America's Stuck in Their Homes, Enslaved by Debt (Housing Market Update)
HTML-код
- Опубликовано: 6 сен 2024
- Americans are deciding what bills to pay as house poor homeowners soon will use their home's equity to pay for life's necessities.
Melody Wright:
RUclips: / @m3_melody
X: / m3_melody
Substack: substack.com/@...
#housingmarketupdate #useconomy #usrecession
Todd Sachs is a Maryland Real Estate Broker and not a Lender, CPA, Attorney, or Financial Advisor.
Any information provided in this and any of Sachs Realty's videos and/or descriptions are for entertainment purposes only and not to be construed as broker representation, legal, financial or tax advice. All content written, spoken or implied is for informational purposes and deem to be accurate, but not guaranteed. It is your sole responsibility to verify any and all information for accuracy and correctness.
Todd Sachs or Sachs Realty is not representing you unless you have a written representation agreement. This is not an advertisement for a property for sale, and if you're currently represented by another Real Estate Brokerage, this is not an attempt to solicit your representation.
Sachs Realty is EVERYTHING REAL ESTATE!
Looking to buy or sell? We efficiently assist buyers, sellers, landlords and tenants in Maryland with both residential and commercial real estate services.
NOT IN MARYLAND? We offer nationwide assistance to buyers and sellers through our PREFERRED BROKER REFERRAL of great real estate professionals like us!
If you're in need of residential or commercial assistance, you can always expect timely, reliable and top-notch service from Sachs Realty or any referral agent we recommend.
What's your real estate need? We want to hear from you! Email Todd Sachs directly at ts@sachsrealty.com with your inquiries.
Main Office: Sachs Realty 443-318-4514
Maryland Broker License Number 607720
Equal Housing Opportunity
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless." - Thomas Jefferson
He never said that...
Not true in theory, but always true in history. Tell me otherwise
@@tomsawyer4857 Not true
..Look it up.
Educate your children demand schools teach your children about money this terrible they have no idea how this corruption works the government is robbing the slaves blind
@@frankmarsh1159don’t matter who said the point is it’s happening…WTFU PEOPLE 1
I bought a repo townhouse and haven't had a new car since 2004. I was always conscience of the fact that I could be laid off and wanted something I could still afford if that happened. My car is 20 years old. I don't regret my decisions and don't care about material things and keeping up with the Jones's.. Quit Blaming Boomers.
People in pain look for others to blame.. animal nature
Well done. Don’t get trapped in the consumer mindset. Live within your means, it’s a rare thing these days.
Yep, you hit the nail on the head, it’s all about living within your means . You have to remember, for most other people it’s easier to play the victim, than to admit it’s my “own” fault I’m in the position I’m in!
@@Laketexomaliving Misplaced agression.
Thank you. I'm a boomer and I had to substitute teach for 40 years. It was humiiiating having all those younger people bossing me around and telling me whats right and whats not right. I have a Masters Degree MED in education. When I got divorced I walked away. He got most everything. I lived at home from 33 to about 48.
HOWEVER, I saved money living at home, and bought my own home. ( my home was considered to be in a bad neighborhood) Its paid for now. The boomers are not responsible for the snowflakes and all their entitlements. My home is worth 3x what I got it for now.
Welcome to many peoples lives for the last decades. Some of us with kids can only afford to take them to the park and some of us are stuck in unfavorable and at times abusive relationships because it's better than being homeless in this economy.
Take your kids out to a fishing spot, take them to the beach or by a lake for camping. Teach them how to cook their favorite dishes. There is a lot more to do with kids than just spending money on them.
Please don't stay in abuse to have financial security. You are better off walking down the road barefoot in the moonlight just to escape.
Yes, men have been putting up with abusive relationships for far too long.
True. My dad is a POS. Great mum passed away March 21, 2024.
@@bryantint1339 I am sorry for your loss. I hope you feel better soon.
