I’m Sorry, I Was Wrong
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- เผยแพร่เมื่อ 4 ก.ค. 2024
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Chapters:
00:00 Intro
00:05 We were wrong.. U.S Home Prices Hit A Record High
02:15 U.S Business Activity Is BOOMING
05:08 The Brits Hate Rate Cuts
08:25 Weekly Market Update
09:26 Supreme Court VS Overseas Income
10:56 A NEW Challenger Approaches.. Paradromics
13:09 Outro
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I think this issue will basically continue as long as houses are considered a investment asset.
This leads to NIMBYs, HOAs and just regulations in general as peoppe fight affordable housing because they fight for the sake of their own benifit.
A $500,000 house built in a neighborhood of $500,000 houses keeps or raises the neighborhood value. A empty lot won't affect it....but a $200,000 house drags down the value. Its stupid.
I think NIMBYs and HOAs mostly exist because people want to be able to control their environments in general. If it helps their resale value that's a plus. Most NIMBYs actually live in their neighborhoods, it's in the name.
So houses will end up being like plots of land, hard to obtain unless it’s passed down in the family.
Suddenly, I'm grateful I was able to purchase TWO houses, let alone one.
@@AnalyticalMenace same. I'm never selling either of my houses
Never selling my house. More importantly, I'm buying more and more land for the rest of my life. Looking at 40 acres now. Then an additional 93 acres in the future.
@@CHILLknowsfootballwhere do you buy?
@@rachaelgoldstein6134 The south, on the outskirts of a fast growing micropolitan city with an almost 4 billion of GDP and 3% population growth rate.
Median income can’t buy a median house 😢
Neither can it buy a median skyscraper or a median island.
Prices are going up..
Sales are going down...
Completely unsustainable.
How long hv people been saying it's unsustainable
@Truebaconluver , you'll see.
I make $150k a year and a 70 year old crap hole costs $400/ sq ft.
I can buy land and build myself a better house for less than $100/sq ft. Median household income in this area is only $70k.
Anyone paying this much for houses needs to revaluate what they are doing. It's pure stupidity.
No one is talking about the upside down markets in Austin. Folks who bought for $450K are upside down at least $50K-$75K, but they are sitting on that 2.5% so they aren't leaving.
Absolutely
I wish we could lock in an interest rate forever for ky mortgage. In canada you only get to keep a fixed rate for 5 years before it gets adjusted.
@@invertedv12powerhouse77 that's actually insane. That sounds like something that US banks would endlessly lobby for lmao
@@damemethief yeah, now consider that we have markets in canada that have shitty crackhouses at 700-800k+ like toronto and vancouver, with houses being near the million mark, and a bunch of people locked in the lowest interests rates there in 2020, and they are gonna get fucked hard. I think 2025 will see a massive sell off or default from people who could barely afford their low interest mortgages.
@@invertedv12powerhouse77 we have the same problem here in the UK, I know many people who's mortgages went up 30-100% when they had to remortgage at the end of their fixed period, we get 2-5 years here too.
7:47 "Not you, Germany... I see you. Don't get too excited again for the third time." 😂😅💀Oof this had me.
Hold up England has elections on July 4th? Lmao
Didn't know either😂
I like these economic news videos keep doing them please!!
Sweet treat Saturday
🍭🍭🍭
Fast tracking towards corporate owned housing future.
Yup, that's what the big corporations want. Potterville from It's a Wonderful Life.
House prices wont fall while trillions of dollars or whatever currency it is is being printed and debt spending stays rampant. Anyone who was calling for lower house prices always ignores the 8+% annual inflation. Ignore what the official statistics say, its all manipulated to make the economy look better than it is.
This isnt just america, its the same in my nation the UK too.
Like most European countries, large banks/corprations/govt. own the majority of housing and the citizens are left to rent. Unless you inherit a property, it is difficult to purchase one.
They are trying to destroy small landlords with few houses at affortable rent; all rentals will be corporate owned soon.
