People Have STOPPED PAYING THE MORTGAGE Foreclosures IMMINENT
ฝัง
- เผยแพร่เมื่อ 29 มิ.ย. 2024
- The recent spike in pre-foreclosure activity should not be taken lightly. In fact, mortgage delinquencies are now up 15% year over year and have gone up 1.02% of all mortgages in the 3rd quarter of 2023. We also have over 185,000 properties across the U.S. in some stage of foreclosure just in the first half of 2023. Get ready, because the defaults are ramping up and are likely to only get worse if unemployment and layoffs keep marching us into a recession.
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Federal Reserve ISSUES NEW WARNING! - Household Debt EXPLODING th-cam.com/video/7B__B6nhyQo/w-d-xo.html
Is this the Bidenomics I hear of ?.
Yes, Michael, keep showing these flips. It shows how predatory and greedy people are and is a warning to the rest of us. If I ever have to move out of my apartment, I'll go buy a tent.
@@MS-st1zb nah, its the $4 trillion in free money trump gave out that worked its way into the system and caused massive inflation.
Thanks for sharing with us, Michael! 😊
Ty michael. I was wondering if you can refer a good book on the 2008 crash?
Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
The stock market is no different, to maintain profit, you need to have some in-depth knowledge on the market
True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
in my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
my partner’s been considering going the same route, could you share more info please on the advisor that guides you.
In fact, I'm not sure whether I'm permitted to say this, but I'd suggest searching for “Stacie Lynn Winson” as she gained a lot of attention in 2017. She is both my coach and the manager of my portfolio.
Theres been a lot of layoffs and magically the unemployment rate is still low! Recent layoffs as well and more to come!
FACTS
Unemployment went up by a tick because of automobile manufacturers like GM are on strikes. Now if you eliminate those strikes we will have a lower unemployment.
Yes trust the numbers
People have 2 or 3 jobs, and the gov't is using those figures to make it look like there are more jobs, as opposed to low hours & wages.
Look at avg inflation adjusted income per household. That tells the story.
Has anyone else noticed that the rent is too damn high? 🤔
Prices for everything is too damn high.
It is but it is getting lower compared to 2021!
The economy is great right now, thanks to all the new immigrants
Please keep posting the flips and their property taxes Michael.
please continue showing these flips. Got to expose the scammers
Yes 😊. Greed should always be called out .
Corporate greedynomics is killing the economy. The “Trickle Down” is B.S. It doesn’t exist. Hence the many Employees Striking, Mass Layoffs, Business Failures and Imploding Economy. 😂😂😂😂😅😅😅 No bailouts!. Let these greedy, insatiably money hungry, wealth hoarding multimillion, billion and trillion dollar corporate monster entities fall.😮 I’m so happy I have never been materialistic and always a saver. Living frugally and being a minimalist, I retired at 60 free of debt in 2021 with my employer matched and unmatched retirement accounts, my nice size savings and my emergency fund which will see me through at least 2 years of my expenses. Not to mention collecting my well earned Social Security benefits I paid into for decades. The last 24 years busting my butt working in healthcare as a Respiratory Therapist and through the Covid/Delta pandemic 😷. Today our family of retirees is gratefully blessed, thriving and enjoying a well earned comfortable retirement.😊 God bless.
The US is a capitalist economy. Therefore, everyone should be fully aware that profit is the motivator behind any transaction and play according to those rules.
Yes, please keep showing the absurd flips. It needs to be shown how ridiculous the market is at the moment.
Spoken like a renter.
@@randymillhouse791lol 😂
@@randymillhouse791 Own two houses. Good try, squirt
I love watching the bubble flippers losing money in real time.
I love me an absurd flip
US Govt needs to pay it's damn debt. If Americans have to pay, the US Govt should definitely pay. WTF are they doing.
PLEASE show homes under 1m. The GREED associated with homes for sale for several million on a flip it makes me ill. Wealthy people can buy whenever but middle class homeowners are not as fortunate.
