Banks are only to make money from the people, they are fucken thieves,..everything you buy carries a ....finance charege which is astronomical. If you buy a new car, and the car goes for ten thousand dollars from the ....dealer with the fucken finance ......you wind up paying twenty thousand dollars,....them and the fuckennnn.......dealers are just as badddddddddddddddddddddddddddddddddddddddd.
@@darkhorse3557 The people had some protection after the big crash in 1929 but I think it was Bush Jr admin that repealed the SEC ACT of 1932 (CK that date, unsure at 8am without coffee!). That act kept Wall Street from mingling our funds with their "investment" funds. Now? We're phucked until another huge crash, or a real revolution. Never say never. ✌️
My grandparents owned a lot in this place, and decade or so ago they said they got an offer on the property, but it was for the same as they paid, I made them sell it, and they were so relieved. A few years later they saw the news of what was happening there, and realized they were one of the lucky ones to have at least been able to get their money back.
I moved from NYC to Lehigh Acers FL 2 years ago. I am a renter and me and my family LOVE the peace it offers. I wish I could buy a small piece of the American dream. To all the are Veterans, the VA HOSPITAL is outstanding. Semper Fi
SHIP PROGRAM, HELPS WITH DOWNPAYMENT. AND IT'S A GRANT YOU DON'T HAVE TO PAY, YOU'LL HAVE TO LIVE FOR A CERTAIN AMOUNT OF YEARS WITHOUT SELLING, RENTING ETC FOR THE GRANT TO BE NON PAYABLE. GOOD LUCK AND GOD BLESS! SORRY, FOR THE CAPS BUT THE PURPOSE IS SO PPL COULD SEE THIS BLESSING.
I'm from Lee County, lived in Lehigh during the recession. It was absolutely hell, my husband was a land surveyor, a crew chief. We had it all. And then suddenly, we lost it all. It's taken us about a decade to get back on track, hubby is finally back in surveying, and we are good. But being pregnant and homeless with 3 kids, it does something to you. I still have a hard time feeling secure, I'm always waiting for the rug to be pulled out beneath us.
From Tampa a lot of people did You should stayed in the house and fight it for years.. My brother n law is a retired police officer. wife left him They lived two doors down. He has not paid on his mortgage for 4 years. He file for bankruptcy the banks are foreclosing he use the system to keep putting the sell off. He is not paying the mortgage payments pocking that
Eric Smith News home are not made right. They are so bad. I can’t even tell you. I owned a plumbing business l went to see a house man was it bad. You get what you pay for and what people do it. Most don’t even know how teach as you go lol. It’s sad so sad.
I was in Florida (from Ohio) around 2007 and drove around the St Pete area. Every other house was for sale. I remodel houses so I stopped in a Realtors office and ask about properties in that area. I was told most were speculation where the buyer bought, did nothing to the property and was simply waiting for the value to go up. I ask about foreclosures and the realtor looked at me with disdain and informed me that they NEVER have any foreclosures in that area. Three years later, they had the highest percentage of foreclosures in the United States!!
I lived in and around St. Pete for a long while. including in 2007. I actually arrived in Florida for the first time in 1982. I am still OT allowed to claim that I am a native Floridian. I lived on 16th St. in ST. Pete, near to Central and downtown. We owned a house there. Lived in Dunedin, and also in Clearwater, out on the beach side. We owned another home in New Port Richie right around 2007 as it happens. Lived there for about three years. We walked in different neighborhoods, you and I, it seems. I am not filthy rich and visited numerous middle income and lower income neighborhoods over the years. I never saw communities anywhere that were half empty. Were there foreclosures? Of course. Especially after the crash of 2008. But many, many places were hit far worse than St. Pete. And the thing about loose talk like yours is that, after 2009, there were PLENTY of communities that WERE half empty. Daytona Beach, where I and my wife lived in 2010-2013, and still have extensive extended family in, was devastated. Not just neighborhoods, but businesses. It was distressing. The places they are discussing in this video are virtually destroyed. To this day three out of five homes are empty and abandoned. What remains can't be sold at a quarter the price it is actually worth. I now own an 1800 sq.ft. home in Lady Lake, in a lovely, quiet, well-kept neighborhood, with an in-ground pool, on a shaded quarter acre lot. Bought my home six years ago for $110K from a house flipper who bought it for $35K and refurbished/remodeled it. It is worth $170-ish now. My daughter and son in law own a home in the St. Pete area, in an HOA community. They bought seven years ago at $165K and their home is worth $250K now. I also lived in Lehigh Acres. Both my wife and I are/were troubleshooters in our fields. In my case, high end art/production facilities systems, and in hers, retail store operations. We work/worked under contract always, and therefor moved often. She still works, I am retired. Lehigh Acres is a pit, and the real estate speculators that ruined that natural wetland and built all those f*cking houses, and are responsible for how it all is now, which is more or less a ghosted wasteland, should be stripped of all their personal wealth and run out of town on a rail. As of now, nearly all of the greater Tampa/St. Peterburg metro complex, some 2.5 million people strong, is prosperous, bustling, and growing. Not to mention the benefits we all here in Florida enjoy from living in the freest, most protected, most "woke-free" state in the country, thanks to our pit bull, mofo, pagan god of a governor. I will take DeSantis for President in 2028, right when we are likely to need him most, six days a week and twice on Sundays. You might want to consider getting updated info before you talk about someone else's home, friend.
I found out in year 2000 that residential real estate bubble was going to burst. I sold all my Florida real estate in the year 2004. It was no accident that this happened. The banks were ready to diminish the middle class.
The crash that's coming is going to make 2007 look like a hiccup. We bought our first home in St. Pete 1992 for 52k. In 2018 we sold it for 350k. We had done 60k in renovation in 2007. Pool and custom back porch etc. Paid cash for a 40 acre mini farm in N. FL and never looked back. That home in St. Pete is now valued after 2 more sales at 650k. That's just insane in my book.
History is repeating it's self right now. We own a house that was built in 2006, bought it in 2012 for $86k... Today it evaluates at over $300k. The empty lots next door are worth maybe $3k and have sold for $15+k. New home across the street has asking price of $360k. Lehigh is growing very fast right now. Hurricane Ian has made many people want to move east of 75.
This is a great video, I almost punched the wall when I heard the lady who opened the coffee shop. Her story about the credit card companies raising her APR was one I personally related to. It happened to me too. I recall how unfair it was, I was so pissed. She spoke about it with a smile and I just cried at her resilience to deal with it and smile. God bless her, hope she gets out if it.
Michael Cuff not just banks but companies like GM got $50B and they are using that money to relocate their factories in Mexico and overseas - the government was giving the excuse it was necessary to “save jobs” but no restrictions or conditions put on that gift to the “capitalist” system.
I'm a miami native (hialeah exactly) i lived in lehigh (2013-2018 ) for 5 years or so right off of sunshine and lee blvd (11st SW). it was a amazing home and great quiet block. I honestly was never advised about the "dangers" compared to cape coral it is a huge bang for your buck. I found out later how bad it was from locals but nevertheless i just put up a huge nice fence , cameras, and 2 german shepherds but i never had a problem thank god , and honestly i'm from miami so i've always "watched my back" and have that mentality already so no biggie at all. Still compensates the low mortgage i had trust me i wish i can go back but my family refuses to leave miami so im stuck since i want my kids to grow up around their grandparents.
There is an old saying. If the deal sounds too good to be true, it is too good to be true. Too many people think living on credit and with a mortgage is supposed to be the norm. It works until you loose your job or get sick. Then the house of cards falls in on it's self.
The following simple mortgage lending rule would have stopped all this: "The loan to value ratio at the time of purchase shall not exceed 80%." "An entitity has to retain at least 20% of the mortgages it originates."
Good film and thanks for sharing it with us. I can comment on this first hand. I was a production manager for a certain large and successful building products company. I went out on several occasions in Florida, California and Nevada to perform field audits on our products. We knew this was going to happen as early as 2003. We made our money and the smart people in the business jumped ship before everything fell apart. It was pretty sad to say the least.
It's horrifying to watch the ease at which these individuals casually discuss their own dishonest actions, which led the one of the largest land scams in the United States
My Husband and I bought an old two story house that was built in 1920 back in 1964it was for the mines the miners and their family’s. We got it for 3600 dollars fixed it up somewhat and raised our 5 kids .We didn’t have much but we had four walls a roof and heat so we made out just fine . We didn’t need a mansion couldn’t afford one and now I’m a widow living on a very fixed income still in this near 100 year old house kids and husband are gone lm all alone in this ole house but it’s mine and it’s paid for as are my bills. It doesn’t pay to try to live beyond your means..
Beverly can you tell me where you live because I know an elderly gentleman who would rent a room from you and take care of all the yard work. He is an honest and simple man hwo lives on 1350.00 a month social security.
I was born in No. Fla. 80 years ago. I lived on 17 acres in north Florida that my dad bought at a delinquent tax sale for $250 in 1947. When I was 27 years old I married a girl from Tennessee. We moved to Tennessee and after a period of adjustment (secure jobs and some small savings) we bought a city lot for $3500 and co-built our house using builders to do what we couldn't. It took four years to move in. We had a child who was 7 years old. We bought the vacant lot adjacent to our house for an additional $5300 and have kept it vacant (undeveloped) since 1980. We paid our house off early by making additional principal payments on the loan. That cut 5 years off the mortgage. We still live in the house 40 years later. I bought another additional lot that an old couple occupied and both of whom died within a week of each other. The property was auctioned at the courthouse by the sheriff (Their children were not interested in owning and paying taxes on the property). We bid $2850 for the property and got it. We demolished the crappy house that the old couple had occupied because it would cost more to fix than it would be worth and paid the $55 taxes owed on the property. That vacant lot is now assessed at $35,000+ and remains empty. The adjacent lot we purchased for $5,300 is now assessed at over $40,000 and remains empty. The house that we co-built with a loan from a local bank for about $38,000 (2400 SF) is now valued at about $250,000 but is assessed at $169,000. Our taxes on all three properties are about $2500 a year for both city and county taxes. We still maintain our properties ourselves and have specialists do work that we can't do when necessary. My wife and I have been married for 52+ years and have been retired for 13 years. With her pension and mine and her SS we are as happy as can be. We still save and invest conservatively. We both enjoy unusually good health. We were also able to have good jobs with almost no interruption for over 44 years and saved and invested conservatively which means that we will never have to worry about expenses. Our son lives in California and makes more money in the tech sector per year that either or both of us ever did. LIFE IF GOOD. I don't miss living in Fla. but I do like to visit there occasionally.
