So frustrating. 😡😡 We’ve been waiting for 3 years to buy our first home. We have a large down payment and decent income but it makes no sense to buy now. The rural areas we’re interested in houses are double the price they were in 2019.
Due to the limited supply, prices won't be coming down anytime soon, they'll continue to increase for years. There's still a deficit of close to 5 million homes in the country. Builders can't catch up to this sadly
Same position here, it’s been rough. On the bright side, having all that cash earning 5% paid to me monthly is awesome, covering over half of my current homes rent. I am staying patient, this situation is not sustainable and we will have an opportunity in the next few years to buy at a significant discount. Just my opinion. Good luck !
How I wish there was such assistance program back 2008. I lost my first house I worked so hard for. End up foreclosed. I am still dealing with it mentally. 15 years later.Went into deep depression and still struggling with it.
This is insane. The government is our arch-nemesis at this point. Interventionism is a recipe for disaster. The "planned economy" is among us. _"Such terms as communism, socialism, Fabianism, the welfare state, Nazism, fascism, state interventionism, egalitarianism, the planned economy, the New Deal, the Fair Deal, the New Frontier are simply different labels for much the same thing."_ ~ Leonard E. Read, Elements of Libertarian Leadership (1962), pp 62-63
So here is my concern (echoing what you always say about lack of maintenance on foreclosures). I am looking at homes under 5 years old in Bradenton-Sarasota Florida area... literally every single foreclosure in description states "issues all over that have to be fixed". Exactly how big of a slob pig do you have to be to buy a house 1-5 years ago and destroy it to such an extent that upon foreclosure it has damages that listing agents have to disclose. I was looking at photos of 1 yesterday before I went to sleep. 1 year old. Foreclosed. In photos laminate floors all over the house look like home was flooded. I mean how in the world... why.... these people sabotage homes before leaving keys on the counter. Foreclosures are a massive stain on housing industry and to see homes that are barely old enough to have seen last presidential elections already get destroyed. Confidence level in humanity is at all time low for me.
well... our society has created the "glorified renter" mentality about home ownership... where people would buy a house because it was cheaper than renting, then instead of just moving to another apt., you don't upgrade the home... you simply upgrade to a new home instead of fixing the previous one...lol The basic rule is that if you are not planning on staying in the house for at least 7-10 years, you are not breaking even. Todd is making a logical point... if you are not paying your mortgage, then you are going to treat the property like a nasty tenant. Why would someone do upkeep when they know eventually they will lose the property....lol Just like a tenant, it is the responsibility of the landlord to put in the cash and effort to rent it out again...lol I do not agree with this; i am just pointing out what is actually happening. If you are looking at foreclosures, you will have to do some repairs. The trick is to buy one that only requires cosmetic repairs that you can do as pet projects over the weekend at your own pace. I would inspect the foundation, electrical, flood damage, roof, and property lines [surprises there!],and Hvac if it exists. if those things pan out, it is a potential buy!
Homes need to drop at least 25%. Interesting I am seeing new homes in Tulsa Ok with price increases and they couldn’t sell at the reduced price. Tulsa is over building because of the $10,000 move incentive and this time Tulsa will be negatively impacted when the dust settles. When homes in Tulsa with lower median incomes rivals homes in Northern suburbs of Atlanta with higher median incomes you have problems.
I will never buy a house until the prices come down to under $100 psf. on an existing home, and no one should either. No home is worth nearly the prices their asking for in today's housing market.
My husband is 88 I'm 74 in 2022 we did the covid 19 forebarence we have VA loan 3 percent fixed was in hospital 33 days was 12mos. Suppose to put pymts at back of loan and a partical that program was done away with we were not notified in oct 22 no longer in effect now they say we have to pay 13,000.00 by the end of February 2024 so what do we do there is no refi
MUD taxes in Texas put the cost of infrastructure off of the builders and on to the buyers, year after year as long as they own the property. Builders make off like a bandit. A MUD, or Municipal Utility District, is a special taxing district created to provide utilities to subdivisions or development outside city limits. These utilities can include water, sewer, electricity, gas, and other services. MUDs are often created to provide these services to new developments not served by existing utility infrastructure.
Imagine getting excited about foreclosures and waiting on the sidelines in 2020 and this is the result we have now. The government doesn’t want to see a lot of homeless families on the streets even if they were irresponsible with their money. The government is more interested in helping homeowners because most homeowners have families living in the homes. Apartments are known for having more singles living in there. Another example of this is military barracks for single service members vs. family housing. If you’re a single homeowner, you still are “protected” more than if you were renting.
its true i had to do a loan modification im a single female. Had to rent every room in my 4 bedroom house thats located in the "hood". did that for 3yrs Gun shoots every other night. I just sold it for a profit who knows whats going to happen with the economy im glad i sold it less stress.
Well, I know for a fact, Sacramento County, California is not giving out medical food stamps cash assistance even if you totally completely qualify. They don’t even want to transfer in anyone on SSI. With five months of delayed and repeated applications and intakes and countless people have been complaining and formal complaints to those in charge.
I don’t think you know what that word means. Communism in basic terms means workers own the mean of production as a collective. Ie staff at a business make decisions democratically and can choose their boss. It’s actually fairly democratic.
@Daveyjonesvi it also means loses are spread amongst the community so you can be as lazy as you want because everybody has to cover you whether they agree or not , the lazy wins in communism while the responsible worker gets the finger
@@yorsan2240 the losses would be less felt spread out throughout the company. I’d rather take a pay cut and keep my job than to have half the staff get fired so my boss can keep his big salary. You do know we subsided losses and privatize profit right now. Do you know how many times the banking, airline, and auto industry get bailed out and the workers lose the most
You don’t need a credit score to buy a house. It is called manual underwriting. That’s how lenders used to do it before credit scores became law of the land. Get out of consumer debt before buying a house. It will give you the margin to not be house poor and lower your risk
I've tried using this to buy a house. But I kept being outbid, and the sell would rather go with a traditional loan. So, I gave up after over 60 offers were rejected by sellers. 😂
My states governor just said this week that we should offer rooms in our houses to illegals. Elon said the gov is going to come for our homes after schools and hotels fill up.
