HUD reports shocking 100% surge in 90-day mortgage delinquencies.
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- เผยแพร่เมื่อ 26 ก.ย. 2024
- A new report from HUD shows a massive spike in mortgage delinquencies among FHA first-time homebuyers. These mortgage delinquencies are likely to lead to more foreclosures at the end of 2024.
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The default rate on these mortgages is up to 11%. And has surged over the last year with the number of 90-day delinquencies now going up nearly 100% from their levels in 2019. Such a sharp rise in mortgage defaults implies that the US Housing Market could see more foreclosures over the next year.
Particularly in Sun Belt housing markets like Texas, Florida, Arizona, and South Carolina, where the defaults and inventory levels are rising fastest. That's because in these markets home prices are heavily overvalued, with many mortgage borrowers barely able to afford their payments.
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FHA mortgage default rate has spiked over the last year. 100% surge in 90-day delinquencies from pre-pandemic levels. 5:15
Amazingly - 70% of these delinquencies are still protected from foreclosure. But those protections will expire over the next 6 months. 9:50
Prepare for more inventory and forced selling.
I live in one of the red states you show at 1:13 in the video where things are supposedly the "worst", and prices continue to go up. My home is up 5.7% in just the last month. Where's the crash?
@@lo0p253 it's happening both Red & Blue states.
Spiked is the wrong term. That implies a temporary pop and return. The correct term is STEP.
@@lo0p253 My house went from 120k to 90k in a matter of months
Analysts said over a year ago that evictions, foreclosures, bankruptcies, car repos will sky rocket in 25
Keep in mind that during the 80’s people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.
The housing market in 2024 poses difficulties due to uncertainties about the Federal Reserve's ability to curb inflation and reduce borrowing costs without adversely affecting demand for assets like homes and automobiles.
Consider shifting from real estate to stocks during severe recessions. While market volatility presents short-term trading opportunities, it's crucial to approach with caution. This isn't financial advice, but investing during such times may be a strategic move, consider adopting the services of a financial expert.
In fact, I had no prior experience or understanding when I began investing in 2020, but by the end of 2023, I had made a profit of almost $850k. All I had been doing was going by what my financial advisor had told me. This demonstrates that all you truly need is a professional to assist you; you don't even need to be a great investor or put in a lot of work.
@@ThomasChai05who is your advisor please, if you don't mind me asking?
@@ThomasChai05Mind if I ask you to recommend this particular coach you using their service?
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
My CFA ’’Carol Vivian Constable’’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Appreciate this recommendation, hopefully I can get some insight to where the market is headed and strategies to beat the downtrend with when I hear back from Carol.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
I’m 65 and I have about $250k liquid in savings which I plan to put towards becoming a homeowner but based on the current high prices on real estate, do you suggest I hold from buying or do stocks for now?
investors are extra cautious right now. They want to make sure they’re getting a good deal given how much mortgage payments have gone up, and when they don’t feel like they’re getting a good deal, they’re backing out, so definitely looking elsewhere is a necessity.
In my opinion, home prices will need to fall by at least 40% before the market normalizes. If you're unsure if to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in ROI.
This is probably what I should do. Who is your advisor, please?
Iynne Marie Stella has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thank you for sharing, I must say she appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled
Mortgage rates are currently at an all time high since 2000(24 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.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Save your money. Don't buy property at this time
I bought. You just have to make sure it's the BEST DEAL. I got a new build for 30% less than asking.
It's all relative. If you buy a house and it depreciates, then all other real estate around you has also depreciated at the same percentage. It's best to buy the MOST house you can afford NOW, and stay in it (and enjoy it!) for a long time. From an "investment" perspective, it's a different story.
It's unaffordable anyway.
Yes. Save your money for your landlords. Thanks !!
@@TheKissingbomb where? Let me try my luck too
it's a cruel world indeed, With rates not as subsidised in ’24 and our mortgage still as high as 6.56%, we seek alternatives to maximize savings without an RV move or taking a loan. I’m seriously contemplating the latter.
Affording our mortgage is tough as well. I have suggested cashing in, renting or relocating, and investing the rest in the stock market.
If affordable, relocate to handle the mortgage.
Husband inherited 2 apartments but won't sell or inflate rents. Being cautious with rising costs.
Consider a fiduciary with mortgage-backed securities knowledge for guidance. Prices today may look like dips tomorrow.
I'd enlist a reputable fiduciary. How do I find and vet them? We value working with one n considered the idea in the past.
After retiring recently, I'm uncertain whether my 401(k) and IRA will ensure a stable future. With $1 million set aside, I'm seeking an approach that matches my risk tolerance and financial objectives. Would you recommend investing in stocks or purchasing rental property?
Explore the roster of dividend aristocrats and select six to ten from the compilation. These esteemed companies boast a remarkable history of consistently paying dividends for over 25 years. Additionally, it's prudent to engage a financial advisor to assist in crafting a meticulously structured portfolio.
I wholeheartedly concur, which is why I opt to entrust the day-to-day decision-making to an investing coach. With their specialized knowledge and extensive research, it is highly unlikely for them to underperform. Their expertise is centered around harnessing the asymmetrical potential of risks while also employing measures to safeguard against unfavorable outcomes. I have been collaborating with an investment coach for more than two yearsRead more
I would get money management just in case. You’re only 55. I think the average life execting in the US is 77.5 years, but many people live well into their 80s so that $1 million has to last you all of that and the unforeseen. $1m is a great start though. Good for you!
this is huge! your advsor must be grade A, mind sharing more info pleas? in dire need of proper asset allocation
Melissa Jean Talingdan a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
“Why pay rent when you can own? You’re just throwing money away. You’re paying someone else’s mortgage!”
This is the mentality that gets unprepared people into homeownership.