It's currently 6/14. We moved to Lehigh about 10 years ago because our son and DIL moved here via job transfer, and we liked it too. We saw an opportunity to finally afford to own our own home here. Other family and friends followed. Yes, we saw our properties devalued to maybe half of what we originally paid, but that was not unique to this area, just the scale of houses built was higher, therefore more left idle when the crash came. Nevertheless, we still love it here. Coming from a crowded city in CT, living here in a semi rural area with space between houses and neighbors who are great has been a wonderful change! Our little "neck of the woods" is idyllic in so many ways, I have never regretted moving here! I know there are problems and it isn't perfect, but that can be said about any place. I still feel like I am on vacation in paradise, even 10 years later. I'm not blind, and I'm not stupid. I can point out the negatives and go on about the positives, but the point is, I am at home and at peace here, and that is a very good thing. I can go bike riding after dark and have no worries, maybe I'm a fool, but that is how laid back it is here, and I love it. Again, like anyplace else, some areas are worse, some better. I hate the negative focus this area gets when so many other places are worse, and no where near as beautiful overall. We chose to live here and have no regrets. I guess I should embrace the negative view of the press...it'll keep the population stable, just the way I like it!
So I live in Lehigh acres and this video is old, but there was a chance to go from rags to riches if you were buying up the inventory and sat on them for about 4 years.I purchased my home for 94k (June 2014) and I did absolutely nothing to it and it was just appraised at 180k (April 2018). The Fort Myers area is booming and there is tons of work. Since Lehigh’ homes are more reasonably priced there is pretty much zero inventory in the housing market. I’ve been seeing so many plots of land for sale and a lot of new construction homes being built.
3MM4 P33L well not directly but I do think about the problem about people not being able to own a home due to high rent cost. My longer term plan is to have several homes paid in full so I can set lower rents. I hope this would give people an opportunity to save a higher percentage of their income and use it to purchase their own place. I have a couple other ideas but I’m not sure of the legality. Such as charge a higher rent but put a percentage away for them and when they leave I would give it back to them. Basically I would be clear in letting people know that I’m looking for people that want to purchase a home in the future but don’t have the money saved. The implementation is further away so the idea isn’t thought out all that well at the moment, just some generalities.
The guy at 3 minutes who says nobody could have predicted a crash is telling bullshit as many people were . I was in NJ at the time and we bought our second home after selling our first and I knew it was overheated but put down 30% for that reason.
I live in Ft Myers Fla, about twenty minutes from lehigh acres. For all of those looking for an update, it has recovered. Hurricane Irma was a minor setback in 2017, crime has risen a bit in certain areas of the city. Otherwise the housing market is strong there.
@@JMARTIN1947 It has nothing to do with Trump, housing market's have a history of fluctuating depending on spending and interest rate changes. States such as Florida rebound quicker than most market's because the population has continuous growth. Trump has already been given too much credit for things that he had nothing to do with. He's not getting credit for this.
I live in Lehigh, did during the recession too. My parents lost their house so I had to teach what is like to rent. My dad still rents to this day as he never fully recovered from the bust. I luckily own.
As a real estate appraiser , I have walked in on more grow houses than i can count on both hands, during the foreclosure crisis when we had entire subdivisions sitting built but unoccupied
11:01 - It was a scam. There was a reason why he subconsciously slipped up, and accidentally said “scam”. They were giving property to anyone with a pulse, and like he said, regardless of your circumstances, you will qualify. That’s essentially what got people in to this mess. Predatory lending.
Who likes to hear the truth? here it goes.... A contractor would approach you and say, buy a house from this company, and I will give you $20,000 CASH. Just pay rent the first month.. than after that.. live in it, sell it, abandon it.. but you still got your $20,000. And than he would say, you want another $20,000? your wife can buy a home too.. than after that... he asked you if you had brothers and sisters.. so on. These contractors ran around paying people to buy houses form the companies they built for. they were in $60,000 in profit.. so they could afford to pay you $20,000. the problem was that $40,000 profit was no longer enough for them so they started selling $700,000 houses and giving people $100,000 to buy a home. all these people were involved in this scam... they guy who talks about not paying rent after 4 months knows exactly why they weren't paying rent.. they never lived there in the first place.. bunch of crooks..
I've never seen anyone put it the way you put it but now it makes even more sense to me. I remember seeing ads for No Money Down or Mortgage assistant. I use to think they were odd but I never connected the dots. As long as the bubble was inflating everyone was making money except the home owner. The bank would dump the loans before the bust/ the apraser got more work/Realator got her comession/ Government officials looked good/ Tax man got their tax/Contractor got work/Developer got paid/ Oh and a bank keep what little mortgage home owner paid before forclousure then resell the properity so they never really lose. The Only looser is the homeless homeowner.
Yes I wouldn't doubt this is true interesting I guess I don't get the full scope of how the scam works but it makes since that their could be one. Someone has to pay for the materials and such someone has to have the loan etc .... Someone is getting screwed at some level they have to have some idea of what is happening before everything goes to bricks.
@@divinee.155 What is that supposed to mean? As an investor, I can easily see the problems. Everyone was speculating, too much fraud with banks, agents, builders, buyers, everyone.
@@shelleygreyrealtor she said she took out an equity loan to open the business tho ...then admitted if the business didnt work out that shed sell her house . i guess her plan would have worked had the market not crashed .
Hola! Como Estas! I went to Lehigh Acres December 2017 to help a buddy clean up his house which is 70% finished. The entire house was overgrown with thick bushes that are some rapid growing plant thats as hard as a tree. He used to be a house builder and contractor but the recession knocked him out. He can't afford to keep a car on the road these days since he's now in his 70's. He's into that house for $60-70K or more. He's barely keeping the taxes paid on his little SSI check. People offer him $7500 for it regularly; they find his name and address at the tax assessors office. He can't get a CO because it's not finished. The whole neighborhood speaks Spanish, except him. A neighbor he doesn't know called the cops and said we were living there, while we were cleaning up the property for a few days with chainsaws and a mower. The police officer who showed up obviously spoke Spanish as his 1st language. I don't have a problem with Hispanic folks but while the officer was questioning me I had to keep asking him to repeat the question? "Take your hands out of your pockets and show me your ID!" That cop was "jumpy" to say the least. I know when the cops run your license plate (which I'm sure he did) it comes back the owner has a CCW. "You plan on keeping this house Steve? You better learn to speak Spanish if you want to live in Lehigh Acres."
I was lucky enough to settle a law suit to pay my lien in full, the feeling that your gonna loose your house is the worst on the planet, wouldn't wish it on anybody.
Wandering man...I concur wholeheartedly. Buy just some something on credit, something small you know you can pay for. Pay it out ON TIME! Then, and so important...pay your utilities ON TIME! Have a system: my grandmother paid her bills as soon as she got them in the mail; my mother created a tickler file--wrote the date each bill was due on the outside of the envelope and mailed her payment a few days before.
If the left the prices low those good ppl could have remained & the majority of this & the crime would have never happened. Greed is always “justified” by demand , you get this every time. These homes & lots have paid for themselves many times over yet ppl still can’t afford to keep up. They act like the economy is fueled by these decision makers that are normally NOT affected
Lehigh is booming. My in laws live there and its busy busy now. There are new houses and businesses being built all the time. It's great to see. I live in Fort Myers, FL which is like 20-30 min from lehigh depending on traffic and snowbird season.
"Betty and I love it here. It's healthy, warm and friendly. And speaking of friendly, our afternoon 'Stepford Wives' orgy event is mere moments away. Thanks for checking in."
When a police dept. call and complains that there aren't enough tickets being written, that is what leads to corruption and dirty deals in the police force! and that will break down trust with that police force and with the people with-in that community!
I really don't have a lot of sympathy for those who chose to buy houses to flip rather than live in. Homes are for keeping you off the street and giving you a decent, living environment... not a short term investment. This is what you get for being greedy. Too bad it sucked others down with the flippers.
without flippers, there would be nothing in the innercities. just boarded up houses that aren't up to code for anyone to live in. the overall household debt nationally would be far worse. it really is a stupid notion. it's like saying that we shouldn't have used car lots, like saying that you should only be allowed to buy new cars. imagine how many more people would be living in the streets. when you buy a refurbished house, you're paying for the time, resources, and abilities of other people to rehab a house that you don't have yourself. which is most people.
Close to me is Toronto, detached homes sell for about a million dollars each. No one can afford them except the very wealthy or lucky. locally in my city which is 40 miles southwest of Toronto... houses that cost $200,000 in 2008 cost $400-$500,000 now most working people even with two professional incomes it's a close shave just to scrape by. I guess I'm thinking locally not in the slummy cities. Sure in St Louis or Detroit or Cleveleand, Chicago, Buffalo etc those need flippers.
fair enough. i think most cities in the US have or are still going through phases of innercities being complete trash. detroit is the famous city. but every city within the top 100 populations have areas with delapitated housing. these areas need investment. unfortunately, the people that still live in these areas do get screwed when investors come in and refurbish homes en mass because it lifts the housing values and most of the residents are renters which pushes the out of their markets.
The solution is not to live in expensive areas so I didn't. I didn't feel the Recession because I bought CHEAP property and renovated it. I never owned a new car because that's a poor use of money. I can easily afford to buy one for cash. Live BELOW your means, cover your ass, and don't buy shit you don't need. My parents were young during the Great Depression and I learned from them. They retired quite comfortably because they never wasted money.
I lived in Lehigh from 1973 to 1979, and I remember a retirement community of about 24,000, with a few hundred unfortunate teenagers living in a town that was not in the least bit interested in providing facilities to occupy us and being bused to a rural school built like a prison. For a time we had a miniscule building (YMCA-affiliated?) that we could pile into, but that was about it. I think there are some rose-colored glasses being viewed through here...
I'm still living in the same house I've been living in since 1961. I never had a mortgage, either. The house was owned by my father before I inherited part of the house and paid my brother and sister for their share of it.
@danger dork's ghost s Are you very good at math? Boomers are between the age of 55 and 74 right now. Vernon Chelski has lived in the house for 49 years but doesn't say how old he was when he moved in. If he moved in between the age of 6 and 25, then he would indeed be a boomer. On the other hand, he may not be.
My dad always said all this crap would collapse He bought a home in 68 and paid 30,800 He paid it off in 18 years He always said live within your means I should have listened to him
I took a 30 year mortgage in 2003 paid my house off in 14 years the banks always want to sell you more house than you can afford. Listen to your gut I have always lived below my means.
Great video! I am a native Floridian (from West Palm Beach) and currently living in Charleston SC. We are looking to move back to Florida (Lee County) due to the close proximity of my home town (WPB) , Tampa, the Keys all about 2-4 hours drive depending on what city we're going. Upon my real estate search Lehigh Acres dominiated the listings. I thought it was due to the fact it was west of the beaches and larger cities. Had no clue of the history behind this town. Makes sense now that I have seen this. We are going down to do some home shopping in a couple months and I will STILL consider Lehigh as it seems to still have a ton of potential.
Melinda's story was so sad, seeing her smile while telling her story. The worse the things she says are, the bigger her smile gets. I feel like she must be psychotropic medication. Shes even older now, I hope she's alright.
It will never recover to the 2006-7 levels. Those prices where a product of no money down loans, if you are 18 and over you qualify for the loan. Those days will never come back and neither will the inflated prices.
