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4.3 Million Homes at RISK of Foreclosure
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- เผยแพร่เมื่อ 1 ส.ค. 2024
- 4.3 Million Homes at RISK of Foreclosure
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DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Neither Real Estate Mindset or Travis Spencer are registered financial advisors. Your use of Real Estate Mindset's TH-cam channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, TH-cam, E-Mail, and Instagram) for communications with Real Estate Mindset does not establish a formal business relationship.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
True, I’m quite lucky exposed to personal finance at early age, started full time job 19, purchased first home 28, got laid-off work at 36 amid covid-outbreak, and at once consulted a well-qualified advisor to stay afloat. Thankfully, my portfolio has maintained steady growth ever since, amassing nearly $1m after subsequent investments to date.
this is great! think your advisor would get on the phone with an unknown? i'm in dire need of proper portfolio allocation
My CFA Carol Vivian Constable, 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 sharing, I must say, Carol appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
You were the first one on TH-cam that showed that the data was manipulated from the highs of home pricing. Great Job bringing awareness out there.
Randy Patrick was even earlier but the great Covid manipulation happened and he went from way to early to wrong.
People are spending because food, mortgage, rent is expensive. Don't assume everyone is spending because they have to. Saving has become a luxury now.
Our economy is afflicted by uncertainty, housing troubles, foreclosures, global shifts, and the aftermath of the epidemic, all of which contribute to instability. To restore stability and drive growth, all sectors must urgently address rising inflation, slowing GDP, and trade disruptions.
The US dollar is losing value due to inflation, while other currencies are gaining strength, creating uncertainty. Nonetheless, many people remain confident in the Dollar's perceived safety. I'm concerned that my 420K retirement funds may lose value, therefore I'm looking for other financial stability.
With my stressful career, I don't have time for investment analysis. For seven years, a fiduciary has managed my portfolio, responding to market situations, ensuring for effective navigation and informed decisions. Consider taking a similar plan of action.
Do you mind if I ask you to recommend the coach you employed? It seems you've figured it all out.
My CFA, 'Leah Foster Alderman', is a well known figure in her field. I recommend looking into her qualifications further. She has extensive knowledge and is a treasure trove for anyone seeking to manage the financial markets.
Thanks. her handler was simple to locate and appears to be extremely capable and adaptable. We scheduled a phone conversation.
Anyone with common sense has been wondering for 2+ years now how the average paycheck to paycheck American has been cutting it. Something has to give.
Cuz yall been spoiled by a lifestyle prior to the last 4-5 years. Just make the necessary adjustments
exactly this. I look at home prices around me and think to myself, you have to be WEALTHY to afford any of these modest home prices. This is utterly not sustainable on any level.
@@dan-qe1tb right… SMALL group, exactly what you said. When 90% of the housing market is unaffordable that’s unsustainable for the vast majority
Ashley Pickens has been telling us to get those foreclosure numbers and multiply by two 😂 she’s so right
Yes!
Glad my decades of saving and not keeping up with the Jones has me debt free
Makes all the difference in the world. Not having a shackle around your ankle or neck in some cases, feels so good!
Stay strong man - morning is close when it’s darkest
It's not even sunset yet. This may be just the first inning.
@@dan-qe1tb it was in his past had a $10k a month mortgage or something ballin out. Hes trying to educate others to not make same mistakes
It's definitely alarming to hear about a default cycle, especially in the context of the housing market. Defaults can lead to foreclosures, and that has a cascading effect on the overall real estate landscape.
While it's concerning, it's important to look at the broader economic context. A default cycle doesn't necessarily mean the housing market is completely finished; it might signal challenges, but markets are dynamic, and they can recover.
But if more people are defaulting on their mortgages, doesn't that mean home values could plummet?
Yes, that's a possibility. An increase in foreclosures can lead to an oversupply of homes in the market, putting downward pressure on prices. It's the basic principle of supply and demand.
what can individuals do if thev're worried about the potential impact on their property values?
Now might be an ideal moment to reevaluate your financial status. If you're worried about your home's value, consulting a real estate professional or financial advisor could be beneficial.
Wow. This is some serious data. Good job! Very insightful.
Low key, I think central planning entities really don't want people owning their own homes free and clear.
Nope, pay interest to the banks. Pay all the paper pushers to sit on their arse and make $5k and up to do your mortgages. Fat livin if you can get it. Pay the machine!
They don't want private ownership anymore. Klaus swab (whatever his name is) said "you'll own nothing and be happy" yeah right😮 everything is increasing but the average pay check isn't moving much..
