in, which was in Miami in the early 1990s. People will have to come to terms with the fact that we may never get back to 3%. Home prices will have to drop if sellers are forced to sell, and appraisals will drop as a result. I'm very certain that I'm not the only one thinking this.
In fact, it will only grow worse. Affordable homes will soon become unaffordable. Therefore, if anyone wants to do something, I suggest doing it right away because tomorrow's costs will appear to be lower than they are today. I believe that frenzy brought on by excessive inflation will persist until the Fed tightens its regulations considerably further. The bandage cannot be torn off in the middle.
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.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Annette Christine Conte ” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
Personally, I’m tired of these LLC and REO cos buying up all the older pre existing homes. It’s out of control already. Can median wage families get a chance to finance a fixer upper? No! Because they have to compete with cash sales at auction. It’s true….and more true than ever.
I'm an REO listing agent in Las Vegas Nevada. I've been monitoring the foreclosures for 5 years now and Nevada is supposed to be one of the highest in foreclosure filings as of January 2024. However I've only gotten a few foreclosures to list and one of them was because the owners had passed away. So I'm not seeing the foreclosures in Las Vegas and I honestly don't know what the heck is going on here. Meanwhile I'm buying and investing in a bunch of foreclosures in the Midwest. Especially in Southern Indiana. People bought them just a few years ago then took a COVID forbearance and can't do a loan modification because the interest rate is too high. They were getting foreclosed in 10 to 12 months after purchasing the home. I am shocked how fast the banks are working to foreclose on them.
Excellent observation by John that banks are off loading the distressed properties to investors and so they don't have to report increasing foreclosures.
This is exactly what is happening and it’s being done in stealth. The average working class family’s ability to buy homes are being intentionally destroyed. Again, not by accident.
They wont forclose, as the people have no place to go rent, and FHFA doesnt want tbe repercusions of more homeless. So they basically rent to the home owner under a discounted mortgage payment often less than the inesrest due.
Being greedy is what causes societies to fail. The Greeks and the romans should be our lesson but people don't want to remember the past so they repeat it.
truly at the root of so many problems - economic, social and more. e.g. fiat currency == debt, debt must return interest, interest is paid via a bigger pool of fiat. rinse and repeat.
It's really a decision between Freedom and Slavery, isn't it lol. You guys sound like a bunch of notseas. Next you'll be complaining that all that fake money was used to fight 7 wars for Our Greatest Ally. What a bunch of failed art students! Get back to turning the other cheek and putting your nose to the grindstone, like god intended.
No, I own my home for 21 years. Yesterday I got in my new house taxes 300 more a half $600 a year and I live in a small ranch. I think once your house is paid for you shouldn't have to pay house taxes again. They're killing the seniors. I'm a senior. That's terrible
Well I wish your generation did what was right instead of being shortsighted lazy and self serving. Your generation was the antithesis of good stewards of this republic.
@@andrewquinn6634lol. Are you crying? Your ad hominem indicates that my statement is accurate. You’re a failure and a joke and I hope you lose your house.
Exactly but being an expat foreigner can be tricky and risky, especially if you are not fluent in the language! Might consider a rural location in Your home country! But yes the problems are stacking quickly and they will find a solution but will benefit the top few percent. Best is be self sufficient on all levels if you want to play this game! Good luck!
The US is Ground Zero for what hell is to be paid globally. Choose your foreign destination carefully though. No place is perfect and like the other guy here says, you gotta at least have some functional grasp of the local language before you leap. There are intensive language training schools all over the place though, and if it's Spanish, you may catch on pretty fast (like a year).
The problems are big. Depending on how recently your ancestors immigrated here, plus some other criteria to meet, you might be able to get a citizenship from the country your say great grandparents immigrated from. Not always a fast process, though.
@@labellavita2248 Unfortunately I'm not eligible for citizenship by descent. Fortunately, there are plenty of great places to live abroad for us to choose from. Why hang around for a "lost decade" when we can find better opportunities?
Remember when 1 guy supported his whole family of 6 off a single income? Homes were affordable, jobs payed well, and people didn’t have debt. Just look at the cost of trucks…$60 to $80k. We need a reset but it’s going to sting…bad. The key takeaway, 50% of home owners shouldn’t buy a home…sadly.
@@jasenjahn I hate this argument because it often completely ignores all of the cultural an economic changes that happened that make an impossibility everything from disposable clothes to disposable Furniture to unrepairable cars and equipment it's easy to afford things if you never got in debt to in the first place IE no student loan debt credit card debt or card debt then you only own one car the house that you buy is half the square footage of the modern house you have a victory garden left over in your backyard from World War II that takes care of a quarter of all your food you don't buy anything unless you actually need it you don't throw anything away unless it's so broken and unfixable and even then you sell it to a scrapper to be recycled you don't get a new phone every year to every two years when you buy a car you buy it new cuz you're going to own it for 10 to 20 years not the average of three and your wife who chooses to stay at home and instead of following the most recent fashion trends will sew or craft her own clothing bags and Etc plus doing the same thing for the children and her entire job at home is figuring out how to use coupons sales in craftsmanship to reduce the overall household expenditures making all the food from the most basic components that are still to this day very cheap and easy to acquire it all of a sudden still becomes possible that if you acquire a middle to lower middle wage job to do exactly that but if all the women go into the workforce and you double the supply then you half the value on top of that everyone waits till later to get married which means we need double the amount of apartments and housing because everyone's living alone which drives up prices and demand and in spite of the fact that most people don't even have a functional use for all the rooms in the mass of mcmansions they buy them because they consider that the increase in value will be greater by basically using leverage you buy it because everyone else wants to buy it and everyone else wants to buy it because you bought it we're in a self-perpetuating cycle the things are only going to get worse because it would require massive numbers of people to be left holding the bag in order to get out of this
@ I guess my point, regardless of gender, we used to live in a time when things were affordable. College was almost free. Loans didn’t exceed over 7 years. The US is expensive. I’m 47, so I didn’t experience this golden age of the US. I’ve only read and heard about it.
@@jasenjahn the thing is it didn't change uniformly in America another words that didn't happen all at once there are places in the country that are still like this it's just you have to give up a lot of things in order to go there I've had tons of girlfriends in the city and when I try to encourage them to come back towards my hometown they will always express the light about the cost of living the cost of housing the low crime rate how beautiful the scenery is but it always comes back to the fact that there's no options for restaurants there's no places to shop there's no activities other than hiking the mountains or fishing or camping the only thing I can think is yeah that's the way it always was used to be 80% of people lived in the country only 20% in the cities now it's 50/50 do you think when 80% of people lived in the country there were shopping malls no there were main streets with maybe a dozen stores there wasn't 56 oppositions for different types of foreign Foods people didn't just hop on a plane and go to Europe or Mexico or hell even across the country maybe one or two vacations a decade and you don't need all that cope if your life isn't stressful if you aren't living paycheck to paycheck because you have a paid off house and a paid off car the trying to get people to live the lifestyle that is required to make that kind of world work is like trying to get them to live inside of a horror film I hope you're not bothered by poor punctuation my fingers can't type on this so I'm using talk to text
@@jasenjahn tldr a much higher percentage of people live in cities than they used to and they don't want to give out the conveniences of cities in spite of how much it cost them but those things are the very things that prevent them from becoming financially independent
You guys are 1,000% correct on everything you’re saying!!! I’m a retired South Florida REO Broker for over 20 years. The crash has not even started yet! Heaven is over. Hell is coming!!!