Some areas the prices are higher in 2019. Gov't is propping up economy to get Trump re-elected. My prediction is a pretty big recession in 2021 or 2022 at the latest.
Paul P governments don't prop up economies. Central banks like the fed do. When that involves further inflating a huge bubble in an environment of love interest rates and unemployment it's a case of kicking the can down the road. The big bust is most definitely coming
I live here in Lehigh and it has gotten back to normal. A lot of people got greedy here during the boom. Started taking equity loans on their homes. Or tried to jump in on booming market without a clue of what was going on. The dust settled afterwards and a whole lot of new buyers started coming in getting great prices on homes witch started a demand which leads to higher prices. Lehigh is also very big, if we incorporate as a city we will be the second largest city in area in Fla. Neighborhoods very from wouldn't want to live there to very nice.
Lets not look past the fact that regardless of why the housing boom is what it is, Lehigh Acres Florida is a literal craphole. There is a very very small community of higher end homes in a neighborhood in the heart of the town that is literally maintained by the people in that community but outside of there, it is a crime ridden, drug infested low class ghetto population of low and no income people living in filth. I wouldn't buy a home or even rent there if it was free.
You must be very proud of yourself, so much better than your fellow mankind--If there be a God, could you be the BIG BANG herselfie? Of course God is love, so whose's team are you on--have you ever gone to the Publix there in Lehigh, just as nice and clean as any in the 'parking lot' of Naples--and a lot more accessible! If there's one thing I do like about Lehigh, it is the eclectic makeup of its people--much more friendly, and hospitable than the folks you run into in those more wealthy domains--me gusto mis vencinos un pequena mas porque ellos tienen corazones grandes, y mucho felicidad
I don't know whether to give this a Thumbs Up or a Thumbs Down. In 2008, I bought three lots in Lehigh Acres, and lost my entire life's savings... everything. Expensive lesson to learn.
In my office I have a chair worth about $40 that I paid for, at 14 minutes into this you see the clerk of court sitting in a chair that probably cost about $800........ Does anyone other than myself see something wrong here?
Bought my first place in 2002 for $95K which was the top of my budget. My realtor’s suggested Mortgage broker had approved me for a loan of $320 with zero down. They both were flabbergasted when I declined. “I wouldn’t even be able to make the first payment” I said. One rolled her eyes while the other shook his head like I was some kind of hayseed. But what they were offering me made no sense.
We came to Florida on vacation from the Chicago area in 1977. We were in Tampa in the motel and my father got a phone call to come down to a place and check it out for a free night in the hotel dinner of course. Well, the sucker bus took us to Lehigh Acres and they bought a 1 acre lot for $7,000 that was probably worth $500 at the time. Long story short we moved down here in 1980, it was a boring but decent place to live. We came on those sucker buses you were talking about. First homes and Fort Myers closing down the projects killed Lehigh Acres. I moved out and 17 because I didn't feel like shooting somebody because they try to mug me or Rob the place I was shopping at. With all that stuff going on rents were skyrocketing from 1300 to possibly 3,000 a month for the same home we are in since 2017. Moved to Lake Placid Florida, what a nice place to live
I know this is an old story, but I processed mortgage loans for years. Many of the loans that were approved, I knew would end up in foreclosure. Mortgage lenders were lending money to people that couldn't possibly afford the loans and loaned them with low adjustable rate mortgages, but didn't explain to the borrower that their low rate would only last a couple of years. I wasn't in a position to tell the borrower what they were getting in to....Not only did the mortgage industry cause the foreclosure crisis, but it also caused thousands of people like me to lose their careers and means of living. I can't even tell you how many times I was laid off and the career that I had for so many years is gone. I am no longer in the business and struggle to make ends meet.
"Nobody was predicting a crash." Riiiiiiiighhhhttt... There was plenty of warnings throughout the 90s and early 2000s that we were going way too deep into debt and that the economy was overheating, producing multiple bubbles. But people wouldn't listen - they were too busy trying to ride the hype-train to what they thought would be a quick and easy fortune. And did we learn anything? Nope! We're all aboard the hype-train once again, with real estate dealers gleefully declaring that the housing marked is booming, rising even higher than the 2008 level. Oh yeah...? And what happened in 2008, pray tell. Sigh... For such an advanced species, we're remarkably stupid. We keep on repeating the mistakes of yesteryear, entirely oblivious to our own history.
My family moved to Clewiston Fl. in 1960. As a child, we would go to Ft. Myers beach. On the way, there were hundreds of signs saying Live in Beautiful Lehigh Acres. I looked on Maps looks like there are a few homes there. Not much to show for 60 years.
America has its issues, but can you really compare us to China or NORTH KOREA? North Korea is not a nation. It is a joke of nation with no regard for its own people. Hitler Jo Kim..
Live in Tampa. I go down there to check about abandoned places. Some of these are in HOAs and have a lot of fines built up. you may get one real cheap but have to pay a lot to fix it up and to pay off the fines.. I have located several lots beside a State Forest that I'm trying to get a total of 4 acres plan on making it into a community farm
@@jarrodbarkley7573 it's started. Unemployment, most jobs gone. People maxed out on credit cards and loans. Food shortages because of lockdown and farmers have to destroy crops milk animals. You can't just flick a switch. My advice pay off your debt. Sell things and live somewhere cheap. Crime will increase and civil unrest, gangs breaking in. Watch survival programmes and prepping and how to keep safe.😷
In many cases the people bought a house that was expensive because in the inflated market at the time that was all there was..everything was expensive in Florida and the wages were still low. People bought because they thought if they waited the price would be higher tomorrow and they thought they would be priced out of the market. It wasn't about a deal, It was about getting a house, any house before all house prices were out of reach.
About the same thing happened in Las Vegas. Properties selling in the boom time for 270Ks and dropped to the low 70Ks. Some areas looked like a ghost town. I bought a 4 plex for $268,000 in 2004 and in in Jan. 2006 sold for $435,000. the market was going crazy. Too bad for me instead of holding the money, I rook the money back to the Los Angeles area and bought a rental house for $489,000. The valued dropped to $390,000 during the bad times, now it is up to $450,000. One of the good things that happen to me was refinancing the loan from 5.5% to 3.75%. Most of the Southern California region was not hit quite as hard as other regions of the country. Update It's 2/2016 the comp houses are now selling for $535,000. It probably won't hold at that level, and I see a small drop in the future but I don't a crash because all sales requires the buyers to put some money in. No more no down, no credit check.
Hey i was in the building trade. I lost my house too! Its the banks and the government. Screwed everyone! In 2009 when i lost my job I lost my house! 11 years i paid the mortgage! GONE!
Losing your home must be one painful experience, sorry that happened to you. However, why are you putting all the blame on banks and the government? You play a part in it too.....When you buy a house you need to stick to your means and not over extend yourself. And before you buy a house you also have to be prepared to cover at least 6 months of monthly expenses with savings in case of an emergency where your income is interrupted.
Maybe they did have enough for six months but still couldn't find work. I watched so many hardworking people lose jobs in Florida from company closings after closings, I learned to withhold judgement.
Always secure the roof over ur head buy cash buy something cheap fix it up if i cam do it u can i was once homeless living on the street and rhat fear trained me never to borrow cause i don't wanna loose my job and back on the street. The grar is so much i have over 100 acres of lad with a lake for water ocean front for fishing i even make my own gad and power im recession proof i am not going homless or hungry again
King Kor, his comment is 100% correct. People need to wake up and see what's going on around them. It's getting ready to happen again with all this subprime car loans and all the bloated debt that this country has in 2018
Sarasota county, about an hour north of Lehigh, saw a huge year on year appreciation from 2002 to around 2006. While the per capita income in Sarasota is much higher than in Lee county, it was not a protection. They experienced a similar boom and crash cycle. Property bought for $80K went to over $350k before it started sliding back down, and boy did it drop fast. Being upside down in more than one property was an experience that many shared. Knowing they were going to eventually default anyways, it was quite common in that time period for homeowners to rent their property out and keep the cash instead of paying the mortgage.
Excellent and very informative and professional film about Lehigh. The housing market here in the UK is not much better with new build homes going up and people seemingly buying them but people losing more and more jobs? Does not add up
OWNING AMERICA "On Sept 1st, 1894, we will not renew our loans under any consideration. On Sept 1st we will demand our money. We will foreclose and become mortgagees in possession. We can take two-thirds of the farms west of the Mississippi, and thousands of them east of the Mississippi as well, at our own price... Then the farmers will become tenants as in England..." - 1891 American Bankers Association as printed in the Congressional Record of April 29, 1913
+SNEAK982 Why are you here intentionally misinforming people? The following statement is a horrendous lie "Banks pay out loans to costumers from other people's savings " We are refering to COMMERCIAL BANKS, correct? Empirical data clearly and absolutely shows that banks do not lend from other people's deposit, and moreover, they are outright telling you that that is not what they do. If a banks has 10 million dollars in deposit, and they lend 300k for a mortgage, they still will have 10 million dollars of savings in reserve. The 300k DOES NOT reduce the amount of money in other people's saving account. We know this with absolutely certainty because the monetary base lags behind the credit cycle. But despite this the banks have to balance their books. They can balance their books because of intrabank loans, the FED's discount window or the effects of the velocity of money. However, too much credit too fast destroys the velocity effect, and we get recessions and depressions. But this is, in its modern version, three centuries old. So yeah digital money is counterfeit money. The banks can choose what business can use them and which cannot. They can effectively control online businesses because accepting digital money is their exclusive privilige.You also hinted about regulation? Have you been sleeping under a rock all this time! Politics dont work that way. Politics work with $. If you dont have $ you dont get represented. It workds exactly like that for both parties. Sometimes the banks write the laws, and the respective law makers get campaing contributions. Most of the time the banks write the laws word for word, leaving out blanks so that the supporting congressman can fill in their names. When representatives go to Washington they spend most of their time trying to get money for their party, Republican or Democrat. They even have dinner clubs in Washington where lobbyist and lawmakers meet.. REFERENCES“In the real world banks extend credit, creating deposits in the process, and look for the reserves later” (Moore (1979, p. 539)-quoting Fed economist)“In the real world, banks extend credit, creating deposits in the process , and look for the reserves later.”Alan Holmes, then Senior Vice President, Federal Reserve Bank of New York (1969)@835955103154389www.bostonfed.org/economic/conf/conf1/conf1i.pdf"the difference of m2-m1 leads the cycle by even more than m2 with the lead being about three quarters" kydland and prescott Pg 14@835955103154389minneapolisfed.org/…/presc…/papers/prescott-et91.pdf“Banks lend by simultaneously creating a loan asset and a deposit liability on their balance sheet. That is why it is called credit “creation” - credit is created literally out of thin air (or with the stroke of a keyboard).”Paul Sheard, Chief Global Economic & Head of Global Economics and Research, Standard and Poors@8359551031543892joz611prdme3eogq61h5p3gr08.wpengine.netdna-cdn.com/…There is no evidence that either the monetary base or M1 leads the [credit] cycle, although some economists still believe this monetary myth. Both the monetary base and M1 series are generally procyclical and, if anything, the monetary base lags the [credit] cycle slightly.Nobel prize winners Finn Kydland and Ed Prescott , Federal Reserve bank of Minneapolis (1990)@835955103154389www.minneapolisfed.org/research/qr/qr1421.pdfUnder the present system banks do not have to wait for depositors to appear and make funds available before they can on-lend, or intermediate, those funds. Rather, they create their own funds, deposits, in the act of lending. This fact can be verified in the description of the money creation system in many central bank statements, and it is obvious to anybody who has ever lent money and created the resulting book entries.IMF Working Paper Chicago Plan Revisited, p9@835955103154389@2012The key function of banks is money creation, not intermediation.Michael Kumhof, Deputy Division Chief, Modeling Unit, Research Department, International Monetary Fund@835955103154389vimeo.com/64807284@835955103154389www.bostonfed.orgBOSTONFED.ORG
One of the best things that I have done was to not buy a house that was above my financial means, leaving no wiggle room to survive a crisis. That one smart decision afforded me the ability to be able to make a double mortgage payment going on 8 years now. Bigger and better was never my dream house!