Michael, you are about to really see a PSUNAMI of homes in Florida. The average Floridian can not afford the mortgage, increase in the cost of living and then get hit with the increase in the insurance payments that double. My mother in law who is on a fixed income just got nailed with doubled her insurance rate. Good luck to everyone, get your house in order, things are about to get REALLY bad.
$30K for property tax! 😮 I’m having trouble paying mine and went up to $1,056.00 a year.
That's cheap. Mines 1800.00
@@brianmatthews4149 I wish mine was $1.8K, I am paying $14K in NJ.
come to ny suburbs...800k -1 million dollar house taxes around 30k-45k
My taxes are 6k a year😅😅😅on a 240k house
California - $2700/year.
I have looked this up, Foreclosures have started to climb again, and home prices started to see cuts.
Recently saw a re-run of a Law and Order episode where Sam Waterson and Adam Schiff are commiserating about the state of the world - rising crime rates, kids on drugs etc. - and then Adam says "and the national debt just hit four-trillion dollars!" And I'm like "if only we could get back to that!" Think the episode was from the mid nineties.
I remember, as a kid, the politicians fighting over raising budgets by a mere 1 billion dollars. A trillion dollars, now, is 1,000 times worse. And no one in Washington is raising finger to do anything about the increased spending and debt. It will most likely be the downfall of our country, in my opinion.
all those TEA party people were crazy right wing lunatics, right? right guys? ?
THIS IS THE CONTINUATION OF NOT TAKING CARE OF 2008
That’s right!
People are already getting laid off, more people will be getting laid off. Is tough times out there, big time.
no kidding! and if you think things are bad now... god help us!
And they find other jobs. Not the end of the world that people hope for and expect
Hi Michael, I enjoy seeing the property flips as well as the property taxes. Please continue to show them! Thanks
gotta love watching the schadenfreude in real time
NO they are collecting enough taxes, They are spending it too much !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
The county tax collectors are overcome with greed too. Government taxes and people pay or they take away their home.
This is so much worse than 2008. Back in 2008, many politicians were screaming for cuts in government spending right as the crisis started. They had some success. 2009-2012 were painful years because the government wasn't hiring and it was much harder to get a job. But that pain led to improvements in the economy. Now, there seems to be ZERO politicians screaming for cuts in government spending and we are neck deep int he crisis already.
The dems cut the spending back a fair bit since the republican spending spree.
They are too busy with focusing on other countries. infact, im pretty sure the are deliberately ignoring it. focused more on war
Improvements in the economy? We blew up the deficits and put everything on the credit card and handed out a shit ton of money to lobbyists groups and the military industrial complex that we waited to trickle down. Sadly without strong private unions, public jobs are the only thing in many areas forcing employers to pony up a little more often.
@@davidmann2524 I mostly agree but there was an encouraging loud movement to rein in the spending, but predictably they lost their effectiveness as the crisis became less noticeable to most people. I think this time we won’t be able to fake our way out of it with more debt but I’m not betting the farm. We shall see what shenanigans unfold. I think whatever happens will work until it doesn’t, then wham. Good luck!
Vivek Ramaswamy, calling for 50% federal headcount reduction
Mat Gaetz calling for all spending freeze and to stop omnibus bills, instead go back to individualized funding bills for congress, and for a bill for zero days off for congress until a balanced budget is approved.
Don’t let controlled opposition traditional media poison you against those who are actually trying
Thank you so much for never bringing up politics. I watch your channel to learn, not to argue with people. Good video. Looking forward to the next one.
Yeah and the owners are missing the mortgage of their “Rental” property First, because they don’t live there. There is no way for the renter to know until it’s too late. Happened to me in 2008.
Never thought of that. Makes sense..get all you can til the banker comes..sure has the keys thanks..
It’s always a rude awakening to renters when that happens as there really isn’t any warning cause usually they’re too busy to see the signs and that’s if there is signs.
A renter can find out who the mortgage company is and check too see if the payments are up too date.
Lost my rental when the landlord got foreclosed back in 2012.
@@Theresistance64 2008 for me😢
FGoverment!
Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
To balance out your real estate holdings, I suggest investing in equities. If you're cautious, even the worst recessions can present fantastic buying opportunities. Additionally, volatility can produce fantastic short-term purchase and sell opportunities. This is not financial advice, but you should buy immediately away because money isn't king right now!