We are personally doing fine. BUT our house and ONE car (we only have 1) are paid for. And I am working 55 hour weeks 15 OT to make up for the 40 before inflation. It is horrible out there. Our kids are struggling. One is now a roof adjuster, super dangerous rather than a teacher due to 4x pay.
yeah teacher pay is insulting. hate it for them but glad they found better pay elsewhere.
Teacher pay has always been low even before any drastic increase in inflation
What does a roof adjuster do? Is that for the insurance company? Be careful out there!
Very much appreciate your desktop and field research.
It's easy to reconcile the differences between HUD and Blackknight. Blackknight is using extrapolated data. They have less than 1% of the mortgage monitoring client base. HUD backed mortgages are about 14% of the mortgage market.
Thank you for speaking the truth and exposing this housing market facade.
Amen. Even with no money, just getting out of debt will replenish our purchasing power, so let's not get discouraged, homes will drop 50 to 60 percent then we make our move.😊
In great position financially and waiting for the bubble to pop to pick up a foreclosure. Thank you for all your good advice.
Gonna be a loooooonnnggg while. The standard of prices is here now and here to stay.
@@cyrusm3391… says the bubble-price buyer
Artificially held up is recession
Travis, your work is appreciated, numbers don't lie, this housing market is toxic and stank!
Interesting, I just read an article saying the CFPB is working to make it harder for banks to foreclose… I wonder if they see the writing on the wall…
Omg everyone needs to sell now. Things are crashing all around us, sell now before it’s too late!
😅😅😅
I thought this was the buy now, all is well voice.
are you still taking your brainforce supplements ?
Good idea! I could start a homeless YT channel too 😊
@@raytaylor3077 Brainforce Ultra, Nitric Boost, Winter Sun, Vitamin Mineral Fusion, Survival Shield, DNA Force, Vaso Beet, Ultimate Fish Oil. And you can get yours too at DrJonesNaturals!
You ask how is all this sustainable... in a free and fair economy its not sustainable. We dont live in a free and fair economy, the government will continue to prop things up to give off the illusion things are great. The question is, how long can the government prop things up for
HEB it seems started pushing a HEB credit card in their stores recently . I thought the timing of such a thing was curious to say the least.
With prices at Thier peak these homeowners need to borrow every dime they can from the government and the banks then just walk away.
The new criteria for renting is very stringent. From 600 to 700 credit rating minimum.
I'm favoured, $70k every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.
Please how do I go about it, am still a newbie on investment trading and how can I make profit?
It's Elizabeth Regina Nelsen doing she's changed my life. A BROKER-like her is what you need.
It's Elizabeth Regina Nelsen doing she's changed my life. A BROKER-like her is what you need.
Dave Ramsey said yesterday that buying a house is "weird" right now and selling a house is "weird" right now. What?!? He said not too long ago prices would just keep going up! 😂
He said it's never been a better time to buy and home values never go down except one time in 2008. This guy is the ultimate grifting fraud artist. IMO
lol
Dave Ramsey is a person who just rubs me the wrong way. Not sure why. I guess nobody knows it all.
@@susanjannarone135 Ramsey rubs me the wrong way because he is full of it and dishonestly pushes housing FOMO into the bubble mania
@@realestatemindsetit takes 30+ years using Dave Ramsey’s method to be a millionaire but through owning rental properties, it just takes 3 years for me during Covid to gain a couple millions equity
My partner and I (no kids) make under 100K annually and always have. I handle inflation by only purchasing items/experiences that I feel are WORTH the price. Buying a home isn't worth it currently, so I am a happy renter until that changes. Being flexible is the best way to protect yourself against inflation and a "controlled" economy.
Inflation hasn’t hurt too bad, but I don’t buy anything unnecessary. It’s not my job to spend my money to keep the economy afloat.
I think that people aren't taking out the adjustable mortgage as much is why it's harder for rates to push folks out of homes. Also why GFC was a quicker recession than today. Music has stopped and only buyers are pension funds.
The US gov inflation figures is crafted in such a way that sounds like true but if you go and check within the government agencies they show different numbers. The gov said today that inflation decreased! The USDA says "The all-items Consumer Price Index (CPI), a measure of economy-wide inflation, increased 0.2 percent from April 2024 to May 2024 and was up 3.3 percent from May 2023. For home costs like mortgage, insurance, rent they said nothing.
Their all fudging the numbers 😅
Really??? Nooop wayyyyy ....... They seem so happy and rich when they signed the contract....so proud of themselves paying 100k over asking price.... 😅
IKR…
@@dan-qe1tb hahahah.... U are not one of those that getting foreclosed huh? Sorry if I hurt your feelings..... If I can make u FEEL better then I'm poor .... I ain't here to hate the rich... Just laugh at the stupidity..... Can't afford it ..don't buy it....