That's exactly how I have survived here in my small condo in Bonita Springs FL and I'm paid off. The freedom of being debt free takes out so much anxiety. I wish people would stop considering their homes as dream homes or ATMs.
yep you should see the building here in Tampa OMG Hillsborough county commissioners have gotten so greedy they are trying to build as fast as they can to cash in.....the see the same happening again, i am wondering what will make it POP this time?
By your logic the crash that happened in 2011 would be Obama's doing!!! So if Trump came into Office and got the New housing Boom going them your Statement like most who CLEARLY dont know how the economy works is 100% incorrect! All Obama did was see how many Celebs he could get to come to the white house, he Ignored the water issue in Michigan so much so Kanye had to Donate a Million of his own Money yet we had a president who was more worried about being on the front page next to a celeb than our countries infrastructure. I am Not sticking up for any president that has NOT helped our Country in times of need and that would include trump if he did or did not try to help but as of late hes worried about the Citizens and Not the illegals trying to get in but yet hes a villain for it, its funny those who claim hes bad are the ones always throwing the most stones... But I will; get back to the Economy something you clearly did NOT pay attention too when in school Because if you had, You would realize he has Nothing to do with the Building boom or lack of. The President can only request action of the governmental agency that controls it (which by your own statement shows you dont even know what that even means) SO maybe next time you should pay attention in school because if you did pay attention back then, you would have learned which Branch of the government keeps tabs and controls the economy along with its rise or fall there of as well as how to manage the lending to stimulate the economy. Your own lack of UNKnowing is why this country is DOOMED NOT because you hate Trump........he will be gone after his Term what you all do to tear this country apart while in office is your mess to clean up NOT HIS!!!
These abandoned homes in this film today (2019) have been completed and are landscaped and occupied. The building boom began again where it left off in 2008 starting in about 2015, I know, I live in Fort Myers, Fla.
Lehigh acres was, is and always will be a desert. Built and promoted by hucksters and con men for only one reason; to fleece the rubes. The newest similar market: Gateway. Built on the edge of a 60 year old landfill, and partially under FPL high tension power lines. Absolutely horrible water quality, when the wind is right the smell of the landfill will almost make you retch. And this was built and sold as an "upscale" community. Want to guess where Gateway is? That's right, next to Lehigh fkn Acres.
I just moved here about three years ago, so here's my take on the community and area. Lehigh has about 95 sq. miles of developable land. It is centrally located in between Estero and Fort Myers. The population is about 90,000 residents. Cape Coral, which boast as the largest City between Tampa and Miami has a population of about 154,000. Fort Myers, arguably, the counties central hub has about 66,000 residents. So I would imagine that makes Lehigh Acres the second largest community in Lee County. Lehigh is about 5 minutes from the Boston Red Sox spring training facility (Jet Blue), and is about 10 minutes from the airport (Southwest Florida International Airport). Lehigh is about a 15 minute drive to downtown Fort Myers and Estero, which is the fastest developing area in Lee right now. Lehigh is also centrally located to all major colleges and universities in the county; about 15 minutes to either Edison (Florida Southwestern) in Fort Myers and FGCU in Estero. Lehigh is also about 20 minutes from either Cape Coral or Bonita Springs downtown shopping areas Lehigh is about a 10 minute drive to I -75 and is bordered by highway 82 which leads to downtown Fort Myers and to the south passes through Immokalee (Seminole Casino) and intersects with I - 75 via HWY 29 at "Alligator Ally". Lehigh has about the same percentages of demographics as other surrounding areas. Lehigh's crime rate has fallen in the last few years, but still remains higher than the national average. and remains higher than other surrounding areas, except for Fort Myers, which has the highest crime rate in the county. Eventually, the county and state will widen HWY 82 and create a road to access Alico in Estero which will make a very large portion of Lehigh very attractive to families that wish to locate here and work in Fort Myers, South Fort Myers, and Estrero! I see this area in the future building up and out to accommodate the rapidly growing commercial, residential, and government entities in Lehigh and the surrounding communities!
Wow, pretty sad when a house is worth the same amount as a new luxury SUV. There must've been a serious oversupply in the area when the market downturned.
+MrGMAN92985 do not feel sorry this whole thing was based on greed an unhealthy one at that. Many had a home all paid for and took out the equity which is considered very foolish for the payments made in the early purchase were a fraction of the new ones even with a low interest rate. My original mortgage with PItY was 164.00 a month had I taken the equity it would have been over 700 a month how smart is that? They only heard one side the sales pitch and never considered the small print.
This is very a interesting documentary even though it is over 6 years old. I looked at the real estate for 2018 for Lehigh Acres and there are TONS of lot listings. It all makes sense with this video. I'm Canadian and we haven't had a big crash since the early 80s. People keep saying we will have a crash and with the house prices increasing like crazy it's got to happen eventually.
when i bought my first home around 2002-3 i applied for a 110k loan . the bank approved me for a 375k they knew what was going on and we bailed their ass out
![Noob To Max With DRAGON REWORK In Blox Fruits [FULL MOVIE]](http://i.ytimg.com/vi/LnBMOinoOvA/mqdefault.jpg)
Lost my home in 08 to a variable mortgage, saved for 9 years and bought a foreclosed home for half value for cash. No more banks!
Banks are only to make money from the people, they are fucken thieves,..everything you buy carries a ....finance charege which is astronomical. If you buy a new car, and the car goes for ten thousand dollars from the ....dealer with the fucken finance ......you wind up paying twenty thousand dollars,....them and the fuckennnn.......dealers are just as badddddddddddddddddddddddddddddddddddddddd.
Alot of people did with balloon rate
Good job hun so do i i do not borrow never have never will
@@armando6565 Banks are illegal. Watch the History of Banks. The way they work and what they do are illegal as the IRS.
@@darkhorse3557 The people had some protection after the big crash in 1929 but I think it was Bush Jr admin that repealed the SEC ACT of 1932 (CK that date, unsure at 8am without coffee!). That act kept Wall Street from mingling our funds with their "investment" funds. Now? We're phucked until another huge crash, or a real revolution. Never say never. ✌️
My grandparents owned a lot in this place, and decade or so ago they said they got an offer on the property, but it was for the same as they paid, I made them sell it, and they were so relieved. A few years later they saw the news of what was happening there, and realized they were one of the lucky ones to have at least been able to get their money back.
I moved from NYC to Lehigh Acers FL 2 years ago. I am a renter and me and my family LOVE the peace it offers. I wish I could buy a small piece of the American dream. To all the are Veterans, the VA HOSPITAL is outstanding. Semper Fi
coming from New York City anything look good especially when you don't got to deal with that weather and the rodents and rats as take over that City
You can! For what you have paid on rent you could have bought the place! Fact not fiction, but everyone has an excuse...
SHIP PROGRAM, HELPS WITH DOWNPAYMENT. AND IT'S A GRANT YOU DON'T HAVE TO PAY, YOU'LL HAVE TO LIVE FOR A CERTAIN AMOUNT OF YEARS WITHOUT SELLING, RENTING ETC FOR THE GRANT TO BE NON PAYABLE. GOOD LUCK AND GOD BLESS! SORRY, FOR THE CAPS BUT THE PURPOSE IS SO PPL COULD SEE THIS BLESSING.
@@davehibbs9111 if you can't pay rent , you can find somewhere cheaper. If you can't pay your house then the bank takes it.
It's already happening or been happening. The homes are now targets for crime and poverty.
I'm from Lee County, lived in Lehigh during the recession. It was absolutely hell, my husband was a land surveyor, a crew chief. We had it all. And then suddenly, we lost it all. It's taken us about a decade to get back on track, hubby is finally back in surveying, and we are good. But being pregnant and homeless with 3 kids, it does something to you. I still have a hard time feeling secure, I'm always waiting for the rug to be pulled out beneath us.
From Tampa a lot of people did You should stayed in the house and fight it for years.. My brother n law is a retired police officer. wife left him They lived two doors down. He has not paid on his mortgage for 4 years. He file for bankruptcy the banks are foreclosing he use the system to keep putting the sell off. He is not paying the mortgage payments pocking that
Another reason to rid yourself of any and/or all credit cards and pay in cash or check. Wife and I have not had credit card for 30+ years.
Feel that! I was devastated in the recession. I never feel secure...it was my fault, to be honest.
If you don't want the rug to be pulled from under you, then do what i did. Use laminate flooring instead
Hello
I live just north of Lehigh, moved here a year ago, and was curious about the history. I'm anxious to watch this and learn the backstory.
Surprised no mention of the Chinese Drywall problem in that area.
LeHigh is FULL of Chinese drywall! Google it ....nasty stuff!
That is false
A lot of it was used during the rebuild after Hurricane Charley hit Cape Coral and Punta Gorda. Nasty Stuff!
Eric Smith News home are not made right. They are so bad. I can’t even tell you. I owned a plumbing business l went to see a house man was it bad. You get what you pay for and what people do it. Most don’t even know how teach as you go lol. It’s sad so sad.
this is what happens when people refuse to teach the young workforce. shot yourselves in the foot... but hey enjoy your dollar store deals!
I was in Florida (from Ohio) around 2007 and drove around the St Pete area. Every other house was for sale. I remodel houses so I stopped in a Realtors office and ask about properties in that area. I was told most were speculation where the buyer bought, did nothing to the property and was simply waiting for the value to go up. I ask about foreclosures and the realtor looked at me with disdain and informed me that they NEVER have any foreclosures in that area. Three years later, they had the highest percentage of foreclosures in the United States!!
I lived in and around St. Pete for a long while. including in 2007. I actually arrived in Florida for the first time in 1982. I am still OT allowed to claim that I am a native Floridian.
I lived on 16th St. in ST. Pete, near to Central and downtown. We owned a house there. Lived in Dunedin, and also in Clearwater, out on the beach side. We owned another home in New Port Richie right around 2007 as it happens. Lived there for about three years.
