Banks Attempting to Prevent MASSIVE Mortgage Defaults!
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- เผยแพร่เมื่อ 25 พ.ย. 2022
- Even though the central banks are essentially out of options there is a still a trick up the sleeves of banksters to help prolong the housing crash. In Canada, when someone cannot afford to pay the new loan payment since so many have adjustable rate mortgages, they are now going to allow people to add additional debt to their principal just to keep people in their homes. A recipe for eventual disaster.
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Housing Market UPDATE Investor Purchases Taking a Nosedive th-cam.com/video/LJD8uetQSSI/w-d-xo.html
Only thing the Government should do is stop big investors from investing in Homes and remove all the red tape when it comes to building/remodeling homes. Meet Kevin goes into this in detail.
Indeed
No more big government bother.we the people don’t need government hand out
Investors should not be allowed to rent properties are absurd rates most people cannot afford . In Austria the government is renting property at rates people can afford, that is well-maintained.
The problem will only be solved , if the average person is only charged what they can afford. It should be the law of the land. Employers are not able to recruit nurses , because they cannot afford a place anywhere in most major cities in Florida.
We need to keep government out of it. Federal Reserve needs to get rid of all Mortgage Backed Securities from their balance sheet.
And UST. Only the FED wound buy 1.5% UST trash.
That's a wish for Santa!
💯
Who's going to force the reserve?
I think it is too late for that.
Institutional investors should be banned from single family homes. Love the idea of homeowners getting 1st crack at a house. I hate the idea of investors being forced to rent their houses out by the government. Great video!
The fact that corporations are allowed to buy entire neighborhoods just shows me that we need to burn this country to the ground.🤷🏼
That doesn't work..with homepath Bec they have the highest price for owner iccupants
Real money is in multifamily, you can even see financial reports by Fannie Mae. But yes, institutional investors must be forced to fail.
Banned? Good grief. Are you a commie? You want first dibs? Why? Are you a protected class? Their property their choice.
Institutional investors would just be maintaining a bond portfolio right now if the FED didn’t lower rates to 1.5%. You are focused on the symptom, not the disease. A 30 year fixed should never have gone under 8%. Low interest rates are a total scam and it’s so obvious.. the lower rates the more wealthy the rich get… you think they lowered rates for us peasants? Lol think again!
This situation needs to be addressed , but government is definitely not the solution.
Then how else is it going to be solved?
You say government isn't the solution,but we need the government to make said changes.
Unless you're ready to participate in a French revolution.
Definitely not this current clown show running our country.
govt is the problem sicne it back over 90%of mortgage loans.
@@Cordycep1 Again what other option is there. We still need to use the goverment to make said changes.
Ban Coorporative investors and international investors. Many people that do not live in the U.S are parking their money in properties here. The government should definitely step in and force them to sell. Then change the laws to prevent something like this from happening again.
Thanks for sharing Juan
And many Americans are parking their money in other countries, foreign investment is a minor piece in the puzzle
Keep in mind, the real recession doesn’t start until next year. All the various drawdowns and losses this year are just the beginning
@@andyjax9215 it depends on the area that you are in. In South Florida foreign investment is a big piece of the puzzle.
@@stoney5827 how can you be so sure? The economy is chugging along fine.
International investors should not be allowed
Thanks for sharing
Let the open market function. Keep the government out of it.
No lenders would just be way more responsible.. not sure what you mean by them guaranteeing a mortgage.. but the government does buy mortgage debt taking away all risk from the mortgage originator which is absurd.
Don't worry about the noise Michael, it's fine.
I'm in Vancouver Canada and I'm a realtor.
The most common mortgage since Covid-19 is a 2-3 year variable.
So you are very conservative to say 12%, it's much more than that.
We know people that took out second and third mortgages on the primary residence that were already paid off so they can get more loans to buy more properties in order to flip it and make more money.
They ask my wife to ask me to join in a group purchase.
I told her "are you kidding"
There is no way I'd do that.
