Foreclosure Starts SURGE 187% - Pre Pandemic Levels (Warning!)
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- เผยแพร่เมื่อ 9 ก.ย. 2022
- Foreclosure starts - the first step of the process and one that doesn’t always lead to a final foreclosure - affected 23,952 U.S. properties in August, up 12% from July and up 187% year-to-year.
So what does this mean for the housing market? Well we could be looking at a significant amount of foreclosure properties hitting the market in 2023 if these people cannot save themselves from the gavel.
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2008 All Over Again? MAJOR Housing Market SHIFT Happening th-cam.com/video/EzspsXdSwHw/w-d-xo.html
Yes because people are dumb and careless with their money. They have no discipline to live within their means. Their like sheep lead to slaughter. I don't feel sorry for people who waste money or over spend at all. So they deserve to lose everything for not living within your means, plus causing inflation for other people who know how to manage money right.
I have a hard time coming up with good information on how to file for a Homestead exemption in my state of Utah. What do you suggest? How did you file? Is consulting a lawyer necessary?
@@kidsroomtreasures4985 Have you checked court house in your town? Ask somebody who handles the property taxes. Might be able to apply for a Homestead exemption there maybe. Pretty sure you have to do the Homestead exemption with county you live in. I don't know a whole lot about it, but could check those places first.
6300 for rent is never not a bad deal. That’s just insane.
Haha I hear you! But for the area, its quite a bit cheaper than other houses for rent
that would be the mortgage on a mansion where i live
Everything is relative
A joke in this reality.🤨😐😂
$6300.00 for rent ? We don’t even make that a month 😭😢
I hear you!!
We can always pay them the second Tuesday of next week, like Whimpy and his burger.
Good start
It’s all collapsing- bring it on
one could hope. I am still skeptical as owners are rapidly taking them off the market in a bid to boost priced
Excellent advice❗️
Thanks!
You gave good tips to save money. Thanks.
Foreclosed houses always have problems. People often trash the house when it forecloses. You’re going to need the money to fix it up.
With stubborn owners selling their 175k homes for 350k and cry about not lowering below 320k and yanking and then the market you have no choice. Prices just aren't going down when they gang together to raise prices
Absolutely!!
I,Along time ago heard about the owner flushing Quikrete down the toilet.Needless to say the plumbing was shot.
And sometimes they take large appliances (such as the washer, drier, fridge, and dishwasher) with them.
I currently live on Normandy isle. I love it
Great video. Thank you for all the information you provided.I really appreciate the video you put on.
Glad you enjoyed it!
Great info as always!
$6300 a month is absolutely ridiculous. That is $75000/year, to RENT. wtf is going on in this world.
Beats 12k a month rent which that area went for
@@timothygibney159 who the hell can afford these prices
@@dearjohn8789 There are 28 million millionaires in this country thanks to the fed who invested in real estate
Well you could wipe your buns with hundred dollar bills and it still wouldn’t equal the 2 million house monthly payments so there’s that?
When I was a kid, you could buy a house for $6300. The house I grew up in as a child in Miami cost $7800 for my parents. This depression that is evolving will wipe out most people. If you are not rich, you will be a pauper within three years. Just wait.
Excellent point!
Prices raised due to inflation.
What do you think home prices will be in 30 years?
Better metric is purchasing power. To your point though or purchasing power has gone down a lot
That was back closer to the time when American communists & socialists created the FDR-era middle class. The capitalists have taken all that back and more, and they didn't trickle much of it back down after all, unless you count SARS2.
Exactly. Those doing pretty well as upper middle class will be sucked down to poverty level in a couple years.
Hey Michael Thanks for all your information i learned a lot on your videos
$6300 😳
Thanks for the tips
You bet!
Great to live in a city with everything close until a major catastrophe. Pros and cons. I’ll take the country. Love your channel.
I enjoy your videos and the money saving tips were great!
wow, thank you
Thanks for watching!
Seeing the same things happening on the west side of Florida in the Ft. Myers/Tampa area. Hundreds of homes under construction, but buyers are drying up. In Verandah, homes were 450k pre pandemic and got up to 800k and dozens are still under construction in this beautiful gated community. Someone will end up getting a great deal as builders need to move this inventory
Tons of respect for your wonderful wife who is so simple. Same mine. We are lucky. Mine cook everyday at home too. We pickup very cheap veggies from a farm. Cut them and freeze it and cook when ever we want.