I live in a rural area, all the homes look like this…People are in distress, and these humans are so nasty…they must be so depressed or tapped out. The yards go and grass not watered. What kind of communities are we creating? People cannot afford these homes and maintenance. The taxes and insurance doubling will take its toll. I have to clean up my neighbors yard. Thinking about starting a neighborhood clean up crew, so we can help one another, but some are just filthy.
My parents bought their first home in 1982... they never really cared for it... slopped paint on rotten siding, layer upon layer of shingle. It sat for some 20 years empty until I moved in at 20 years old, 15 years ago... I damn near rebuilt the thing, everything...framed a new roof; massive leaks. Had to frame portions of the second story and the first story, all the way to the foundation; termites... every window was reframed with proper headers, and every window replaced new...new doors with more framing...new electrical everything, new panels, new romex, new boxes, new outlets, switches, fixtures... redesigned the whole electric for the house which was originally done 100 years ago with tube and wire... everything up to code, had to add 10 fixtures for every 1 on the original build... New copper plumbing... although that was done first so it is already 15 years old, but copper can last 100 years easy, especially when you install the thicker L type copper pipes like i did...new plumbing fixtures everywhere...new high-end cedar siding, new front porch, old front porch was rotten and total tear down. Installed nice 1' rubber floor tiles with 600 mil EPDM rubber liner under it...totally water proof, and everything is pressure treated and designed to keep water off. its a beautiful front porch, sleak and modern. .... foundation repair, limestone wall had mortar washed out and basement was a swamp...surface irrigation to direct rainwater away from the house dried the basement out, tuck pointing inside and out fixed the wall, added some concrete piers in the crawlspace, resurfaced the basement walls... i'm digging up frozen dirt in preparation for installation of an exterior footing drain right now to control the soils moisture levels and prevent settling... I'm still doing finishing work on the inside... just insulated some walls last week, still have more bare studs to cover yet... installing 3/4" plywood sheer walls to handle wind load... and upgrading the wall thickness to 8 inches for 30 + R-value... i have designs for hard wood interior walls i am beginning construction on this spring, I am manufacturing them myself to same a buddle and avoid IKEA grade products that will fall apart... i still need a new drive way, and a new back deck... i've planted the yard with grass and trees and flowers and screening plants for privacy (they grass was a nice upgrade from the muddy back yard flowing up against the house every time it rained...the trees are longer young saplings but striking features... The rotten detached garage saw even less love than the house (if that's possible) the mold was a healthhazard from 50 yards away and a thing was a deathtrap... tore it down and in the distant future i intend install a pole barn to replace it... still need to redo the HVAC, but got the old stuff to work for the last 15 years, this year the AC finally crapped out again and I will be installing new ducts following the J-manual standards, with a new furnace and central air....i will install everything myself to save 10 grand... All in all it is miles apart from what we inherited...but it is not done yet and it has taken 15 years to get this far, I hope to wrap things up in the next year or two, but everything costs money that must be earned first...when iIm done I will move to a warmer climate and build a better home from scratch... faster with financing from a massive personal loan and some savings.. somewhere rural in the wilderness... and start over with a fresh build ...i've had to maintain a fleet of vehicles the whole time for myself and my wife, the RV the JAG, couple trucks, few sedans, my boat... redundancy is important, cause all my stuff is old and in need of constant repair, my newest vehicle is 20 years old, my oldest is 40.... and you can't really drive one vehicle for everything anyways...I have done every single repair on my home and cars singe handedly... no help outside watching tutorial or reading a manual...I have moved tens of thousands of pounds above my head, both cars and houses... without a single person helping me. I'm not sure I should be a homeowner cause this work sucks, so much work!!! but i'm almost done... sort of... I must be insane and possibly a total badass. the city has given me so much trouble... permit department is at least approving my plans though so i'm happy about that...neighbors hate me, they all rent... the unofficial plan was to bulldoze the whole block, and the landlords want to sell, I must have ruined it by fixing this place up for the last 15 years. I better get back to work! I'm mighty sore today and needed a break resting is as much work as working... got to take care of yourself too!
Wow! That is a lot of work mentally physically and financially. I appreciate your values, and hope you can enjoy the fruits of your labors in good health and happiness for a few years before you bail out to the countryside. Pride of ownership is something we should cultivate.
After reading your comment I bet your house looks beautiful! I don't even want to think about how much money has been spent so far. Keep up the good work! and I hope to be as hard working as you one day 💪
Good job! I totally relate, my husbands parents did the same thing, the city condemned their house even thiugh my husband kept goung down and fixing what he could but did not want to spend the money on what they would not take care of.
I think everyone should have a roof over their heads no matter their income. In the old days we would buy a little fixer upper, key word little, not to flip but to live in forever. But now everyone feels like they have to have super nice homes and feel they deserve it yet they don't want to put any energy into it. So to say it's not just banks or investments etc. it's also the mindset of the population.
People still want a fixer upper. Problem is these small fixer uppers are massively overpriced and are beat to hell, to the point they should almost be demolished.
@@SomeUserNameBlahBlah In Northern Utah you can't find a fixer upper. The realtor and the "investors" snap them up, put lipstick on that pig and flip em to make money. Absolutely NOTHIN to buy and fix up to live in any more.. I know because my grandchildren are trying to find something they can afford to bbuy and fix up. They are tired of aparment living.
True, when the taxes are so insane who cares if you own. It's almost as if you don't won't to own. 40 yrs ago when I bought my first house, owning was a no brainer. The upkeep was not much and that applied to taxes. Taxes are a disaster today.
I live in Dunedin fl My house cost 40k retail in 1964 when it was done being built. So it’s safe to say it cost the builder maybe 25k to build or less. Today the property tax on this house is 5200 a year. Now that is just silly.
Also, the fact that banks changed the font end & back end mortgage qualifying ratios from 28%-36% to 45%-50% respectively. That in itself tells you that home prices are at least overvalued by 38%. No wonder why people are losing their homes. 36% was previously destined to PITI, and now 50% is destined for it. Thus, people don't have money for the rest of their personal expenses. It was very irresponsible for the banks to do so. Most 1st time home buyers don't know about the homeownership implications and expenses. However, the bank executives didn't care about it. Most of them know that if they fail, the federal government will rescue their institutions, and we'll be paying for it.
"we'll be paying for it"? How so? Seriously, in the credit crisis, when gooberment bailed out the banks, the government actually made a shi* ton of money. They injected capital (TARP/TALF) into the banking system and got like 3X their back money because it was a loan. Unlike the big autos, which the government lost their pants on and GM bond holders got totally hosed because of Obozo The problem, as I see it, stems from the community investment act. The liberal sodomist, Barney Franks spearheaded that decades ago, and over time, home loans were like the early version of DEI. Yeah, the government forced banks to make loans to minorities as well as low income participants, what could go wrong?
Excellent discussion. And that's a very cool Monopoly picture! I've been wondering where the distressed property is in my area - there are no foreclosures in the county. It seems unusual because there always has been people losing their house because of divorce, job loss, death, mental illness, etc.
@@coinjoinersunlimited1140 because the dollar is the reserve currency & it has to print money because of the reverse amoritization of the bond schedule, meaning they never pay down principle past & keep adding new principle balances & they just keep paying interest on inrerest on principle debts from 1913.