We walked in different neighborhoods, you and I, it seems. I am not filthy rich and visited numerous middle income and lower income neighborhoods over the years. I never saw communities anywhere that were half empty. Were there foreclosures? Of course. Especially after the crash of 2008. But many, many places were hit far worse than St. Pete.
And the thing about loose talk like yours is that, after 2009, there were PLENTY of communities that WERE half empty. Daytona Beach, where I and my wife lived in 2010-2013, and still have extensive extended family in, was devastated. Not just neighborhoods, but businesses. It was distressing. The places they are discussing in this video are virtually destroyed. To this day three out of five homes are empty and abandoned. What remains can't be sold at a quarter the price it is actually worth.
I now own an 1800 sq.ft. home in Lady Lake, in a lovely, quiet, well-kept neighborhood, with an in-ground pool, on a shaded quarter acre lot. Bought my home six years ago for $110K from a house flipper who bought it for $35K and refurbished/remodeled it. It is worth $170-ish now. My daughter and son in law own a home in the St. Pete area, in an HOA community. They bought seven years ago at $165K and their home is worth $250K now.
I also lived in Lehigh Acres. Both my wife and I are/were troubleshooters in our fields. In my case, high end art/production facilities systems, and in hers, retail store operations. We work/worked under contract always, and therefor moved often. She still works, I am retired.
Lehigh Acres is a pit, and the real estate speculators that ruined that natural wetland and built all those f*cking houses, and are responsible for how it all is now, which is more or less a ghosted wasteland, should be stripped of all their personal wealth and run out of town on a rail.
As of now, nearly all of the greater Tampa/St. Peterburg metro complex, some 2.5 million people strong, is prosperous, bustling, and growing. Not to mention the benefits we all here in Florida enjoy from living in the freest, most protected, most "woke-free" state in the country, thanks to our pit bull, mofo, pagan god of a governor. I will take DeSantis for President in 2028, right when we are likely to need him most, six days a week and twice on Sundays.
You might want to consider getting updated info before you talk about someone else's home, friend.
I found out in year 2000 that residential real estate bubble was going to burst. I sold all my Florida real estate in the year 2004. It was no accident that this happened. The banks were ready to diminish the middle class.
Just watch what happens now. . . It's all going to crash
@@ClotEastwood Sure the heck is, things are going to get a LOT worse. People will have to hang on to what they've got, if they can.
The crash that's coming is going to make 2007 look like a hiccup. We bought our first home in St. Pete 1992 for 52k. In 2018 we sold it for 350k. We had done 60k in renovation in 2007. Pool and custom back porch etc.
Paid cash for a 40 acre mini farm in N. FL and never looked back. That home in St. Pete is now valued after 2 more sales at 650k. That's just insane in my book.
History is repeating it's self right now. We own a house that was built in 2006, bought it in 2012 for $86k... Today it evaluates at over $300k. The empty lots next door are worth maybe $3k and have sold for $15+k. New home across the street has asking price of $360k. Lehigh is growing very fast right now. Hurricane Ian has made many people want to move east of 75.
It will be very hard to try to sell a house there with lot prices low enough that you can build a house for under 200k. It may not be a big house.
@@RPSchonherr lots are 1/4 acre... Only people buying are the building companies.
This is a great video, I almost punched the wall when I heard the lady who opened the coffee shop. Her story about the credit card companies raising her APR was one I personally related to. It happened to me too. I recall how unfair it was, I was so pissed. She spoke about it with a smile and I just cried at her resilience to deal with it and smile. God bless her, hope she gets out if it.
We were forced to bail out the banks! Nobody bailed us out!
That's how they pass on "risk". We need to avoid risk too, by not engaging in their business practices and social constructs.
Michael Cuff not just banks but companies like GM got $50B and they are using that money to relocate their factories in Mexico and overseas - the government was giving the excuse it was necessary to “save jobs” but no restrictions or conditions put on that gift to the “capitalist” system.
Very true. Obama caved in very quickly.with AIG. And his mortgage relief came 2 years late.
I'm a miami native (hialeah exactly) i lived in lehigh (2013-2018 ) for 5 years or so right off of sunshine and lee blvd (11st SW). it was a amazing home and great quiet block. I honestly was never advised about the "dangers" compared to cape coral it is a huge bang for your buck. I found out later how bad it was from locals but nevertheless i just put up a huge nice fence , cameras, and 2 german shepherds but i never had a problem thank god , and honestly i'm from miami so i've always "watched my back" and have that mentality already so no biggie at all. Still compensates the low mortgage i had trust me i wish i can go back but my family refuses to leave miami so im stuck since i want my kids to grow up around their grandparents.
There is an old saying. If the deal sounds too good to be true, it is too good
to be true. Too many people think living on credit and with a mortgage
is supposed to be the norm. It works until you loose your job or get sick. Then the
house of cards falls in on it's self.
The following simple mortgage lending rule would have stopped all this:
"The loan to value ratio at the time of purchase shall not exceed 80%."
"An entitity has to retain at least 20% of the mortgages it originates."
Good film and thanks for sharing it with us. I can comment on this first hand. I was a production manager for a certain large and successful building products company. I went out on several occasions in Florida, California and Nevada to perform field audits on our products. We knew this was going to happen as early as 2003. We made our money and the smart people in the business jumped ship before everything fell apart. It was pretty sad to say the least.
It's horrifying to watch the ease at which these individuals casually discuss their own dishonest actions, which led the one of the largest land scams in the United States
@9:28 the lady laughing at scamming people
i admire that women who opened the coffee shop. shes still smiling
Hello 2008 nice to see you again I will be mowing your vacant homes once again. Hello old friends.
My Husband and I bought an old two story house that was built in 1920 back in 1964it was for the mines the miners and their family’s. We got it for 3600 dollars fixed it up somewhat and raised our 5 kids .We didn’t have much but we had four walls a roof and heat so we made out just fine . We didn’t need a mansion couldn’t afford one and now I’m a widow living on a very fixed income still in this near 100 year old house kids and husband are gone lm all alone in this ole house but it’s mine and it’s paid for as are my bills. It doesn’t pay to try to live beyond your means..
Beverly can you tell me where you live because I know an elderly gentleman who would rent a room from you and take care of all the yard work. He is an honest and simple man hwo lives on 1350.00 a month social security.
Hope your kids are well and u get some form of care and attention.
I was born in No. Fla. 80 years ago. I lived on 17 acres in north Florida that my dad bought at a delinquent tax sale for $250 in 1947. When I was 27 years old I married a girl from Tennessee. We moved to Tennessee and after a period of adjustment (secure jobs and some small savings) we bought a city lot for $3500 and co-built our house using builders to do what we couldn't. It took four years to move in. We had a child who was 7 years old. We bought the vacant lot adjacent to our house for an additional $5300 and have kept it vacant (undeveloped) since 1980. We paid our house off early by making additional principal payments on the loan. That cut 5 years off the mortgage. We still live in the house 40 years later. I bought another additional lot that an old couple occupied and both of whom died within a week of each other. The property was auctioned at the courthouse by the sheriff (Their children were not interested in owning and paying taxes on the property). We bid $2850 for the property and got it. We demolished the crappy house that the old couple had occupied because it would cost more to fix than it would be worth and paid the $55 taxes owed on the property. That vacant lot is now assessed at $35,000+ and remains empty. The adjacent lot we purchased for $5,300 is now assessed at over $40,000 and remains empty. The house that we co-built with a loan from a local bank for about $38,000 (2400 SF) is now valued at about $250,000 but is assessed at $169,000. Our taxes on all three properties are about $2500 a year for both city and county taxes. We still maintain our properties ourselves and have specialists do work that we can't do when necessary. My wife and I have been married for 52+ years and have been retired for 13 years. With her pension and mine and her SS we are as happy as can be. We still save and invest conservatively. We both enjoy unusually good health. We were also able to have good jobs with almost no interruption for over 44 years and saved and invested conservatively which means that we will never have to worry about expenses. Our son lives in California and makes more money in the tech sector per year that either or both of us ever did. LIFE IF GOOD. I don't miss living in Fla. but I do like to visit there occasionally.
(Liked, But..) Learn to use ctrl + enter. Makes for an easier read. Many will will have scrolled this (good info), due to. .........
There used to be a saying "If you believe that, I have some swampland in Florida to sell you." I believe they were referring to Lehigh Acres.
Not only a great informative video, but made more real and interesting by including the history and the people. Thanks
Not the problem now! Lehigh is a growing place!
Tim Calhoon so is it really getting better down there? I live up in Tallahassee and never heard of this place.
@@benvasilinda9729 Lots of crime there.
I used to live in Cape Coral and Fort Myers. then big corporate bankers came in and offered people a dream that turned into a nightmare.
Lehigh Acres FL... been there done that and escaped. Lehigh is third world.
I read it's sinking like the rest of Florida not to mention the drinking water problems! Buying into the florida dream is dieing!
It's currently 6/14. We moved to Lehigh about 10 years ago because our son and DIL moved here via job transfer, and we liked it too. We saw an opportunity to finally afford to own our own home here. Other family and friends followed. Yes, we saw our properties devalued to maybe half of what we originally paid, but that was not unique to this area, just the scale of houses built was higher, therefore more left idle when the crash came. Nevertheless, we still love it here. Coming from a crowded city in CT, living here in a semi rural area with space between houses and neighbors who are great has been a wonderful change! Our little "neck of the woods" is idyllic in so many ways, I have never regretted moving here! I know there are problems and it isn't perfect, but that can be said about any place. I still feel like I am on vacation in paradise, even 10 years later. I'm not blind, and I'm not stupid. I can point out the negatives and go on about the positives, but the point is, I am at home and at peace here, and that is a very good thing. I can go bike riding after dark and have no worries, maybe I'm a fool, but that is how laid back it is here, and I love it. Again, like anyplace else, some areas are worse, some better. I hate the negative focus this area gets when so many other places are worse, and no where near as beautiful overall. We chose to live here and have no regrets. I guess I should embrace the negative view of the press...it'll keep the population stable, just the way I like it!
So I live in Lehigh acres and this video is old, but there was a chance to go from rags to riches if you were buying up the inventory and sat on them for about 4 years.I purchased my home for 94k (June 2014) and I did absolutely nothing to it and it was just appraised at 180k (April 2018). The Fort Myers area is booming and there is tons of work. Since Lehigh’ homes are more reasonably priced there is pretty much zero inventory in the housing market. I’ve been seeing so many plots of land for sale and a lot of new construction homes being built.
3MM4 P33L well not directly but I do think about the problem about people not being able to own a home due to high rent cost. My longer term plan is to have several homes paid in full so I can set lower rents. I hope this would give people an opportunity to save a higher percentage of their income and use it to purchase their own place. I have a couple other ideas but I’m not sure of the legality. Such as charge a higher rent but put a percentage away for them and when they leave I would give it back to them. Basically I would be clear in letting people know that I’m looking for people that want to purchase a home in the future but don’t have the money saved. The implementation is further away so the idea isn’t thought out all that well at the moment, just some generalities.