19:40 If salaries go up, inflation goes up since more dollars are chasing the same limited supply. Luckily, salaries won't be going up because M2 is falling and companies aren't getting easy VC or business loans. 2019 prices are probably history in the long term because the ~20% inflation isn't getting undone, but there's no telling what the correction will look like over the next couple of years.
Do you have any recommendations for agents in Kitsap County Washington? Definitely still feels overpriced here, but I want to prepare myself for first time homeownership.
Crazy, I just left there at the end of the year. It's one of those insulated areas for sure. Military, shipyard, growth, and insanely priced Seattle will keep that area propped up. Good luck!
My bank didn’t take the VA PCP, or the HAF. Now they are trying to foreclose on me unless I pay them all the money that they failed to take. So, naturally I disregard their claim against me , and I am willing to take the matter before our court.
Why don’t we have the Mom & Pop builders be responsible for only building the homes and have government be responsible for: Storm water management, roads, reforestation, etc? Basically the government develops and sells the lots, and the home builders build on the lot. After the subdivision is built the responsibilities for these things fall back to the city anyway. Any time I’ve had a problem with the road in front of my house, I’ve called the city, not the home builder.
I would love to hear how many people got evicted because of the 1918 pandemic before mortgages existed. 2024 is a great example of banks being the real owners of these homes. If the American dream is home ownership, the American dream should also be having no mortgage.
Everyone of those borrowers that modify into a 40 yr mortgage would likely have to do a short sale in order to ever get out of the home huh? But also wondering what the payment on those 40 yr loans look like. Cause I would think most of those people would still be stretched. I worked a big servicer for years and you usually seen those same borrowers in the system(this was during GFC days and borrowes were able to get 2 mods). Hopefully they will only be able to mod once.
Hear me out...just like the government assumed that corporations and banks would use the PPP loans to invest in infrastructure and labor, they are assuming that these homeowners would want to keep this house as their forever home.
Actually the payments are cheaper. I have a neighbor who used all of the forbearance. They started with a $2000 mortgage and now pay $1500. They basically got hooked up with the payment. They’re going to pay a lot in interest but they have a cheaper payment.
@@Jack-pd4ps That is awsome! Really!... They most likely won't even pay that extra interest if they sell in 7-10 years.... That was one of the perks of being a homeowner... one of my landlords took the moratorium when he did not have to... applied the actual payments to their principal....that's how they got to pay less interest... the savvy ones. Interest is based on their principle. Less principle...less interest!
Unless the plan is.... to cover the losses in tax revenue from commercial real estate, they will tax the crap out of residential properties, and will keep them inflated for longer.
The plan is keep everything Rosy till the next president rolls in. Then won’t care if 💩 hits the fan. Will blame the new guy. Exactly what they are doing with school loans. Delay, delay, delay the inevitable.
Wanna fix all this make motgages a flat interest 10-15% instead of compounding and half term lengths. Consumers will build equity far faster and banks can off load real-estate equity easier and be less inclined to repossession
Todd.....All of the SoCal agents I hear say ....if you think todays prices are high wait another couple years you'll regret waiting to buy ! prices are not gonna go down. Are places like San Diego in a forever bubble or insulated from price corrections due to its location? or forever " lack of supply " so demand will always be high?
Why the price in North Palm Beach Jupiter Palm Beach Garden is not going down is just going up for 1300 square-foot people asking 750,000. Why why Palm Beach county is expensive
I was behind 1 month due to using my stimulus money and my own $ to pay for treatment for arsenic poisoning and was rushed into eviction 7/28/2020 How can I address that legally ? Garnished my checking for 6 weeks . Homeless and no income except for Social Security I’m in Va ( rural)
I wouldn't mind seeing people losing the homes they can't pay for. They can rent. Many renters are stuck renting because this market is getting propped up with trillions of dollars.
Didn't they just reduce the commercial property down to the 2018 standard because of everybody bailing out wouldn't the same thing happen with the housing market residential
The comment about the individual that walked away from multiple offers. Why do you make offers when you know you don't want to pay. By putting the offers, you are just contributing to the problem.
Tried to sue the company . Judge is corrupt , I did wasn’t allowed to even have the opportunity to discuss the varied Retaliatory Land Lord Abuse . Ignored Judge thinks losses of tenant is frivolous. freaking unbelievable
If we are lucky, The government will pass the Downpayment Toward Equity Act of 2023. I have my downpayment... but it won't hurt to be able to keep that money in savings and emergency! If they are helping people who cannot make their mortgage payments, they can at least offer an opportunity to 1st-time homebuyers with 700+ credit and less than 30% DTI ratio!
Same! My old lady and I have a hefty dp but it still doesn't add up with the cost of the home and monthly payment. While everyone else is spending thousands a month on anything and everything and getting bailed out on their mortgages. Very discouraging
I don't think the government should be involved with any assistance at all. Why is housing unaffordable? Because of government intervention with a 4 YEAR moratorium on foreclosures, all while housing is at its least affordable in history. If they allow the foreclosures, supply goes up and, surprise, housing becomes affordable again. Who would have thought
@@elliotthovanetz1945 Remember that the FHA program was started for our soldiers coming back from WII. You do not think they deserve assistance? Also, houses are unaffordable because the government did NOT get involved in understanding the lack of building new houses for the last decade. Houses are expensive because the government did NOT get involved in limiting investors from buying up single-family homes for investors. Inflation is out of control because the government did NOT put restrictions on what corporations and hedge fund investors could do with the PPP they received. They did not spend it on workers. They spent it on corporate buybacks.The government seems to get involved in "Captain Save a Hoe" for investors and corporations [aka. corporate welfare], but not for the the common man who votes them in. Trust me, those foreclosures are not the problem, my friend. Because even if they okayed it, the corporate investors would still swoop them out in bulk...just like in 2012. Actually, it is the lack of our government getting involved in limiting corporate buying of single-family homes. Right or wrong, the government is pulling out the stops with these programs for homeowners because they already know that corporations are waiting to buy them for 50 cents on the dollar and turning them into rental property. Trust me, my friend, they willpassing bills quick left and right because it is an election year. Keep te investors where they belong....in the multi-family real estate and commercial!