Because wall street and the government are one in the same now, and because Boomers are in charge so they're never going to deflate the bubbles that they inflated to enrich themselves.
That doesn’t work bc the little people pay the same for food , gas, etc as the rich. The rich can well afford 10% sales tax HOWEVER the lower bracket can not afford 10%
property taxes are more guaranteed income than sales tax. cash sales will lead to no sales tax collected and drive the city broke. people will find a way to avoid sales tax.
I have a 300k home, and there’s not even a Walmart in my county. I do all my shopping in other counties and buy my cars out of large cities in other states. My county would get absolutely nothing from me by going that route.
Yes the whole thing is a disaster. So why can't Americans afford home ownership. What's the point of working for a living, if the job doesn't pay a living wage? Our system seems broken. A lot of finger pointing without any solutions
why not let people discharge student debt like other debts?? Banks got rules changed. Financialization has destroyed this economy in the last 30 years.
I live next to a massive hoarder, the code enforcement has been out there over 30 times, everyone has phoned and complained, but seriously nothing they can do about it. Junk everywhere in their yard along with 4 ragged RVs that their worthless adult children are living in, with tarps and trash everywhere. Some people are really disgusting!!!
I sold my home in Batavia Il, where John has his office. I sold a 2200 sf brick ranch on a larger lot in town. Had a new roof, new high efficiency a/c furnace, upgraded electric to 220, new gutter soffit facia on the home and had a full basement. Closed in May. The buyers leveled the house and a new huge home is up and already sided. I sold for 461,000. A world of have and have nots.
It's funny how landlords think this is an easy business. In my country (Chile), people think "the property pays for itself" - as a way to say that it's a secure investment. And yet, every time I do the numbers, it's not a good business. Maintenance, taxes, tenants.. it's just a mess
Travis, Biden is not the president. 😮 Let's see where we are in about 2 years...we're trending in the wrong direction. And this started back in 2008...Easy money, No accountability, more easy money..
Biden was certainly guilty of all of this, but Trump is not going to address this properly either. He thinks lower interest rates are the answer, when they are the only healthy thing left. Lower rates will only worsen the generational wealth divide.
I had a 1.3 million dollar house in 2008. I lived in the house for 47 months without making a payment. I was a real estate agent. The first short sale fell through. I moved back in eventually did get a short sale completed. Chase paid me to leave without doing damage.
Homes are not investments! Homes are owned. Real estate tax was taken from your mortgage to be placed for the bonding for the property and real estate! That man has a fraud company due to the fact we didn’t approve him! We have the founding deed and property reverts to the founding deed holders so thank you for his information to add him to the lawsuit!
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $34,500 every 2 weeks even though I barely trade myself.
If you’re a person that is not paying back your student loan or can’t pay it back- those same folks should never be allowed to be approved for a loan for house. How are they going to make house payments + property taxes & house insurance if they cannot even pay back their student loan ? Big red flag 🚩
The houses are not gaining value. It is inflation and our paper losing purchasing power. Look at house price to oz of gold ratio, or even house price vs energy or food price. It had lost 20% in the last 2 years
There are people that could afford their home 10 years ago. Because of inflation taxes INSURANCE home maintenance....... they should own their home but America has made it impossible because of the expense not to mention the affordability issues which goes back to the afore mentioned
You guys are right on. I was a broker in NH for45 years and during the 1990’s , I was inundated with work on foreclosures. It was mostly banks going down. People actually lost there homes even if they were up to date mainly because the banks were failing and the feds would come in and close them down.I worked in Florida in 2008,09,10 and sold property for dimes on the dollar . This is absolutely disgusting and it’s kick in the ass for people doing anything to pay their mortgage. This has to stop.
100% agree, all three sides are guilty to some degree on this topic. People buying homes that they barely can afford shouldn't be. Lenders approving people in the above situations shouldnt be approving them. The government needs to stay out of this. They screw everything up they get involved with. But Im sure their buddies are profiting and giving them kick backs
What is the alternative (not paying is not what I mean) ? If you cant afford the mortgage due to circumstance, whatever it is; rent is higher than mortgage... this where homeless and RVs come in. Rents are being price fixed across the country. Rent should not be the same in ten buck 2 as it is in downtown Chicago. Whoever is doing this should not be monopolizing the rental market
@@SomeUserNameBlahBlah It wouldn't matter how many idiots there are if the banks (really the government/taxpayer) would simply refuse to lend to them at crazy DTI's. The losses from the bad loans are being dumped onto the taxpayer, keeping everything looking much healthier than it is. It's disgusting.
Thanks, Todd for all your hard work and informative discussions that you’ve been having on the current real estate market. As a broker in Florida who went through the O8 crisis personally, I believe this one’s gonna be a little bit more challenging once it begins to unfold.I Remembering how our local board lost 2/3 of its members and the day when our phone wouldn’t ring except for sellers who were concerned. And no buyers. 👍😎 Keep up the good work, Support you my brother 👍😎
Thank you for bringing this to light. I Learned a lot from this video. I love to see experts, people doing this for many years, bring their take on the matter. Thank you.
I spoke with a couple yesterday, both are doctors. They can't afford to live in the US anymore. Imagine. Their salaries combined are in the top 1% of the country!
i have been listening to these so called experts since 2009 and every year they say the same thing. " this is it folks, the crash is here. this one will be worse than the great depression."
Great video and information. What do you guys think about the idea of eliminating property taxes and implementing a uniform state income tax to support local services? The real fraud is the Ponzi scheme of property taxes. If we want to help homeowners build their balance sheet then eliminate the property taxes and the total mechanism that controls that process. Your thoughts?
My wife and I have been holding off buying a larger home for over two years because of these very same issues. Instead, we decided to upgraded things in our small home; no complaints, we love our home. But, we will need a larger home to bring in my mother-in-law in the future. Bit wild that there are people living alone in large homes, and families like us are putting off buying a larger home due to this lack of inventory movement. We will continue to live beneath our means until a serious price adjustment.
You're right. Some people don't deserve to own a house. And then we wonder why landlords play hardball with tenants. Not only will many of these people totally defer maintenance on their homes with forbearance loans they'll destroy rental properties as well. Does anyone think that scofflaws will invest and maintain their property when they're so far behind. Even if they have positive equity they're often too lazy to try and save it. I would bet some of these people did the same after the 2008 housing crash. People stayed in their houses for years without paying their mortgage until they were foreclosed and evicted. They sat on the bench for seven years and after getting back into a house they likely did the same again today. During the recent rental forbearance period my buddy was prohibited from evicting non-paying tenants although he was still responsible for the taxes, insurance and performing maintenance requested by the tenants. In one case his non-paying tenants bought a brand new truck and parked it in the driveway of the house where they were not paying rent. Instead of paying back rent and current rent when the forbearance period was over he had to evict them for non-payment. Only in America!
Thank you for echoing what I’ve been telling people! I tell my buyer clients to please wait if they can. Of course with lots of disclaimers circling that statement.
The banks and investors only can absorb so much. When they sell the loans in those pools the people loose all the provisions and protections of FHA/HUD. So they are not helping these people, they will still loose their homes.
I am a mortgage closing agent all I’m doing is loan mods!! The banks are going to be in trouble again these bars are not gonna be able to pay this back and there’s tons of foreclosures already everywhere
He talks about the interest rate to build his theory that these people can't afford to own a house. The interest rates AREN'T 1 to 3% for starters. More like 5 to 6%. And this is on a house that was over valued
Absolutely 💯 Great release 👍 This is how it all started in the GFC...they can't afford to kick down the road and if they by back those to make them more rentals, that will be crazy!