Thank you KPS Gil!😊
Your such a beautiful couple, also I agree with you about saving money, my JonPaul says he has to work more. I say we together, we must save more. Those everyday habits, can surely become costly and therefore wasteful. Take care now.
That's 100,000 dollar's before taxes to get the 75,000 for rent has the whole world gon nuts only a fool would pay that
My wife and I just went house shopping in Jax, Florida and a town home the estimated mortgage was $3k
That's absolutely more than Carlsbad California and the wages are low in Florida, I tried to move to Florida to be closer to my niece but the salary for nurses was extremely low and the rents were comparable to Cali so I just stayed put. 6,000 in What the Florida ?
You are a good man Michael.. sensible, knowledgeable, honest and lost of common sense! ➕➕
Lots of common sense.
Thank you very much Sonia!
I'm seeing homes in Ocala, FL. selling now for $150k with potential rents at $1400/month. That's nearly double the monthly mortgage. As forclosures increase demand for rentals should remain strong.
Also people charging those rents bank on the fact that there are many people who cannot buy due to poor credit no down payment etc
850... It's like a trophy, One I am proud of
You should be proud!!
Great info Michael, thanks. I enjoy your videos, even though I'm also in FL. My fave thing to do is bike around looking at homes and beautiful landsapes listening to birds
Thank you so much!
Shoot back in College days 1980, my rent was $125 or less a month in WA state
How things have changed....
Ain't nobody have that type of money
6300 a month??? Are you serious for rent??? OMG I thought that 3500 was high for rent in Boston. Holy cow
No roommates worse decision in life for me, and only tried once with a friend of mine, I kicked him out.
I can't wait for vanilla ice to bring back his HGTV show. All those mcmansions sold for dam near half price.
The problem I have with Gold Michael is in the past like Real Estate and Stocks the biggest hedge funds have been fined for manipulating gold. Can't trust anything anymore!
Yes I know The price is manipulated through the paper markets. However I don’t focus on that because at the end of the day it’s still gold and silver and if you hold the physical then I believe it will always have value and appreciate in value especially going into an era where a digital dollar could be coming
Michael this was all by design!
I prefer Walmart+ on a yearly subscription and I order delivery of specific items I need with no delivery fees. Ordering online saves me money instead of compulsive shopping a the store.
as I was watching this I checked out my area and found not many house forclosures, but many banks, home loans, loan cares, reverse mortage loans/lenders. the list is endless. that is scary, over 20 different bank buildings alone.
3,000,000 completed foreclosures in 2010. 2021 pace was 250,000. 2022 pace is the same. Will go up. Commencing foreclosure is not the same as completed. No large construction of subdivisions in the US in the last two years. If YOU think prices will crash, good for you. Wait and buy a clean unit at a foreclosure sale. By the time most places go through foreclosure, they are trashed. Just wait for the "buy a trashed foreclosure, fix it up yourself, and rent it out" hucksters.
Smoking and vaping can lead to high medical costs besides the actual cost of cigarettes, etc.
That too!!
This guy gives the best advice and honesty that I have ever seen on TH-cam. I can't believe that he is a realtor. I guess God made one honest realtor
Hi. Great video! Thank you for sharing about your situation with debt in your younger years. When I was in college some of my roommates had filed bankruptcy. I learned by watching all of the struggles they had to deal with.
To this day I am very careful about my financials. People would make fun and call me cheap. However, I am okay with that. I don't waste money but I am generous when helping others. I stay on a budget that has served me well for a long time. I balance my "books" monthly and recalculate quartley. If I want something outside of the ordinary I have an "kitty" fund that I put money in...(i.e. I save for it). I use cash as much as possible to protect my information....watch all of those rewards things, it's a way to get your data. I keep my credit card paid off.
Many blessing to you and yours for all that you do to get the message out there and help others 🙏.
Thanks David! I'm so glad to hear that you are smart with your cash! It makes life so much better and so much less stressful when you don't have to worry about your monthly finances.
Hi Dave, I have always been the same and I am a boomer, everything I own is paid for. A bit of advice. Cheap is better than being BROKE.
@@lenguindon5019
Thanks for the share.
I don't waste money on vanity or things I don't need. I'm tight until the price is right. Saving money is better than making more money because it's untaxable.
Looks like a mobile home lol...i wouldn't pay more than 2k tops
It's nice there not that nice in my opinion 6300 is absurd for a small house like that. Too many people living beyond their means in south Florida but I do enjoy the weather
These rising foreclosures are quite alarming. Good for people who are looking to buy, but at the cost of people losing their homes. People really better save up now, anyone could be losing their home these days. Another great content of information, man. Keep up!