The majority of people that I know in my circle are screwed and buried in different types of debt... Credit card, college loans, car payments...etc
Wow, your circle are jack of all trades when it comes to using credit.
Ya but they look really good with the $800,00 house $100,000 truck $40,000 Harley and 0 self sufficiency for food production . It's called the matrix. You can either have stuff or freedom but you won't look rich.
Many are not even that into it. Some have a 400k home that they put 3% down (which is a BAD choice because that low amount of equity can get you in trouble on a market crash). I always go for 20 or 30% down. I know most people can’t do that… but it’s the only way to never be underwater
@@IRLSuperbit’s not a choice if you can’t afford it. Best way is to just stay put until inflation inflates your home equity.
Wow, thank you. Needed that lift. 30yr old Ford F 150, old Honda crv, entire yard planted to food, small boring house, no debt, but sometimes an austere budget isn't Flashy or Recognized.
Automobiles and motorcycles are cheap. Houses are more expensive. They should keep Automobiles and motorcycles and live in an off grid cabin. Grow food off grid in Mexico.
No worries U.N. agenda to make America weak as e.u. , is over. WATCH N LEARN KID❤
Just from an old memory, when gold was $35/oz, homes were around $8k-30k; gas: $0.25/gal; quart of oil: 10¢; cigarettes: 25¢/pack; loaf of bread: $0.75; new cars: $2k-20k; used cars: $50-(?) and on the large spreads, the low side would be the norm for most people. Even if gold skyrockets, it could've all settled again at these prices, but we no longer have our mfg base from which to build. Corporate America offshored that shit in the 70's and 80's and *_"Manpower"_* temp services sprang up around the country. There went job benefits right out the window and soon to follow, the jobs and our *_"national security."_*
What good does it do to tell people who weren’t born yet the price of things that used to be. We didn’t do this that generation did this.
@@bellawinfield8577 so they don't repeat history
I remember and it just goes to show that a growing darkness within the core never would allow change for the betterment of the people. Mortgages are the least of our problems
Here is north dallas every other car has paper tags and is very hot and range Rover or Mercedes or Porsche is amazing and people are buying a million dollar homes left and right, this must be like a 1920 the roaring twenties
The Crash 2.0 is coming.......
Newbies experiencing their first housing boom being califronicated
I live in the Bay Area, it got absolutely insane here. Then all of a sudden two houses on my block went up for sale and have lingered on the market for months, no bites at all.
Hunted house 🏠?
It's Called the American Dream Because You Have To Be Asleep to Believe It" - George Carlin.
My brother is stuck in his house not cuz debt but cuz thr interest rates years ago he got a really big nice house at 2.5% intrest rate an he wants to move so bad but he said he cant cuz the intrest rates an home peices being so high he wouod have to move into a town home thats way smaller an older than his current hone but hia mortgage will still be more expensive than his current so hes stuck
He is a way better position than people here in NZ. Here you can't fix past 5 years. Now people are forced to fix from 2 or 3 % to 7 plus. I know lots of them will get hurt. Those who bought at the peak have already lost their equity. I often see vendors asking 100k less than what they paid 3 years ago😢😢
Golden Handcuffs
Young married men calling in who want to rely on two incomes to purchase a home. What they don't factor in js that there is almost a 50% chance that in a few years their wife will decide she wants out of the marriage.
yea and that wont be cheap either just suck out more cash
Haha
Chad and Tyrone always end up in the bed with bored wives. Marriage…. an old outdated and useless way of life. Ask Tina Turner > What’s love got to do with it??????
@BreeLove-zx5pz you're projecting your own emotions. the point for home buying is men shouldn't buy a home counting on two incomes to pay for it, because women can't be relied on.
Men need to find a good woman. They are few and far between.
People committing mortgage fraud is hurting all of us. They keep getting loans for homes they are stating they live in and are absolutely not living in them.
That game is over. THINK bigger think HEDGEFUNDS. P.s
If u are 1st time buyer read my post above.❤❤ enjoy truth. Not propaganda in real estate selllers
Very Interesting.