Bottom line .... did you accept the terms of your mortgage .. yup you did.... so pay your mortgage or sell your home... your debt , your liability and wait for it .... your accountability!
Our future political candidates could run on real estate problems an likely get my vote if they speak some cold truth. Personally, I would vote and endorse someone who says our accounting system in the US is a nightmare and a disaster needs to be seriously looked at. The future of having a 30 year mortgage is dead will be impossible to paying off along with sky high housing prices. I believe somewhere in the 2030 a new movement will come out of the youngest generation to demand a 10 to 15 year mortgage and super low home prices. That is going to slam real estate prices the hardest. The younger generation is going to have the upper hand per se willing to cause major crash crisis. Forcing a movement to 10 to 15 year mortgages is the ultimate card to be played against residential real estate to correct the run up in home prices.
There’s no incentive for people to sell below until very dire situations happen. If we always tow the line of most barely making it the housing costs will keep rising slowly because as I said people will never choose to sell low. It will take a concerted effort for homeowners to take on the “loss” of potential equity.
@@1969bones69 the demographic reality of too many old Boomers over 65 in the 2030 will be compounded by additional Generation X being over age 50 joined by Millennials will put extreme pressures on US housing where it will absolutely explode. .
The problem isn’t always the people not paying, the banks are super liable for their failure to re-instate mortgages instead of coming after homeowners for all the money the banks FAILD to accept from government programs. That burden should NOT fall on homeowners (like me). I told them two years ago that I was ready to resume payments, yet they are still trying to come after me for the entire amount. I will fight them
Remember that the FHA program was started for our soldiers coming back from WII. You do not think they deserve assistance? Also, houses are unaffordable because the government did NOT get involved in understanding the lack of building new houses for the last decade. Houses are expensive because the government did NOT get involved in limiting investors from buying up single-family homes for investors. Inflation is out of control because the government did NOT put restrictions on what corporations and hedge fund investors could do with the PPP they received. They did not spend it on workers. They spent it on corporate buybacks.The government seems to get involved in "Captain Save a Hoe" for investors and corporations [aka. corporate welfare], but not for the the common man who votes them in. Trust me, those foreclosures are not the problem, my friend. Because even if they okayed it, the corporate investors would still swoop them out in bulk...just like in 2012. Actually, it is the lack of our government getting involved in limiting corporate buying of single-family homes. Right or wrong, the government is pulling out the stops with these programs for homeowners because they already know that corporations are waiting to buy them for 50 cents on the dollar and turning them into rental property. Trust me, my friend, they willpassing bills quick left and right because it is an election year. Keep te investors where they belong....in the multi-family real estate and commercial!
Housing always Goes Upland down in value ….. HISTORY ….. thats were the saying comes from…… Sell high - Buy low ……. different markets in every state - depending on how crazy the market went on the up = crazy on the down ….. Moderate on the up = moderate on the down
We are in a quandary regarding value of properties today. Assuming the increase of costs to purchase a NEW home are not excessive profits to the builders but instead are passed on costs to cover cost of materials and labor decreases of 25% to 40% would entail massive labor cost reductions from the framers, concrete labor, materials drivers, materials providers etc. pretty tall order when you look at the last 3 years of bidenomics equal to nearly 20%. You can’t convince people to just eat less. True those at the top are making obscene profits. The builders are raping their customers but all those in the middle are just along for the ride and initially won’t accept reduced hourly pay. The best that could be hoped for is the existing housing prices would crash causing the builders to stop the rape and pillage. This will severely hurt existing home sellers, especially those buyers who purchased since 2020. The pain we will experience in the next few years will be unbearable to many.
Just because people applied for free money does not mean they needed it. They may have been denied because it was determined that they didn't need it. Hell I applied for BoA grants in 2021 and got 13K of free money even though I didn't actually need it. You predicted we would get to 10% or higher mortgage interest rates. Didn't happen. You predicted a huge housing price crash. Didn't happen. You predicted massive layoffs causing a huge unemployment spike. Didn't happen (3.7% currently). We have a perfect storm of golden handcuffs, builders not building smaller homes because of red tape (one thing we agree on) and unprecedented home owner equity making massive short sales unlikely. We're not likely to see any significant changes in 2024 as far as prices or inventory or interest rates for that matter. But I'm sure that won't stop the crash bro's from putting out the sky is falling videos all year, I'm sure.
@@Leila-sd1sl I think there was some covid assistance grants on a state level that you could apply for if you could prove some kind of covid hardship. This was separate from the stimulus money most of us received and different from the loan re-casting programs some banks offered to put missed payments on the back of the loan. I personally took advantage of BoA first time home buyer grants which had nothing to do with covid. They just gave me free money for down payment, closing costs and points just for being a first time home buyer who met the income/location requirements.