Enjoyed this content and tips. Thank you very much Mike!
Glad you enjoyed it!
How do you buy produce if you're only grocery shopping once a month?
Like I said, my wife will go back to the store usually one time extra throughout the month and pickup some more fresh produce that can't be be be bought ahead of time
Thanks for this video and all the tips Michael. I'm going to try your AC tip starting tonight.
You're welcome Jennifer! Let me know how it goes!
One other reason not to buy homes that are sold for back taxes. The City/County will NOT make sure that the property is vacated prior to the sale. It is up to the buyer to get an eviction done. My former brother-in-law bought a foreclosure from the County where I live (Missouri). It took him 6 mos to get the occupants out, because they kept claiming they had medical problems (which were all bogus).
Good point! I haven't seen that problem here in FL, but I'm sure it can happen
From what you said, you would do great by a moped or 2. I used to drive a moped in Hawaii, ...rent a car 4 X's p/yr. Find a good 2 Stroke mechanic and away you go...faster than traffic.
Ha ha funny you mention that because I used to ride one for over 10 years!! Decided to get the jeep instead for a multitude of more practical reasons for road trips big grocery hauls comfort, safety etc.
@@MichaelBordenaro Still, a sweet choice backup. I bet you'd save some more. I agree w the way you live, simple. Same here.
It's alarming to me how desperate Real Estate agents are getting with selling and getting buyers. This is sad how people still press people in times like this. Until inflation comes down to at least 5% I am not making any decisions to take on more debt.
There are income requirements now in FL that now force you to work TWO fulltime jobs to afford a 1 bedroom. Shit is headed downhill fast. Also an article came out today on Spacecost News that NASA workers and all the "free stuff" retirees will be the only ones left in the state in a few years. There will be no workers to serve them. Maybe this state needs to make sure that the number of bedrooms matches the number of jobs.
It's definitely difficult to find good restaurant food in so flo. If you can cook a half decent meal at home, you've beat 90 percent of the restaurant food. Of course I moved here from Chicago so my food taste is used to a better quality than KFC or McDonald's, Carabas....
Since foreclosures were almost nonexistent in most counties during the moratorium I’m wondering what the raw numbers are when you quote 187% increase and what county that was quoted for it would be very interesting being a specialist in that area if you could share that information would be helpful nice video!
again thank you for life advice!
You're welcome!
Thanks Michael.
You're welcome!
Save money by doing things around the house for yourself.If you don’t know how… There is a TH-cam how to video about it
Absolutely! TH-cam is the best!!
I guess the Miami police are making decent money to pay over 70K towards your rent.
You are so right Michael. Having pets can be very expensive. I have one cat and I spoil him rotten. Sometimes his food and supplies, like cat litter and everything else he needs costs more for the week than my grocery bill. But since I don't have kids or a partner, I have to love someone. He is it.
Yes absolutely they cost a lot more than people probably realize if they never had a pet. Nothing wrong with having your kitty just a fair warning for anyone trying to save who doesn't have a pet.
They are not a cheap pet anymore but I love my cat.
Good savings tips!
why is there a police car in that house?
Probably the current owner/resident
The Fed dropped rates in 2008 to make homes cheaper to incentivize buying to restart the economy.
The Fed now is raising rates to make homes more expensive to slow down inflation.
‘Pay attention to what the Fed is doing,’ indeed.
Yep which is just another reason that to me, this could end up worse than 2008
@@MichaelBordenaro I think it will certainly be worse on affordability.
We are now fully stuck with the bill for all the printed money, which equals higher prices.
You and all homeowners know it’s true. Otherwise you’d sell the home you just bought and buy it back at a deep discount. But you’re not going to do that, cuz you’re smart, and you realize that homes are just getting more unaffordable.
In the future people will wish they had a time machine to go back and buy homes for ONLY a half Mil with ONLY single digit rates.
Hey Michael: Love all the money saving tips. I agree on all of them. I use my Discover card on everything I buy during the month. Food, eating out, gas, etc. It usually comes to about $750 a month for just one person. When the bill comes, they deduct 15 or 20 bucks off the bill for your reward points. I always pay the bill in full. I have never paid 1 cent in interest on a credit card in my entire lifetime. Like you my Fico score is 835. The top score like you said is 850. I was so surprised when you talked about your younger years having credit card issues. So glad you learned how to solve the problem ASAP bud. I actually froze all my credit reports online, since I won't need it anymore. I watched several videos on TH-cam telling how good it is to do so.