You're right. I was able to diversify my 450K portfolio across markets with the aid of an investment coach, and I was able to use high dividend yield stocks, ETFs, and bonds to generate a little over $830K in net profit.
You can employ another adviser, but Julie Anne Hoover is my one who provides guidance. She has years of knowledge in the financial markets, and her approach has worked for me in the past, leading to my success. She offers points of entrance and exit for the securities I prioritize.
@@danieljackson87 I located her, sent her an email, and scheduled a call; hopefully, she will reply because I want to start the new year off financially strong.
To add more points. 401k hardship withdrawals are way up. Also with the current interest rates something like 80% of mortgages are under 5% which means 80% of people cannot refinance to lower their mortgage payments if they've overspent elsewhere.
What too many people don’t seem to understand that during foreberance is that the interest is still acreuing during the time nothing is being paid, which is compounding, and is added onto the tail end of the mortgage.
Im pretty sure people know that your still accruing debt. Which is part of the problem and part of why its going to collapse
@@BlueBD Not every one is figureing out the effects of compound interest and how much more they will be paying because of the time no payments were made. Most people think in terms of monthly payments and not total cost. That is one of the reasons vehicle leaders are so popular because so many are looking a monthly payment rather than total cost of ownership.
@AIBoyfriends You just showed the ignorance of just thinking in terms of monthly payments. Both real estate and vehicles are capital expenses and as such total cost is more important for long term planning than the immediate monthly cost. It is the difference between immediate gratifation and delayed gratification because many people tend to upgrade when just looking at monthly cost without looking at long term cost.
Who’s here that lived through the “great recession”?
Who’s here that learned from the Great Recession?
This is going to be epic and much worse than then.
Misery index will be through the roof.
I sold my home in 2021. Renting apartment. No debt. Will continue to rent apartment and watch the shitshow. 👀🍿
@@DaleAl-lg4ul The "great scam". Lol, true. I always chuckled when people called it a "crisis". This country hasn't had a crisis since 1929. What we have are money grabs by companies that our so-called "free market" should have taken care of. Tell me how you can have a "recession" in 2009 and suddenly it's all better 6 months later? Exactly. And again we saw it during the Covid crash. It's downright criminal how they manipulate the markets.
@@MsMaxinejoy Your landlord appreciates your pratonage.
@@user-wg3rf6yg1lWhat an ignorant response 😂 My landlord barely gets by only because he bought 10 years ago and the going rental rate is less than half of what it would be to buy this same unit today.
Meanwhile, I pocket the difference and save $$$ towards buying after the market crashes.
So basically, I've saved 50k over the last 4 years AND the same condos I rent from a private owner have dropped 75k in the last year. Thank god I didn't buy!!! 🤣
SOURCE? FACTS? TRUMP?
"Foreclosures imminent"... by 2027, maybe.
Keep renting while you "wait"!
(Brought to you by the national apartment owners association) lol
Good idea, sold my last two properties last year. It takes a special type of idiot to buy right now.
@@thomasreynolds1530 The reek of sellers remorse is strong with you, it is.
@@WelcomeInc -guy who still watches the latest Star Wars
In my small hometown, City National Bank has a huge banner outside of the bank and it says Home Loans With No Down Payment. I guess they're trying to draw people in and destroy them.
That is because Leonard Abess sold the bank. Leonard Senior and Leonard Junior were not like that.
City National got in trouble for not making loans in ghetto areas.
@@chrislastnam6822 F the ghettos. Banks have every right to conduct business with any customers that they choose.
@@randymillhouse791 In Los Angeles ghettos lots of houses cost over a million dollars.
I don't live in a ghetto. I live in a small rural area. This is in Beaver, WV. Most people here live from paycheck to paycheck and ofcourse it's a welfare State.
Maybe why mortgages originated 3rd quarter 2021 are more likely to be delinquent, could be that house prices were astronomical then, and people were buying way over asking prices in bidding wars, with no inspections and so on
@@Dentalcoverage4u,
The industry should regulate Flippers better than they been doing thus far.