Owning a home is sooooooo much more than paying a monthly mortgage. You had better have a nice reserve of cash AFTER the down payment. And don’t plan on that vacation the year you buy a home. You will need that money for many other things.
The people that say that are right.
But your follow up point is also valid.
It's the same set of bozos who don't know how amortization rates work on mortgages. 90%+ of your 2k/month mortgage payment is going to the bank (aka their landlord) for interest for the first 5 years.
Yea sometimes you do need to rent before buying
Buying a home is a lifestyle choice, not "an investment," at best a forced savings plan that barely breaks even when all is said and done. Even those who lucked out with gentrification still have five-figure closing costs, maintenance, property taxes, insurance, inflation, etc that they just "throw away." Buying only makes financial sense when it's much cheaper than renting. I'll gladly rent and invest my savings that home buyers are throwing away on endless home maintenance and 'upgrades.' My neighbor bought her rental and is now house poor, while I'm maxing out my 457b and Roth IRA every year and have enough money left over to go on vacation.
@@kyrieeleison2793At the same time, though, you're locking in your housing cost when you buy; you're avoiding 30 years of rent increases, which are generally more than the increases in tax and insurance. Plus, you may not be on the hook immediately if something goes wrong, but if your landlord encounters a major expense or repair you'd better believe the rent's going up even more at the next renewal.
In South Carolina, we are starting to see properties fall out of contract multiple times now, even with price cuts.
Thanks for the comment! Seeing this all over the south. Go to www.reventure.app to track the inventory trends in your ZIP code.
I am looking to buy a retirement home in SC....can't say I am upset about falling g lrices
It’s so overpriced for cheaply made homes. Healthcare not that great and services are far or overpriced.
Also in South Carolina (upstate, Spartanburg area): see a lot of homes being sold without or with 5% downpayment. Fine if prices are going up, but once prices go down, they are underwater immediately.
So you have a chance of maybe being over water. As a renter, you will always be 100% under water.
Two years ago, I found your channel when my landlord's real estate agent was pressuring me to buy my rental home. Two other tenants bought their homes (he had a cluster of historic homes, including the one he and his wife lived in; a "microhood'), while I took your advice and waited it out. My home's zillow estimate is now $40k under what it was when he listed it; listings are surging in my Oregon town; and my landlord hasn't risen my rent at all (God Bless him!), so I'm paying $500 under market rate. I'm saving, saving, saving and waiting this out for the next couple years. I can see this getting worse...home prices are incredibly overvalued and there are only so many Californians and Portlanders to buy at these inflated prices. Price cuts of $10-20k were the norm for the last year or so, and initial list prices are inching down. Add to this the underemployed, the many layoffs at Intel, school districts, etc and it's clear things will continue getting worse (better for me though!) in Oregon.
Thanks for the comment, Kyrie! Glad to see you're seeing improvements in your market. Keep us updated.
Buying a 3 bath house 2 years ago definitely lost 60k in equity near Intel in Oregon. That's a $10k yearly loss per bedroom bathroom suite.
But renting costs are at least $16k yearly per bedroom bathroom suite nearby.
So buyers are still ahead for now.
No, ownership wouldn't have been profitable. But it's less loss than renting if willing to buy with friends in cash.
You are so stinking lucky! My rental townhouse got sold out from under me, kicked out for Christmas. After 10 years of never missing a rent payment, not even during the pandemic, that's what we got.
@@economicdevelopmentplannin8715 I think your calculations are wrong and it would have been better to rent based on the information you’ve provided. $60k loss is the equity but there are a lot of other costs involved in home ownership: insurance, taxes, maintenance, PMI (typically for started houses and most FHA loans). Also, my guess is that your rental figures are incorrect. A one bed-room might $16k/year, but I suspect you can rent a three-bedroom place for less than $48k/year ($4k/mo). Hypothetically, If you could rent a three bedroom place for $3k/month that would only be $12k/year/bedroom.
@@SignalCorps1 my math used a presumption of no mortgage, buying in cash. No insurance or PMI requirements.
And my math used the rental situation of the OP, who clearly doesn't have any roommates as a renter.
If delinquencies are increasing with near full employment, just wait until large layoffs as companies cut costs as interest rates are still too high to borrow
can't wait. these houses need to come down in price
FJB and his band of destructive misfits.
@@KennyRogersRoasters84
Soooo Trump didn't deregulate small banks?
Can't wait
@@butwhytharumDon't you have a Hamas riot to be at? 🤡
I have a 3% mortgage interest rate and suddenly became liquid from the sale of a business and i am confused if i should pay off my mortgage or invest in the stock market.
I agree. Based on personal experience working with a financįal advlsor, I currently have $2 million in a well-diversified portfolìo that has experienced exponential growth from when i started. It's not only about having money to invest in stõcks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
'Kristin Amber Landis' is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Our government is double stupid...loaning money to people unable to pay it back, and then charging people to subscribe to foreclosure listings or making if nearly impossible to find foreclosed pro look properties. I guess the realtors have this info locked up too.
This happened to me in 08/09. I went through a divorce and had put 40k down on a 250k home. The value dropped to 200k. I lost 40k and never recovered it. This is not a good sign right now.
Yep... I bought in 2007 at the height and had to ride it out for 10 years until I recovered. Very hard lesson learned.
@@CG-pj6cj same as well. Bought in 2007 sold in 2015. lost $18k total.
Lost 6 properties after 2009, and walked away after bankruptcy and foreclosure. ..bought outright in 2011, been saving ever since.....ready to buy retirement home
As long as you STAY in that home, you gain that back easily. The problem is wealthy "investors" want over $100,000 to millions more on a home they bought two months prior, and that is not how real estate WORKS. They are attempting to cheat the normal system, and it WILL backfire. In a normal market, homes can be expected to gain between $5,000 and $10,000 per year. These jerks want DECADES worth of equity overnight. In a fair market, you gain back that $40,000 in four years. It's not actually lost. But for someone who paid $200,000 more than an investor did two months ago, they will not get that back until the home is paid off. 😢
@@AshleySpeaks4U Staying in ones home isnt always possible if the market downturns. RE crisis will likely also have recession which forces you to give up your home. If values tank, you cant sell so you either short sell or walk away. Sad situation all around.