I would have to be blind, dumb, and stupidly crazy to join them.
Now those people are stuck.
Realtors under 40 years old have never seen mortgages at 21% like in 1981, they can't even fathom such a market.
They have only seen (the manipulated artificially lowest mortgage rates in history)
They think it will stay that way.
They have no ides how "WRONG" they are.
plaza accord. 1985. that's what happens when you raise rates as the world reserve. you get detention.
and that's why we won't have that happen again.
I'm surprised we are even trying.
Giving the authority to the government to force people to rent their property would be a nightmare. That would open a whole can of worms.
That’s why I’m asking. I want everyone’s opinion on these things.
Me Ni. Agree! The more government is involved the worse it gets!
If told who to rent to and for how much would sell in mass. People who invest in just one home to rent out will be putting the houses on the market not to mention investors with lots of properties. We would see a huge crash. No one really wants their investment to plument.
If the owner willing to sit there losing money that is there problem. no government should not get involved.
Agree
So many important points made in this video about how we are living beyond our means, and how that will impact our lives. Thank you, Michael!
Thanks Ginia its important
Keep the government out of it please...can you imagine the government forcing you to have strangers in your personal property.😳
I was checking out Toll Brothers Homes in Northern Scottsdale yesterday. There is this new development called "story rock" where the real estate agents were telling me that 95% of the homes in these new developments are being purchased by people out of state. So dang frustrating...
I hear you it is frustrating. Same story here in Florida.
investors keeping inventory off the market, or letting homes sit empty should be taxed.
Homes sitting empty are taxed. Every year, the homeowner, regardless of occupancy status must pay the county property taxes.
@@McRod-1 To elaborate what I mean is an additional tax due for the vacancy itself of a large sum intended to disincentives property speculators that do not care for, live in, or rent out their spaces. In many A list Cities both foreign and domestic investors buy property simply as a place to park cash and make money simply holding the appreciating asset. Such a tax would curtail this behavior and lead them to not use homes as piggy banks and either rent them, or sell them off. This has been a successful strategy in the Netherlands for over a decade.
Don't let the government in. That's not a good idea
If some idiot decides to buy a house and let it sit that's their choice.
The entire "real estate investing" thing in the US is insane. In most countries, housing is for living in, not a money making venture.
And this I think the fundamental problem. I'm seeing a lot of people here commenting that they are investing and that the government should keep out. But for a large part of the population a house is a home and not an investment. The market has been distorted by too many people viewing it primarily as an investment. Perhaps inflation and hire rates will cool the market but those very people looking for a home are the ones that are hurt first in these conditions. It has been investors in my opinion and the pouring in of money with previously historically low interest rates and yet high returns (because housing stock is limited in these hot areas) that has driven this insanity.
As a Canadian who lived frugally and paid off the mortgage, I would be absolutely choked if the govt bailed out homeowners. Let the home values drop to make them more affordable. Teach financial skills through tough medicine
I believe government should not be involved. Let the market decides. Houses left empty and dilapidated will cause losses. Investment losses will drive the institutional investors away.
Getting the government involved is a really bad idea. Anything the government touch turns to crap !
most scaring words ever ( we are the government we’re here to help )
Ronald Reagan
no government involved on anything that’s the solution
Thanks again for talking about institutional investors! I think the goal should be for a housing market to reflect the incomes of the people who work there. I would cap the amount of homes that could be sold to institutional investors to a certain percentage. What’s that percentage? Whatever amount it is when home prices detach from the incomes of the area. Make it below that amount. 5% maybe?
The government can't even do their own business. Leave them out!
You continue to provide solid value Michael, thank you. Hard truths people need to hear.
Renters can be EXTREMELY destructive. Letting them stay in a vacant property should be up to the investor’s discretion.
Agree. No way I’d rent personally.
That Home Path idea seems good to me. I also think that banks should be required to report all of their sales in the local MLS, which will bring more realism to sales comps. Congress can make life less pleasant for hedge funds and REITs that buy houses. Unfortunately, Congress sees the buying and selling of houses as the key to keeping our sick economy afloat for a while longer.