Thanks Keith! Yes I was not the smartest with $$ when I was younger and learned the hard way on how to get smarter with it. I believe that and being broke for many years actually helped me become much wiser with $$ today
@@MichaelBordenaro i wish gold and silver couldnt rob you if that were the case i would pull the 32k cash in my closet into gold but they do crash gold right now isnt to bad priced at 1700 right now but its very possible to drop 400-500$ if th economy turns for the worst now that 32k in gold is 22k now that said i dont think holding cash long term is good hopefully assets drop within 2 years to invest or if u see gold around 1100-1350 $
@@brianoleson9224 if we keep spending money we don't have the fiat dollar will be worth zero. Also gold and silver never goes to zero. It always holds value no matter what happens in the world.
@@NeverTrustGovrnmentOrGlobalist yes i know his but itdoesnt mean that if i buy 10 oz of gold for $17,000 that it cant drop in some random month going forward to 1200$ now im down $5000 if i want to hold gold why not wait until a potential crash they havent crash in awhile and we are going into a downturn if feel better having 10 oz at 1200 then 1700
@@brianoleson9224 gold isn't moving up now because the dollar is strong due to federal reserve QT. When the Fed changes course the dollar will crash and your gold will increase. Gold is used to protect your purchasing power long term.
Hi Michael, loving your candid and easy going approach to your outlook in life. That's why I look forward to your videos uploads. 🙂
Thanks Ken! You know I always like to keep it real here. I know you appreciate that!
I love your channel and all the advice. Hope the younger guys are listening.
Thanks Maria, I hope so too!
Money saving on groceries is a biggie. Many smaller stores in rural communities do all their advertising on Facebook. I have two that I found searching FB that I shop at over the main grocery stores near me because the savings are huge. When on FB go to the search bar in the upper left corner and put in bulk meat as an example. Hopefully you'll discover what I have that the best deals especially on meat are not in the large grocery stores or warehouse clubs they're in the smaller community grocery stores.
I love your neighborhood - I stayed at the Crystal Suites on 70th & Colin last summer.
I know it well, I used to go to the gym there!
Great Video !....A very Smart way to Live..below your means and spending your $ Wisely!...Thank you..
Thanks Jim! I actually like living on a low budget, it makes life less stressful and gives me more opportunities in the long run!
@@MichaelBordenaro So True ...If you have $ ..you have options !...
Love your videos!
I look forward to them :D
Thank you Mich!
Thank you Matt 😀
No way
One of your best videos ever
Thanks Betty!
History doesn't necessarily repeat, but it certainly rhymes......
For sure!!
Thanks for your fabulous update..😍
You're very welcome Marion!
Not one foreclosure in Tampa Bay area, just looked. Definitely seeing price reduction. Hopefully it continues. Ready to buy a house cash but want to wait for the bottom
Its important to remember these are foreclosure starts, meaning they are not on the market yet, but could be if the foreclosures go through
@@MichaelBordenaro that makes sense, how long does it take till the foreclosure is complete and these houses actually go back on the market and being sold by the Banks?
Like a year or so?
House for rent at beginning of video currently has homestead exemption. Property tax of $4256 will more than triple next year if the house is rented and it gets assessed at market value. That 70 year old house probably cost $10000 new.
Its probably owner occupied then right now, unless they never changed it which could be trouble for them in a later tax bill
You must not have kids if your talking about expensive pets. Lol
No we don't, forgot to mention that too!
Love and appreciate your channel and content. Thank you Michael. I learn a lot from your videos.
Thanks for being here!
Was told that black mold will grow at higher temperatures??
Yes it can, the electric company here recommends keeping your place at 86 degrees or cooler which for me is actually really hot. During the day without my a/c on my place sits at about 77 degrees, with no a/c
Great video! Thanks for sharing.
Thanks for watching it Mary!
I lived in middle east and venezuela..daddy worked for big oil company
Wise advice, great example. Thanks.
Thanks!
Nice looking couple, and it sounds like the two of you have figured out what works best, in your lives. Congrats!
Thank you very much, and yes after 13 years together we have figured it out 😀
You guys are great, a good example of how to live happily. Thanks for the excellent videos.
Thank you ! We are certainly happy living this way!