The worst is yet to come.
For renters. Yes indeed.
The flipper and investor epidemic destroying America is about to create a new wave of squatters.
Wouldn’t be an issue without the greedy, wanna be real estate moguls
@@WelcomeIncorporated Realtor detected.
Housing hit an ATH again this month.
Its wild...this is literally one of my favorite YT channels. This info lives rent free, everyday. Ive changed.😌
Hold off buying folks, deals will flood the market
"Great advice! Do what this guy says for another 5 years at least. Maybe 10!"‐ *signed - Your rich landlord
@@JimFriend-iw3ev I'm a homeowner who aint going anywhere, but certainly scoop up the deals that ARE coming. Analysts said over a year ago that foreclosures, evictions, car repos, bankruptcies will go high in 25 as people are no longer protected.
@@JimFriend-iw3evsaid every realtor in 2007 to 2011 until home prices crashed 50% in 2012
@@CrodjMBA You know someone doesn't know anything about the housing market when their only frame of reference is continually 2007-2011.
And what has happened every year since 2011? And every year before 2007? I'll wait.
@@JimFriend-iw3evthese people don’t get it. Bunch of smooth brains thinking 80k houses will be everywhere. Like they’re the only ones still with money or something.
Defaults and foreclosures are lagging indicators. They offer confirmation of a market change.
Defaults are first - 60-90 days late is a default. It takes time to become a full blown foreclosure. This is because most people will try everything they can to stay in the house. In time people will lose hope earlier. In the 2008 crash "jingle mail" became a popular term where people simply gave up. Being in default or foreclosure wasn't seen as a stigma - it almost became a badge of honor - like I got railroaded by the system too...
It then takes time for the foreclosure inventory to start to rise. For a while the inventory will be absorbed and that's why the levels don't rise. Sellers not wanting to buy at any price or defaults increasing to epic proportions will saturate things and raise inventory. We are already in a free-fall collapse by the time the data shows rising foreclosure inventory levels.
When foreclosure inventory drops and when defaults and foreclosures return to baseline we're near the bottom.
Word of caution - banks and government will do as much as they can to prevent an economic detonation. Back after 2008 there was a shadow REO inventory. Houses that were foreclosed and vacant but not on the market. Some went years and I had a few I kept an eye on in my neighborhood. It took 5 years for one to hit the market. That's 5 years from when the bank took it back at auction till they listed as an REO.
Back in the 90's when the S&L's fell, which by the way, the big banks did the exact same thing... But when the S&L crisis was happening they let houses hit the market without any restrictions and in some areas it crushed prices - like 50% declines.
My father bought a condo in Palm Springs in 1987 for $160k. Around 1990 he refi'd it with a 231k appraisal. In 1994 he sold it for $140k. It wouldn't be fun if you were the person who bought at $231k and sold at $140K. Of course today they're valued at $500k.
Be very careful if you are buying today. If you are trading a house for a house it's probably not a big deal because all ships rise and fall on the same tide, but if you don't have a locked in sale on an old house or if you're buying for investment I would be very cautious.
We will go into a recession because of this and it will take 2-3 years at a minimum till we're at the bottom. Remember, when defaults, foreclosures and foreclosure inventory are back to norms we're at the bottom. Actually, a little past the bottom. Defaults will be the first indicator to come back to normal. Just watch for games that distort those readings.
This is a great explanatory comment. Everybody has become so used to the instant social media cycle that they dont realize or have forgotten that these things dont happen overnight. People wont willingly give up their houses. They will fight tooth and nail, kicking and screaming all the way to the end. So it wont be overnight. So this is how the naysayers and fomo agents and investors are trying to convince the public that there is no crash. I see some real estate agents posting "where is the crash" on the their Instagram. Trying to stoke fomo ,as if alot of people arent currently in mortgage trouble and also prices have dropped in MANY places. In the coming months there will be radio silence as they all disappear. Once the stage is set there is no escaping it. Its just a part of the natural economic cylcle
Auto Loans are usually a leading indicator of the housing market. Credit cards also another leading indicator of the market.
Yup. I saw homes bought in 2010-11 being short-sold & foreclosed again in 2012 because we hadn't hit bottom yet, in the housing or overall economy. This time it's gonna be different I think, as we have more big investment money in the REO market, now happy to become landlords. And the Fed just announced a $1 trillion incentive for private & foreign investment funds to write 2nd mortgages, interest free, to new & current homeowners - to help buyers with down payments, or give current homeowners wiggle room to hold on.
The 2008 crash happened fast... the Fed seems hell bent on prolonging / softening this one. They do not want to lose that tax money, even if it means selling out to foreign investors. Between Blackrock & now this stimulus, I'm a bit worried this is smelling like the "final flush" of the historically middle class. If this stimulus doesn't prop up the market, & it may not do much, cuz it's throwing good $ after bad, I either see Blackrock et al. increasing their holdings (at reduced cost) or worse, I fear further foreign investment incentives may be offered - again, like after 2008. Back then, it was "bring $500k, spend $250k on a house, invest $250k in a business, & get an automatic green card".
I realize now, the banks with REO homes knew that greencard stimulus would be coming - & that they advise the gov't how to do things now - & I think that's why they held onto homes that long back then, & they'll expect a repeat now. They are now playing with our homes like Wall Street plays with stock markets. Like a commodity to be traded.