@dan3952...... I'm sorry..... I must hv hurt he/him/she/her/them/they feeling..... Why delete your message? 😂..... What a looser
Excellent breakdown.
I believe some lenders could become bankrupt if they are not careful with lending practices.
I completely stopped buying crap that isn't a necessity back in march, I live well within my means and only on one income for the household. I obviously feel the inflation but it's not hitting me hard as someone that has payments out the wazoo and a family. The only job I worry about losing is hers since it's more of a market demand job vs mine is way more stable even during covid work was booming. We haven't bought a house yet and I'm actually moving to an even cheaper apartment that's less than a weeks pay for me, granted I am fortunate to have my job and very thankful it. I'm watching my finances like a hawk right now, the stock market is a rollercoaster right now from hell.
Perhaps the biggest problem is corporate greed. Corporations win if they break the economy.
At the same time companies are having layoffs, they are paying unprecedented bonuses.
We'll definitely see a change in the economy. Either the average consumer pushes back on price gouging on the cost of necessities (food, housing, basic needs etc). As well, stop buying items that are no longer affordable or needed.
Or corporate greed breaks the economy through the American wallet so that they benefit now and later.
I make saving money a priority, we take what's left over from our Social Security check each month and toss it into savings, It adds up!
Correct. The fundamental signs of recession are always far in advance of the recession. It happened before the Great Recession when home prices became unaffordable to the typical potential buyer. The house price decline started with starter homes and vacation homes but eventually affected primary higher-end home prices as well. The bigger the bubble the bigger the pop.
So many people think this overbought stock market will keep climbing. Running on hopes and dreams without looking at the big picture. They believe all this money is sitting on the sides. It's not.
Thanks for the great data as usual!
love your content. Thank you for doing this for us
I learn stuff every time I tune in...I appreciate the content and your deication to it. Thank you again sir
This data is absolutely bonkers! Thank you!
More than anything manage your mental and physical health because without none of this shits matters anyway 🤷🏼♂️
I’m not really affected by inflation, but I rent a room from my aunt for $1k, I’m single, and I make like $100k, with around $30k of debt. Most of which I’m trying to have paid off by the end of the year.
Hello ryukirito, I'm sure your aunt appreciates the money your rent brings in to help her run her house costs and the help you can provide around her home. Please do some thinking about where you will go (and how you will save for it) once she unfortunately passes on. All the best to you, your aunt, and us all 🌅.
You the man Trav!
How in the heck do they get numbers for rental income? I have been a landlord for 40 years and never had to report this. I get mortgages. They can just retrieve this info from lenders. But there would be no reliable way to get rental data
My guess is the data is mainly based on buy-to-rent landlords, as they'd typically notify the bank when a tenant is behind to negotiate a delayed payment for their mortgage and/or trigger insurance. From that point a conservative extrapolation is probably done (by analyzing the profile of the tenants defaulting, average rent in the area, thus giving the likehood that people in similar situations are also behind etc..), this is my top of the mind guess of the method used, but my point is there must quite a couple of ways to find out this data, not as hard as it may look like.
Awesome to see the "REAL" data, this next crash will make 2008 look like an ice cream social, your diligence to gather & present the REAL data is deeply appreciated.
Thank you
Dude awesome episode.
From Chester county PA.... I've seen friends wait.... price of the homes they were looking at were approx $600k, in 2020... expected a crash... then in 2022 they became $800k... still waited it out... now 2024 , they are now $1.2mill and with higher interest rates .... Inflation is here to stay
Travis, you are the best.
Great informative video. The stock markets haven't show the weaknesses in the economy yet. Thanks for the video, I need to start moving my money out of the stock markets.
The financial legerdemain ;
In addition , to the mess STR have created will take more than a paper cup to contain the deluge.
*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Andrew Louis Stella, has been an amazing experience.
Good day all👍🏻 from Australia 🇦🇺. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
Such information we don't get from must
TH-camrs, how can I get to her. ?
She's always active on Whats~App... 🎉
Everyone feels the inflation, even those who own assets (homes, stocks) that have appreciated.
I am not feeling the inflation. My income has 3x in 4 years.
Travis, could you make a vid on two areas: Risinger Court, and Colony Ridge?
Ive made 3 videos for this channel and 2 videos for other channels on Colony Ridge. Whats going on with Risinger Court? Can you please email me?
Things keep getting worse. It's insane. It feels like the bottom is falling out.
Glad im renting!
Great advice
🎉🎉🎉 Always Bonkers!
But right now I just want to send you and your family some love ❤️ from California. The pictures you shared on your other post looks scary. Keep God first in everything you do and everything will work out 🙏
Blessings,Carlos ✝️🙏❤️😊🇺🇸
I agree with you 💯
What were the numbers in the past? Like this time in 2019?