Don't forget you have foreigners also buying homes which also jacks up the price
Absolutely correct
Absolutely
When you mess with free markets there are always unforeseen consequences.
My aunt and myself both paid off our student debt during this time. Stopping the payments didn't mean we stopped paying; it just meant we no longer had to worry about the interest build up. It gave us the perfect opportunity to pay it all off.
Don't sleep on the financial intelligence of college graduates. We may have debt but we didn't graduate by being dumb.
MICHAEL FOR CONGRESS !😀you got my vote ! 🗳️🎉
😄
@@MichaelBordenaro lol!! You never know Michael ! You have probably more qualifications that those who are winning now!!😸😹
I'm not a fan of any type of government intervention. Unfortunately they do it constantly, and usually not to the benefit of the the people they say they are helping. I think in the next 6 to 12 months the institutional investors are going to feel enough pain to give themselves a reset.
“ Do you think the government should…?”
NO!
We already have too much government. More laws or regulations are not going to increase the supply of housing. Current laws need to be enforced and focus on the people who are in this country illegally and how they are impacting the demand for housing.
You made me laugh with this comment. So it's the illegals that are renting the $10,000 properties in Miami driving up prices? Trying to grasp how this is possible....any ideas?
@@HuwJones In the aggregate, people who are not supposed to be here are certainly adding to the demand in housing. Whether it is high end housing or low income, higher demand causes higher prices on all levels. Enforcing current laws will certainly not be an overnight panacea. However, new laws or regulation to limit what certain groups can buy is not reasonable.
@@stockae74 Ugh....I think history shows that the US is just fine with new laws and regulations for certain groups. We'll see how it goes. The only solution is to make real estate less appealing for investors...whether the market naturally rebalances (is inflation and increasing interest rates natural?) or we have more aggressive government intervention. Clearly one group or another (investors / homeowners) will be negatively affected by whatever happens.
The road noise isn't too bad. Well worth seeing other areas near you!
Good to know!
I like the quiet streets better. I also like your idea of giving home buyers who live in the home first opportunity. Giving only a select group of people ( student loan borrowers) $20,000 toward their bills is discrimination. To be fair, everyone should get $20,000. I thought this country was against discrimination, yet our government is in full practice. 🤔 Canada is just a shipwreck on so many levels, not just housing.
What about loan forbearance for homeowners? Literally giving homeowners free money to invest that compounds to a million at least for most by the time the 50k in forebearsnce is due. Or the free money PPP loans for 75% of business owners.
@@davidmann2524 exactly 💯
@@davidmann2524 This is why, you're absolutely correct!!
No government. Involvement. They just make it worse most of the time
Gov't should not meddle with the market. Government policies is what created this crazy market in the first place. Gov't will make it worse. Let the market cool on its own. Great vid!
Agree 100%. They are the reason we are in this situation.
Agreed. Government created the housing crisis, and here are people begging for more.... idiocy.
I also agree w/Phil 👍
BINGO!!!!!
The irony! Women in the 60s being interviewed, questioned about new credit technology. When educated, in debt, college people scream that women were in oppressing times, had no voice or education. Yet, the women from 60s where asked and interviewed their opinion on the mater and made such a educated guess on the matter.
They should do nothing because if they do… you don’t really own it, simple!
I do not think the government should step in. They tend to screw things up when involved....lol.
This is true
It would be dumb AF to let the fed have authority to rent to whoever they want.. NO WAY
With private ownership, I don't think the government should force anyone to do anything.
NO, the government should not get involved to force homeowners (or corporate investors who are homeowners) to rent out a property. The homeowner can do what he/she likes for the most part. Property rights are very important to our Republic system of government. The solution is the free market.
You are doing a great job using common sense and thus a great service for us all. Thanks, Michael!