People are renting out rooms in their homes in Florida what they don’t realize is the can loose their homestead exemption.. I’ve also seen rental for private pools by the hour requiring cash 🤯🤯🤯 pray no one slips & falls. Crazy Times !
Hillbilly
Renting their pools by the hour is nuts! They must be very trusting people. Think of the lawsuits!!!
This is great, but when will it all come crashing down? We've been hearing this for years, I'm starting to ignore information like this.
As you should, these folks are broken records at this point
It takes years to for up. Sold in CA in 2003 for $362k, That home went to over $500k within 5 years, then dropped right back to mid $350k, now inflated again at $800k Our 2003 purchase Florida home also went from $285k to over $500k, but, sadly sold for $278k in 2013. It's a balloon market. Don't be fooled by the media. Hunker down, and wait. Prices have to drop! Don't pay $$$ to make someone else's equity pay off for them, at your expense. Bad form...
The tale of 2 buyers. We were told in 2008, the market was coming down on housing. My rich sister in law, thought I was an idiot and didn't want to listen to my housing guru. She brought a beautiful home. Paid big time money on a new build. Oh, guess what. The market fell like the devil falling to earth. She wanted to refinance but had to come to the table because the value fell like you wouldn't believe. My husband and I brought in 2012, below market at 95,000. House worth 300,000 and we pay it off in August. THIS AUGUST. I know it takes time, but a wise man once told me you make your money when you buy, not when you sell. Good Luck.
Patience is a virtue. The GFC really started in 2005 (that was the top), but wasn't evident until it was announced, and the narrative couldn't be hidden by the MSM. Meanwhile, folks were losing their jobs and missing payments well before 2008 (this was obvious as early as 2006). The sheep only realize they're in danger until they're already in the slaughterhouse. Don't be one of the sheep!
Massive immigration (both legal and illegal) is keeping prices elevated. Baby boomers entering their late 70's should free up some inventory in the coming years.
To everyone out there calling this narrative a broken record, good luck moving forward with a levered balance sheet... you're going to need it.
Blah blah blah ya'll have been saying the sky is falling for years. Meanwhile everyone who ignored you made out like a bandit
@@DCfurnfe-vp1mzthey did. One needs to have reserves to ride out the bad times and make money wherever there's meat on the bone.
Home prices are not dropping in places where peiple want to live. In Greenville, SC they continue to go up.
For now. When people lose their jobs they won't be paying their mortgage. Prices will fall. Not until unemployment rises significantly though.
@@BigTomInTheBasement cash buyers ...
@@ExcitedIsoscelesTriangle-ot4rk that's likely the exception. If all true, nice for them.
What’s crazy and sad to think about is there are 144 millions homes supposedly in the US an there is around supposedly 16 million vacant properties. The vast majority of these homes are owned by people age 45 and up who have kids in their teens or are no longer raising kids. The birth rates have dropped per year doesn’t mean more future homeowners will be younger then age 35. It also means the government is screwed by an older homeowners population facing an underfunded retirement crisis may have to sell these homes at huge price reductions in the 2030s. Something not an issue currently but beyond year 2027. That impact will be boosted by more job losses related to artificial intelligence being used to reduce office jobs that an aging population will want to reduce having to work physically labourous jobs beyond age 50.
I’m selling my house in 2 weeks. I didn’t even flinch at offering the buyer’s agent 2.5% months. I’m in a Seattle suburb and it’s a hot real estate market. In the long run $15K for the buyer is worth it to sell the home faster.
You just paid the buyers agent about $5000 an hour, assuming one hour for viewing, two hours for paperwork.
I live in Ventura county. Individual income in the the area is absolutely not 175k per person. We have some of the lowest cap rates in the country (2-3%). Why is no one talking about cap rates. Rent is less than half of the mortgage(including taxes, insurance etc).