The guy at 3 minutes who says nobody could have predicted a crash is telling bullshit as many people were . I was in NJ at the time and we bought our second home after selling our first and I knew it was overheated but put down 30% for that reason.
I live in Ft Myers Fla, about twenty minutes from lehigh acres. For all of those looking for an update, it has recovered. Hurricane Irma was a minor setback in 2017, crime has risen a bit in certain areas of the city. Otherwise the housing market is strong there.
@@JMARTIN1947 It has nothing to do with Trump, housing market's have a history of fluctuating depending on spending and interest rate changes. States such as Florida rebound quicker than most market's because the population has continuous growth. Trump has already been given too much credit for things that he had nothing to do with. He's not getting credit for this.
I live in Lehigh, did during the recession too. My parents lost their house so I had to teach what is like to rent. My dad still rents to this day as he never fully recovered from the bust. I luckily own.
😂
@@henryhawkins1194lmfao
As a real estate appraiser , I have walked in on more grow houses than i can count on both hands, during the foreclosure crisis when we had entire subdivisions sitting built but unoccupied
Today 1/13/22, Zillow over 3000 listings just in Lehigh.
THAT CPA, MELISSA SMILES THRU THE WHOLE ORDEAL😁😁😁😁
Thank god i baught my house in Lehigh back in 2009 for $60k. Now its worth $180k!
11:01 - It was a scam. There was a reason why he subconsciously slipped up, and accidentally said “scam”. They were giving property to anyone with a pulse, and like he said, regardless of your circumstances, you will qualify. That’s essentially what got people in to this mess. Predatory lending.
Who likes to hear the truth? here it goes.... A contractor would approach you and say, buy a house from this company, and I will give you $20,000 CASH. Just pay rent the first month.. than after that.. live in it, sell it, abandon it.. but you still got your $20,000. And than he would say, you want another $20,000? your wife can buy a home too.. than after that... he asked you if you had brothers and sisters.. so on. These contractors ran around paying people to buy houses form the companies they built for. they were in $60,000 in profit.. so they could afford to pay you $20,000. the problem was that $40,000 profit was no longer enough for them so they started selling $700,000 houses and giving people $100,000 to buy a home. all these people were involved in this scam... they guy who talks about not paying rent after 4 months knows exactly why they weren't paying rent.. they never lived there in the first place.. bunch of crooks..
I've never seen anyone put it the way you put it but now it makes even more sense to me. I remember seeing ads for No Money Down or Mortgage assistant. I use to think they were odd but I never connected the dots.
As long as the bubble was inflating everyone was making money except the home owner. The bank would dump the loans before the bust/ the apraser got more work/Realator got her comession/ Government officials looked good/ Tax man got their tax/Contractor got work/Developer got paid/ Oh and a bank keep what little mortgage home owner paid before forclousure then resell the properity so they never really lose. The Only looser is the homeless homeowner.
shit man. i should have gotten into that.
Yes I wouldn't doubt this is true interesting I guess I don't get the full scope of how the scam works but it makes since that their could be one. Someone has to pay for the materials and such someone has to have the loan etc .... Someone is getting screwed at some level they have to have some idea of what is happening before everything goes to bricks.
The taxpayers are the ones who got whacked in the end, since their moeny went to support the banks that failed, and FANNY MAE.
bush cartel still at large, we guess best approx 400 TRILLION. NET Worth all fleeced. And tax bailed out. Ready for the next, 911? its coming.
One rule you should always follow in business is never combine your personal home with any financing of your business ventures!!
It's not that she lost her house because her business failed.
Mike B, Yep!
@@shelleygreyrealtor of course u wouldn't understand..y am i not surprised
@@divinee.155 What is that supposed to mean? As an investor, I can easily see the problems. Everyone was speculating, too much fraud with banks, agents, builders, buyers, everyone.
@@shelleygreyrealtor she said she took out an equity loan to open the business tho ...then admitted if the business didnt work out that shed sell her house . i guess her plan would have worked had the market not crashed .
Hola! Como Estas! I went to Lehigh Acres December 2017 to help a buddy clean up his house which is 70% finished. The entire house was overgrown with thick bushes that are some rapid growing plant thats as hard as a tree. He used to be a house builder and contractor but the recession knocked him out. He can't afford to keep a car on the road these days since he's now in his 70's. He's into that house for $60-70K or more. He's barely keeping the taxes paid on his little SSI check. People offer him $7500 for it regularly; they find his name and address at the tax assessors office. He can't get a CO because it's not finished. The whole neighborhood speaks Spanish, except him. A neighbor he doesn't know called the cops and said we were living there, while we were cleaning up the property for a few days with chainsaws and a mower. The police officer who showed up obviously spoke Spanish as his 1st language. I don't have a problem with Hispanic folks but while the officer was questioning me I had to keep asking him to repeat the question? "Take your hands out of your pockets and show me your ID!" That cop was "jumpy" to say the least. I know when the cops run your license plate (which I'm sure he did) it comes back the owner has a CCW. "You plan on keeping this house Steve? You better learn to speak Spanish if you want to live in Lehigh Acres."
I was lucky enough to settle a law suit to pay my lien in full, the feeling that your gonna loose your house is the worst on the planet, wouldn't wish it on anybody.
Fuck ur feelings ...you can still loose your house if don’t pay property taxes!
*Don't buy things on credit.*
Wandering man...I concur wholeheartedly. Buy just some something on credit, something small you know you can pay for. Pay it out ON TIME! Then, and so important...pay your utilities ON TIME! Have a system: my grandmother paid her bills as soon as she got them in the mail; my mother created a tickler file--wrote the date each bill was due on the outside of the envelope and mailed her payment a few days before.
@@joannebarrett1639 set up auto draft for monthly bills.... Hassle free...
@@ireneduke5022 Hi...auto draft is an option, all right, but one of which I choose not to avail myself.
Seriously??? Credit is not the problem. People need to have the discipline to buy only what they can afford and pay it off on time.
What do you own and do you live in north dakota
If the left the prices low those good ppl could have remained & the majority of this & the crime would have never happened. Greed is always “justified” by demand , you get this every time. These homes & lots have paid for themselves many times over yet ppl still can’t afford to keep up. They act like the economy is fueled by these decision makers that are normally NOT affected
watched this on 12/2017. I'd like to see an update video on this.
Michael Clark sink holes tides to hot Florida nice place to avoid it was good in the 1960 s I lived there then
That's because you all were greedy. Morons
Prices went up its more crowded now
it's booming, not enough houses. it gets crazily overcrowded when the northern birds come down on winter
Lehigh is booming. My in laws live there and its busy busy now. There are new houses and businesses being built all the time. It's great to see. I live in Fort Myers, FL which is like 20-30 min from lehigh depending on traffic and snowbird season.
18:40 This woman was a CPA and she did not know the state of the market in January 2008? Thank God I was not one of her clients back then.
That is exactly what I was thinking.
She is a CPA and making stupid basic financial decisions.
I am surprised she didnt buy a magic bean stalk.
I refused to re-finance for cash or anything, and I still have my house.
"Betty and I love it here. It's healthy, warm and friendly. And speaking of friendly, our afternoon 'Stepford Wives' orgy event is mere moments away. Thanks for checking in."
Mark Glover Masterson i
Eww Granddad!
Haha! Crazy old coot !
When a police dept. call and complains that there aren't enough tickets being written, that is what leads to corruption and dirty deals in the police force! and that will break down trust with that police force and with the people with-in that community!
Goes to show you that the police is just another business.
Moral:...Sell only to Families and only sell them what they can afford !!!...That way prices don't rise exorbitantly !!!
Rent only to former home owners. Renters have no idea of landlord expenses.
....'These people (my customers) buying with no money down....' - Mr. Part of the Problem
I built a house in lehigh for 100k in 2005. Sold it for 250k in 2006. Got lucky.
I really don't have a lot of sympathy for those who chose to buy houses to flip rather than live in. Homes are for keeping you off the street and giving you a decent, living environment... not a short term investment. This is what you get for being greedy. Too bad it sucked others down with the flippers.
without flippers, there would be nothing in the innercities. just boarded up houses that aren't up to code for anyone to live in. the overall household debt nationally would be far worse. it really is a stupid notion. it's like saying that we shouldn't have used car lots, like saying that you should only be allowed to buy new cars. imagine how many more people would be living in the streets. when you buy a refurbished house, you're paying for the time, resources, and abilities of other people to rehab a house that you don't have yourself. which is most people.
Close to me is Toronto, detached homes sell for about a million dollars each. No one can afford them except the very wealthy or lucky. locally in my city which is 40 miles southwest of Toronto... houses that cost $200,000 in 2008 cost $400-$500,000 now most working people even with two professional incomes it's a close shave just to scrape by. I guess I'm thinking locally not in the slummy cities. Sure in St Louis or Detroit or Cleveleand, Chicago, Buffalo etc those need flippers.
fair enough. i think most cities in the US have or are still going through phases of innercities being complete trash. detroit is the famous city. but every city within the top 100 populations have areas with delapitated housing. these areas need investment. unfortunately, the people that still live in these areas do get screwed when investors come in and refurbish homes en mass because it lifts the housing values and most of the residents are renters which pushes the out of their markets.
Mark Innes..agreed.....but there should be some sort of programs to help disabled and elderly fix up their homes if need be
The solution is not to live in expensive areas so I didn't. I didn't feel the Recession because I bought CHEAP property and renovated it. I never owned a new car because that's a poor use of money. I can easily afford to buy one for cash.
Live BELOW your means, cover your ass, and don't buy shit you don't need. My parents were young during the Great Depression and I learned from them. They retired quite comfortably because they never wasted money.
I lived in Lehigh from 1973 to 1979, and I remember a retirement community of about 24,000, with a few hundred unfortunate teenagers living in a town that was not in the least bit interested in providing facilities to occupy us and being bused to a rural school built like a prison. For a time we had a miniscule building (YMCA-affiliated?) that we could pile into, but that was about it. I think there are some rose-colored glasses being viewed through here...
I'm still living in the same house I've been living in since 1961. I never had a mortgage, either. The house was owned by my father before I inherited part of the house and paid my brother and sister for their share of it.
@danger dork's ghost s Snidely Whiplash had an effect on me years ago.
ruclips.net/video/8KfmgxiGKhs/видео.html
@danger dork's ghost s Are you very good at math? Boomers are between the age of 55 and 74 right now. Vernon Chelski has lived in the house for 49 years but doesn't say how old he was when he moved in. If he moved in between the age of 6 and 25, then he would indeed be a boomer. On the other hand, he may not be.
Is there a point to your post?
@@synone4013 Vote Republican!