@@Dentalcoverage4u They Fixed now can't Sell so it Sits and Taxes go and Ins. UP . My lot was a Repro lot sat for 10 years ! Oop's
@@bigvalley4987 if the government will stay out of the way, the free market will regulate flippers just fine.
Yes, keep showing the flips. It’s amazing the amounts that you’re trying to get.
The loss in equity can easily be explained by the lowering of home pricing. Sure, there are some areas where homes are increasing, or holding steady, but there are many areas where home prices are dropping. As the value of the home decreases, relative to the mortgage on the home, equity is eaten up. All is good...until it's not.
Well said. And the ones that are going to be hit the hardest are the ones that bought at peaks during the pandemic buying fever.
Like 90% of people, I retained a job through the 2008-2012 recession.
However our condo we turned the keys in.
We bought a house.
That is reflected in the forclosure numbers also. If you cant rent it you turn it in.
"Live well in the short run, in the long run we're all dead".
John Maynard Keynes
Keynes is dead and we are dealing with his stupid ideas of economics.
The interest rates are not high they are at historic averages.
Then think of it in terms of affordability. Cost of home ownership relative to income is absurd.
True.
Yes show the flips thanks
Maybe the foreclosures are air bnb owners that can't rent out the house or sell for what they paid for the house.
One big issue in 2007/2008 crash was that people got loans who weren't qualified. There was too much money flowing from Asia and elsewhere into banks and other lending institutions and they needed to loan out the money. They lent it out to a lot of people that had no business getting a mortgage. And had crazy products such as NINA loans with "No Income No Assets" needed. Not surprisingly many people got in trouble, People should read the "Big Short" and "Too Big to Fail".
And now they are trying to do flips again. Crazy.
NINJA LOANS
no income
No jobs
No assets
That was nothing compared to now. Things are much worse and prices will fall farther this time.
Tony Soprano loans, low doc, no doc loans
Well. They do have the same type of loans nowadays. With a 1% down or even 0% down. History will repeat itself
Ah yes the mortgages are so much better quality now. That's why there are as many delinquencies right now as there were in 2006 only the gov told everyone they didn't have to pay. The forbearance programs end this month.
There is so much propaganda, market manipulation, shadow inventory, fake data, stealth price cuts(aka rate buy downs, seller "incentives", etc.). Don't be fooled the housing market is in worse shape than 2008
2 years ago people still had money from $2T covid bailout, so 135% increase is not a good measure. To compare anything to 20-22 doesn’t make sense. Compare to years 16-19.
$35,000 per year in property taxes?!?!?! And they say Canadians are taxed too much. Crazy...do love seeing the flips though btw
That’s just property tax. Add all other taxes
Definitely keep showing the flips, Michael. It shows me how the prices are jacked up from them. Thanks!
another great video!! It is a full time job making these videos, but it is worth it for your viewers. keep up the great work!
Texas has massive amounts of forcelosures as well.
Yes indeed keep showing the sales, flips and taxes! Much appreciated!
Price cuts of 5% are nothing when prices doubled from 2020 to present.
Delivers painful truths and then says "if you enjoyed this video." My whole sunday ruined! Still give it thumbs up though. 😅
Well if society is gonna fall apart, we can at least enjoy being informed about it I guess. Lol
😂
Im watching home prices drop fast. Still need to drop another 50-60% in "value" to reach 2018 levels before people can start to afford them again.
Oh, is THAT your master plan? Hope that you don't have to better yourself, get a better paying job, work harder? GOOD LUCK! No, not really.
@@randymillhouse791 Why? So the Banks can make an extra 150k in interest payments? Good luck with all that.
@@PlasmaBurns Yawn, well on my way to retirement easily now. Take my interest. I have plenty more than they will ever get from me. Do you have any financial skills?
@@randymillhouse791😂 Better yourself so the promotion or job you deserve goes to the boss’s buddy or whoever they are sleeping with. Yeah good luck with that.
@@randymillhouse791 well, I do have a standing reward of 1000 ounces of silver to anyone who can show why my work is wrong but... I guess you wouldnt need an extra 25k since you like throwing money at the banksters.