I know something is coming since the project I am working on is for a Dept of Treasury agency and they are having us build data systems that will automatically find anyone who has been written off especially for mortgages and car loans. They have systems in place now, but the data feeds are horrific and been missing possibly hundreds of billions in "lost tax revenue opportunity" as well advanced fraud AI systems. These systems have a lead time of 2-4 years.... Just sayin.
So the IRS can tax what?
"anyone who has been written off" can u word that in a way that makes sense? thanks
So what's the outcome and point? So the department of Treasury is putting together an AI database to do what? To collect on the Lost tax income and revenue that the government wants back from those people? Ok then
IRS is only interested in US citizens, the IRS does not care about we the people, aka, state citizens. State citizens are exempt from income taxes
@@forloveofcats8683, realized gain. Debt written off becomes income. But only for us citizens, not state citizens
Wow what a shock! FHA and military mortgages delinquent. Those people shouldn't even be buying a house with under 3% down. That means they have NO money and can't afford it
Interesting my former company was purchased by Cerberus and they bought us in 2012 when they thought they were getting a deal, but we continued to decline in revenue every year until they sold us to our competitor who basically laid off 90% of the team within 18 months. They only wanted the customer base.
I so appreciate your shows. I have learned so much. My husband and I sold our family home three years ago, hoping to downsize into our retirement home. This became completely out of touch and impossible for us when our local market doubled in price. we are renting. Waiting patiently for the price adjustment. Keep up the great interviews Todd. You are excellent at what you do.
Price correction will not happen until the dollar is destroyed. We're in an environment where every few months there will be a new high in the stock market and assets. Unemployment and other bad news will be redefined, hidden, papered over, and ignored. Citizens are no longer following smaller laws because there is no accountability. Plan accordingly.
Watching Melody on replay. What an amazing backstory; thank you for imparting this knowledge to us!
Thanks Todd, listening in Australia. When the US sneezes the world catches the cold. This is valuable insight for what will eventually hit our shores. I listened to Peter Schiff's warnings in 08 but it was to late, a bit more prepared this time. Keep up the good work, your guests are first class, Melody was great to listen to, I signed up to X just to follow her.
Im in CA, many of my friends who recently bought a house seems to do just fine.
In Fresno California metro area, houses keep going up, and any ok or nice house selling in 4 days.
Todd handed out great advice!
I've seen times where I thought the price of a house was crazy expensive. And I have seen times I thought the price of a house was dirt cheap. All in relationship to my income, not the actual price. Gotta listen to that!
A similar situation is developing here in the UK. With the sudden upward spike in interest rates, a year or so ago, many peoples monthly mortgage payments are more than doubling and they can't afford the payments. This is happening today as fixed rate mortgage deals come to an end. Another worrying issue, in the US too, is that the debts prevent people from putting money away for their pension/later life. A hidden disaster slowly growing in the background
Thank you Todd & Team, appreciate being on and the support! #seattle
There is a phrase I heard used hear+- over and over. "Making your money work for you". I've hated this phrase since the 1980's. Money doesn't work. People do. There is not a single cent created without human effort. There exists a shareholder class who lives without laboring for the income they bring in. They are in control of most of the money. Banks have turned themselves into middleman landlords and buyers are tenants to finance them. How is it different than being taxed to support the "welfare class"?
The phrase you refer to was established by Wall Street Brokers. The other phrase was Other Peoples Money. What would this country be like without trial lawyers and investment bankers. They take money off the top and add little or no justification for their input.
Any day the worker class stand up it’s game over for the shareholder class that just sits down and expect a dividend payment …but I guess AI will be the new worker but will Ai become the new consumer….wake up people !!!
Without that “greedy lender” you would own very little! You’d need to have it all in cash to purchase items! And hence the reason that most old homes were tiny places. You have to look at both sides of the coin, so to speak. Why you lend me $200,000 for 30 years, if you could not make any $ doing it! You would “not”! Think about these last 2 sentences before responding!