Shadow inventory (bank owned and vacant but being made to look like someone lives there) has been around for quite some time. I have 6 vacant houses, for 10 years, on my street alone that I know of. The grift is to keep houses at artificially inflated values in order to collect higher property taxes. The banks don't care because the taxpayer pays for the expenses to keep the house looking lived in.
Long-time Anne Arundel County subscriber here Todd. I always enjoy your videos and your varied and knowledgeable guests. Even though I am a retired apt renter with almost a 7 figure retirement portfolio your podcasts give me insight into the areas I may be interested in IF I relocate. Home prices and apt rents tend to (somewhat) rise or fall in tandem.
Around the 34:00 minutes mark about home prices coming down and it should be happening right now. Tell the builders and sellers here in the Anne Arundel, Odenton area that. For sale properties in this area are way overpriced 🤔
Back in 2007 I heard this guy named Dave Ramsey on the radio. I thought he was crazy but the more I listened the more I realized how smart and correct he was. It took me a while but I paid everything off. I am so lucky to have a paid for home. The relief and peace you have is incredible. I pray for those struggling.
The seniors are struggling with HOA and property taxes. The houses have appreciated so much that property tax is killing us.
There’s plenty of inventory however people can’t budge on their asking prices because they are upside down, just like 2007. Once they are forced to sell, you will see prices, start to nose dive. This all happened in 2008, I sold real estate back then. Why no one can recognize this is beyond me. This is actually worse, because you have other factors such as hyper inflation, reflected in massive increases in taxes and insurance, massive layoffs.
fraud is the glue that holds the system together
Well said!
Sad Fact
can i get me a lil of this so called Fraud...?
No kidding, in every single fashion. A pirate system.
Fraud and theft makes the US go round
One of the few channels that has a true grasp of (& the stones to share) all things housing, no matter how ugly and hard to look at.
Thanks for that.
Great guest. He says it well. The crash is here but they have controlled this demolition masterfully and strategically, where the average person will not be able to capitalize on it.
Boom! That's exactly what happening. A controlled demolition
Who is they?
@@sojourneroftheland as always, the fiscally responsible will bear the weight of the fraud.
Masterfully said.
The maintainence, insurance, taxes and HOA on a house make me never want to buy a house. Its not really the mortgage. Its all this other stuff that's not in my control.
No different than renting an Apartment!!!!!! FEES on top of FEES!!!!!!
@@teresa-o3tIt is very different. You have a lot more flexibility with renting. That said, if the market was good right now, I would probably buy. But it's not and I won't.
i've just bought one.
You are so correct. I worry about taxes only, mortgage is ok.
@ You have a lot more flexibilty with renting and can move out of situation that doesn't work for you at least.
@@klaval1961 Exactly. Just another way for government to have control over you for eternity.
Don't forget the jobs that are no longer a living wage
Yep. If prices were due to economics, not credit, prices would be affordable.
@@mikemcglauflin8985 The Fed in a large part screwed the working middle class with cheap 💰💰💰leading to the outrageous home prices we see now. The cheaper the note the more one can borrow & realtors figured that out very early.
Jobs haven't ad a living wage for going on 20 years
In Minneapolis a 31 floor Skyscraper Sells For $6.25M, 97% Drop Since 2016.
The crash has just begun 👿👿
Thank George Floyd. I fled my home town, Minneapolis a long long time ago. Sad to see it become a shit city. Too much woke. Too much Utopian thinking. Sad to see.
Commercial property is in way worse shape because the short term mortgage duration. They are experiencing rate shock right now.
@@pchu0946 I agree.
They are also experiencing the rise in wfh companies who want to keep their overhead down, i.e. not renting an office space.
Glad you’re cranking out these videos again Todd! Thanks for all you do
You’re welcome. Thanks for your comment.
@@SachsRealtyhey Todd, hope you get this. You never return my message lol Hope you ain't telling me go kick rocks but this is another great show with John. He's a beast. He been in the game as long as we have. I'm 32 years in now. You're 35 and he's been in it for 30 as well. We all know it's about to be a major correction. The only reason hasn't broke yet cuz they've done everything under the sun to do keep it up. But eventually mother nature will sing loud. It's like the big bad wolf. He's about to huff and puff and blow the house down and it's nothing you going to be able to do to stop this correction. It's a cyclical business. Whether it's cars or homes. Some cycles take longer than others, but when it cycles back it's going to smack. You upside the head but that's the only way to get the room cleaned. You have to clean the room from the mess that's already there to get it's correct and that's what's about to happen. So for all these Realtors out here living in la la land please you're about to get in for a rude awakening. We've been in the game a long time. I'm from New York City. I'm here in Columbia and I'm still seeing homes selling fast and I'm sitting here going. Who in the world is buying these houses? And the downtime of the market is that on the doorstep of a hella correction and recession which I believe is already been here. We had two negative GDP people quarters 18 months ago. But the Biden administration want to rename with a correction was and it's always been two negative GDP quarters. So we've been in recession to be truthful but we're now entering phase one and it's going to be a doozy. You keep doing your thing. I hope one day we can meet and talk much props to my realtor Darnell. He's a beast and he knows the deal as well. I'm about to get back into the market of buying. I had to drop out a little bit help the kid but I'm I'm going to wait. Marilyn needs more inventory and I do believe it's coming especially now with the federal government layoffs that's looming.. never thought I see today when a federal government job would be put on The chopping block for possible layoffs yet 2 million face that possibility. That's a game changer. We're going to wait and see how that plays out. In the meantime, you stay blessed Todd. We'll talk. Good job again. You're a beast and one of the absolute very few along with my man Travis and Mitch at real estate mindset. Orlando minor and Michael bordinaro. They keep it a buck like you do... Stay blessed. We'll talk. Well done... Derrick Realtor, New York City remax now living in Columbia MD...
Congress and Trump MUST stop investors from buying real estate homes for investment purposes!!!!!!! THIS WILL NOT GET BETTER UNTIL IT BECOMES ILLEGAL. When that happens inventory will shoot up bringing prices to a reasonable and logical amount. This alone will increase inventory by 20%.
I am agree 👍
The fact that they allow it to happen makes me feel like they really do want people to suffer and not be able to afford a home.
What are going to do about it ?? Are you going to call Trump and tell him what he needs to do??
#47 was a real estate investor. To make it illegal for SOME people to buy and sell would crash the real estate market. It's like the stock market - buy low/sell high!
And non citizens should not be allowed to buy property.
First mortgages with rates of 8 to 9% and 9% to 10% were common when I bought my first house to live in, which was in Miami in the early 1990s. People will have to come to terms with the fact that we may never get back to 3%. Home prices will have to drop if sellers are forced to sell, and appraisals will drop as a result. I'm very certain that I'm not the only one thinking this.
In fact, it will only grow worse. Affordable homes will soon become unaffordable. Therefore, if anyone wants to do something, I suggest doing it right away because tomorrow's costs will appear to be lower than they are today. I believe that frenzy brought on by excessive inflation will persist until the Fed tightens its regulations considerably further. The bandage cannot be torn off in the middle.