My homeowner's insurance company just notified me that they will not be renewing my policy in March. My agent told me my only option now is Citizens. He gave me a quote for the same coverage I had and it was half the cost of my existing policy that's being canceled. They quoted me $2500/yr where I was paying $5400.
From what I read, if a major disaster hit that Citizens would not have enough funds to cover it. Something seems off that they are selling policies below commercial market value when they already lack the funds to cover a catastrophic event.
I had progressive with my home for quite a while. 2020: $1600, 2021: $1750, 2022: $2700, and now for November 2023: $5700. Let's just say I switched to citizens too at $1800. I wouldn't be caught dead paying $5700.
These insurance companies are just wanting you to drop them if you live in Florida and if you don't you're paying WAY over market value for insurance. Citizens is market value, not below. These private companies are gouging, but the governor is working on it. Thanks to all the scumbags out there filing frivolous roof claims for ruining our market.
@@HomesonLocke You can't just drop your insurance company and choose Citizens. Your insurance company must drop you and all others refuse to cover you before you qualify to purchase from Citizens.
The reason they gave me for dropping me was that they were unable to obtain enough "reinsurance" to cover the policy.
@@michaeljlink Yes, actually you can.
"Premiums for coverage from Florida-authorized insurance companies are more than 20 percent higher than the premiums for comparable coverage from Citizens "
Directly from Citizen's website. I qualified under this.
I’m starting think the reference to “CITIZENS” in the movie “The Departed” was metaphorical.
The bankruptcy flags get waved
Very good video Michael! Thanks for the info! I started listening to you about a week ago! I feel much more aware and educated on what’s really going on. A lot of it I do know and suspected, you just reconfirmed it for me. Then there’s also other things I knew nothing about. Like some layoffs of some company’s and the total debt that so many more people seem to have. My biggest worry use to be health insurance costs because I am now a senior. But with the rise of home and car insurance, taxes,food etc….I now have more of an Understanding there’s a lot at stake. We’ve always owned our homes. But now due to my husbands new job we sold our latest home and are now renters. We may never buy again!? Currently we are in the area of Pensacola Fl. And with 8% interest NO WAY WELL BUY again at these prices!
I am curious to see what happens to these HOA’s when the banks start taking back the no pay mortgage homeowners. Sure they can foreclose if the property is not occupied. If the owners don’t vacate the HOA’s will have to operate on a fund shortage. This is an interesting area to research and report.
Who gives a shit what happens to HOA's and the Karens that run them.
YES - we love the "Flips" Segments you do and the humor that you bring with it. One of my favorite parts of your show.
YESSS MIKE PLEASE KEEP SHOWING THE FLIPS , I ACTUALLY WANT MORE !! ITS LITERALLY MY FAVORITE SEGMENT OF THE VIDS !!
Michael, thank you for your videos. I live in miami too, but due to some family reasons, I have had to live in Istanbul for almost 3 years, yet I've been watching, your videos all the time even from Turkey. So, let me share one interesting fact. Im into logistics / trucking business and when a couple of years ago i tried purchasing semi trucks for my business, people selling their trucks asked for crazy amounts of money over MSRP. We talking about a 5 year old truck with 500 000 miles asking price was around $80 000, and new trucks asking prices were as high as $225 000. I was so pissed at people overbidding each other to get a truck. Like the truck I was gonna buy was at $70 000, but another clown offered the owner $10k more and he sold it to him. Yet, the situation with loads and the market was already in decline. No more loads for $6 per mile. More like $3 per mile. Now, those $225 000 trucks are sitting on parking lots and everyone trying to sell them due to very poor market. Less than $2 per mile for dryvans. Trucks that greedy owners were asking for $100k, nobody wants to buy them even for $40k. Whats worst is that a lot of people who bought those trucks not only overpaid for them, but also took loans to pay for them. Good luck stuck with them trucks for $200k with a high interest loan, with this dead market.... thanks God I buy my trucks and assets with cash...