You know its funny cause now this town is BOOOOOOMING like never before. They are building houses and commercial properties on State Road 82
Quickly on its way to Detroit
My dad always said all this crap would collapse
He bought a home in 68 and paid 30,800
He paid it off in 18 years
He always said live within your means
I should have listened to him
Smart man
Don Dressel my parents paid 60k for their home paid off in 20 years and lived within their means happy n retired
Don Dressel you should have don
I took a 30 year mortgage in 2003 paid my house off in 14 years the banks always want to sell you more house than you can afford. Listen to your gut I have always lived below my means.
Great video! I am a native Floridian (from West Palm Beach) and currently living in Charleston SC. We are looking to move back to Florida (Lee County) due to the close proximity of my home town (WPB) , Tampa, the Keys all about 2-4 hours drive depending on what city we're going. Upon my real estate search Lehigh Acres dominiated the listings. I thought it was due to the fact it was west of the beaches and larger cities. Had no clue of the history behind this town. Makes sense now that I have seen this. We are going down to do some home shopping in a couple months and I will STILL consider Lehigh as it seems to still have a ton of potential.
Melinda's story was so sad, seeing her smile while telling her story. The worse the things she says are, the bigger her smile gets. I feel like she must be psychotropic medication. Shes even older now, I hope she's alright.
It will never recover to the 2006-7 levels. Those prices where a product of no money down loans, if you are 18 and over you qualify for the loan. Those days will never come back and neither will the inflated prices.
Never??? QE, artificially low interest rates, inflation....of course it will....eventually.
Already rebounded in 2019' to prices of 06' people always think it's the end of the world!
Do you still think so paul. ? Lehigh 2.0 is happening now. Who would've thought? Good day
Some areas the prices are higher in 2019. Gov't is propping up economy to get Trump re-elected. My prediction is a pretty big recession in 2021 or 2022 at the latest.
Paul P governments don't prop up economies. Central banks like the fed do. When that involves further inflating a huge bubble in an environment of love interest rates and unemployment it's a case of kicking the can down the road. The big bust is most definitely coming
Clever use of credits at the end.
When you have to use naked women to draw customers the end will not be good.
If it STARTS wrong it will END wrong
Very well said, I agree with you.
I live here in Lehigh and it has gotten back to normal. A lot of people got greedy here during the boom. Started taking equity loans on their homes. Or tried to jump in on booming market without a clue of what was going on. The dust settled afterwards and a whole lot of new buyers started coming in getting great prices on homes witch started a demand which leads to higher prices.
Lehigh is also very big, if we incorporate as a city we will be the second largest city in area in Fla. Neighborhoods very from wouldn't want to live there to very nice.
Lets not look past the fact that regardless of why the housing boom is what it is, Lehigh Acres Florida is a literal craphole. There is a very very small community of higher end homes in a neighborhood in the heart of the town that is literally maintained by the people in that community but outside of there, it is a crime ridden, drug infested low class ghetto population of low and no income people living in filth. I wouldn't buy a home or even rent there if it was free.
You must be very proud of yourself, so much better than your fellow mankind--If there be a God, could you be the BIG BANG herselfie?
Of course God is love, so whose's team are you on--have you ever gone to the Publix there in Lehigh, just as nice and clean as any in the 'parking lot' of Naples--and a lot more accessible!
If there's one thing I do like about Lehigh, it is the eclectic makeup of its people--much more friendly, and hospitable than the folks you run into in those more wealthy domains--me gusto mis vencinos un pequena mas porque ellos tienen corazones grandes, y mucho felicidad
@@rickrebel489 Haha. You tell 'em buddy!
I don't know whether to give this a Thumbs Up or a Thumbs Down. In 2008, I bought three lots in Lehigh Acres, and lost my entire life's savings... everything. Expensive lesson to learn.
In my office I have a chair worth about $40 that I paid for, at 14 minutes into this you see the clerk of court sitting in a chair that probably cost about $800........ Does anyone other than myself see something wrong here?
That guy seems like a total idiot. How is he in charge of anything?
this come in full circle. 2021, lets see what happens in the near future
Bought my first place in 2002 for $95K which was the top of my budget. My realtor’s suggested Mortgage broker had approved me for a loan of $320 with zero down.
They both were flabbergasted when I declined. “I wouldn’t even be able to make the first payment” I said.
One rolled her eyes while the other shook his head like I was some kind of hayseed.
But what they were offering me made no sense.
sadly, a lot of peoples in US are not this wise. Well, it is natural selection by capitalism i guess.
We came to Florida on vacation from the Chicago area in 1977. We were in Tampa in the motel and my father got a phone call to come down to a place and check it out for a free night in the hotel dinner of course. Well, the sucker bus took us to Lehigh Acres and they bought a 1 acre lot for $7,000 that was probably worth $500 at the time. Long story short we moved down here in 1980, it was a boring but decent place to live. We came on those sucker buses you were talking about. First homes and Fort Myers closing down the projects killed Lehigh Acres. I moved out and 17 because I didn't feel like shooting somebody because they try to mug me or Rob the place I was shopping at. With all that stuff going on rents were skyrocketing from 1300 to possibly 3,000 a month for the same home we are in since 2017. Moved to Lake Placid Florida, what a nice place to live
I know this is an old story, but I processed mortgage loans for years. Many of the loans that were approved, I knew would end up in foreclosure. Mortgage lenders were lending money to people that couldn't possibly afford the loans and loaned them with low adjustable rate mortgages, but didn't explain to the borrower that their low rate would only last a couple of years. I wasn't in a position to tell the borrower what they were getting in to....Not only did the mortgage industry cause the foreclosure crisis, but it also caused thousands of people like me to lose their careers and means of living. I can't even tell you how many times I was laid off and the career that I had for so many years is gone. I am no longer in the business and struggle to make ends meet.
You can still be a loan officer. How did it end your career?
JUST COME IN ACROSS OUR SOUTHERN BORDER AND DREAMS AREN'T FOR SALE THEY WILL JUST COME AND TAKE YOUR DREAMS!
"Nobody was predicting a crash."
Riiiiiiiighhhhttt...
There was plenty of warnings throughout the 90s and early 2000s that we were going way too deep into debt and that the economy was overheating, producing multiple bubbles. But people wouldn't listen - they were too busy trying to ride the hype-train to what they thought would be a quick and easy fortune.
And did we learn anything? Nope! We're all aboard the hype-train once again, with real estate dealers gleefully declaring that the housing marked is booming, rising even higher than the 2008 level. Oh yeah...? And what happened in 2008, pray tell.
Sigh...
For such an advanced species, we're remarkably stupid. We keep on repeating the mistakes of yesteryear, entirely oblivious to our own history.
My family moved to Clewiston Fl. in 1960. As a child, we would go to Ft. Myers beach. On the way, there were hundreds of signs saying Live in Beautiful Lehigh Acres. I looked on Maps looks like there are a few homes there. Not much to show for 60 years.
Yet millions are homeless!
*****
It was better when you had to save 20% deposit for a house. Still better place to live then China, North Korea etc
America has its issues, but can you really compare us to China or NORTH KOREA? North Korea is not a nation. It is a joke of nation with no regard for its own people. Hitler Jo Kim..
Tom Leykis Fan those millions can't afford a home that cost 200 or 300 hundred thousand dollars!
lisa smith SO WHERE DO YOU LIVE CANADA!! HOME OF SOCIALISM!! AT LEAST WE ARE FREE!!!
lisa smith WELL THEN GO!!
Live in Tampa. I go down there to check about abandoned places. Some of these are in HOAs and have a lot of fines built up. you may get one real cheap but have to pay a lot to fix it up and to pay off the fines.. I have located several lots beside a State Forest that I'm trying to get a total of 4 acres plan on making it into a community farm
It's about to happen again but this time there will be no bail out.
There's always another bailout.
You are right. 2020 is going to bring with it a repeat of 10 years ago 1,000s of times worse.
@@williammcintyre1054 how and when?
@@jarrodbarkley7573 it's started. Unemployment, most jobs gone. People maxed out on credit cards and loans. Food shortages because of lockdown and farmers have to destroy crops milk animals. You can't just flick a switch. My advice pay off your debt. Sell things and live somewhere cheap. Crime will increase and civil unrest, gangs breaking in. Watch survival programmes and prepping and how to keep safe.😷
@@ifukill7538 thank you
I lived in Lehigh Acres on and off from 1968 to 1986. This is so sad. :-(
wow so very very sad...... don't buy a home you can not afford.... if the deal is to good to be true....... well then it is!!!!!......
In many cases the people bought a house that was expensive because in the inflated market at the time that was all there was..everything was expensive in Florida and the wages were still low. People bought because they thought if they waited the price would be higher tomorrow and they thought they would be priced out of the market.
It wasn't about a deal, It was about getting a house, any house before all house prices were out of reach.
+mushroomcloud1 very well said..... I was not aware of that condition
mushroomcloud1 pl
About the same thing happened in Las Vegas. Properties selling in the boom time for 270Ks and dropped to the low 70Ks. Some areas looked like a ghost town. I bought a 4 plex for $268,000 in 2004 and in in Jan. 2006 sold for $435,000. the market was going crazy. Too bad for me instead of holding the money, I rook the money back to the Los Angeles area and bought a rental house for $489,000. The valued dropped to $390,000 during the bad times, now it is up to $450,000. One of the good things that happen to me was refinancing the loan from 5.5% to 3.75%. Most of the Southern California region was not hit quite as hard as other regions of the country.
Update It's 2/2016 the comp houses are now selling for $535,000. It probably won't hold at that level, and I see a small drop in the future but I don't a crash because all sales requires the buyers to put some money in. No more no down, no credit check.
Hey i was in the building trade. I lost my house too! Its the banks and the government. Screwed everyone! In 2009 when i lost my job I lost my house! 11 years i paid the mortgage! GONE!
Losing your home must be one painful experience, sorry that happened to you. However, why are you putting all the blame on banks and the government? You play a part in it too.....When you buy a house you need to stick to your means and not over extend yourself. And before you buy a house you also have to be prepared to cover at least 6 months of monthly expenses with savings in case of an emergency where your income is interrupted.
Maybe they did have enough for six months but still couldn't find work. I watched so many hardworking people lose jobs in Florida from company closings after closings, I learned to withhold judgement.
Always secure the roof over ur head buy cash buy something cheap fix it up if i cam do it u can i was once homeless living on the street and rhat fear trained me never to borrow cause i don't wanna loose my job and back on the street. The grar is so much i have over 100 acres of lad with a lake for water ocean front for fishing i even make my own gad and power im recession proof i am not going homless or hungry again
Lesson here, STAY OUT OF DEBT.
seems like common sense
Common sense isn’t common
Good luclk with that
King Kor, his comment is 100% correct. People need to wake up and see what's going on around them. It's getting ready to happen again with all this subprime car loans and all the bloated debt that this country has in 2018
When all money is created as debt.There can only be debt.