And then we give favorable tax treatment to the money made by people who don't work for it. We also give them special deductions that allow them to defer taxes basically forever on a portion of rental income.
Three paid for homes. Don’t owe anyone a dime except my monthly AMEX. 2 are summer homes I do not rent out. Ever. Only for personal use, friends and families for free.
*The words out thr proprty taxes and h.o.insurance and interest rates too high. Unaffordable. Realtors have "Jacked Up," the home prices for over the last twenty years. I know this having worked as a mortgage broker. Banks turning down loans because the house is overpriced, until you find a bank to do it because the couple wanted that "Overpriced house."*
*Only to loose it a year later when, if the mortgage crisis hits.*
No crash coming...if anything it will be a slow downward trickle for years to come till it hits the mean.
Hahahahahahah!!
My portfolio doesn’t just cater to dividend stocks. I hold $VFIAX (S&P 500 index fund) in my Roth IRA and $VTI (Total Stock Market ETF) in my taxable brokerage account. Two of my largest holdings. The individual dividend stock positions all complement the index holdings.
Diversifying with $VFIAX and $VTI is smart. It’s financial independence, not dependency, that truly empowers.
If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 60% early this year. It is, in my opinion, the best way to get started in the industry right now.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
*Whitney Kay Stacy* is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
When I was Realtor in the '70's the seller always paid all the fees. There were no buyer and seller agents issues, we all were working for the seller. The brokerage charged 6% paid exclusively by the seller. We had no problems at all. I live in Texas. The broker got 3%, the listing agent got 1 1/2% and the buyers agent got 1 1/2%....pretty straight forward! If the listing agent sold their listing they would get 3%.
You know what, those that never had it,won't effect them. Cant miss what you never had. Its those with big houses,nice cars, vactions, vacations homes with the trimings ! They are the ones that will go off the rails. 😊
In Japan they have 2 generation loans
I bought in 2011 for 174,500 at 4.75. I modified in 2020 I modified to 2.86%. In needed that as a single parent of three children. It’s allowed me to remain stable and keep children comfortable.
Any video that says it's a podcast gets an automatic next from me. RUclips is not an ipod. Ideal RUclips content is 10-30 minutes, not hours of unfocused conversations
Bye
I think the buyer and the agent (who is working for the buyer) can create a compensation agreement between themselves, right? At face value, this is what makes sense. Being paid to represent a person. I know it's always been done the other way, but boiled down, the person being represented should be the one paying the representative. I can't think of another industry where it doesn't work that way.
I watched a man buy a home in 2007(top of the mkt) put loan in 80 yr old mother’s name titled in son’s name. Had 3 rental apartments on premises earning $45,000 a year unclaimed. Stopped paying in 2010. Judicial foreclosure tried to foreclose in 2014 and had a typo which threw case out of court. They came back in 2016 and by 2017 had court approval to foreclose. In the 11 th hour of auction on property the parties filed bankruptcy. By the time the stay was lifted we were in COVID furlough. They finally took property in 2023! I heard the man was acting like a renter and holding out for “cash for keys”! Criminal
Thanks for telling us the well researched truth!#
I always thought there would be a dip, but the cost of new construction is so high. We’re repairing anything. I don’t think the cost of homes in the right areas that have been kept pristine made from quality materials not normally found in modern construction, will maintain their value For people who recognize it and if you bought low before the craziness, most likely, your taxes didn’t go up astronomically
Every Boomer has the right to home ownership, but apparently they didn’t believe that for their kids and grandkids
Yes, yes , yes, most had their first homes paid from dad , 400 / 500% rise later, they say I DON’t UNDERSTAND, as the suck resources out of their summer homes, MOTHER NATURE WILL SOON TAKE CARE OF THE PROBLEM 🤞, and we can all participate 8n the biggest yard sale of all time.
@@marinokids123 Wow..just when I think I've read the shittiest comments another one comes up. These are peoples parents and grandparents and You're wishing them dead so your lazy generation can get a home for cheap? My parents were boomers and worked hard to pay off their house. You should be careful what you wish for. Bad Karma has a way of coming back around.