Blackkrock etc. have gotten too big. Add in all the new immigration, & I think Blackrock & the bankers aren't all that worried this time around. I know Biden passed some bill adding some new tax to those owning over 100 homes, but I wouldn't be surprised if there isn't some carve-out for Institutions who acquire them through default!
And I remember last time, the banks didn't have to pay property taxes, either! If these homes go into default now, & aren't resold - their valuations don't count at the assessor's office - that means property taxes don't come down much - but county services will. The more I think about this, the more worried I am getting. I feel like we're not going to get the same housing correction % we have had in prior recessions. I hope I'm wrong....but foreign investment being encouraged already, so early on in this "correction", is rather worrying. It's like the Big Short all over again, but this time, the world's ready & waiting for it. It may be more like The Big Rug Pull.
@@Dee-ty9ny History doesn't repeat - it rhymes. So we'll see similar issues and causes and it will look familiar but you are absolutely correct that there's going to be a lot that's unique about this time. But that's also every time.
This administration does seem hell bent on destroying the middle class though. I don't know where to put investors. True investors want a solid rate of return and have invested X amount with a goal of Y return. The value of the house doesn't really matter as much as the return. My suspicion is that if the return starts to tank we'll see investors dump houses to flock to the next rising asset class. They always do. 2008 it was stocks and oil. Hot money will always chase a return.
At the same time however they will look to curry favor with government and if government puts the right incentives...
I don't think this government is that smart. One of their leading economic advisors couldn't even explain why printing money to excess is wrong or what inflation is.
Also, all the investor games in the world are not going to stop the spread to the rest of the economy. People won't have money even if the investors are getting bailed out.
I don't know... I do suspect however that we're going to find a few things that aren't on anyone's bingo cards...
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who witnessed the 2008 financial crisis can expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
My CFA, Desiree Ruth Hoffman, is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you for this tip. I must say, Desiree appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
Buy a house and live in it for life. Stop upsizing every time you get an income raise or equity, and you won't have to worry about it.
I think it’s really that you outgrow it. People have kids and get raises, so reasonably, they should be able to upgrade. Not everyone can’t afford their dream home right off the bat. You work up to it and stay in your price range.
Success is not built on success. It's built on failure, It's built on fraustration. it's built on fear that you have to overcome. I pray that anyone who reads this will be successful in life
You are right.!
That is why I had to start forex trading 2months ago and l now am making benefits from it.!
And I can even say she is the sincere broker I know....
O' Yes I'm a living testimony of Wonghuatrades
I'm not here to converse for him but to testify just for what I'm sure of
And yet, as an Agent here in Georgia, I'm NOT seeing foreclosures or shorts sales in my MLS. The Atlanta FMLS currently has over 25, 000 listings, today showing 10 short sales and 6 foreclosures. The banks would rather just package up their non-performing loans and sell them off to the FED or FNMA at par.
This is what led to Lehman brothers
Take a look at Fl! Over 1300 foreclosures/pre foreclosures
Someone explain South Dakota please. That state has nothing going for it except rich people that don’t work crapping on working people that own nothing and make their owners rich.
How can you improve your lot in life?
Find a way to improve yours....
That's Americans period entitled bitter condescending and fearful.😂
@@regimatic Move away from the USA. South Dakota is our future
No kidding? This happens shortly after they get both their new cars and that shiny Harley-Davidson motorcycle repossessed.
I'm sure some people splurged unnecessarily on non-necessity items. But I also think many recent homebuyers are just struggling to afford life in general with rising insurance, property tax, and food costs.
@@ReventureConsulting Do you mean the ones who can afford beer and the latest iPhone but can't pay the mortgage?
@@marcomalo02the ones that lost there jobs maybe 😐🤷🏽♂️
@@marcomalo02 Do you have a point? Is it your position that no one has financial difficulties and the increasing repos are solely a function of people being foolish with their money?
@@SignalCorps1 I'd say the short answer is yes. Many who will be hit by this are willingly living beyond their means. This is 2008 all over again except much worse.
yup seeing the chunky price cuts in south Fl. patiently waiting :)
Home prices are overvalued by at least 50%. The south east will see price declines but California and New York prices keep going up because little to no inventory. Many Americans are moving out of the country and thus driving home prices way up in places like Mexico.
Keep dreaming 😴
more than 50%.
I hope tx drops by 50%
I'm a paralegal and I do property analytics for homeowners. I haven't had anyone hire me in years until two weeks ago. Found major problems with the recorded chain of documents. This particular client is planning ahead and preparing for foreclosure and wants to keep her property. The problems in her chain of title should give her some leverage. Her problem started with a document recorded in 2014, so I'm betting there will be a lot of people who still have problems with their recorded docs from the last recession. Those settlements didn't change a thing, so there are opportunities for homeowners if their recorded docs are bad.
What do you charge for property analytics ? Do you do all states or certain states? Thanks
They rushed in at the top of the market with their 3% down and when they get burned it’s somehow someone else’s fault 🤦 nobody every takes responsibility for their own downfall
Can’t really blame people for being uneducated. No one knows the top or bottom and most Americans are fed this American dream bs. It’s really highlights the idea of only buy a home you want to live in for multiple years and only when you can comfortably afford. No reason to shame people for being first time home buyers.
I heard alot of people in texas are moving for several reasons
1. super high flood and home owners insurance
2. moved to texas, hate it, want to leave (friend of the family, is now
3. house is old and can't maintain it, want to move to a newer house
If you buy a house and stay for 10 years, you will be okay. But if you over paid in 2022 and now want to sell in 2024, you might be in trouble.
Financial advisors say all this was predicted starting with cars being overvalued.
Can’t refinance because the house/car is now not what you still own on it - so refinancing is a no-bueno 😢
Itd be super funny if the increase in FHA defaults didn't result in any favorable conditions for the buyer? But instead all that happens is a further tightening of credit conditions? Further enabling BlackStone and the like to buy more single family homes?