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.
who is your advis0r please, if you don't mind me asking?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Annette Christine Conte ” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
Personally, I’m tired of these LLC and REO cos buying up all the older pre existing homes. It’s out of control already. Can median wage families get a chance to finance a fixer upper? No! Because they have to compete with cash sales at auction. It’s true….and more true than ever.
I'm an REO listing agent in Las Vegas Nevada. I've been monitoring the foreclosures for 5 years now and Nevada is supposed to be one of the highest in foreclosure filings as of January 2024. However I've only gotten a few foreclosures to list and one of them was because the owners had passed away. So I'm not seeing the foreclosures in Las Vegas and I honestly don't know what the heck is going on here. Meanwhile I'm buying and investing in a bunch of foreclosures in the Midwest. Especially in Southern Indiana. People bought them just a few years ago then took a COVID forbearance and can't do a loan modification because the interest rate is too high. They were getting foreclosed in 10 to 12 months after purchasing the home. I am shocked how fast the banks are working to foreclose on them.
Look out for the dam breaking. 😫😱
Good show. One of the better industry channels. Much appreciated.
Wow, thank you! 🙏
Agreed❤
John Hoffman is a breath of fresh air. When someone knows their data, it shows.
Exceptionally knowledgeable guest.
Excellent observation by John that banks are off loading the distressed properties to investors and so they don't have to report increasing foreclosures.
This is exactly what is happening and it’s being done in stealth. The average working class family’s ability to buy homes are being intentionally destroyed.
Again, not by accident.
Worked for Fannie Mae and everything he stated is true. At least 400-500K in forbearance on the books, many still from before covid
They wont forclose, as the people have no place to go rent, and FHFA doesnt want tbe repercusions of more homeless. So they basically rent to the home owner under a discounted mortgage payment often less than the inesrest due.
Results of a predatory society……. People do not care about one another enough….. these are the consequences turning your backs on your fellow man
Being greedy is what causes societies to fail. The Greeks and the romans should be our lesson but people don't want to remember the past so they repeat it.
Have you been to your local Walmart the past few years and just look around at many of your neighbors?
To keep pushing things down the road in the hope things will get better is going to backfire horrendously.
As long as the criminal FED keeps mouse-clicking trillions of counterfeit dollars out of thin air , nothing will change.
Only inflation. It will change upward.
Yea I was gonna say the same
Oh things are gonna change all right
Everything you need will go up in price. Especially energy!
truly at the root of so many problems - economic, social and more. e.g. fiat currency == debt, debt must return interest, interest is paid via a bigger pool of fiat. rinse and repeat.
Every Fed mouse click makes your dollar worth less, they are imploding the dollar on purpose.
It's really a decision between Freedom and Slavery, isn't it lol. You guys sound like a bunch of notseas. Next you'll be complaining that all that fake money was used to fight 7 wars for Our Greatest Ally. What a bunch of failed art students! Get back to turning the other cheek and putting your nose to the grindstone, like god intended.
No, I own my home for 21 years. Yesterday I got in my new house taxes 300 more a half $600 a year and I live in a small ranch. I think once your house is paid for you shouldn't have to pay house taxes again. They're killing the seniors. I'm a senior. That's terrible
I'm in the same boat
That's because at the end of the day you never really own anything
Well I wish your generation did what was right instead of being shortsighted lazy and self serving. Your generation was the antithesis of good stewards of this republic.
@@letouioui6621 Drop the controller and get out of your pajamas and get a real job, SNOWFLAKE
@@andrewquinn6634lol. Are you crying? Your ad hominem indicates that my statement is accurate. You’re a failure and a joke and I hope you lose your house.
The longer I think about it, the more it makes sense to simply leave the United States. We can't fix these problems.
Exactly but being an expat foreigner can be tricky and risky, especially if you are not fluent in the language! Might consider a rural location in Your home country! But yes the problems are stacking quickly and they will find a solution but will benefit the top few percent. Best is be self sufficient on all levels if you want to play this game! Good luck!
The US is Ground Zero for what hell is to be paid globally. Choose your foreign destination carefully though. No place is perfect and like the other guy here says, you gotta at least have some functional grasp of the local language before you leap. There are intensive language training schools all over the place though, and if it's Spanish, you may catch on pretty fast (like a year).
The problems are big. Depending on how recently your ancestors immigrated here, plus some other criteria to meet, you might be able to get a citizenship from the country your say great grandparents immigrated from. Not always a fast process, though.
Sad FACT
@@labellavita2248 Unfortunately I'm not eligible for citizenship by descent. Fortunately, there are plenty of great places to live abroad for us to choose from. Why hang around for a "lost decade" when we can find better opportunities?
Remember when 1 guy supported his whole family of 6 off a single income? Homes were affordable, jobs payed well, and people didn’t have debt. Just look at the cost of trucks…$60 to $80k. We need a reset but it’s going to sting…bad.
The key takeaway, 50% of home owners shouldn’t buy a home…sadly.
@@jasenjahn I hate this argument because it often completely ignores all of the cultural an economic changes that happened that make an impossibility everything from disposable clothes to disposable Furniture to unrepairable cars and equipment it's easy to afford things if you never got in debt to in the first place IE no student loan debt credit card debt or card debt then you only own one car the house that you buy is half the square footage of the modern house you have a victory garden left over in your backyard from World War II that takes care of a quarter of all your food you don't buy anything unless you actually need it you don't throw anything away unless it's so broken and unfixable and even then you sell it to a scrapper to be recycled you don't get a new phone every year to every two years when you buy a car you buy it new cuz you're going to own it for 10 to 20 years not the average of three and your wife who chooses to stay at home and instead of following the most recent fashion trends will sew or craft her own clothing bags and Etc plus doing the same thing for the children and her entire job at home is figuring out how to use coupons sales in craftsmanship to reduce the overall household expenditures making all the food from the most basic components that are still to this day very cheap and easy to acquire it all of a sudden still becomes possible that if you acquire a middle to lower middle wage job to do exactly that but if all the women go into the workforce and you double the supply then you half the value on top of that everyone waits till later to get married which means we need double the amount of apartments and housing because everyone's living alone which drives up prices and demand and in spite of the fact that most people don't even have a functional use for all the rooms in the mass of mcmansions they buy them because they consider that the increase in value will be greater by basically using leverage you buy it because everyone else wants to buy it and everyone else wants to buy it because you bought it we're in a self-perpetuating cycle the things are only going to get worse because it would require massive numbers of people to be left holding the bag in order to get out of this
@ I guess my point, regardless of gender, we used to live in a time when things were affordable. College was almost free. Loans didn’t exceed over 7 years. The US is expensive. I’m 47, so I didn’t experience this golden age of the US. I’ve only read and heard about it.
@@jasenjahn the thing is it didn't change uniformly in America another words that didn't happen all at once there are places in the country that are still like this it's just you have to give up a lot of things in order to go there I've had tons of girlfriends in the city and when I try to encourage them to come back towards my hometown they will always express the light about the cost of living the cost of housing the low crime rate how beautiful the scenery is but it always comes back to the fact that there's no options for restaurants there's no places to shop there's no activities other than hiking the mountains or fishing or camping the only thing I can think is yeah that's the way it always was used to be 80% of people lived in the country only 20% in the cities now it's 50/50 do you think when 80% of people lived in the country there were shopping malls no there were main streets with maybe a dozen stores there wasn't 56 oppositions for different types of foreign Foods people didn't just hop on a plane and go to Europe or Mexico or hell even across the country maybe one or two vacations a decade and you don't need all that cope if your life isn't stressful if you aren't living paycheck to paycheck because you have a paid off house and a paid off car the trying to get people to live the lifestyle that is required to make that kind of world work is like trying to get them to live inside of a horror film I hope you're not bothered by poor punctuation my fingers can't type on this so I'm using talk to text
@ dude, send me the cliff notes. I don’t want to read all this. 😆
@@jasenjahn tldr a much higher percentage of people live in cities than they used to and they don't want to give out the conveniences of cities in spite of how much it cost them but those things are the very things that prevent them from becoming financially independent
You guys are 1,000% correct on everything you’re saying!!! I’m a retired South Florida REO Broker for over 20 years. The crash has not even started yet! Heaven is over. Hell is coming!!!