The mortgage servicer I used to work for had a vault for their mortgage docs. It was pretty cool. Had a giant tank of compressed helium I think, maybe some other inert gas, and if there was a fire, they’d rapidly suck the regular air out and release the gas in the tank so the room would be filled with inert gas and the fire wouldn’t have any oxygen to burn. Good luck to anyone caught inside.
Halon gas
I believe many people want instant gratification. They buy things like cars, boats and other toys on credit. They end up using 20% of their income to carry the debt created. With self control that 20% could be saved for a lifetime of savings that will make you free. The less your annual income the more important savings 20% becomes.
You bet a realtor should be liable if they knowingly encouraged a marginal buyer to get in over their heads. It's about time.
@21:20 I believe in free markets too. Fannie and Freddie, quasi government agencies with an implied backstop from the government and Fed, is the furthest thing from free market. Great video!!
Absolutely! I've said that for years. The intervention of the government has been picking winners and losers for quite some time. Really pisses me off when people say "capitalism" is bad. We haven't had capitalism for a long, long time.
@@marcusbillings1644 amen bro
What's going on in California? Homes are still selling for 1 million and they have a lot of buyers. My friend said a lot of the buyers are foreigners. Does anyone have the answer for CA?
CA has the 5th largest economy in the world. Recessions hit here slower than other places in the country.
I live in Southern California. Best weather and beaches in the country. So many people with money are coming from other states to retire or remote work. Demand exceeds supply so prices stay high.
@@judyfabion8849 best weather, but not even close to best beaches lmao
This is so important. Thank you
That is what in happening in my neighborhood. Price so high not worth the price even if it’s brand new.
Mass-produced movable house could help. Why not separate house from land using new technology?
Absolutely! High end Park model homes and modular homes could be exactly what most people want, especially in pocket neighborhoods. Too bad zoning is so backwards and leaders have no creativity or are corrupt
@@LandLabs From federal government all the way to local one there is abuse
As a Gen X, I had the luxury of making a lot of money mistakes that would have completely derailed me if they occurred in the current economic environment. I really feel for millennials and gen Z who are struggling with learning the harsh realities of financial management today. Everyone makes mistakes in their lives; making them these days can be devastating. I hear a lot of boomers and gen X bashing the younger generations for mistakes that only age and experience can teach. A bit more compassion would be much more productive.
You've heard of Google right
Have a 2 family house right outside Boston in Somerville MA. The city views all owners an evil. 75% of the rental stock is also owner occupied. Renters come in with very high expectations, fancy counter tops, washers dryer in unit dishwasher but no respect for not damaging the property. We can’t get people out for none payment. During Covid I lost 11 months rent, had to pay an attorney to evict the renter and then had to rehab the apartment. Hiring plumbers, electricians, and others to make improvements and repairs cost more per hour than the renters earn. My mortgage is paid off but I wonder how long and this house could easily become a four bed 2 bath plus bonus room. I have choices for my eventual sale in Somerville
Hi There I live in MA and have a 2 family in Everett. Somervilles went thru the process of gentrification and the area changed completely from the past 20 years when I lived there. That area is good now and when you sell you will get your money back! Dealing with renters are a pain but at least your house is paid off and you have cashflow. Good job!
I'm a landlord in England and we have much the same problems it seems. Renters here have soo many rights, thinking of selling up my rentals now 😂
DR Horton makes garbage homes, I can't believe Todd would expose his client to this.
Homes in general are garbage today. But that doesn't change the fact we all need to live somewhere. So do what you can with what you have available.
The description of the actual economy, wonderful program.👏👏👏👏👏👏
You guys are the best❤
I live in Frisco Texas and we have a bunch for sale now!!!
Thanks you for your service, Military in Isa IS Always making war over the world. Ukraine IS am American war, because their currency IS down, now they Export war... Thank you for your service Military from US and A
I’m on the South Shore of Massachusetts and am now seeing more and more houses for sale.