Let's not forget the EITC AND CTC - Some households were receiving close to $17,000 to $19,000 - and half of them had no income. They came back next year doing their taxes and realized they were getting $0 as it was a one time only deal
Todd, I must disagree with you. Your tone towards people is concerning as you speak as if they are all frivolous and negligent, which is far from the truth. As an investor who has been door-knocking in the Maryland suburbs to help homeowners save their homes from foreclosure, I have spoken with many individuals who have fallen on hard times due to the government's mishandling of the Covid situation. This has resulted in the disruption of millions of lives and the loss of jobs for many. Most of the homeowners I have spoken with have reached out for help, but have been denied by their banks and lenders, despite the government claiming to provide assistance. Banks and lenders have made it extremely difficult, if not impossible, for homeowners to recover. You mention the 40-year mortgage, but banks and lenders are denying homeowners that option. This raises the question, if the system is not rigged, then why are homeowners being denied this option? For example, one homeowner fell behind on payments after getting sick with Covid and taking the recommended shots, only to suddenly develop cancer. Her family stepped in to help her catch up on payments, but the homeowners association rejected their payments, adding late fees and taking her to court while she was still sick and unable to work. This is just one of many stories where homeowners have fallen behind due to illness and are struggling to catch up, despite the small stimulus checks that were given out. Meanwhile, billions of dollars were given to other countries. Your stance seems disingenuous towards hard-working Americans who did not ask for their lives to be turned upside down just so brokers and agents can have inventory to sell. The government and banks have promised to help homeowners, but in reality, they are not providing the necessary assistance. Your data supports this fact, as you highlighted the high number of denials and states that did not report any data. Why are these states not reporting data? The unemployment numbers are also skewed, which is most likely due to the election year. As a result, homeowners are being jerked around just so the banks can foreclose on their homes. The so-called help that is being offered is not genuine, just like your stance on the matter. It is unfair to condemn homeowners for things that are out of their control. I recently spoke with a renter who was being scammed by her landlord. Thanks to me door-knocking and alerting her to the fact that her landlord was about to be foreclosed on, she was able to take action. She had already paid first and last month's rent, as well as a security deposit, and monthly rent, only to find out that the townhouse she was renting was up for auction. This is not an isolated incident, as I have also spoken with another gentleman in a similar situation. It's like the Wild West out here in this industry, yet you seem to blame and talk down to homeowners as if they are the problem. I urge you to visit auction sites and talk to people to learn the real stories. You have no idea what is truly happening and seem to be hoping for inventory while praying on the downfall of these individuals, using predatory lending practices from your banker buddies. While there may be some individuals who are taking advantage of the system, the majority of people I have spoken with in Upper Marlboro, Bowie, Odenton, Lanham, and other areas are hard-working, upstanding members of society. For example, one lady who got sick is a retired police officer, and another gentleman who lost his house is a retired military member. The lady who was scammed is a medical professional. These are not the "lazy" people that you refer to. I must also point out that homes in areas such as Potomac, Maryland, Gaithersburg, Silver Spring, and Columbia are also going up for auction. Your narrative is skewed, and it is important to hear the real stories by talking to people in these communities. I urge you to reconsider your stance and show more empathy towards those who have been affected by this situation.
I failed to mention the Spouses, specifically a widow that lost her husband who was the bread winner of the family that worked for the government. They lived in Woodmoore Estates. But they had an ADJUSTABLE RATE MORTGAGE THAT MOST Brokers, Agents & the lenders you work with encourage buyers to go with to close the deal to make sure your commission are captured. Brokers , Agents & the lenders you all work with need to STOP pushing ARM mortgages❗️
@@yorsan2240 I get that part, I’m not advocating for more aid. I’m saying the things Todd spoke about was half truth at best, and the manner in which he spoke about homeowners using air quotes was disingenuous. Tell the widow & family of the husband & father they lost. With AIR QUATES PEOPLE STILL AREN’T Still feeling the effects of Covid. He was a 6 figure earner for the government. Their home was s he filed to be auctioned off the other day on the 9th. Like I said it’s a home in Potomac Maryland that’s a million dollar property going up for auction in a few days, those homeowners are working class people . Upstanding people, not free loaders off the system like Todd tried to make homeowners out to be. Instead of interviewing millionaires in PR & florida being disconnected from real reality. door knock pre-foreclosures . See if you can help some people with your real estate expertise. Oh and while your helping homeowners , ask them how did this happen to you to get the real story instead of being smug behind a camera. Every class of people has been effected by t what’s taken place. What’s not highlighted though is the fact that all the help that is said to be their isn’t really their. DON’T lie about what’s really going on.
Let’s paint this picture with all the colors. Landlords were offered monies too from the government to compensate for the business losses from the tenants . So to make it look one sided, these statements are either ill advised, or flat out disingenuous.
So frustrating. 😡😡
We’ve been waiting for 3 years to buy our first home. We have a large down payment and decent income but it makes no sense to buy now.
The rural areas we’re interested in houses are double the price they were in 2019.
Due to the limited supply, prices won't be coming down anytime soon, they'll continue to increase for years. There's still a deficit of close to 5 million homes in the country. Builders can't catch up to this sadly
It's not that the home prices are going up, it's the purchasing power of your money is going down from all the trillions of dollars to fed printed
Same position here, it’s been rough. On the bright side, having all that cash earning 5% paid to me monthly is awesome, covering over half of my current homes rent. I am staying patient, this situation is not sustainable and we will have an opportunity in the next few years to buy at a significant discount. Just my opinion. Good luck !
The VA told me, they could not put the payment at the end of the loan, so I I had to apply, i was lucky my application was approved.
Good for you , vets should be taken care of
How I wish there was such assistance program back 2008. I lost my first house I worked so hard for. End up foreclosed. I am still dealing with it mentally. 15 years later.Went into deep depression and still struggling with it.
It’s a shame that people make more money staying home than actually going to work for a company or corporation!!!!!😳😳😳😳😳😳
I bought in 2005. In 2009 I couldn't sell it and had 2 kids a premature kid too and it was rough. We split! We moved to Florida and gave it back.
This is insane. The government is our arch-nemesis at this point. Interventionism is a recipe for disaster. The "planned economy" is among us.
_"Such terms as communism, socialism, Fabianism, the welfare state, Nazism, fascism, state interventionism, egalitarianism, the planned economy, the New Deal, the Fair Deal, the New Frontier are simply different labels for much the same thing."_
~ Leonard E. Read, Elements of Libertarian Leadership (1962), pp 62-63
Agreed and I snapshotted that gem! 💎 Great find!
I completely agree
What’s a good source to get foreclosure list ?