Lets take it back quite a few years about the illegal banking procedures, illegal mortgage contracts and how they sell your mortgage title as a bond and make 5x the amount of your house
Im seeing huge price cuts particularly in Austin suburbs. Like 11% of a similar home I bought 7 months ago. However i was able to get a 5.6% then so monthly payments will not differ much with current int rates.
I miss the days when I could get my money for nothing and my chicks for free
Let's party like it's 1929
I never got $$ for nothing. But chicks...
Please keep showing the properties. So interesting for sure.
The irony of countries using debt to "grow" their economies is that debt is a liability, so these economies are not actually growing, they're going further and further into a state of liability.
Institutional investors are already getting hit hard and in debt. Whats scary is pension funds have invested in them.
Yep. Houses can be forced for sale by cutting pensions in half. Coming to your local older neighbors.
It’s unsustainable!
Spot on Michael. We've built this latest economy on a house flimsy-ass cards that completly depends on more borrowing, spending, and debt. There was a way out of this back in the 2008/09/10 era but they chose the wrong path. They chose the temporarily less painful path of borrowing more instead of truly looking ourselves in the mirror to see what we can truly afford as a society, and now things have gotten SO far out of hand that when we fall (not if) we're going to fall that much harder than we otherwise would have. It pisses me off because I'm trying to save up my $ before I purchase something to not get my debt out of control but I'm apparently the foolish one according to my government.
When you start borrowing against your home. It seems like a “rabbit hole” entry level.
I hope these people never get the asking price on those overvalued homes! If they do the buyer is getting ripped off!!
Why what do you care how other people spend their money ?
If your getting ripped off, fine by me.
In New Jersey people are paying thousands over asking prices.
I love your videos Micheal! Yes definitely keep showing the properties!
Exactly! we hardly make anything here anymore. That is why Americans should support American made!
I love your videos is fun to watched and I enjoy listening to you
Yes Michael, please keep showing all the flips! Thanks!😊
This time around, there is a huge pile of cash
waiting to be deployed by private and institutional investors,
waiting for the opportunities to buy these foreclosed properties,
which will likely prevent a glut of them on the market.
are you sure? does it outweigh their current position that is already in the market? i'd b e surprised to hear that large financial institutions have already sold all of their housing assets and yet we never noticed it in the market, same for stock. I doubt retail is what is keep the stock market high
@@apple12312301 of 3 current buyers are cash. Not to mention 40% current homeowners are already paid off their mortgage which means zero mortgage. Good luck waiting on crash 😂
@@apple1231230 "Large institutions owned roughly 5% of the 14 million single-family rentals nationally in early 2022, according to analysts.
By 2030, the institutions may hold some 7.6 million homes, or more than 40% of all single-family rentals on the market, according to the 2022 forecast by MetLife Investment Management."
@@pirate9154 Well, wouldn't that cash have already been deployed at the current high interest rates and not be sitting on the sidelines, if what you suggest is true?
There would be no piles of cash,
and yet there are enourmous piles of cash waiting to be deployed. Reality doesn't jive with your assumption.
Your other ASSumption is that interest rates remain static or elevated,
they are about to head in the other direction, smart money knows this.
@@pirate9154 just do your research. A lot of them cash buyers are owners who sold their homes 2 years ago. They probably got tired of waiting for crash or maybe they found a right home. Not to mention we have foreign and corporate investors with cash.
Just a friendly reminder
Houses are $431k
Gold is $1935
That is just 222 oz per house.
It was over 500 oz prior to 2008.
500 is overpriced.
300 is even or average.
100 is cheap.
One of a couple factors that we dont have a 2008 likely.
Prices are not coming down. They're just comibg down from the high excessive price that owners were asking for. Getting a 5% or 10% price reduction from it's high is a clever marketing trick being employed on you.
Red Foxx is clutching his chest again, while Sonny and Cher just came on the morning radio singing I've Got You Babe. Deja vu never had it so good. All we need now is to have Barney Frank reappear to assure us the he and Dodd just saved the world and that Ground Hog Day will never happen again.
Tanks Mich
House prices too high even at 3% or 5.9%….people cannot afford 50% of take home on housing…
Yes, please keep showing the flips!