Thank you, Carla!
except for advocating additional government intervention
I like the idea of owner occupant the first opportunity for the first 60 days. I live in the largest city in SD and housing prices have barely dropped and rental prices are very high.
The price won’t fall in that case anyway. They will just put high price and wait 60 days
We have that right of first refusal as you do not have to accept the first bids for your house as it comes in. We do not need any stinking government telling us when to sell and to whom.
@@MikhailFromUSA Exactly!
Government should stop giving free money , period, especially if they are big companies like Blackrock and money from institutional buyers.
Absolutely GOOD idea, Michael. Our poverty stricken State of Maine has been WIPED by strange out-of-state ‘investors’. We do not have one rent of any size left in the entire state, much less a house to buy.
In a perfect world, sure...but our brave congressmen, excuse me...people, sold us out, on both sides of the Ultimate Gravy Train, a looooong time ago. I never thought I would hope for a train wreck; but I believe that's what's it's gonnna take. "2008x10"
Back in 1969 you could write off the interest on loans. That included, auto, boat, home, second home, including all credit cards off your Federal Taxes.
You still can on the house. Ya the other stuff went away with Regan.
I think the government should ban institutional investors from buying single family homes and apartment complexes or even limit how many homes they can buy in a certain area. It's criminal IMO that they're allowed to essentially buy entire neighborhoods. I also don't think anyone should be allowed to do short term rentals in residential neighborhoods. They're supposed to be communities for families. No one wants to live next door to one of these party places where the people there have little regard for anyone but themselves. I think local governments are just getting tipsy on all of the tax revenue generated by these huge sales.
Why do investors buy entire neighborhoods? I agree I don’t like that either… but you need to understand why it’s happening before you can figure out how to prevent it.
Leave the markets free. We need to keep the government out of everything we can!
I think if you don't have a USA address you should be required to pay double the market Value or Not allow foreign buyers at all.
Some countries don’t allow you to buy properties unless you are a citizen or married to one. Which isn’t a bad idea. But, am sure people would find loop holes w/that too. No doubt
Back to your original question. As long as the owner pays the mortgage, taxes, and HOA fees and keeps the property maintenance up, it shouldn't matter if it's vacant.
Well I am starting to learn so much and think the government needs to stay out of this....An I will be living in my RV through this all saving up money and building my financial system and keep paying off my debts..
Wash, Rinse, Repeat…🔁 This is exactly how the economy was acting in 2008.
On a Macro level, humans never change. They spend every dollar they make…and then spend more.
The government is always the problem. Not the solution.
I love your videos Michael! You are very articulate and such a great speaker! Greetings from St Louis MO, still feeling hopeless over here 🏡
Thanks Jeff I try my best! Hello back from the beach. Just give it more time. Things will turn around.
@@MichaelBordenaro will do
Housing is a necessity for one’s survival so yes institutional investors should 100 percent be banned from buying up all of these homes for their own personal greed. If nothing else they should not be allowed to purchase more than two investment properties. This has gotten way out of control.
So your more of a “barrel of a gun” kind of guy …? Not a fan of freedom? More laws, that’s just what we need!
@@jonathantaylor6926 I am 100 percent for our freedoms however, when the greed of some of these large institutional investors have literally made it impossible for many hard working Americans to live the American dream then yes, something needs to be done. This isn’t black or white but no investor should be allowed to buy an entire block off 500 plus homes. It is wrong and market manipulation.
@@miked6960 I don't want Black Rock buying up entire neighborhoods either... but that transaction is a symptom, not the disease- and you don't take an Advil for a headache when you have brain tumor. I want to kill the cancer, your ban only focuses on the headache. You patient dies.
Temporary ban against corporations should be acceptable. 😒
I like your idea for a 30 day buffer for buyers to bid on foreclosed houses. I would take it a step further, give tax breaks for owners to sell to individuals, instead of investment firms.
And vice versa, charge taxes and fees on investment firms to buy properties.
A house for the majority of us is not an investment, its a place we want to live and raise a family. Houses for a long time were treated as an asset to make money from, that is why the market is what it is now.