Sarasota county, about an hour north of Lehigh, saw a huge year on year appreciation from 2002 to around 2006. While the per capita income in Sarasota is much higher than in Lee county, it was not a protection. They experienced a similar boom and crash cycle. Property bought for $80K went to over $350k before it started sliding back down, and boy did it drop fast. Being upside down in more than one property was an experience that many shared. Knowing they were going to eventually default anyways, it was quite common in that time period for homeowners to rent their property out and keep the cash instead of paying the mortgage.
Excellent and very informative and professional film about Lehigh. The housing market here in the UK is not much better with new build homes going up and people seemingly buying them but people losing more and more jobs? Does not add up
The UK isn't building enough homes to meet demand, the population is growing. Plus there are foreign buyers.
80% off peak guys and gals. Don’t fall for the puny $10k discounts these houses now are giving off their highs…
Very interesting and well-done.
The discontentment of having an average size home is the problem. The generations that bought and stayed for 40 years had the right idea.
OWNING AMERICA
"On Sept 1st, 1894, we will not renew our loans under any consideration. On Sept 1st we will demand our money. We will foreclose and become mortgagees in possession. We can take two-thirds of the farms west of the Mississippi, and thousands of them east of the Mississippi as well, at our own price... Then the farmers will become tenants as in England..." - 1891 American Bankers Association as printed in the Congressional Record of April 29, 1913
***** I would say MISSSION ACCOMPLISH
+SNEAK982 Why are you here intentionally misinforming people?
The following statement is a horrendous lie
"Banks pay out loans to costumers from other people's savings "
We are refering to COMMERCIAL BANKS, correct?
Empirical data clearly and absolutely shows that banks do not lend from other people's deposit, and moreover, they are outright telling you that that is not what they do. If a banks has 10 million dollars in deposit, and they lend 300k for a mortgage, they still will have 10 million dollars of savings in reserve. The 300k DOES NOT reduce the amount of money in other people's saving account. We know this with absolutely certainty because the monetary base lags behind the credit cycle. But despite this the banks have to balance their books. They can balance their books because of intrabank loans, the FED's discount window or the effects of the velocity of money. However, too much credit too fast destroys the velocity effect, and we get recessions and depressions. But this is, in its modern version, three centuries old. So yeah digital money is counterfeit money. The banks can choose what business can use them and which cannot. They can effectively control online businesses because accepting digital money is their exclusive privilige.You also hinted about regulation? Have you been sleeping under a rock all this time! Politics dont work that way. Politics work with $. If you dont have $ you dont get represented. It workds exactly like that for both parties. Sometimes the banks write the laws, and the respective law makers get campaing contributions. Most of the time the banks write the laws word for word, leaving out blanks so that the supporting congressman can fill in their names. When representatives go to Washington they spend most of their time trying to get money for their party, Republican or Democrat. They even have dinner clubs in Washington where lobbyist and lawmakers meet..
REFERENCES“In the real world banks extend credit, creating deposits in the process, and look for the reserves later” (Moore (1979, p. 539)-quoting Fed economist)“In the real world, banks extend credit, creating deposits in the process , and look for the reserves later.”Alan Holmes, then Senior Vice President, Federal Reserve Bank of New York (1969)@835955103154389www.bostonfed.org/economic/conf/conf1/conf1i.pdf"the difference of m2-m1 leads the cycle by even more than m2 with the lead being about three quarters" kydland and prescott Pg 14@835955103154389minneapolisfed.org/…/presc…/papers/prescott-et91.pdf“Banks lend by simultaneously creating a loan asset and a deposit liability on their balance sheet. That is why it is called credit “creation” - credit is created literally out of thin air (or with the stroke of a keyboard).”Paul Sheard, Chief Global Economic & Head of Global Economics and Research, Standard and Poors@8359551031543892joz611prdme3eogq61h5p3gr08.wpengine.netdna-cdn.com/…There is no evidence that either the monetary base or M1 leads the [credit] cycle, although some economists still believe this monetary myth. Both the monetary base and M1 series are generally procyclical and, if anything, the monetary base lags the [credit] cycle slightly.Nobel prize winners Finn Kydland and Ed Prescott , Federal Reserve bank of Minneapolis (1990)@835955103154389www.minneapolisfed.org/research/qr/qr1421.pdfUnder the present system banks do not have to wait for depositors to appear and make funds available before they can on-lend, or intermediate, those funds. Rather, they create their own funds, deposits, in the act of lending. This fact can be verified in the description of the money creation system in many central bank statements, and it is obvious to anybody who has ever lent money and created the resulting book entries.IMF Working Paper Chicago Plan Revisited, p9@835955103154389@2012The key function of banks is money creation, not intermediation.Michael Kumhof, Deputy Division Chief, Modeling Unit, Research Department, International Monetary Fund@835955103154389vimeo.com/64807284@835955103154389www.bostonfed.orgBOSTONFED.ORG
Same people though...
But the ignorant right wing hillbillies keep saying the problem is socialism.
One of the best things that I have done was to not buy a house that was above my financial means, leaving no wiggle room to survive a crisis. That one smart decision afforded me the ability to be able to make a double mortgage payment going on 8 years now. Bigger and better was never my dream house!
That's exactly how I have survived here in my small condo in Bonita Springs FL and I'm paid off. The freedom of being debt free takes out so much anxiety. I wish people would stop considering their homes as dream homes or ATMs.
Live a simple life.
..... And a little over a decade after.... the median house price in Lee county is.... $400,000
The bubble is starting again.
yep you should see the building here in Tampa OMG Hillsborough county commissioners have gotten so greedy they are trying to build as fast as they can to cash in.....the see the same happening again, i am wondering what will make it POP this time?
@@Im1CrazyCow trumpy the clown
By your logic the crash that happened in 2011 would be Obama's doing!!!
So if Trump came into Office and got the New housing Boom going them your Statement like most who CLEARLY dont know how the economy works is 100% incorrect!
All Obama did was see how many Celebs he could get to come to the white house, he Ignored the water issue in Michigan so much so Kanye had to Donate a Million of his own Money yet we had a president who was more worried about being on the front page next to a celeb than our countries infrastructure. I am Not sticking up for any president that has NOT helped our Country in times of need and that would include trump if he did or did not try to help but as of late hes worried about the Citizens and Not the illegals trying to get in but yet hes a villain for it, its funny those who claim hes bad are the ones always throwing the most stones...
But I will; get back to the Economy something you clearly did NOT pay attention too when in school Because if you had, You would realize he has Nothing to do with the Building boom or lack of. The President can only request action of the governmental agency that controls it (which by your own statement shows you dont even know what that even means) SO maybe next time you should pay attention in school because if you did pay attention back then, you would have learned which Branch of the government keeps tabs and controls the economy along with its rise or fall there of as well as how to manage the lending to stimulate the economy.
Your own lack of UNKnowing is why this country is DOOMED NOT because you hate Trump........he will be gone after his Term what you all do to tear this country apart while in office is your mess to clean up NOT HIS!!!
fe9073 ...and ending again now
Very interesting! A BIG lesson to be learned! Thank you!
These abandoned homes in this film today (2019) have been completed and are landscaped and occupied. The building boom began again where it left off in 2008 starting in about 2015, I know, I live in Fort Myers, Fla.
The scary part is when something like this happens nobody knows where the bottom will be or how long it will take to reverse coarse.
@@terrylunsford352 In Ohio, it took about 8 years.
Lehigh acres was, is and always will be a desert.
Built and promoted by hucksters and con men for only one reason; to fleece the rubes.
The newest similar market: Gateway.
Built on the edge of a 60 year old landfill, and partially under FPL high tension power lines.
Absolutely horrible water quality, when the wind is right the smell of the landfill will almost make you retch.
And this was built and sold as an "upscale" community.
Want to guess where Gateway is? That's right, next to Lehigh fkn Acres.
It's truly a sad state of affairs when the government of the United States allows its citizens to suffer in this magnitude
Very good documentary, thanks for sharing
Great video!
I just moved here about three years ago, so here's my take on the community and area. Lehigh has about 95 sq. miles of developable land. It is centrally located in between Estero and Fort Myers. The population is about 90,000 residents. Cape Coral, which boast as the largest City between Tampa and Miami has a population of about 154,000. Fort Myers, arguably, the counties central hub has about 66,000 residents. So I would imagine that makes Lehigh Acres the second largest community in Lee County.
Lehigh is about 5 minutes from the Boston Red Sox spring training facility (Jet Blue), and is about 10 minutes from the airport (Southwest Florida International Airport).
Lehigh is about a 15 minute drive to downtown Fort Myers and Estero, which is the fastest developing area in Lee right now. Lehigh is also centrally located to all major colleges and universities in the county; about 15 minutes to either Edison (Florida Southwestern) in Fort Myers and FGCU in Estero.
Lehigh is also about 20 minutes from either Cape Coral or Bonita Springs downtown shopping areas
Lehigh is about a 10 minute drive to I -75 and is bordered by highway 82 which leads to downtown Fort Myers and to the south passes through Immokalee (Seminole Casino) and intersects with I - 75 via HWY 29 at "Alligator Ally".
Lehigh has about the same percentages of demographics as other surrounding areas.
Lehigh's crime rate has fallen in the last few years, but still remains higher than the national average. and remains higher than other surrounding areas, except for Fort Myers, which has the highest crime rate in the county.
Eventually, the county and state will widen HWY 82 and create a road to access Alico in Estero which will make a very large portion of Lehigh very attractive to families that wish to locate here and work in Fort Myers, South Fort Myers, and Estrero!
I see this area in the future building up and out to accommodate the rapidly growing commercial, residential, and government entities in Lehigh and the surrounding communities!
Car Centric, no Public Transportation system to get anywhere. Doesn't even have trains
Ratner? Weinberg? And she moved from Miami Beach? Says a lot
Great production!
Wow, pretty sad when a house is worth the same amount as a new luxury SUV. There must've been a serious oversupply in the area when the market downturned.
I feel sad for the people who lost their homes but it was an investors dream
+MrGMAN92985 do not feel sorry this whole thing was based on greed an unhealthy one at that. Many had a home all paid for and took out the equity which is considered very foolish for the payments made in the early purchase were a fraction of the new ones even with a low interest rate. My original mortgage with PItY was 164.00 a month had I taken the equity it would have been over 700 a month how smart is that? They only heard one side the sales pitch and never considered the small print.
It's ridiculous, prices are going back up again now but I doubt anything like that will happen again. They put too much regulation in place now
+MrGMAN92985 LOL What regulations? Hedge funds still active now all debt even car loans.
"Wow, pretty sad when a house is worth the same amount as a new luxury SUV"
Kinda tells you how worthless that SUV is doesn't it....
This is very a interesting documentary even though it is over 6 years old. I looked at the real estate for 2018 for Lehigh Acres and there are TONS of lot listings. It all makes sense with this video. I'm Canadian and we haven't had a big crash since the early 80s. People keep saying we will have a crash and with the house prices increasing like crazy it's got to happen eventually.
Ya but we had interest rates of 20% then so understandable... Very different.
when i bought my first home around 2002-3 i applied for a 110k loan . the bank approved me for a 375k they knew what was going on and we bailed their ass out