So here is my concern (echoing what you always say about lack of maintenance on foreclosures). I am looking at homes under 5 years old in Bradenton-Sarasota Florida area... literally every single foreclosure in description states "issues all over that have to be fixed". Exactly how big of a slob pig do you have to be to buy a house 1-5 years ago and destroy it to such an extent that upon foreclosure it has damages that listing agents have to disclose. I was looking at photos of 1 yesterday before I went to sleep. 1 year old. Foreclosed. In photos laminate floors all over the house look like home was flooded. I mean how in the world... why.... these people sabotage homes before leaving keys on the counter. Foreclosures are a massive stain on housing industry and to see homes that are barely old enough to have seen last presidential elections already get destroyed. Confidence level in humanity is at all time low for me.
well... our society has created the "glorified renter" mentality about home ownership... where people would buy a house because it was cheaper than renting, then instead of just moving to another apt., you don't upgrade the home... you simply upgrade to a new home instead of fixing the previous one...lol
The basic rule is that if you are not planning on staying in the house for at least 7-10 years, you are not breaking even. Todd is making a logical point... if you are not paying your mortgage, then you are going to treat the property like a nasty tenant. Why would someone do upkeep when they know eventually they will lose the property....lol
Just like a tenant, it is the responsibility of the landlord to put in the cash and effort to rent it out again...lol
I do not agree with this; i am just pointing out what is actually happening. If you are looking at foreclosures, you will have to do some repairs. The trick is to buy one that only requires cosmetic repairs that you can do as pet projects over the weekend at your own pace. I would inspect the foundation, electrical, flood damage, roof, and property lines [surprises there!],and Hvac if it exists. if those things pan out, it is a potential buy!
Homes need to drop at least 25%. Interesting I am seeing new homes in Tulsa Ok with price increases and they couldn’t sell at the reduced price. Tulsa is over building because of the $10,000 move incentive and this time Tulsa will be negatively impacted when the dust settles. When homes in Tulsa with lower median incomes rivals homes in Northern suburbs of Atlanta with higher median incomes you have problems.
Even if you get all your ducks in a row prior to purchasing a home is the property taxes are shooting through the roof...example California.
I will never buy a house until the prices come down to under $100 psf. on an existing home, and no one should either. No home is worth nearly the prices their asking for in today's housing market.
My husband is 88 I'm 74 in 2022 we did the covid 19 forebarence we have VA loan 3 percent fixed was in hospital 33 days was 12mos. Suppose to put pymts at back of loan and a partical that program was done away with we were not notified in oct 22 no longer in effect now they say we have to pay 13,000.00 by the end of February 2024 so what do we do there is no refi
Get an attorney
6:22 very impressive work, Todd!
MUD taxes in Texas put the cost of infrastructure off of the builders and on to the buyers, year after year as long as they own the property. Builders make off like a bandit. A MUD, or Municipal Utility District, is a special taxing district created to provide utilities to subdivisions or development outside city limits. These utilities can include water, sewer, electricity, gas, and other services. MUDs are often created to provide these services to new developments not served by existing utility infrastructure.
Imagine getting excited about foreclosures and waiting on the sidelines in 2020 and this is the result we have now. The government doesn’t want to see a lot of homeless families on the streets even if they were irresponsible with their money.
The government is more interested in helping homeowners because most homeowners have families living in the homes. Apartments are known for having more singles living in there. Another example of this is military barracks for single service members vs. family housing.
If you’re a single homeowner, you still are “protected” more than if you were renting.
its true i had to do a loan modification im a single female. Had to rent every room in my 4 bedroom house thats located in the "hood". did that for 3yrs Gun shoots every other night. I just sold it for a profit who knows whats going to happen with the economy im glad i sold it less stress.
Well, I know for a fact, Sacramento County, California is not giving out medical food stamps cash assistance even if you totally completely qualify. They don’t even want to transfer in anyone on SSI. With five months of delayed and repeated applications and intakes and countless people have been complaining and formal complaints to those in charge.
Thanks for your efforts exposing the Communists
I don’t think you know what that word means. Communism in basic terms means workers own the mean of production as a collective. Ie staff at a business make decisions democratically and can choose their boss. It’s actually fairly democratic.
@Daveyjonesvi it also means loses are spread amongst the community so you can be as lazy as you want because everybody has to cover you whether they agree or not , the lazy wins in communism while the responsible worker gets the finger
actually you deserve a helicopter ride@@Daveyjonesvi
Ok for Wall Street and corporations to take bailouts but not the common folks?
@@yorsan2240 the losses would be less felt spread out throughout the company. I’d rather take a pay cut and keep my job than to have half the staff get fired so my boss can keep his big salary. You do know we subsided losses and privatize profit right now. Do you know how many times the banking, airline, and auto industry get bailed out and the workers lose the most
You don’t need a credit score to buy a house. It is called manual underwriting. That’s how lenders used to do it before credit scores became law of the land. Get out of consumer debt before buying a house. It will give you the margin to not be house poor and lower your risk
I've tried using this to buy a house. But I kept being outbid, and the sell would rather go with a traditional loan. So, I gave up after over 60 offers were rejected by sellers. 😂
Rentals properties were inflated to compensate for rent moratorium. Like a 1 million dollar apartment unit received 400k increase in value.
My states governor just said this week that we should offer rooms in our houses to illegals. Elon said the gov is going to come for our homes after schools and hotels fill up.
🤣🤣🤣
Yep! If you vote blue, that's the consequences.
If we had homes 😢
i wonder if the 3rd amendment could apply in this case.
19:40 If salaries go up, inflation goes up since more dollars are chasing the same limited supply. Luckily, salaries won't be going up because M2 is falling and companies aren't getting easy VC or business loans. 2019 prices are probably history in the long term because the ~20% inflation isn't getting undone, but there's no telling what the correction will look like over the next couple of years.
We're these funds just to mortgage holders or does this include rental assistance? That is critical to know.
Do you have any recommendations for agents in Kitsap County Washington? Definitely still feels overpriced here, but I want to prepare myself for first time homeownership.