I think that's EXACTLY what's going to happen
@HipHopCantSaveMe same bro.
Yep!
Yep and once they own the homes they’ll rent and pass once included repair expenses off to the tenant. I am renting a home from a corporation, not blackrock, and that’s exactly what they are trying to do to me. I just keep disputing the charges.
Corporations should be banned from buying homes
Our meddlesome government will NEVER allow a foreclosure crisis.
Right, they will just bail everyone out and add another 10 trillion to the national debt. Hey at this point it really doesn't make any difference, we can never pay the national debt off so why not really go for broke. I just hope I am gone when this country becomes a real third world country and you have to take a shopping bag of money to the store to get a loaf of bread.
Yep. They're already working on the next trillion dollar secret bailout. 3.5% HELOC's with NO credit check coming within a year
Centerville Hickman county TN. Asking $144,000 for 3 acres on a main highway. 600sqft "remodeled" single wide. You would have to be a cash buyer because last time I checked old 30yo single wides were not able to be bank financed. Looks like crap from the outside.
Dude, there is NOTHING there. Even the McDonald funeral home in your town is going bankrupt.😂
@@Corleone_Napoleone IN my area of Hickman they are building the big houses that are really nice. Have you heard about the "Swim Club" in Nunnely? Big money place with wave pools for surfing in the woods!
You can afford the house, can you afford to live there?, taxes, insurance,upkeep...on and on expense.
Its obvious... just introduce a grandchild mortgage where your grandchildren have to pay for the property and inherit it when they sre 50... 150 year family mortgage.. coming to a property near you..
I would laugh at the satire if it wasnt so likely to actually happen. It used to be "sell your soul to the devil" but soon it will be "sell your soul and your descendants soul for a home"
I live in Arizona. The amount of houses that they are building, still, is ‘profound’. A lot are already on sale
I watched a house that was one of these foreclosures underwater. It stayed around 50k above market and came down with values. After 4 years the roof collapsed in and they sold it for land value. It started at $275k. Ended at 65k.
A foreclosure doesn’t mean anything if they refuse to cut their losses and sell it n
I keep wanting this doomsaying be true so I can afford something
Bruh it’s tayzonday
There are micromarkets. He has highlighted decent areas with affordable housing
Ahhh i grew up watching you!!🥹🥹🥹
You cannot pay attention to this goon. The more fear mongering he spews the higher home prices go.
7 million immigrants, 5 million unit housing shortage. How is it prices overall are going to go down?
Oh I get it, this comment section is for maintaining the illusion that housing prices will go down. Good luck with that!
Soon most people in the US will own nothing !? More and more homeless !?😔
Have you ever heard the statement, " YOU WILL OWN NOTHING AND BE HAPPY " .
You will live in zee pod and eat zee bugz
All part of the plan and all crash bros stay clueless about this
How is the housing value going to go down when insurance companies are raising rates because of the cost of building materials? My insurance went up 100+ a month. Crazy Times.
2008 all over again
You know someone doesn't know anything about the housing market when their only frame of reference is continually 2008.
It'll dwarf 2008...
Plus boomers will be exiting the housing market
@@JimFriend-iw3ev "Those who dont learn from history are doomed to repeat it"
@@matthewphillips5483 Here's the "history"‐ home values have only dropped 6 of the last 90 years.
Want to try that comment again now ?
If you haven’t bought during the time when interest rates were historically low, then just wait. I got lucky during that time with 3.1% 30yr fix on new build. Before I bought in 2021 I was waiting for the market to crash. Instead the prices and rates continue to go up.
I was lucky and bought the same time you did. Beginning of 2021 at 3.1%. But my home is a century home and I had to move clear across the country to give my family that kind of stability. Good thing about these century homes is that their bones are really good and the region/area I moved to is one of the cheapest in the country without being a full on ghetto. Just a run of the mill American neighborhood. We are truly blessed! Cheers!
So glad I already own a home!
I would hate to try and buy now that the FED printed Trillions to artificially inflate home prices during Covid and the year that followed.
Shocker…. FHA is the new subprime. They put little to nothing down.
FHA is not "subprime", dimwit.
It's always been a low down payment option loan , loan down payment does not make it "subprime". 🙄
People tend to walk away from property that lost value to a level below their mortgage debt.
Why? Seems like short term thinking. If you could afford the payment prior to the value dropping and can still do so now. Why not just wait a few years. It will more than likely work out in the end.
@@the_derplerI understand your thinking, however the problem comes when major repairs start being needed. 10-20k for a new a/c or roof etc. I would never put that much money into a house that I was severely underwater on. The repairs and maintenance just keep adding up and people just walk away.
Dope!!! I'm patiently waiting and you would be crazy to purchase anything. Seeing lots of price cuts for homes and land. Its coming and take away credit cards, people are done!!
Crash is 2 years late
And it won't be a crash. Mild blip before going back up.
Home mortgage protections over the last few years have delayed it and have made it worse
@@FeelingPeculiar Up? No one can afford now. Is everyone going to suddenly get 25% wage increases?
they paid too much, they moved to HOA communities which is highway robbery in it self. I would never. They dont expect for problems to arise because they didnt get a proper home inspection. you should walk the property with the inspector so you can ask questions. do research on the taxes try to save 25000 extra. I wished I had saved more money after moving in my house. Also dont watch these rehab tv shows, especially if your going to be in the house for a while. new kitchens cost and so do upgraded bathrooms.
Boise id doesn't seem to have the uptick in inventory like it used to
Still too many californians moving there. Traffic is a nightmare now.