But hey brother Florida has no state income tax right 😅! So everything is good is what I'm told
I live in a rural area, all the homes look like this…People are in distress, and these humans are so nasty…they must be so depressed or tapped out. The yards go and grass not watered. What kind of communities are we creating? People cannot afford these homes and maintenance. The taxes and insurance doubling will take its toll. I have to clean up my neighbors yard. Thinking about starting a neighborhood clean up crew, so we can help one another, but some are just filthy.
MURICA!!!!!
That’s really sad😢 It’s really everywhere.
Yeah, people are DISGUSTING!!!!
Thanks!
Thank you so much 🙏
My parents bought their first home in 1982... they never really cared for it... slopped paint on rotten siding, layer upon layer of shingle. It sat for some 20 years empty until I moved in at 20 years old, 15 years ago... I damn near rebuilt the thing, everything...framed a new roof; massive leaks. Had to frame portions of the second story and the first story, all the way to the foundation; termites... every window was reframed with proper headers, and every window replaced new...new doors with more framing...new electrical everything, new panels, new romex, new boxes, new outlets, switches, fixtures... redesigned the whole electric for the house which was originally done 100 years ago with tube and wire... everything up to code, had to add 10 fixtures for every 1 on the original build... New copper plumbing... although that was done first so it is already 15 years old, but copper can last 100 years easy, especially when you install the thicker L type copper pipes like i did...new plumbing fixtures everywhere...new high-end cedar siding, new front porch, old front porch was rotten and total tear down. Installed nice 1' rubber floor tiles with 600 mil EPDM rubber liner under it...totally water proof, and everything is pressure treated and designed to keep water off. its a beautiful front porch, sleak and modern. .... foundation repair, limestone wall had mortar washed out and basement was a swamp...surface irrigation to direct rainwater away from the house dried the basement out, tuck pointing inside and out fixed the wall, added some concrete piers in the crawlspace, resurfaced the basement walls... i'm digging up frozen dirt in preparation for installation of an exterior footing drain right now to control the soils moisture levels and prevent settling... I'm still doing finishing work on the inside... just insulated some walls last week, still have more bare studs to cover yet... installing 3/4" plywood sheer walls to handle wind load... and upgrading the wall thickness to 8 inches for 30 + R-value... i have designs for hard wood interior walls i am beginning construction on this spring, I am manufacturing them myself to same a buddle and avoid IKEA grade products that will fall apart... i still need a new drive way, and a new back deck... i've planted the yard with grass and trees and flowers and screening plants for privacy (they grass was a nice upgrade from the muddy back yard flowing up against the house every time it rained...the trees are longer young saplings but striking features... The rotten detached garage saw even less love than the house (if that's possible) the mold was a healthhazard from 50 yards away and a thing was a deathtrap... tore it down and in the distant future i intend install a pole barn to replace it... still need to redo the HVAC, but got the old stuff to work for the last 15 years, this year the AC finally crapped out again and I will be installing new ducts following the J-manual standards, with a new furnace and central air....i will install everything myself to save 10 grand... All in all it is miles apart from what we inherited...but it is not done yet and it has taken 15 years to get this far, I hope to wrap things up in the next year or two, but everything costs money that must be earned first...when iIm done I will move to a warmer climate and build a better home from scratch... faster with financing from a massive personal loan and some savings.. somewhere rural in the wilderness... and start over with a fresh build ...i've had to maintain a fleet of vehicles the whole time for myself and my wife, the RV the JAG, couple trucks, few sedans, my boat... redundancy is important, cause all my stuff is old and in need of constant repair, my newest vehicle is 20 years old, my oldest is 40.... and you can't really drive one vehicle for everything anyways...I have done every single repair on my home and cars singe handedly... no help outside watching tutorial or reading a manual...I have moved tens of thousands of pounds above my head, both cars and houses... without a single person helping me. I'm not sure I should be a homeowner cause this work sucks, so much work!!! but i'm almost done... sort of... I must be insane and possibly a total badass. the city has given me so much trouble... permit department is at least approving my plans though so i'm happy about that...neighbors hate me, they all rent... the unofficial plan was to bulldoze the whole block, and the landlords want to sell, I must have ruined it by fixing this place up for the last 15 years. I better get back to work! I'm mighty sore today and needed a break resting is as much work as working... got to take care of yourself too!
Wow! That is a lot of work mentally physically and financially. I appreciate your values, and hope you can enjoy the fruits of your labors in good health and happiness for a few years before you bail out to the countryside. Pride of ownership is something we should cultivate.
After reading your comment I bet your house looks beautiful! I don't even want to think about how much money has been spent so far. Keep up the good work! and I hope to be as hard working as you one day 💪
Good job! I totally relate, my husbands parents did the same thing, the city condemned their house even thiugh my husband kept goung down and fixing what he could but did not want to spend the money on what they would not take care of.
I wish everyone was like you and cared enough to save the old homes. Great job! I hope you are done soon and can enjoy all that you have done.
@@DanielHuet-Vaughn
You are a man to be ADMIRED and I do!
Great stream! The truth of the matter and what is really happening in our housing market and what this country is facing,
Please keep up these very informative and insightful conversations. Thank you
Why did the goverment and investment companies get into housing? Time to get them out of housing market.
I think everyone should have a roof over their heads no matter their income. In the old days we would buy a little fixer upper, key word little, not to flip but to live in forever. But now everyone feels like they have to have super nice homes and feel they deserve it yet they don't want to put any energy into it. So to say it's not just banks or investments etc. it's also the mindset of the population.
People still want a fixer upper. Problem is these small fixer uppers are massively overpriced and are beat to hell, to the point they should almost be demolished.
@@SomeUserNameBlahBlah In Northern Utah you can't find a fixer upper. The realtor and the "investors" snap them up, put lipstick on that pig and flip em to make money. Absolutely NOTHIN to buy and fix up to live in any more.. I know because my grandchildren are trying to find something they can afford to bbuy and fix up. They are tired of aparment living.
The property taxes in these areas are astronomical, there’s a saying now, you don’t move around in Illinois, you move out, the taxes are insane?
True, when the taxes are so insane who cares if you own. It's almost as if you don't won't to own. 40 yrs ago when I bought my first house, owning was a no brainer. The upkeep was not much and that applied to taxes. Taxes are a disaster today.
I live in Dunedin fl
My house cost 40k retail in 1964 when it was done being built. So it’s safe to say it cost the builder maybe 25k to build or less. Today the property tax on this house is 5200 a year. Now that is just silly.
We need to do away with property taxes. You should own your property outright, otherwise you’re always renting and can get out taxed of your property.
I bet Batavia is high
@@triciaknox7824 Get over it. WHat will replace property taxes.