Crazy, I just left there at the end of the year. It's one of those insulated areas for sure. Military, shipyard, growth, and insanely priced Seattle will keep that area propped up. Good luck!
CT, It could be, the not approved homes had enough equity in them, making it profitable for the banks/hedge funds to take them back.
great info! thanks
My bank didn’t take the VA PCP, or the HAF. Now they are trying to foreclose on me unless I pay them all the money that they failed to take. So, naturally I disregard their claim against me , and I am willing to take the matter before our court.
Good luck on that
Failed to take ?? ....way to flip that script bud
Why don’t we have the Mom & Pop builders be responsible for only building the homes and have government be responsible for: Storm water management, roads, reforestation, etc? Basically the government develops and sells the lots, and the home builders build on the lot. After the subdivision is built the responsibilities for these things fall back to the city anyway. Any time I’ve had a problem with the road in front of my house, I’ve called the city, not the home builder.
I would love to hear how many people got evicted because of the 1918 pandemic before mortgages existed. 2024 is a great example of banks being the real owners of these homes. If the American dream is home ownership, the American dream should also be having no mortgage.
Everyone of those borrowers that modify into a 40 yr mortgage would likely have to do a short sale in order to ever get out of the home huh? But also wondering what the payment on those 40 yr loans look like. Cause I would think most of those people would still be stretched. I worked a big servicer for years and you usually seen those same borrowers in the system(this was during GFC days and borrowes were able to get 2 mods). Hopefully they will only be able to mod once.
Hear me out...just like the government assumed that corporations and banks would use the PPP loans to invest in infrastructure and labor, they are assuming that these homeowners would want to keep this house as their forever home.
Actually the payments are cheaper. I have a neighbor who used all of the forbearance. They started with a $2000 mortgage and now pay $1500. They basically got hooked up with the payment. They’re going to pay a lot in interest but they have a cheaper payment.
@@Jack-pd4ps That is awsome! Really!... They most likely won't even pay that extra interest if they sell in 7-10 years.... That was one of the perks of being a homeowner... one of my landlords took the moratorium when he did not have to... applied the actual payments to their principal....that's how they got to pay less interest... the savvy ones. Interest is based on their principle. Less principle...less interest!
Great content
Excellent as usual#
Always so insightful
Great video once again !
Unless the plan is.... to cover the losses in tax revenue from commercial real estate, they will tax the crap out of residential properties, and will keep them inflated for longer.
The plan is keep everything Rosy till the next president rolls in. Then won’t care if 💩 hits the fan. Will blame the new guy. Exactly what they are doing with school loans. Delay, delay, delay the inevitable.
Wanna fix all this make motgages a flat interest 10-15% instead of compounding and half term lengths.
Consumers will build equity far faster and banks can off load real-estate equity easier and be less inclined to repossession
Todd.....All of the SoCal agents I hear say ....if you think todays prices are high wait another couple years you'll regret waiting to buy ! prices are not gonna go down. Are places like San Diego in a forever bubble or insulated from price corrections due to its location? or forever " lack of supply " so demand will always be high?
New Subscrber love your content, insight and guest!!
Unbelievable!
Why the price in North Palm Beach Jupiter Palm Beach Garden is not going down is just going up for 1300 square-foot people asking 750,000. Why why Palm Beach county is expensive
Common Core funny math has caught up.
I was behind 1 month due to using my stimulus money and my own $ to pay for treatment for arsenic poisoning and was rushed into eviction 7/28/2020
How can I address that legally ? Garnished my checking for 6 weeks . Homeless and no income
except for Social Security
I’m in Va ( rural)
Sorry to hear this. Did you communicate with your landlord?
I wouldn't mind seeing people losing the homes they can't pay for. They can rent. Many renters are stuck renting because this market is getting propped up with trillions of dollars.
I am so excited about next Tuesdays podcast, with Danielle DiMartino Booth!!
That will be a great interview
Inspirational!
Didn't they just reduce the commercial property down to the 2018 standard because of everybody bailing out wouldn't the same thing happen with the housing market residential
The comment about the individual that walked away from multiple offers. Why do you make offers when you know you don't want to pay. By putting the offers, you are just contributing to the problem.
Tried to sue the company . Judge is corrupt , I did wasn’t allowed to even have the opportunity to discuss the varied Retaliatory Land Lord Abuse . Ignored
Judge thinks losses of tenant is frivolous.
freaking unbelievable
If we are lucky, The government will pass the Downpayment Toward Equity Act of 2023. I have my downpayment... but it won't hurt to be able to keep that money in savings and emergency! If they are helping people who cannot make their mortgage payments, they can at least offer an opportunity to 1st-time homebuyers with 700+ credit and less than 30% DTI ratio!
Same! My old lady and I have a hefty dp but it still doesn't add up with the cost of the home and monthly payment. While everyone else is spending thousands a month on anything and everything and getting bailed out on their mortgages. Very discouraging
Soon you guys will get help too, and then we get hyperinflation.@@mikefishes6232
I don't think the government should be involved with any assistance at all. Why is housing unaffordable? Because of government intervention with a 4 YEAR moratorium on foreclosures, all while housing is at its least affordable in history. If they allow the foreclosures, supply goes up and, surprise, housing becomes affordable again. Who would have thought
@@elliotthovanetz1945 Remember that the FHA program was started for our soldiers coming back from WII. You do not think they deserve assistance? Also, houses are unaffordable because the government did NOT get involved in understanding the lack of building new houses for the last decade. Houses are expensive because the government did NOT get involved in limiting investors from buying up single-family homes for investors. Inflation is out of control because the government did NOT put restrictions on what corporations and hedge fund investors could do with the PPP they received. They did not spend it on workers. They spent it on corporate buybacks.The government seems to get involved in "Captain Save a Hoe" for investors and corporations [aka. corporate welfare], but not for the the common man who votes them in.