I knew this would happen long before it started 😂 but the majority of people that do this is needed. Y’all keep it interesting
Bring it On!
Yes keep showing us the flips. Thank you
Absolutely (*continue to show these flips) 👊🏽
Yes please keep showing the ridiculous greedy flipping
I think it’s because job loss/layoffs and incredible inflation.
Daily viewer here. I like it when you show the flips. It’s kind of hilarious.
Please continue to show flips….I love seeing what’s going on. It’s another way of taking the pulse of the market.
I love the housing flips part of the video, love your shows brother keep up the good work!
Hope you ok...watch your step!
Great job, Michael, and please show more hop flips,it is very interesting. Thanks.
All these middle and upper middle class Americans took their toys and rather cheaply moved to FL, in big numbers, in the heat of northern covid communism. And they did so at a very reasonable cost, low rates, low FL housing purchase prices…..I’m talking like 2020ish, 2019ish. Remember the low cost of living?
Now, those people who believed 1) work from home will always be a thing 2) my FL home will just keep appreciating 3) well, even if things go awry, we have the best governor EVAH!
I get it. I was feeing some of that back then, but our jobs wouldn’t let us move.
But now look at FL. A few short years later….big problems. Even if you have a low rate, you paid a fair price back then, the insurance (and really, property taxes) at the very least, has made the cost of living untenable for so many middle and upper middle class Americans in FL. Inflation has hurt most people, but my gosh, I’m not dealing with double, triple, whatever…mortgage payments in the north. And I’m not seeing my car insurance skyrocket either.
Point being, look at all this middle and upper middle wealth that this FL migration has “shaken loose”. People who did just fine in the parts from which they came are going to lose their nest eggs. No equity….can my home even be insured? My car? At what cost?
I remember reading some speculation back in 2021, that people who wanted to be free were moving to FL, but what if they were being herded there to be bitten by genetically modified mosquitoes, given the latest virus, or bombed by Cuba? To be fair, at that time, nothing seemed impossible.
We also never believed before that the government could shut down our churches.
It seems that every bit of bad luck to the regular American always benefits the elite only.
Who else can buy these uninsurable homes, but all cash buyers who won’t be homeless if the uninsured house is destroyed?
And bonus, the prices will have to keep declining as the pool of possible buyers shrinks.
By the time there are any resolutions to the problems, those “middle class” homes will already be owned by the biggest corporations, or the extra wealthy. Coincidence? Just something to think about.
Thanks Michael for your video 😊I wish I was in Florida instead of Texas 🙏
also love the use of charts and empiracal data in the show. TY
Naionwide the prices of houses over $1,000,000 have gone up almost 10% from this month last year.
I have saved $100K per year since 2020. I was POOR for decades and worked my arse off to get here. If you are lucky enough to own a home and you can't fit your car in the garage, then you know why you are defaulting on the mortgage.
I bought my 2nd house in San Diego last August 2022. The house has 2 ADU a private studio and a garage converted bedroom. Both ADU are rented and paying my mortgage. Take note I’m not paying my mortgage and I just save 50k in a year just on this house. If I move and buy I can rent out the main house for 3500-4k and it’s my cash flow. Yeah I lost my garage but in return I’m getting 2k on monthly rental cash flow. 😂
I don't even understand what this comment means.
Thanks!
Thank you very much!
Wow $35K just in property tax.
Yes please keep showing the greed. Thanks
I like seeing the flips.
Yes, I like when you feature listings and mention taxes.
Do you think banks will actually foreclose? Won't that flood the market and reduce the sale price? Won't those homes just sit empty, exposing them to vandalism or squatters?
The banks foreclosed last recession. Why wouldn’t they this time around?
Yes
In 2008 the banks foreclosed ... and then sat on the properties for years in many cases.
@@alanj9978 That is very true! Short sales seemed more of an opportunity for buyers than foreclosures.
Good news for the homeless
Follow up on the same flips. That would make them really interesting. Nice job and thanks for your great channel.
HELOC’s during this time will be crippling!
Yes on the flippers. Maybe some under a mil if such a thing exists in that area
Yes, please continue to show house listings information!
So over corruption & greed at the expense of citizens.