Also, the fact that banks changed the font end & back end mortgage qualifying ratios from 28%-36% to 45%-50% respectively. That in itself tells you that home prices are at least overvalued by 38%. No wonder why people are losing their homes. 36% was previously destined to PITI, and now 50% is destined for it. Thus, people don't have money for the rest of their personal expenses. It was very irresponsible for the banks to do so. Most 1st time home buyers don't know about the homeownership implications and expenses. However, the bank executives didn't care about it. Most of them know that if they fail, the federal government will rescue their institutions, and we'll be paying for it.
How'd you get 38% from those numbers?
36% to 50% is a 38% increase.
"we'll be paying for it"? How so? Seriously, in the credit crisis, when gooberment bailed out the banks, the government actually made a shi* ton of money. They injected capital (TARP/TALF) into the banking system and got like 3X their back money because it was a loan. Unlike the big autos, which the government lost their pants on and GM bond holders got totally hosed because of Obozo
The problem, as I see it, stems from the community investment act. The liberal sodomist, Barney Franks spearheaded that decades ago, and over time, home loans were like the early version of DEI. Yeah, the government forced banks to make loans to minorities as well as low income participants, what could go wrong?
@brianmckellar5073 correct. Shame on the banks for being so irresponsable and taking advantage of 1st time buyers.
Back end has been 50% max for 15 years on conventional 😂57% FHA over a decade
Excellent discussion. And that's a very cool Monopoly picture!
I've been wondering where the distressed property is in my area - there are no foreclosures in the county. It seems unusual because there always has been people losing their house because of divorce, job loss, death, mental illness, etc.
Why does the Gov(who can print money at will) compete against a family man for buying a SINGLE FAMILY HOUSE 😅
@@coinjoinersunlimited1140 because the dollar is the reserve currency & it has to print money because of the reverse amoritization of the bond schedule, meaning they never pay down principle past & keep adding new principle balances & they just keep paying interest on inrerest on principle debts from 1913.
Silence slave
The Fed's job is to protect the banks, nothing else.
Because wall street and the government are one in the same now, and because Boomers are in charge so they're never going to deflate the bubbles that they inflated to enrich themselves.
The goverment doesn't represent the public interest. The government sells us our own freedoms and property back to us with interest. Debt is slavery.
Great guest. Love his frankness about the situation. He is right: we should have already crashed. This will be ugly beyond belief.
Many thanks again for the interesting interviews and analyses, I always listen to them with great pleasure.
Property taxes should be abandoned and replaced with 10% sales tax.
That doesn’t work bc the little people pay the same for food , gas, etc as the rich. The rich can well afford 10% sales tax HOWEVER the lower bracket can not afford 10%
You are stupid
property taxes are more guaranteed income than sales tax. cash sales will lead to no sales tax collected and drive the city broke. people will find a way to avoid sales tax.
I have a 300k home, and there’s not even a Walmart in my county. I do all my shopping in other counties and buy my cars out of large cities in other states. My county would get absolutely nothing from me by going that route.
Yes the whole thing is a disaster. So why can't Americans afford home ownership. What's the point of working for a living, if the job doesn't pay a living wage? Our system seems broken.
A lot of finger pointing without any solutions
Good conversation, honest, and insightful✔️🍀
why not let people discharge student debt like other debts?? Banks got rules changed. Financialization has destroyed this economy in the last 30 years.
How can it cost $440k to build house worth $280k?
@@airbourne2 government
Ever talked to a contractor? Many are horrible, wasteful and ball park their cost. On top of that they want a separate fee.
Builders want a massive profit while not paying their workers more.
@@Coachatfacts
That’s why nobody can buy a new house for under $300K. Get that out of your head.
Good morning and thanks for sharing today
I live next to a massive hoarder, the code enforcement has been out there over 30 times, everyone has phoned and complained, but seriously nothing they can do about it. Junk everywhere in their yard along with 4 ragged RVs that their worthless adult children are living in, with tarps and trash everywhere. Some people are really disgusting!!!
The township can absolutely do something. Elect a new official. Sue the city or borough.
Hi Cindy, quit talking about me on the interwebs!
@@mayhampol7818 sure, just clean up ur mess!!!
I sold my home in Batavia Il, where John has his office. I sold a 2200 sf brick ranch on a larger lot in town. Had a new roof, new high efficiency a/c furnace, upgraded electric to 220, new gutter soffit facia on the home and had a full basement. Closed in May. The buyers leveled the house and a new huge home is up and already sided. I sold for 461,000. A world of have and have nots.
You sold above the national average. Hopefully you’re not calling yourself a “have not”.
It's funny how landlords think this is an easy business. In my country (Chile), people think "the property pays for itself" - as a way to say that it's a secure investment. And yet, every time I do the numbers, it's not a good business. Maintenance, taxes, tenants.. it's just a mess
Keep voting for people like Joe Biden and this will never change. Who we elect does matter!
Travis, Biden is not the president. 😮 Let's see where we are in about 2 years...we're trending in the wrong direction. And this started back in 2008...Easy money, No accountability, more easy money..
Biden was certainly guilty of all of this, but Trump is not going to address this properly either. He thinks lower interest rates are the answer, when they are the only healthy thing left. Lower rates will only worsen the generational wealth divide.
You thinking now Biden is the problem solely is more scary than anything.
I had a 1.3 million dollar house in 2008. I lived in the house for 47 months without making a payment. I was a real estate agent. The first short sale fell through. I moved back in eventually did get a short sale completed. Chase paid me to leave without doing damage.
I’m confused. Is this something to boast about?
@seanm3226 no fuckstick. It us just an example.
@seanm3226 ah no. It is an example.
I respect real talk. I agree with this 💯. This extend and pretend is a house of cards.
Homes are not investments! Homes are owned. Real estate tax was taken from your mortgage to be placed for the bonding for the property and real estate! That man has a fraud company due to the fact we didn’t approve him! We have the founding deed and property reverts to the founding deed holders so thank you for his information to add him to the lawsuit!
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $34,500 every 2 weeks even though I barely trade myself.
Thanks to Mrs. Louise
She is a licensed broker here in the United States
How..? I am new to crypto investing, can you guide me on how you made your profits?
YES!!! That's exactly her name (Mrs. Louise), so many people have highly recommended her and I just started with her from Belgium.
I'm surprised this name is mentioned here, I came across a testimonial from one of his clients on CNBC news last week.
Always love seeing this guest
If you’re a person that is not paying back your student loan or can’t pay it back- those same folks should never be allowed to be approved for a loan for house. How are they going to make house payments + property taxes & house insurance if they cannot even pay back their student loan ? Big red flag 🚩
Foreclosed houses are almost always a little shop of horrors...how people will just live like pigs is amazing.
I'm at least 5 years ahead in payments due to overpaying ever since our first payment was due
Oh yay!!
I'd like to see more of these walkthrough videos. Good stuff!
The houses are not gaining value. It is inflation and our paper losing purchasing power. Look at house price to oz of gold ratio, or even house price vs energy or food price. It had lost 20% in the last 2 years
There are people that could afford their home 10 years ago. Because of inflation taxes INSURANCE home maintenance....... they should own their home but America has made it impossible because of the expense not to mention the affordability issues which goes back to the afore mentioned
The worst expense is the property taxes
Exactly
Student loans aren’t being paid yet, they’re putting those into forbearance without people asking for it as well
These days folks can’t even afford the prices on foreclosures or even auctions
I can’t afford one.