Now it's an influx of people from those southern states as well as CA, OR, and WA. People are still buying and builders are still building in Idaho. @benrichards9667
That’s why you don’t get in a bidding war and overpay. My friends neighbor listed their house for 650,000 2 years ago and it sold in 8 days for 910,000. Plus California is forcing remote workers to work in the physical offices 2 days a week.
2008 all over again.
You know someone doesn't know anything about the housing market when their only frame of reference is continually 2008.
Both were driven by speculation. All though this time there are far more speculators hoarding homes and the values are significantly higher.
Last time most people decided to stop paying when the values dropped. This time it won’t be much of a choice.
No, this will be worse. My guess that the globalist bankers will wait for Trump to take office before they full crash the dollar so they'll have a fall guy.
And that means that the Fed will start printing money again very soon.
Buy assets!!!
@@WelcomeInc You know someone is in denial when they dismiss a perfectly good point but present no counter argument
Where ? Southern California this is not happening.. barely any inventory
there are no first time homebuyers in southern cal
Of course not SoCal: nimby, six figure permitting, everyone wants to live here for May gray and June gloom, cheap labor / illegal immigration to service home owners, what else? SoCal is an outlier and will likely continue to be
Wait till your job market starts to collapse even further🤣🤣🤣. California always gets hit the hardest by recessions.
@@Ravi-rl8tt I’m seeing the beginnings of it here. People living beyond their means! Credit is an addiction that is rewarded by its dealers/lenders. Reward you with MORE credit for good behavior. SoCal has to live beyond its means. Everyone wants to be the Jonses. Those of us with brains and self-control are kicking back and enjoying the show. Clown show!
@@RivIriebet you said this 5 years ago too.
I've been watching MSNBC and they assure me that everything is fine.
This is the best economy since the word "economy" first appeared in the dictionary, it's just that we common peasants are too stupid to understand it.
Pardon me, I have to go put away $80 worth of groceries. It'll only take a minute.
I own my home. It’s a no brainer. If one owns a home, one isn’t SHARING WALLS, FLOORS, AND CEILINGS WITH COMPLETE STRANGERS. The philosophy is priceless.
I rent my home and save 31k a year by doing so and don't share walls, floors, or ceilings of my 4000 sq ft home with strangers...
@@PicklIeRickI was focusing on Apartment dwellers. I still love OWNING a house instead of renting a house.
So basically in states with no demand in comparison to the W and NE coast. Boston still has homes going over asking price and some bidding wars still happening. All of these down trends are occurring in less desirable areas.
That’s all this guy does. He cherry picks a couple stats in certain areas then makes broad claims it’s the whole market. And all these people can’t get enough of it.
@@WhiteBuddha22it's quite hilarious. All of these sidelined clowns are going to renting forever.
These geniuses think they can time the market 😂😂😂
When the income for an average American is about $50k per year, homes should be no more than $180k-$250k. Yet to own a home in most metropolitan areas you need to be making $100k per year for an average home price listing of $400k. Homes are too overpriced. They need to crash about 20%-30% for people to afford them.
NOBODY should be buying a home without 20-25% skin in the game in the form of a downpayment showing that they have tye discipline ti save and pay towards theirnhousing savings as a priority
Or at least 20% equivalent between down and reserves. FHA is still solid if you put 3.5% down and keep the 16.5% in cash reserves. 20% is not smart if you leave no reserves. 20% + reserves is God-tier.
@@matthewphillips5483fha is why prices are so high. The government is backstopping unqualified buyers. If fha went away and banks required 20%
I'm out here in florida watching these numbers and going were about to get a deal next year.
So heres a little desperately needed context that you DIDNT get watching this 🤡 content.
Last year FHA made only about 750K morgages.
So that means the big fat "11%" delinquency he is fear mongering equates to a whopping 82,000 people.
For context, in 2008 we had over TWO MILLION people "seriously delinquent".
Delinquencies are at all time lows, in fact, and you have once again been completely had by this guy.
So before last year no one ever bought a house using an FHA mortgage?
@kmlevel 🙄Is that what I said ? No it isn't. I provided CONTEXT with actual numbers and not meaningless percentages. FHA averages only about 12 % of the mrgage market and most people get out of them as soon as they can. Point is it represents a small niche, and the percentages he shows represent a small fraction of that small niche. 🥱
@@kmlevelhe can’t be bothered. This clown only thinks in 1 year terms not the bigger picture.
We might still be in 2005 buddy lol
@@cyndiipanda No, you might want to check your calendar. It's 2024. Try to catch up. Buddy.
once again, high home value / income ratio is not a sign that there must be a crash! Just because no one can afford a lamborghini doesn't mean it's value has to go do down. you need to look at the ratio of home value / home cost to build ratio. that will tell you if things are overvalued for the long term. Otherwise, we're just seeing a continuation of the drop in living standards that's been happening over the last 26 years.
LOL
Correct.
I've seen the question asked, if no one was able to get a mortgage on a home how much do you think a home would be worth, some estimate at least 2/3rds less than current asking prices.
in other words, how long can debt sustain itself, debt across the board is almost going parabolic .. were going to find out
@@moonshinefuelCredit is definitely going to tighten up
This. Banks are not stupid. Eventually they stop giving money out. Prices fold like a cheap tent when no one can buy. And record employment can't last forever...
Thanks for the updates..Very concerning indeed for Homeowners.
Thank you so much for your videos and the re-venture app. It has been great information for me.
I wish I knew some of these people, so I could try to understand what their mindset is. If they know they can't pay their mortgage, why aren't they doing everything necessary? Whether that means selling a car or getting a second PT job, something must change.
Some people are so addicted to credit that they think they can always get another card or another personal loan. They don't care about screwing over their futures selves.
They already lost their second car and both have a second job... 40 years of Reaganomics coming home to roost!
That was my thought too, they're not going to let their home go so easily.
They are hopping for mortgage forgiveness!! For credit card though they will just ignore it,! No bank will force them pay!!!