Caleb, why does it seem like you’re talking to someone over a fence?😂
Hello Wilson!
UuuuuuuuuuUUUEEHH??
You over there?
@calebhammeryourweekinmoney, sorry, can't hear you, my dogs barking
Its hard reporting economics. Sentiment turns on a dime.
I can only speak for my area. Companies around here are buying homes when they are for sale and then rent them out and we don't have many new homes being built. Reducing the amount homes for sale and barely any are 5 or less years old.
Thank you.
Caleb - I love your "Week in Money" channel! Keep up the amazing work!
Well, in the market that I’m looking out, the houses have fallen about $15,000 in the past three months so I think you are definitely correct in some areas of the country
what comes up always comes down.
That brit edit 😭😂😂
I can understand. It’s hard to justify letting go of my home. I have it at 3.25% due to it being a pandemic purchase. (Got truly blessed) now that the price of it has doubled I still don’t wanna let it go. Can’t imagine 7-8% or more on interest. O.o
Right. I bought a place 7-8 months before covid at 4.7% and it's doubled in value.
The thing is, even if you sold, youd still have to buy a new home at the 7-8% current rate or rent. Thats why nobody with sub 5% rates are going to sell.
@@scarling9367 I so hate that I missed this by a year and a half. Graduated 2020 but by 2023 when I had my down payment ready it was way too late and I missed the boat. Perhaps forever. Oh well, another year another lease renewal.
@@RhinoFeed You're good. I came out of the military right in the middle of the 08 recession. Had down-payment, but no solid work history (military didn't count I guess) and jobs were hit or miss. Just set yourself up for success.
Right there with you. I bought my house at 3.75% and the price of the home has more than doubled. I'm biding my time until I have all my debt paid off (other than the mortgage), have my fully funded emergency stash, and 2-4 years of savings under my belt. My home is a small starter home (bought this house on purpose for that reason) and I plan to build on already paid off land. Hopefully, interest rates fall in that time frame, which will help me sell and borrow to build all in one go.
I love that these are uploaded on Saturday, because I watch on Monday while I wait for the financial audit :)
Anybody who purchased a home during the last 2 to 3 year FOMO epidemic can brag about low interest rates and equity. Most overpaid substantially for those homes. Any market correction which will happen eventually, and you’re underwater. Rising property taxes and insurance exacerbate the problem. It also takes 15 to 20 years to see REAL EQUITY. You’re paying astronomical interest for the first 20 years, that’s a hell of a gamble. What could you do with that interest saved, closing costs, and down payment? I’ll keep renting and investing the rest into S&P and high-yield savings. Always look at the price you paid not the interest rate. Also, calculate the total cost of ownership including maintenance and repairs etc.. You rent from the bank at the end of the day.
Thank you! Interest eventually goes away, and is no longer your problem. The dollar amount someone claimed the house was worth is a bigger problem as it will actually dictate house long you pay on the house.
Total cost of ownership is being completely swept under the rug by most people and they are going to pay for it sadly. Good post tho 💪
@@Cuwop2 yes, to include home insurance, rising taxes, maintenance, updates, repairs. If you are not crafty or self sufficient, you are paying a premium for maintenance or repairs
I have owned small homes, rentals and a luxury home. I never want that headache again. I own one home that my daughter lives in and I rent a small apartment for the peace and quiet factor.
Yep, I keep thinking how much money I could have dumped into my investments. Instead I bought a house. There's more than people think, it's more than just getting in the house.
Real estate inventory and market trends are so specific to territory that these national trends often aren’t just misleading but oftentimes discouraging to the point of keeping one out of the market altogether.
There are plenty of properties out there still in the mid 200’s low 300’s with good schools and close to metro areas.
Try to get someone who’s open to seller finance for the property, great way to negotiate a more reasonable interest rate and bring mutual benefit to the deal 👍
It'll crash. The income it's not keeping up with the new monthly payments.