I'm sure the criminals would find a way around that as well....always looking for, or will create a loophole
What about folks who are forced to sell in less than 30 days in a house that needs updating? You have to wait 60 days for investors? Or foreclose
I think LOCAL governments should limit the number or percentage of homes in a given locale able to be bought by investors, in totality, the same way that some HOAs have a cap in their neighborhoods of homes like that. I looked at one condo development and they had a 25% cap on non owner-occupied purchases, if I remember right. I also think there should be a similar cap to out-of-state or country investors, or even an outright ban. I own a few rentals, and all within a day's drive, and I've lived in all of them at one time or another.
NO! The government should not get involved. If I want to leave my house empty for a year, it is my business!!
In theory you should have that right. In principle it's much more complicated. When you have the amount of investors that we do right now buying up properties and driving up the cost of housing for everyone it is a problem. That is not the American dream. There has to be a way that we can level the playing field. Sometimes the government isn't necessary evil. This is probably one of those instances
Agree, keep the government out. Let the free market rule.
@@sonyamoste Agree, there are many reasons for a property to be vacant although Xi Jinping would disagree with me.
Thanks for sharing that!
@@curtsuneson6161 I do think the cost of housing has gone crazy and I don't claim to have a clue why, but I don't need the government always sticking their nose in my business. Vancouver BC passed such a law...investors cannot buy condos and leave them empty....the cost of housing in Vancouver is still sky high, pricing most locals out of the city...did not make a difference.
Once you pay off all your rental properties you sleep better at night
You can bar corporations and international investors from buying residential properties. This is a good idea in my opinion. The government telling owners what they have to do with that property is akin to expropriating private property and is not remotely constitutional.
Institution always
Had the upper hand ✋
When it come to buying
A foreclosure property
They bought it cash 💸
And you and me has to get a loans so we can't compete with Institution 🥺
They should banned institutional investors from buying houses off the market!!! It kills everything
this is not true, is even worse what the government is asking in Taxes for owning.
Thanks for the update
you did not see the video yet hahaha
*
You’re welcome!
@@henriquer3048 you’re right! But an update was coming- we all immediately know that Michaels videos are informative.
Market will take care of itself even more violently than if Government got involved. Large RE investors contemplating how to sell, no buyers. Slow bleed for years untill risk free rate below 2% again.
All transactions should be voluntary, period. Anyone doing otherwise is stealing.
Didn’t know about Home Path. Great idea. Thanks
I think it’s a bad ideas to allow institutions to buying homes because the sellers may sit back and wait for higher cash prices from investors.
I thought about that too, but investors usually send the lowest of the low ball offers so holding out for a higher offer from an investor doesn’t make a whole lot of sense
@@MichaelBordenaro I’ve been watching your Channel for the past couple months. Thank you for all you do, and of course, the scenery from your walk is not bad.
@@MichaelBordenaro yeah, now that investors are about to get absolutely wrecked, the bidding wars and/or buying a house for asking sight unseen with no inspections is gone for good. Part of the issue with this bubble is that big money investors weren't low-balling. With each housing bubble burst things will end up being better in the long term. So we may not even need more regulations because I think investors will be more cautious going forward.
2008 caused better fundamentals for mortgages (which is one of the talking points naysayers use to say a crash won't happen), this crash will make investors think twice about throwing money around for chance at a quick buck. This is the Easy Money Bubble as I like to call it. Everything that was marketed as being an easy way to make money (real estate, AirBnB, tech, crypto, social media, cars, etc) is about to collapse. As painful as it will be for many, this is the crash that we need, because it will hopefully get us back to realizing that there's no true get rich quick method and we'll get back to sound financial fundamentals.
@@AJSHOPE The investor that purchased 11 land properties in my area will not get wrecked. He intends on sitting on the properties for 1 year to avoid capital gains tax, by then the first year tax will be due. I doubt he financed the properties. Made a low-ball cash offer.
to your question: Less government, not more. If someone wants to own a house and not rent it, that is their right, whether due to stupidity or any reason they want.