@@WasteDeep this has nothing to do with Reaganomics…this has everything to do with entire generations of people living well beyond their means. If people had been willing to save for the future and buy houses that didn’t have luxury features like wood floors and granite countertops- maybe people wouldn’t be so over extended. People are addicted to debt because they are addicted to instant gratification. I haven’t carried credit card debt in 28 years. I plan and save and do without many luxuries that people who earn half of what I do feel they need today.
Overprice anything always leads to it's price collapse..housing is not exempt...ever
Something isn't "over priced" just because you're broke and can't afford it.
Not in Cleveland area. All he talks about is Texas and Florida
Agreed! This channel needs to talk about some different states already!
Ohio is still pricy and low inventory, and May is the start of the best time of year to buy houses.
And you can bet this... If rates and/or prices come down in northeast Ohio, everyone who has been waiting to buy will be in frenzy, and I would think that would create bidding wars once again.
CRASH BABY CRASH. the house prices are ridiculous. Rent/ Mortgage shouldn't be 50% of your income. Im SO GLAD we rent from family with a 4 bedroom house for 700$ a month. We had a 2 bedroom apartment and they want 1200-1500$ for them now when just 4 years ago it was 600$
Why can’t we just print more money for rich people? Why lord why
Why is Nevada the only blue state on that map with -11% inventory?.
Cus now everyone moving there.
How can this be? Branden tells me the economy is in great shape.
like trump would do anything about this
@@SA-hz1rs Trump already proved he could get an economy moving in the right direction. So, yes, he would do something about it. But there's no undoing the inflation that has already occurred for the most part.
@@terry92104 he helped caused the inflation. And republicans keep telling the world he can fix inflation lmao. Its going to be such a disgusting fail. We willl blame him for everything. Just wait....the inflation will be on HIM
@@terry92104 What would he do bud? Do what, exactly? The republicans control the purse, and inflation has gotten WORSE
If people are buying houses now-they have too much money.
Shouldn’t be an issue. I get 3-4 requests to by my home weekly
At what price?
If you take their offer where are you going to go? Use the equity and buy another home and what do you gain. More debt. Make payments for longer on a bigger home or you downsize to keep some equity. I get offers on my home too. I don’t think much of them.
I am on Long Island. I follow my home value and when houses close near me. It seems like asking prices are dropping.
How do you know it is overvalued or undervalued? A house is worth what people are willing to pay for it and I see people buying at those prices…
Don't expect logical analysis about real estate from a guy renting a one bedroom apartment in Nashville.
Comparison stats are helpful
@@clairelivefreeordie2551 Not coming from a person who is plainly unqualified to be discussing or "analyzing" any of it. 👌
Income fundamentals!! Simple!
@@jojopapa7521 Housing is not stocks. So it's always telling when people who don't know what they're talking about attempt to apply the same metrics. Simple !
I'm analyzing the HUD data, it's scarier the more you look at it. Low-mid credit borrowers with starter homes (200-400k) purchased in the boom 2020-2023 are in serious trouble. That's the exact kind of inventory the general population needs - affordable housing.
I know of a foreclosure here in Ca of a lady I knew who died almost a year ago. She had a reverse mortgage. I think her sister and/or niece inherited it, unless she didn't have a will and it went to both sisters who don't get along. It's on the market for $460k. It's a small house with deferred maintenance. Needs a new roof, paint, bathrooms are 50 years old, fence is falling down.
The listing says it's in foreclosure, specifically in default for an $80k loan, and had been issued a notice of sale. On the market for 2 months with only a very tiny price decrease. Seems weird that whoever inherited it, held onto it for over 6 months without paying on that tiny loan for a house with $350k in equity. However, it's nice to see that it only took 3 months to force the foreclosure sale after the loan was in default. We don't need scarce single family homes sitting vacant.
Her sister/or niece should have just paid the 80k to pay off the mortgage, fix it up and rent it out, have lifetime positive cashflow. Some people are so ignorant about money.
@@fozzireasy to offer your two cents when you dont know that family's real issues. Easy to call people ignorant, when you yourself is ignorant of inter-sibling relationship issue
@@fozzir "should have just paid the 80k..." Talk about out of touch with the average person.
@@matthewphillips5483 What are you talking about? It's called a loan using the home as collateral.
@@vroor32 You have no idea if there is a inter-sibling relationship issue. You are speculating. You are the ignorant one for not knowing the difference between facts and speculation. Facts are there is equity and that home and they can borrow against it unless they are criminals or something.
As long as i am able to keep my job and foreclosures happen in Washington state im ready
So millions of people will have a Bad Credit Record. They will no longer be able to be approved to apply for a mortgage loan. That' what they get for over doing it.
Both the lenders & their clients are to blame
@@clairelivefreeordie2551 NEVER buy what your lender says you can afford.. We went 40k lower in 21 and have a very manageable 404 a month MORTGAGE. So yes, this falls on the buyer.
The buyer is to blame for buying what their lender said they can afford.
Where im at in phoenix it’s getting worse! I was expecting to go back looking for a home at the right time but the way this prices are going down is scary. I been looking at the phoenix market maybe almost 2years now and all i see is cut prices everywhere since march
Nick has accurately predicted 20 of the last 0 recessions and housing market crashes.
🤣🤣A perfect 0.000 batting average. Somebody call the hall of fame. Lol
Aw give the guy a break. This is how he pays his rent. 🙄
@@JimFriend-iw3ev Google will stop monetizing payment for TH-cam. Since Google is having Mass Layoffs & Big Budget Cuts.
You=DBAG
Lol.. i have won big thanks to him. His app is amazing and leading edge. Followed the crashes you mentioned, lol. Making money like crazy. Good luck, losers.