Thank you so much!🤗
This presentation needs to go into the "Best of Michael" file. I learn something from all of them, but this one resonates with me to the core. Kelly and I have been together 24 years, and run our lives in a similar manor as you and your lovely wife. We have no debt. We keep our cards at 2% utilization to optimize our credit scores. I used to keep them at zero, until I learned that keeping a card active actually elevates your score. 2% is the "Goldie Locks" number. Thanks for sharing your insights and tips.
Thanks so much Tom! That is such a kind comment and its really nice to hear that you and your wife have been together for so long and run things in a similar practical manner. It makes like so much better 😀
$6300? Does it come with the police car?
Yep, thats included 😄
Another good video,thanks.
Thanks John!
I wonder at what point citizens start fighting back against their foreclosures? Do things eventually get so bad that the police don't even bother helping banks execute these foreclosures? I know for sure many police departments have been on silent strike for the last couple years and don't even bother solving crimes.
I don't know how that will go in other places, but here in FL they will enforce it ever time, along with evictions.
Given that they didn't fight the millions of foreclosures that happened during the GFC I doubt it. Humans adapt.
Maybe in NYC or California not here in Miami
@@Thiago_TT_MIA Our Governor Gruesome Newsome recently said on tv --- the moratorium on evictions will be "forever." They do everything to raise prices/taxes - and destroy our state and our lives. That's why thousands of people are moving out of Calif. I'm old and I love where I live - so I'm staying. I feel sorry for most people - this is the worst struggle for people that I've ever seen - and I'm almost 82 yrs young. Thanks Michael --- Great, Informative Video.
Thanks Michael for being real. Let the truth be known now and not tomorrow.
My question is who can afford $6300/monthly rent? My second question is why are yo justifying that $6300 is not a bad deal!
Well compared to 12k/mo like many other houses nearby, it is a good deal. Its all relative
There are 28 million millionaires today. Quiet a bit can afford it
Thank you for explaining the difference between tax sale vs foreclosure bank sale. I appreciate this information 🙏🏾
Glad it was helpful!
This is NOT like 2008 because unlike 2008 we don’t have a large % of mortgages with a variable rate that led to people being unable to afford their payments. Today, the vast majority of mortgages are 30 year fixed so it doesn’t matter if rates are high now or go higher because it won’t change people’s payments who already own a home.
What about higher insurance rates?
@@Thiago_TT_MIA I haven’t seen insurance rates increasing dramatically. That doesn’t mean they aren’t but I haven’t seen it. Even so, they aren’t going to increase so dramatically that they force homeowners to walk away from their homes and mortgages. What happened in 2008 was you had a huge number of home owners who had little to no equity in their homes and their monthly mortgage payments often doubled. This combo led many homeowners to just walk away.
That is just ONE factor, that makes things a little better, but there are so many other factors we have this time around that didn't exist in 2008. High and rising interest rates, extreme inflation, supply chain issues, the list goes on.
@@MichaelBordenaro but the things you listed don’t necessarily lead to a housing crash. The one factor that will lead to a drop in housing prices is interest rates but that doesn’t mean it will lead to a crash. Yes, home prices in many parts of the country increased dramatically in the last 3 years but the equity built up is not real unless a homeowner taps into it. Existing home owners are not under water like in 2008.
Great video. Lots of wisdom in this content.
Glad to hear it!
Foreclosures up 180%. So going from 20 to 45. Great.
Spot on about the pets.
Oh yessss!!🎯
Excellent information Michael. 🙃🙂
Thanks Jill!
Great advice Michael 😎🌴
Glad it was helpful!
Tons of great information in this video in money saving suggestions. A few I know I need to cut out on vaping and such to invest instead. Thanks for sharing.
Glad it was helpful!
I am glad to hear that you and your wife are doing well financially and have made some smart decisions to get to where you are at today. You shared a lot of good financial advice. It is good that your wife is not high maintenance person. you look great together as a couple
Thank you Pete! She is lovely and we definitely think alike which has allowed us to grow together
@@MichaelBordenaro That is cool and it is really good that you both think alike. That makes life a lot easier when it comes time to make decisions. I never found my true love so I have been single all of my life and I had 1 girl friend in my life for one month before she went back to her ex-husband who promised her he changed
Thank you for watching Pete!😉🙏
Yes, you save in gold and silver and you borrow $$$ (currency), we all don't make money anymore since 1974, when US dollar was taken off the gold standard, we make currency which is highly manipulated the way that through inflation, which is artificially created by FED that works with government, people pay hidden tax to the government.
Thats right!! I wouldn't even use dollars if i wasn't connected and needed to buy everything
Liking this channel more and more everyday. Thank you!
So nice to hear that, thank you!