I’ve been hearing about a meltdown for 20 years. It won’t happen as long as we keep raising the debt ceiling
... 2008 was only 17 years ago?
@@friendlychat34 different kind of meltdown.
You guys are right on. I was a broker in NH for45 years and during the 1990’s , I was inundated with work on foreclosures. It was mostly banks going down. People actually lost there homes even if they were up to date mainly because the banks were failing and the feds would come in and close them down.I worked in Florida in 2008,09,10 and sold property for dimes on the dollar . This is absolutely disgusting and it’s kick in the ass for people doing anything to pay their mortgage. This has to stop.
It’s not gonna help us when these homes hit the market and these investors buy them up
And the government sells them in bunches to them, at a massive loss to taxpayers. Can you imagine anything more disgusting than that?
100% agree, all three sides are guilty to some degree on this topic.
People buying homes that they barely can afford shouldn't be.
Lenders approving people in the above situations shouldnt be approving them.
The government needs to stay out of this. They screw everything up they get involved with. But Im sure their buddies are profiting and giving them kick backs
need gov to run the prisons
Great conversation here
This channel is 100 keeping it honest on the reality of the housing market and whats really going on
Like he said..bottom line is NO ONE QUALIFIES for any of these loans its insane.
What is the alternative (not paying is not what I mean) ? If you cant afford the mortgage due to circumstance, whatever it is; rent is higher than mortgage... this where homeless and RVs come in. Rents are being price fixed across the country. Rent should not be the same in ten buck 2 as it is in downtown Chicago. Whoever is doing this should not be monopolizing the rental market
Greedy people in the housing market and the government…. and not to mention BANKS!
If there wasn't an endless supply of idiot buyers, prices would never have risen.
@ Correct!!
@@SomeUserNameBlahBlah It wouldn't matter how many idiots there are if the banks (really the government/taxpayer) would simply refuse to lend to them at crazy DTI's. The losses from the bad loans are being dumped onto the taxpayer, keeping everything looking much healthier than it is. It's disgusting.
What a great video. The information is so important. Thanks!
The Federal Reserve does not want deflation. The one hundred year cycle, is coming up.
Thanks, Todd for all your hard work and informative discussions that you’ve been having on the current real estate market. As a broker in Florida who went through the O8 crisis personally, I believe this one’s gonna be a little bit more challenging once it begins to unfold.I Remembering how our local board lost 2/3 of its members and the day when our phone wouldn’t ring except for sellers who were concerned. And no buyers.
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Keep up the good work, Support you my brother
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Wow this is blowing my mind thank you for the insight.
Selling them to investors 😢 that needs to Stop
Spring time there will massive forecloses........ALL OVER.......cash is king....
@@bobfrassetto8837 why spring time? Please elaborate (genuinely interested).
Thank you for bringing this to light. I Learned a lot from this video. I love to see experts, people doing this for many years, bring their take on the matter.
Thank you.
For sale signs are going up all over Florida neighborhoods
The one thing none of these greedy fools will say is that student loans were a scam. They WERE...
Great work brother thank you for the information GOD BLESS 😊
I spoke with a couple yesterday, both are doctors. They can't afford to live in the US anymore. Imagine. Their salaries combined are in the top 1% of the country!
i have been listening to these so called experts since 2009 and every year they say the same thing. " this is it folks, the crash is here. this one will be worse than the great depression."
@@robarbo1413 yess.
Great video and information.
What do you guys think about the idea of eliminating property taxes and implementing a uniform state income tax to support local services? The real fraud is the Ponzi scheme of property taxes. If we want to help homeowners build their balance sheet then eliminate the property taxes and the total mechanism that controls that process. Your thoughts?
My wife and I have been holding off buying a larger home for over two years because of these very same issues. Instead, we decided to upgraded things in our small home; no complaints, we love our home. But, we will need a larger home to bring in my mother-in-law in the future. Bit wild that there are people living alone in large homes, and families like us are putting off buying a larger home due to this lack of inventory movement. We will continue to live beneath our means until a serious price adjustment.
Same here. We’d like to move, but it makes zero sense at these inflated housing prices.
So if the gov't keeps inventory from hitting and does other programs to PREVENT a crash, how should most people proceed?
Fix the system. Usury and money printing always ends in disaster. You can’t base an entire economy on asset prices. Welcome to Weimar.
You're right. Some people don't deserve to own a house. And then we wonder why landlords play hardball with tenants. Not only will many of these people totally defer maintenance on their homes with forbearance loans they'll destroy rental properties as well. Does anyone think that scofflaws will invest and maintain their property when they're so far behind. Even if they have positive equity they're often too lazy to try and save it. I would bet some of these people did the same after the 2008 housing crash. People stayed in their houses for years without paying their mortgage until they were foreclosed and evicted. They sat on the bench for seven years and after getting back into a house they likely did the same again today. During the recent rental forbearance period my buddy was prohibited from evicting non-paying tenants although he was still responsible for the taxes, insurance and performing maintenance requested by the tenants. In one case his non-paying tenants bought a brand new truck and parked it in the driveway of the house where they were not paying rent. Instead of paying back rent and current rent when the forbearance period was over he had to evict them for non-payment. Only in America!
Thank God that our leaders from Davos have told us that we will own nothing and be happy.
I think we're all tired of that one.
I see panic selling on the horizon. 😢
Thank you for echoing what I’ve been telling people! I tell my buyer clients to please wait if they can. Of course with lots of disclaimers circling that statement.
Great and real information
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The banks and investors only can absorb so much. When they sell the loans in those pools the people loose all the provisions and protections of FHA/HUD. So they are not helping these people, they will still loose their homes.
"Equal opportunity", thats where everything started to go wrong
I am a mortgage closing agent all I’m doing is loan mods!! The banks are going to be in trouble again these bars are not gonna be able to pay this back and there’s tons of foreclosures already everywhere
I should say sheriff sales
Thank you Sachs realty for this update. I'm 2+ years from selling family house, now in apt waiting. I'm ready to wait more.
I seen you on Kristina Smallhorns channel and I love your commentary and videos 👏🏾🌟
He talks about the interest rate to build his theory that these people can't afford to own a house. The interest rates AREN'T 1 to 3% for starters. More like 5 to 6%. And this is on a house that was over valued
The singular source of the problem; Government. None of this happens in a free market. Delete the state, delete the problems.
Absolutely 💯 Great release 👍 This is how it all started in the GFC...they can't afford to kick down the road and if they by back those to make them more rentals, that will be crazy!
Shadow inventory (bank owned and vacant but being made to look like someone lives there) has been around for quite some time. I have 6 vacant houses, for 10 years, on my street alone that I know of. The grift is to keep houses at artificially inflated values in order to collect higher property taxes. The banks don't care because the taxpayer pays for the expenses to keep the house looking lived in.
Long-time Anne Arundel County subscriber here Todd. I always enjoy your videos and your varied and knowledgeable guests. Even though I am a retired apt renter with almost a 7 figure retirement portfolio your podcasts give me insight into the areas I may be interested in IF I relocate. Home prices and apt rents tend to (somewhat) rise or fall in tandem.
Thanks for checking-in my fellow Marylander
Around the 34:00 minutes mark about home prices coming down and it should be happening right now. Tell the builders and sellers here in the Anne Arundel, Odenton area that. For sale properties in this area are way overpriced 🤔