I love your premium Reventure app ❤️ It's really helpful to us...to know we need to sit it out for now and eventually sell for a smaller house, when the bubble pops.
The foreclosure numbers aren't correct, due to the reasons you pointed out towards the end of this video.
When all of those hit the market, we're going to be at least 3, if not 4 x worse off than the GFC.
Bro.... it's time to retire the US Home Value / Income ratio chart if your basis for the "long term average" is literally at the rock bottom of the US Financial Crisis. Let's be forreal. Plenty of other charts to show consumers are stretched but that one is a joke. Homes will never be 2-3x incomes again.
Correct. House priced have been decoupled from "median income" for about 50 years now.
This is why you don't take real estate insights from guys in one bedroom apartments.
Well. As someone who saved for 20% down for a house in my price range, but can’t buy because the market is crazy and other people are willing to overpay, I can’t say I’m surprised. We’re waiting it out.
I remember realtors in FL saying the prices will never go down. We will see 😅
They Need another Stimulus Check.
I've been watching homes in my area since 2015. That is when I bought my first modest starter home in Texas. Now in 2024, I am seeing price cuts for homes in my neighborhood and surrounding areas. Price cuts are slowly happening now.
And yet, 90% of U.S. homes continue to APPRECIATE in value, all over the country, except a few places around TX, FL, TN, etc. The trend is UP, not down. And now HUD and Fannie Mae will soon release a new program which will cause home values to surge (yet again). I don't know how long this upsurge will be sustainable, but at least for a few more years, maybe even into 2030. I just don't see home prices falling without a huge rise in unemployment. That might happen.
2030, 1 trillion debt every 90 days.....I don't think so
My house depreciated 30k in months. Doubtful
I want to see property taxes raised to 10% a year. That'd be about right.
The case isn't that homes aren't worth more, it's that the currency is worth LESS!
@@HoldenMcG That's part of the equation -- inflation. Everything will continue to appreciate, including real estate. I personally don't see inflation going down. There's too much financialization and quantitative pressure moving forward. We now live a debt bubble, and the FED will continue to inflate that bubble for years. MMT. Don't fight it, you can't Learn how to profit from it. I see Dow 50,000 by 2026.
A couple was pressured into getting ripped off by flipper and they TOLD realtor and LENDER that they could not DO a $3,200 mortgage. There is now a for sale sign up just three months after they moved in, and they are asking more than they paid-after being ripped off, paying $320,000 for a horribly flipped home that the "investors" bought for only $142,000. These "investor" a**holes need prison time for ripping people off.
Long story Short:
EVERYBODY went happy with their stimulus checks.
Our country was already broken before pandemic by this money printing warmongers leaving a trillion's impossible to pay public debt.
But people were happy taking "free" money byuing a new car, traveling, and most important: "finally buying a house".
Guess what?
That's what inflation is. Your dollar worths $0.19 now.
Prices of groceries, cars and houses are not high, but your money worth almost nothing!
And they do not plan to stop printing more money.
So check out guys! A civil war scenario for the next 10 years is more possible than a WW3.
People will starve to death and no political party can change that.
30% over valued in Florida. No way. Cost to replace is not that low. Should the value stay consistent with rebuilding costs?
It is not really. This guy is dreaming.
Click bait with the cringe picture like usual
I've been living in my 42' 5th wheel for nearly four years. I refuse to rent or buy at these prices
Uh oh. This video is flopping so he had to change the title and thumbnail to make them even more absurd and click baity. Perfectly enacspulates the ludicrousness of this dude and his channel.
Huh? What?
@primecash144 Lol guess you missed the earlier version of this video he had up. 🤣
Would be interesting to see what the average time left of these late accounts and with the homes underwater, how long have the owned to home. Could be a lot of recently purchased home with higher rates where there is limited principal being paid for the majority of time they have had the loan.
This maybe true but I am looking to buy in a red state and do not see any lowering in pricing and no one is willing to negotiate
Being underwater is not a problem as long as homeowners can make a payment. They live in the home, make payments as usual and the value will go up later. They are at high risk because if they lose jobs, get sick, have to relocate, then it’s a big problem.
It’s a problem if they lose a good paying job and have work one that says a lot less. Or they become unemployed.
Which happens in a down economy.
@Eric.1I37 Fortunately those 3 and 4% rates most people will have no problem to keep up with. 👍
@@WelcomeIncorporated
Sigh,
Number one interest rates don't mean easy money for one, banking 101.
You can have low interest rates and high requirements that most do not qualifies for.
See 2009 and 2010.
Number two low interest rates do you no good if you don't have a job.
Lastly a large percent of home buys by extremely high priced, that would normally be beyond their means.
So even if interest rates are low, they just buy higher priced houses which mean the payment is the same(high for them).
Are you unaware of these factors or are you being obtuse?
@Eric.1I37 Yeah yeah yeah "low interest rates don't matter if you don't have a job". 🙄 A).People.can always get ANOTHER job. Fancy that. Or not. Unemployment can cover most of those ultra low rate mortgages. Or renting out a room. Or even just driving for door dash a couple days a week. POINT BEING- 3 and 4% mortgages are very easy to pay.
Understand yet , Renter?
@@WelcomeIncorporated
What happened in 2009-2011 is your new job, payed less then your old job.
Said this 3 times now, are being obtuse?
3-4% does not matter, when the new job pays less and won't cover a $1,500-2,500 payment plus insurance(keeps going up, maintenance cost(keeps going up).
Also food keeps going up.
A large percent of people have gotten mortgages with high payments, because the house cost a lot when they bought it.
They buy more house then they should have to start with, because they assume they will keep a higher paying job or assume they won't be unemployed for long..
Last time all it took was 2-4% rise in people who could not pay and the housing market collapsed.
9:22 yes, Fresno Ca market still high on pricey and keep going up
The whole Central Valley?!