This is a very strong market
Houses are selling where I live, they last about 2 weeks at the most. There are no rentals , and if you find one you better put money on it fast.
If you borrow at 1% and make 20% you have 19% inflation. Inflation is never good! You may be the one that benefits because you are the first to get paid, but that will lead to price inflation which eventually devalues the currency. Borrowing money is printing money.
I went to see some Dr. Horton homes in Haines city, Florida, today. I think I'm going to wait for next year, I'm not comfortable paying high taxes because CDD.
Todd, you are such a great host. Love your podcast!!
But...my equity is just sitting . That one gets me every time 😂
I was born in silicon valley in 1942i in 1971 I was working as a union carpenter .making about 9 an hour I was renting a 2br apartment for 80 dollars a month I bought a 3 acre lot for 7500 and built a 3000' house for 20 dollars a foot my property tax was 800 a year I got the permit in 2 weeks.Today I have been trying to get a permit on a house near my house the lot was 600 000 and the house is much like mine not a mansion.. We applied for the permit 2years ago and still don''t have it the house will cost about 1000 a sq a foot and the taxes will be 35 to 40 thousand.
What time in Palm Beach County the price go to drop? I’m tired the holding my money in cash.
Dude, relax the market will come to you.
What is Equity? Isn't equity another loan? In order to pull out equity don't you have to get approved for the loan?
Good Stuff
C.R.E.M.S.
Casinio Real Estate Medicine Show.
OMG, to compare 2024 to Q32006 is foolish. In 2006, there were 50%+ adjustable rate mortgages, today the average rates are below 4%. Given the fact that UE is at 3.9%. how do we get to 2008 foreclosure levels?
Same thing is happening in the auto market. Back lot is full and sales person says there is a shortage up front
EV
Here’s something no one is talking about. In my MLS, appraisers have no way of knowing whether a buyer brought extra cash to a transaction. I’d think this would be something useful for an appraiser to know. When looking at the comps, there’s no way to know whether the appraiser found value or did the buyer bring extra money? Aggregate this activity across multiple markets and you’ve got inflated home prices. “Where are the dang appraisers?”
I had a tenant in one of my apartments in New York that recognized the liberal policies of the state and she just decided to stop paying rent even though she could afford it. It took me 2 1/2 years to evict.
Wah!
That is so wrong!!
Wow that's not right
Great show and very good information.
I like Melody. I wish they can keep it close to 1 hr.
Thank you.
"I'm shocked, shocked to find that gambling is going on in here!"
"Your winnings, sir."
Great show!
If I "had to buy" right now, I would be trying to extend the time between the initial contract and closing. And keep shopping. Might be able to snag a 20k better price on another place and walk away for a couple K on the first one. And repeat 😂
If things start moving, like they can, might be out 10k but sitting in a 100k better house with even a lower interest rate in a few months.
I don't believe in coincidences , l o l that noise kicked in right when things started to get juicy
You guys have to remember on the Home affordability thing nobody buys a house with one income anymore. The only person that buys a house is somebody that’s there’s two people and a lot of times it’s dinks dual income no kids so whatever the medium income is you have to double it for somebody’s gonna buy a house.
Over valued homes because of erroneous higher appraisals due to not incorporating seller concessions most likely equates to higher taxes for consumer and everyone, taxation truly is theft!
Todd, The FHFA/CFPB does not plan to have another GFC housing crash, as when people are unable to make their payment, the govt will subsidize it until the economy/markets return to normal. Basically nationalised housing at the cost of all other taxpayers, as borrowers will never accrue any equity in the future. They have already approved this loss mit plan to prevent foreclosures, and keep market from a free fall.
Alot of times people are in default because they did not have a Lawyer at the Closing to look at the terms of the loans. Alot of times it is the Predatory Loan Terms the buyer is unaware of,
Great show! Thnx
I’m looking to move south, from Ct., and I’m a single guy, living off a pension, from 26 years at my job. There’s not much in the Carolina’s, where I’d like to go. It sucks.