So happy you’re doing News summaries like this
Mee too!! Gimme more Financial Daddy 😍
What I do not understand, other than the UK waiting for election is that they have not reduced rates. Canada dropped by 0.25% finally.
stocks and real estate will not go down. keep buying when the opportunity is there
Just a reminder that these do not include mobile home prices.
Mobile/manufactured homes in Washington state are going for nearly as much as a standard single family home. 400k+
Homes in my county just reached the $1M median mark last month. Absolutely out of control.
Must be in Canada
Rip
Sounds like Salt Lake City
@@philp3234nope. Canada is $715k median which includes GTO and bc
Love how you've been incorporating economic data!
I remember when houses in Austin suburbs were 120k - 240k 😢 and that was just ten years ago
I guess just always gotta try to buy 🤷
I had a girlfriend that lived in Leander back in 2011-2012. Nice ranch house her parents owned was 195k in late 00s. Now Leander homes are 500k+.
@@bloodCount8895 I know!!! Leander, LEANDER? It’s insanity
Caleb, if you ever want a perspective from someone in the real estate and mortgage industry, let me know.
My team and I do a lot of business all over the US.
I would be happy to share some data and boots on the ground opinions from other professionals I work with.
Let me know how to reach you if you are interested.
Ok after the ads got done, the video was good
I'm personally okay with interest rates staying high. My high yield savings account is loving it.
I'd love to hear your opinion on Blackrock monopolizing and how they might be impacting the market for future buyers.. they just purchased large amounts of land in our area that isn't a major city. Certainly makes me nervous
Yesss! Let’s also have a video made on China buying tons of land as well all across the US and how that’s truly affecting everything.
Plenty don’t even know this is & has been happening and it will be great for them to be appropriately informed of the implications.
Your haircut looks nice
As a purchasing agent, I’m excited to see someone else using the purchasing managers index!!!
the housing market is wild. i’m selling a home right now on 5 acres of land, practically new and beautiful home, at $80k below appraisal and still no one’s biting
MO Realtor here since 2016. I’ve not helped my business in the last year because when rates shot up I told people to wait, if they can & are still sitting on a fixed 2-3%, so they’re not stuck with those 7-11% rates.
I’d loooove to buy land and get back into the woods away from people as well. But I can’t leave my house we bought back in 2005. Not with how it is & how it has been lately. I’ll instead continue improving my own 52 year old house on 3/4 lot in town.
I would like to hear your take on the CDK hack and the effect it has had to the trillion dollar business know as OEM auto parts. I feel like if they don't come back online soon, a suit will happen or people will start to be laid off due to not being able to process inventory or loss of sales.
Finance Daddy fux
Rising property taxes also worsen this, you can look into how certain legislations are raising the crap by 400% after the revalue of the property, places go from 300k to 900k after a revaluation, it's especially terrible in areas that were hit with the market boom from 2 years ago, cities want their money and you'll see property taxes going up more and more, the worst part is if your home is revalued, you can fight the valuation, but the city can tell you to kick rocks, and even if you get an independent appraiser the city can still tell you to kick rocks, even the assessor's office of the city itself can say they were wrong and need to revalue the homes again and the city can tell them to kick rocks and that the first value is what they’ll stick to., you are getting royally fed in certain places, and that not even including insurance companies hiking prices in places like Florida, shit is going up by 300%.
My state passed a multi-billion dollar mostly unfunded radical educational mandate. The counties and local schools systems will be footing most of the bill with no negotiation and little help from the state. The funding they will provide os spreas across a 10 year period with less money yearly. Only title 1 schools get the state funding on offer. No one else gets anything from the state andnit's on the county to raise the funds and the sysyems ti allocate per the state plan.
To pay for this, anyone with is brain is expecting yearly property tax increases of 10%+ just for the schools. My specific county executive went on a spending spree for some really questionable items and now the county is in the hole multiple billions. The governor likewise overspent the treasure. Since local and state budgets HAVE to break even, we're told to expect significant tax hikes for property taxes also for the county and income for the state. The governor also recently removed prescription medication plans from the state retirement program. The last one to do that got himself unelected and the other part elected. Thus governor only became gov to run for senate or president in the future, so I doubt he cares about a re-election.