Trust me, those foreclosures are not the problem, my friend. Because even if they okayed it, the corporate investors would still swoop them out in bulk...just like in 2012. Actually, it is the lack of our government getting involved in limiting corporate buying of single-family homes. Right or wrong, the government is pulling out the stops with these programs for homeowners because they already know that corporations are waiting to buy them for 50 cents on the dollar and turning them into rental property. Trust me, my friend, they willpassing bills quick left and right because it is an election year. Keep te investors where they belong....in the multi-family real estate and commercial!
I think it was President Reagan who said, the closest thing to immortality is a temporary government program.
FYI. Reagan is also the one starts with deficit spending and using social security funds to fund all other government spendings.
@@Leila-sd1sl FYI. There were budget deficits before Reagan. And they don’t take money from the Social Security Trust Fund to fund the government.
Bottom line .... did you accept the terms of your mortgage .. yup you did.... so pay your mortgage or sell your home... your debt , your liability and wait for it .... your accountability!
The only reason this is going on is POLITICAL!
80 k in California
Imagine the medical bills people who had long stays in the hospital battling covid could be left with😢
Our future political candidates could run on real estate problems an likely get my vote if they speak some cold truth. Personally, I would vote and endorse someone who says our accounting system in the US is a nightmare and a disaster needs to be seriously looked at. The future of having a 30 year mortgage is dead will be impossible to paying off along with sky high housing prices. I believe somewhere in the 2030 a new movement will come out of the youngest generation to demand a 10 to 15 year mortgage and super low home prices. That is going to slam real estate prices the hardest. The younger generation is going to have the upper hand per se willing to cause major crash crisis. Forcing a movement to 10 to 15 year mortgages is the ultimate card to be played against residential real estate to correct the run up in home prices.
Boomer homes and inheritences will be siphoned away by after-care. Their Millenial children will be working 3 jobs from their 600 sq ft apartment.
There’s no incentive for people to sell below until very dire situations happen. If we always tow the line of most barely making it the housing costs will keep rising slowly because as I said people will never choose to sell low. It will take a concerted effort for homeowners to take on the “loss” of potential equity.
@@1969bones69 the demographic reality of too many old Boomers over 65 in the 2030 will be compounded by additional Generation X being over age 50 joined by Millennials will put extreme pressures on US housing where it will absolutely explode.
.
CA is in a 36 Billion deficit. State legislators just put out this number. Will get worse next few years.
Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank ❤
Omgosh! Wow
Plandemic
The problem isn’t always the people not paying, the banks are super liable for their failure to re-instate mortgages instead of coming after homeowners for all the money the banks FAILD to accept from government programs. That burden should NOT fall on homeowners (like me). I told them two years ago that I was ready to resume payments, yet they are still trying to come after me for the entire amount. I will fight them
Remember that the FHA program was started for our soldiers coming back from WII. You do not think they deserve assistance? Also, houses are unaffordable because the government did NOT get involved in understanding the lack of building new houses for the last decade. Houses are expensive because the government did NOT get involved in limiting investors from buying up single-family homes for investors. Inflation is out of control because the government did NOT put restrictions on what corporations and hedge fund investors could do with the PPP they received. They did not spend it on workers. They spent it on corporate buybacks.The government seems to get involved in "Captain Save a Hoe" for investors and corporations [aka. corporate welfare], but not for the the common man who votes them in.
Trust me, those foreclosures are not the problem, my friend. Because even if they okayed it, the corporate investors would still swoop them out in bulk...just like in 2012. Actually, it is the lack of our government getting involved in limiting corporate buying of single-family homes. Right or wrong, the government is pulling out the stops with these programs for homeowners because they already know that corporations are waiting to buy them for 50 cents on the dollar and turning them into rental property. Trust me, my friend, they willpassing bills quick left and right because it is an election year. Keep te investors where they belong....in the multi-family real estate and commercial!
Salaries will continue to go up, but housing prices will not decline.
Simple as the law of supply and demand.
Unless if unemployment skyrockets...
I wouldn’t count on it.
Housing always Goes Upland down in value ….. HISTORY ….. thats were the saying comes from…… Sell high - Buy low ……. different markets in every state - depending on how crazy the market went on the up = crazy on the down ….. Moderate on the up = moderate on the down
ball sachs realty at it again
Investors should be banned from buying cheap housing, banks need to have special programs for first time homebuyers, shared equity or something
Your not an American "citizen". You are an "employee" of America Inc. Og°
© 2024 Spaceport Productions LLC
Todd tell us whos getting denied? I smell redlining again.
We are in a quandary regarding value of properties today. Assuming the increase of costs to purchase a NEW home are not excessive profits to the builders but instead are passed on costs to cover cost of materials and labor decreases of 25% to 40% would entail massive labor cost reductions from the framers, concrete labor, materials drivers, materials providers etc. pretty tall order when you look at the last 3 years of bidenomics equal to nearly 20%. You can’t convince people to just eat less. True those at the top are making obscene profits. The builders are raping their customers but all those in the middle are just along for the ride and initially won’t accept reduced hourly pay. The best that could be hoped for is the existing housing prices would crash causing the builders to stop the rape and pillage. This will severely hurt existing home sellers, especially those buyers who purchased since 2020. The pain we will experience in the next few years will be unbearable to many.
Just because people applied for free money does not mean they needed it. They may have been denied because it was determined that they didn't need it. Hell I applied for BoA grants in 2021 and got 13K of free money even though I didn't actually need it. You predicted we would get to 10% or higher mortgage interest rates. Didn't happen. You predicted a huge housing price crash. Didn't happen. You predicted massive layoffs causing a huge unemployment spike. Didn't happen (3.7% currently). We have a perfect storm of golden handcuffs, builders not building smaller homes because of red tape (one thing we agree on) and unprecedented home owner equity making massive short sales unlikely. We're not likely to see any significant changes in 2024 as far as prices or inventory or interest rates for that matter. But I'm sure that won't stop the crash bro's from putting out the sky is falling videos all year, I'm sure.
Thought the money add and extend to the mortgage payment years. How is this free money? I am not familiar with any of the covid assistance programs.