You missed it by twenty plus years Mark. I’m in Greenville SC. I came here twenty five years ago from the North. Still beautiful but not cheap anymore. Bought land dirt cheap. It will never be the same.
Also...I would drive to TN for a date with Miss Melody
If my truck breaks I must go and spend $50K on the new one 🤦🏻 That’s how you screw yourself from a good position to buy a house to be mediocre.
lol I drove a 2005 sierra and do all my own maintenance wheel bearings brakes spark plugs etc, the comment was speaking to the fact that costs are rising rapidly
Rearranging the chairs on the titanic
rearranging the chairs on slave ships;
Why would people pay? Where does the money to create the mortgage come from? Does the lender pay it? No, the lender pushes the buttons on the computer to create the mortgage if that is even true
Great TV! You guys are going to be on network TV here shortly!
Solid episode
Need some advice...should it be wise to apply for an equity loan...my house is.paid off and no debt...i want to use those funds to invest on improving a small farm house i own debt free as well...
Your theme is debt. We are old and have no debt. But we have lived below our means and have the discipline to say no to discretionary spending. It worked. Yet I do all the shopping and heavily use digital coupons every time from planning my purchases. Yet I see other shoppers buying without a list and fill their carts with boxed foods and canned. Very little comes from produce and meats. And many are fat women. My point is people make choices and we were all taught as children that each choice has a consequence. So these debt ridden people did it to themselves. I feel no sympathy for them. Same with anyone. Buying a fancy car or truck by any wage earner is stupid. A three year old Toyota is okay. My projection is we are making an army of homeless. And I say it is their own darned fault. Let the people who contributed more get more. And the people who don’t can crawl under a rock.
"We are *old* and have no debt." Yes, people who bought homes in the past can more easily live debt free. Try buying a house today as someone who's young. Cutting all costs and living cheap still isn't enough. Previous generations could easily live as long as they didn't spent super crazy.
You sound like a jerk and why are you looking in people's shopping baskets? Get a life.
@@SomeUserNameBlahBlahthat’s boomer talk I tell people all the time quit listening to old people they are propaganda babies 🤣 why do you think they all say the exact same thing!!
@@SomeUserNameBlahBlah Yes. From your point of view, buying a house today is not easy to do for many. We own three, two are paid off and we live in the third with a 2.25% Apr mortgage. We have been successful by generating a 849 fico. I define an asset as checks coming in. And liability as checks going out. By my definition therefore home ownership is not an asset. I suggest you consider renting is a better idea and buying a house to rent out to others is an investment. In that way, the agony associated with being young so not to qualify is really an illusion. Not a fact at all. Good luck!
@@2023Redyeah but you’re old and don’t have much longer
Ventura County doesn't have that many good jobs. They want volunteers all the time. They're living on the house of card equity castle. One home I lived in is now burned down in the hillside fires. Pretty view of Oxnard.
I googled the median income in Ventura CA, google says 44,000 and 95,000 median household income. I don't know who's information is wrong.
Google says the median income in LA is 37,000, that can't be right.
Hi Melody. saw you on RE MINDSET. Thanks for your views and the informative perspective. I'm in SoCal, and have good amount of equity. Torn between selling now and waiting, thinking inflation/$ devaluation will continue to drive prices higher. Care to comment? Thanks again. James C.😊
Funny you said 5 car garage is not a necessity but with adult kids, some with kids, living with mom, they can use 5 car garage.
What's scary.. really scary..is 65% of ppl who own homes shouldnt.. they are too broke to up keep.. they let the place fall in around them..they EXPECT someone else to come clean and fix their home without using their own money..they whine and complain about No One helping them
Sachs got the sacks.. keep slinging the reality to people.. mmm mmm melody.. love her brain ❤️
Melody ROCKS 👍