The biggest issue is the school systems are only offering COL increases, eith frozen steps, and haven't taken layoff off the table. Layoffs, frozen steps, and only COL raises are 3 horses of the Apocalypse for government workers. One school system dared mention possible salary cuts via going to a 4 day school week where the 5th day is 0 work and 0 pay. That's when I expected the end of days to start, but it's a small rural system, so that didn't trigger mass panic. If one of the bigger powerful systems starts taking 4 days, red for ed will be rioting in the streets.
The only way to break even is for the government to really slash thise budgets or for property taxes to increase by 20% next year and probably the next several years in a row. I'm betting on the property takes to increase by 100% before the tax payers revolt.
Landlords won't be footing tax bills alone, so rents are about to go up dramatically. Property owners are about to be rode hard and dry for a long time. There's also no proof this will do anything to improve learning outcomes at schools.
There are plenty of houses in Texas under 100k I been looking people just need to stop being so bougie and buy what there wage can afford and fix it up
Caleb, the economic situation in the uk is much worse than it appears.
Out data is highly manipulated, our earning potentials are about equal to someone who lives in rural poland.
Hey, I work for paradromics kinda
If you are gonna spend a stupid amount on interest anyways (meaning you'll never get ahead on loan) might as well get your dream home. You'll be in it 20 years at least
i am just learning of a separate channel. good move!
Does this guy have any training to give financial advice?
They are opening ammunitions factories in both Germany and Denmark… and reinstating conscription…
The 3 top determining factors in pricing..
1. Supply.
2. Supply.
3. Supply
Guys, we’re gonna keep “growing” until November or until we catch up to pre-Covid status. Whichever comes last.
Yes I’m here early!!! So excited!!!!
Welcome’
So the goal of your government officials is wage cuts... For you... Not for the officials, that would be ridiculous
Real eatate is one if the inly things that A.I cant replace.....buy a house
My theory is that housing prices will drop if you wait like 25 years or so simply because people aren't having children. So the lower population will mean there's a bigger supply of houses, so prices will drop. Who knows though, maybe immigration will offset that.
Taxing wealth instead of income seems contradictory to the American Dream
American dreams been dead for 40 years
Where the hell is rhineland and why do you care if they make things there?
🤣🤣🤣
I watch to much SiFi no brain implants for me
Thank you for the Brits segment. I feel seen 😅
If you have children, best of luck to them. They have no future.
Yes i would get a brain chip
Guys I can fix Caleb 😩
Pls
Your recent sponsors are worrisome to say the least @Caleb Hammer.
Please be more careful with what your recommending.
Britain is screwed, long hours, low wages, high taxes, incompetent politicians in every direction, unaffordable housing and out of control immigration. It sucks here.
How much did the U.S. population increase last year? Even illegal immigrants need to be under a roof. Trickle up housing shortage maybe? Either way the supply of houses needs to drastically increase before we see any drop in price. Inflation hits builders too. Pandemic slowed construction significantly too. By the time supply meats demand I'm betting inflation hits prices enough that we don't see any drops in prices, just slower increases.
But people demanded and are still demanding all the factors that built that mess. I don't see it changing any time soon.
Hating on german companies from Rhein manufacturing things? Oh boy you better dont look at how the stock from Rheinmetall has been doing the last couple of months... (Defense Sektor 😂)
big landlords made a phone call
These pseudo-finance bro channels are so superficial about what’s happening in, and why. Sad
100% plug me in
Lets go 😮
The housing market is healthy there is no better time to buy then now!!! 🤣😂🤣
As a German, would you mind not throwing out WW2 "jokes" at every mention of an economic slowdown?
There's been plenty of those since 1945 and no sign of a political push on our side to rearm... twice in a 10 min video is a bit much.
Start telling people to make their car payments 2 weeks early
You are wong. It's cool, I'm Korean
😅