@@Leila-sd1sl I think there was some covid assistance grants on a state level that you could apply for if you could prove some kind of covid hardship. This was separate from the stimulus money most of us received and different from the loan re-casting programs some banks offered to put missed payments on the back of the loan. I personally took advantage of BoA first time home buyer grants which had nothing to do with covid. They just gave me free money for down payment, closing costs and points just for being a first time home buyer who met the income/location requirements.
So you study economy you understand what’s happening and then goverment is bailing out everyone ? Doesn’t make sense
Housing is now too important to leave it to capitalism.
Let's not forget the EITC AND CTC - Some households were receiving close to $17,000 to $19,000 - and half of them had no income. They came back next year doing their taxes and realized they were getting $0 as it was a one time only deal
that is insane!
more rewards and freebies for bad behavior. bad decisions = bad results realtors are as much the problem as anything else.
Cars would start out losing $3500 per year and you can't add on much. Houses average 3.6% appreciation and you can add on.
Todd, I must disagree with you. Your tone towards people is concerning as you speak as if they are all frivolous and negligent, which is far from the truth. As an investor who has been door-knocking in the Maryland suburbs to help homeowners save their homes from foreclosure, I have spoken with many individuals who have fallen on hard times due to the government's mishandling of the Covid situation. This has resulted in the disruption of millions of lives and the loss of jobs for many.
Most of the homeowners I have spoken with have reached out for help, but have been denied by their banks and lenders, despite the government claiming to provide assistance. Banks and lenders have made it extremely difficult, if not impossible, for homeowners to recover. You mention the 40-year mortgage, but banks and lenders are denying homeowners that option. This raises the question, if the system is not rigged, then why are homeowners being denied this option? For example, one homeowner fell behind on payments after getting sick with Covid and taking the recommended shots, only to suddenly develop cancer. Her family stepped in to help her catch up on payments, but the homeowners association rejected their payments, adding late fees and taking her to court while she was still sick and unable to work. This is just one of many stories where homeowners have fallen behind due to illness and are struggling to catch up, despite the small stimulus checks that were given out. Meanwhile, billions of dollars were given to other countries. Your stance seems disingenuous towards hard-working Americans who did not ask for their lives to be turned upside down just so brokers and agents can have inventory to sell.
The government and banks have promised to help homeowners, but in reality, they are not providing the necessary assistance. Your data supports this fact, as you highlighted the high number of denials and states that did not report any data. Why are these states not reporting data? The unemployment numbers are also skewed, which is most likely due to the election year. As a result, homeowners are being jerked around just so the banks can foreclose on their homes. The so-called help that is being offered is not genuine, just like your stance on the matter. It is unfair to condemn homeowners for things that are out of their control.
I recently spoke with a renter who was being scammed by her landlord. Thanks to me door-knocking and alerting her to the fact that her landlord was about to be foreclosed on, she was able to take action. She had already paid first and last month's rent, as well as a security deposit, and monthly rent, only to find out that the townhouse she was renting was up for auction. This is not an isolated incident, as I have also spoken with another gentleman in a similar situation. It's like the Wild West out here in this industry, yet you seem to blame and talk down to homeowners as if they are the problem. I urge you to visit auction sites and talk to people to learn the real stories. You have no idea what is truly happening and seem to be hoping for inventory while praying on the downfall of these individuals, using predatory lending practices from your banker buddies.
While there may be some individuals who are taking advantage of the system, the majority of people I have spoken with in Upper Marlboro, Bowie, Odenton, Lanham, and other areas are hard-working, upstanding members of society. For example, one lady who got sick is a retired police officer, and another gentleman who lost his house is a retired military member. The lady who was scammed is a medical professional. These are not the "lazy" people that you refer to.
I must also point out that homes in areas such as Potomac, Maryland, Gaithersburg, Silver Spring, and Columbia are also going up for auction. Your narrative is skewed, and it is important to hear the real stories by talking to people in these communities. I urge you to reconsider your stance and show more empathy towards those who have been affected by this situation.
I failed to mention the Spouses, specifically a widow that lost her husband who was the bread winner of the family that worked for the government. They lived in Woodmoore Estates. But they had an ADJUSTABLE RATE MORTGAGE THAT MOST Brokers, Agents & the lenders you work with encourage buyers to go with to close the deal to make sure your commission are captured. Brokers , Agents & the lenders you all work with need to STOP pushing ARM mortgages❗️
You still don't understand the free money keep cost out of control , it's over three years now and we've overpaid enough already
@@yorsan2240 I get that part, I’m not advocating for more aid. I’m saying the things Todd spoke about was half truth at best, and the manner in which he spoke about homeowners using air quotes was disingenuous. Tell the widow & family of the husband & father they lost. With AIR QUATES PEOPLE STILL AREN’T Still feeling the effects of Covid. He was a 6 figure earner for the government. Their home was s he filed to be auctioned off the other day on the 9th.
Like I said it’s a home in Potomac Maryland that’s a million dollar property going up for auction in a few days, those homeowners are working class people . Upstanding people, not free loaders off the system like Todd tried to make homeowners out to be. Instead of interviewing millionaires in PR & florida being disconnected from real reality. door knock pre-foreclosures . See if you can help some people with your real estate expertise. Oh and while your helping homeowners , ask them how did this happen to you to get the real story instead of being smug behind a camera. Every class of people has been effected by t what’s taken place. What’s not highlighted though is the fact that all the help that is said to be their isn’t really their. DON’T lie about what’s really going on.
If you really want to learn about so called cv read patent titled Pathogenic Mycoplasmas. Enjoy.
Covid is so far in the rear view mirror, time for people to stop using this as an excuse.
Let’s paint this picture with all the colors. Landlords were offered monies too from the government to compensate for the business losses from the tenants . So to make it look one sided, these statements are either ill advised, or flat out disingenuous.
Bs. Show me proof.
Mom and pop landlords didn't get any
Boomernomics. When will these people just take many seats. GEN X.
Take many seats?