Adding the government to anything is a bad idea
Ban institutional investors from buying these properties. Families that live in the U.S. should have the priority to buy first.
Maybe government should stay out of real estate, we wouldn’t have the problems we have. Lack of housing is partly due to government fees permit costs and zoning.
Well, that’s just it they make laws that make housing more unattainable, but none that make it more attainable
👍👍👍👍👍👍👍👍👍👍👍👍
I really do like you taking us on this path. Now we can see some of the major traffic in wealthy neighborhoods.
Thank you and God Bless,Carlos ✝️🙏❤️😊❗️
It’s amazing that Canada doesn’t have 30 year mortgages. 5 year financing puts borrowers at extreme risk during volatility like currently. Perfect storm for our neighbors to the north
Always been this way in British countries. Weird. They definitely know their bank managera.
I have been out of school and working for a living for 40 years.
When I got out of school the best you could do is 10% down if you had perfect Credit.
Any less and it was 20% down.
There was nothing wrong with that because the Mortgage rate was fixed and you had to "QUALIFY" for the loan.
If you couldn't qualify you rented and saved until you did.
That made Foreclosures rare except under extreme circumstances like job loss or serious illness.
Adjustable Rate Mortgages were the dumbest and most destructive thing ever invented.
Personally, I have little pity for someone stupid enough to get an ARM loan.
If you have to get an ARM loan to buy the house then you can't afford it in the first place.
Yes, the Government helped create them but people don't have to be stupid enough to take them knowing they can't afford it if the rate rises.
I get flooded with Credit Card offers everyday, many with a $25,000 credit limit.
And I get a lot of them.
But just because I get the offers doesn't mean I get the cards and run them all up to their limits.
Because I could not afford to pay them all back.
Simple, if you can't afford the fixed rate and qualify for the Mortgage you can't afford the house and you are going to lose it sooner or later.
I think what I am talking about is called personal responsibility.
You nailed it! The real crux of the housing issue is precisely that. Lending practices with severely reduced standards that I've seen in all my adult years for homebuyers is the cause of high foreclosure rates that end up in the hands of investors. They made it way too easy to get loans, too many irresponsible adults getting free money or buying with little to nothing down doesn't teach them to be responsible home owners. It never will.
Lending critaria's for investors was always much tougher than for owner occupied buyers during our years of buying real estate, it was really tough for us. We had to have 30% down, couldn't ever get a fixed rate loan, only variable rate plus higher rates because they were rental investments. And the approval process was exhausting as banks required so much more documents. But seeing homebuyers buy with nothing down, lower fixed rates and seemingly smoother no hassle process, seemed nuts to me. I've always felt that buying a home should require discipline to save the down payment, even 20% and a credible credit score, otherwise they don't qualify.
And even more nuts to me, since we are in a really good financial position with a good amount of money in the bank. For the last several years, banks are always offering us loans, we "are preapproved". I don't need your loans! I could loan you money, oh wait, I already do, why the hell would I pay interest on my own money, dorks? Banks need to go back to not making it so easy to buy a home. Prevent mass foreclosures, seems something dark and sinister is at play there.
I am extremely lerry of having the US government which I consider devious as best to regulate anything. Someone much smarter than I once said government isn't the answer government is the problem. I would however like to see the free market squeeze institional and foriegn investment completely out of the housing markets , real-estate in every large city in every state needs to be completely shaken up and start over from scratch. Just my humble 2cents.
I hear you, Michael, and I don’t know how the latter is going to happen without any sort of intervention
The only way that happens is not allow government bailouts.
I like your "Home Path" idea.
It’s not perfect but it’s an idea
Your right on que Michael . Good advise , and yes the worst is coming . Keep sounding the alarm .
I live in a neighborhood that is deed restricted for occupancy by local employees only. I rent rooms but my tenants have to work 30 hours a week in the local economy and for a minimum of 8 months. So no tourist short term allowed. This is the local law. It works well.