Switching jobs frequently helps with increasing wage, and that’s how to stay ahead of inflation these days.
There is a lot of pain in the market right now and a lot of people being silent about their struggles out of pride and fear...
My credit is 620 not great and I can’t get a rental. There are going to be a lot of homeless people in America
I moved to the SF Bay Area as an immigrant without any credit score and still managed to secure a rental in a couple weeks. I've never been denied a rental I applied for here in California, even without any score to show.
@@dan-qe1tb In other words, don't waste money.
Thanks
I'm not feeling it, but I'm not blind, deaf or dumb either. I survived 2008-2009 and kept out of all debt except a mortgage and that mortgage is a 30yr fixed @ 3% with a monthly PITI under $700. Retired in 2021 at 51 and we're living just fine on well under $50k a year.
Really Bonkers
When is the time to buy a house in Arizona??
What is the percentage of delinquency in Las Vegas?
Prices are still high.
morning!
I don't feel the inflation. Small paid off house. Get most of my food free and all of my pet food free. I Feed the Homeless and also their pets. I get first pick on anything I pick up.
GDP 29 trillion.
4 largest banks hold 168-200 trillion in derivatives.
Countries have been replaced by banks. 😂
I think when you take into consideration that most homes have healthy equity or no mortgage at all these numbers are even more scary. In 2007/8 the homeowners were underwater so understandingly walked away. This data shows people are barely hanging on..
Great find, Travis!!! Thank you.
Agreed 110%
how many have Helocs, ctedit card debt and auto loans? I know quite a few and i dont know that many people.
Pulte Homes in Las Vegas hiding price cuts with 321 buy down financing 1.99/2.99/3.99...fixed at 4.99. !!!!! Likely amounts to a 10% price cut
In the Inland Empire California, you can buy a small 2-bedroom condo now for less than $400K, with HOAs between $265-650/month.
The HOA will cost way more than those $400k over the years.
This is not all human nature. Instead, it is American nature.
How do I get a list?
110 percent Bonkers Kid 😊
I just looked at Zillow and got cheered up
Bonkers!!!
Bonkers
This time is different - this recession, many of the jobs lost will be replaced with AI and won't come back
You can still have a job and be behind on your rent or mortgage. If you make 50k and your property tax and homeowners insurance go up or double like in Fl then you can't afford your home and therefore go into foreclosure. If your a retiree and that happens then you go into foreclosure.
If all this is true then the big dogs know it and would be pricing it into the stock market. Don't be 2 years too early like Bury was. Too early is the same as wrong. The broken clock remains a thing.
Could the free data not be accurate?
GE just announced 4% layoffs of their global salaried workforce. All corporate. Full time jobs are really taking a beating.
So much for them bringing good things to life!!!
U said u recently moved to, did u finally find a house?
I honestly don't trust any advice out there but yours I do. Bc of the sincerity and the data you give out. Me still renting hating every second. Housing needs a big correction or crash but if and when?
Recently my wife and I just sold two real estate properties in the Bay Area for a total sum of $616k due to foreclosures. We plan to purchase a new house next year, the cash is just sitting in our joint savings account What do you recommend we do? I will appreciate any suggestions.
Certain stocks and commodities are a good hedge against inflation, however you need to know what the heck you're doing or better still, seek help from a money coach/invt-advisor
I agree! Prior to the 2020 mrkt crash, I found it challenging to navigate the mrkts. However, I sought the expertise of a prtfolio coach, who helped me revamp my prtfolio and develop an inflation-hedging strategy. As a result, I've successfully grown my invstmnts to approximately 850k ovr the pst yrs and continue to thrive with their guide
My student loan payments are going to start up in August since the beginning of the forbearance period, 560 a month :( . This will also cause an increase in forecloses in the coming year in many homeowners and reduce the buying power of many as well.
They'll just be buying tents to put up on the corner streets!!!
Time to leave u.s.a. ASAP!! This is a feudalistic country.
Government should help
The homeless are getting new neighbors, that's what happens when you don't pay housing and utilities!!!
"fearful" does not mean they will go into foreclosure. "Wishful" for a Mercedes benz does not mean they're rich. All those surveys are people's opinion, not fact. Until we see the foreclosures, let's not cry "wolf", yet. Peter Schiff has called "WOLF" for over a decade now. Eventually, you will be right but when? 2019? 2020? 2021? 2022? 2023? 2024? 2025? 2030? 2040? 2100? When?
Actually 1 out of 9 are behind on rent. 11.1% x 9 = 99.9%
Tell a tale of Triumph …
Or a tale of tragedy…