The housing market is functioning exactly how it's been put together. One law would make it truly free: abolish single family zoning. No need for controls, less control would remove the speculation and housing would fall to its true values without artificial scarcity inputs from SFZ.
Michael you are such a likable guy all of your videos are good
Thank you, Ralph!
I understand your point, but once it's regulated it could be a slippery slope. It's really up to the owner at what rent they want to charge and afford to wait.
Road ! ..Sound is Good ' Michael . it's nice Seeing a Busy area . Thanks for your info .
Good to know Derek you’re the first one that mentioned it. maybe I can do more walks over there because there are lots of houses to see on that street.
@@MichaelBordenaro hi mike i think we communicate well . i like your content as you know . and you asked the question ' about the road noise . and needed to KNOW ..sounds good in busy area's also . i liked the houses better . ALL your info is fact . and honest . DEREK
Government is never the answer. The market controls it - nonetheless hysteria and emotions are driving this market also. Ever since COVID hit. I think the idea of investing in real estate is an incredibly great thing. It’s not fair for those who were able to get rich doing it before, preventing newer folks from getting into the same game in the future by limiting who gets first dibs. It’s all about the petro-dollar which is losing strength as we speak, everything else is a domino effect.
Absolutely, when government gets involved you have shortages, worse conditions and subterfuge.
Prices skyrocketed in the housing market mainly because of these investment companies buying real estate. And most of this buying was for pension funds. Huge investment portfolios with billions of dollars buying houses for rentals. Pension funds did it.
Looks like the Mack Truck, AKA Reality, is already showing up in Caneeda. I guess looking around singing la, la, la, doesn't work so well.
good idea !
Love your video man! I always want to move to Florida but it seems like I already miss the boat. Ok about renting, people would do that to get a tax loss.
Thank you! Glad you’re enjoying them. By the way, it’s never too late!
All housing is private property, regardless of ownership. As such, any government restriction of its legal use is contrary to all principles of property rights. The easiest fix is increased taxation of any nonowner-occupied property.
Exactly, the foreclosure needs to be first available to the first time home buyers with financing. The REO should not only be available to someone who has the cash i.e. investors. You have expanded that idea. I like that.
As for the out of ordinary rent , it will work itself out per demand and supply. I will let it be. We still live in free enterprise economy. The greed will try to set the rent higher. But they will eventually capitulate. If you force the rent decrease before their capitulation, it will keep coming back. I would let the market fall where the demand and supply equilibrate.
Thats a good idea… it should be at least 60 days before investors can get their hands on
Who would pay $25k a month or $10k a month in rent a average person can’t afford that only millionaires can
Yep
Hell no the government shouldn’t get involved.
Hearing you talk about student loans gives me a smug sense of satisfaction since I was one of the few smart people who used the hold to actually pay mine back
I agree with your idea, it makes sense to me and I would back it so to speak
This issue needs to be addressed, the investors need to be stopped from buying up homes.
Great Video Michael, I believe that if you want to get a mortgage, one has to qualify for it.( Their Ability to Repay). They interest rates will go up, 10 to 12 percent. I think that is something we will see. I believe that VRM ( Variable Rate Mortgages) do have a place in mortgages. It would be for those more sophisticated buyers. I do believe that one will have to save money in order to purchase a house. I live in the Great State of California. Most properties here are at least 800k here. You have to factor in property taxes, insurance, and location. Some areas are more expensive than others. I work in insurance and some of the Homeowners insurance is very high. I can insure most everything but it will cost a pretty penny. Most people should really check on the insurance before they buy. The sound was great when walking with traffic in the background. I always look forward to your videos. 😁
The issue I see with what they’re doing in Canada is they are tacking on additional debt that these people did not initially qualify for in order to keep them in the home instead of force them to pay now. Sounds dangerous. thanks for letting me know. The traffic noise wasn’t too bad. I’ll do more walks over there.