Housing Market Crash? Foreclosures Are Up. Zillow Stops Buying Houses?
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- Опубліковано 1 сер 2024
- Housing market update. Foreclosures are up and Zillow stops buying houses.
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Outline:
Intro: (0:00)
Foreclosures are up and what the numbers means: (0:58)
Foreclosures and what it means to the housing market: (2:45)
Zillow stops buying homes: (4:06)
What it means if you want to buy a home: (5:35)
In this video, I go over a housing market update and what the increase in foreclosures means for you.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
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There are no guarantees when it comes to the market, just keep your consistency going and while you’re at it make sure to employ a working strategy. I have averaged at least 35% monthly since I started investing again in February. Hiring a consultant to assist me with the leg work also increased my profit chances. Money mistakes are expensive, you can’t be too off-guard.
Impressive ,can you refer me to your consultant ?
@@shirleymark8413 Rita Wildrin Mora is her name and you can run a quick search on her to find out more .
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Zillow does not "reconstruct" homes. They buy from an impatient seller, charge large fees, do minimal repairs and then over price the house when they put it back on the market. That is why most of their inventory sits on the market 60+ days. Why would their houses sit on the market over 60 days when the average days on market is 12??? It's not due to labor or materials, it's do to too overpricing and trying to take advantage of the low inventory. All comes down to the bottom line.
They also stopped buying when the pandemic first hit. Seems like they are only out to "help people" when it's best for their P&L.
Thanks for sharing....I didn't know this.
From what I'm hearing in many of the homes they did 0 repairs.
Zillow, Open Door and other "i-buyers" work the same way. I am a Realtor in Atlanta and it is so frustrating showing a client one of these homes that are in severe disrepair. Yes, they may have new paint and carpet but there are leaks, foundation issues, horrible smells, etc. All while being listed at or above the top of the market just because they can.
But of course they reduce their offer price to the seller to "cover the repairs" they don't end up doing. I don't buy this "labor and material" shortage. I firmly believe it's due to the greed of listing distressed properties so high that they can't sell. So all that liquid capital is now stuck in these homes that sit on the market.
True we don't have enough inventory but even desperate people have limits.
@@brm98 well said 👏 👍
The government should implement regulations on price gouging on homes
Zillow dropped prices on his properties by 12%, is going down 🔥🔥🔥🔥
I took a bunch of screen shots last year of beautiful Florida homes and checked them this month, many slod for either the same price or 5k to 10K less. Many sat at Zillow for months b4 selling.
But I would assume that there’s some oversight as to where all of those mortgages are the monetary value of loss versus capital gain or alleged capital gain and as well as capital losses
Great educational video! Now is a great time to buy even properties without equity. There won't be any surprise if short-sales start showing up by this time next year based on history repeating.
Watch Next: Best Investments to Beat Inflation ua-cam.com/video/rXDbCylNXxs/v-deo.html
Learning so much from your videos, thanks team!
Awesome, thanks for watching!
Terrific analysis without bias one way or another. Am subscribing. I have been involved in RE services since the S&L bailout days and have seen 2 of these up/down cycles. History is pretty good teacher. Opportunities will abound. Thanks for the update and look forward to more. One addition. When signs of value reduction begins, speculative buys will be out of game. Those who remember the last go around will be quick to exit and list properties. High rental rates could buffer this effect to some extent but not completely prevent.
Great insight!!
You’re welcome, thanks for watching!!
Zillow is not "pausing" its buying because it can't keep up with demand. It's exactly the opposite. Today they announced that they were laying off 25% of their workforce and permanently stopping their buying program because they overpaid for houses. (They called it a failure to be able to predict future home prices resulting in financial volatility). They didn't do it because they were just making too much money. So if Zillow realizes it overpaid - what about everyone else?
Great information! You answered all my questions.
So glad!
This may be partially true yet it is regional & by State - banks are making refinancing & rent back deals
This makes sense!!!
Thanks for watching!
Where do you think this will be most prominent in the US, or where will be most affected?
Thank you for taking the time to do the videos. Great info!
You’re welcome :)
It's all going to collapse!
And ppl are in denial.
Great news. So glad the value is coming back to normal. Drop 300k!
Thank you for your educational video 👍😃👍😃
Thank you for watching!
The housing pop will help me not to have to pay as high of property taxes when the home values drop. Plus plus plus ➕
Privatize the gains, socialize the losses. Where is jpow where the lowered interest rates !
Life Accounting needs to start taking clients
I know, but they’re booked through the roof! Hoping next tax season, if they expand :)
Except that Zillow is selling many of its houses at a loss, esp. in those distressed markets like CA and TX.
I don't think going to housing price going down for at least 6months.
iam doing trading business with china and other country and the raw materials for construct, lumbers, metals and sea shipping price is still sky high. unless china and us cooperation with the trading as well, it won't going down.
I can see it dropping 20-30%, but guess what? That's back to 2019 levels. Not exactly a crash
Hmmmm weren’t homes over valued and lenders eager to lend with decent interest rates in 2007? 🧐🧐🧐🔥
Sure. There was also a surplus of housing inventory and not enough buyers back then.
@@LYFEAccounting
Same intentionally created BS as it was in 2008, only this time its on steroids.
It is all comming apart globally.
The World Bank is insolvent, The Globalist Corptacracys.
Now have more money and power than The World Bank.
They will devour themselves unless they can replace the workforce with AI Robotics.
Lenders were being pushed by DC & Wall St wanting mortgage investments to market to pension plans etc. It all started in 2000. People were getting mtgs with no job, no income !!! There was huge mortgage fraud at that time
Zillow is ramping up!
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This crashes are great opportunities for a few, and I believe a big firm like Zillow would have a plan waiting, just incase all these analysis are true. Short term rentals is one investment that I hope to get into, as well as REITs. I've been informed of people making as much as $50,000 from these investments and If anyone could be lenient enough to share, I'd really love clue and tips on how to maximize profits in that sector, or any other.
I also plan on putting more efforts into short term rentals, and then possibly move into Real time real estate investing.
I began investing in REITs few years back, that I have made enough profit to buy rental units and a few parking lots. Though I have a more diversified portfolio now, I can't undertone the regular few hundreds in thousands that this sector shores up for me.
Focus on REITs Stefan
@@matheofaustine5894 wow! do you mind dropping a few pointers? the irregularities in the markets are making it hard for one to make real profits.
@@paulnelson5539 there are actually no particular sectors i focus on. I was just fortunate to have the guidance of Cynthia Gail Peters. You can use something else. but for me, her strategy works hence my result. She provides entry and exit point for the securities I focus on
Perhaps that’s because if indeed the CDC Purchased the majority of all the mortgages they’re not wanting those single-family homes to be on the market it isn’t that they’re not available it’s that who holds the title isn’t allowing them to be available just an idea
Most are not aware that you can sell the mortgage notes at a discount rate to those institutions or sophisticated investors will to buy bad paper and hold it for long term being value of the will adjust and rise in time. Zillow represented hedge holders that likely the housing field is not their expertise so they are either shifting their monies somewhere else or holding/selling at some certain point of time next year. There's power in the pen and paper with notes (mortgage notes).
High price of construction materials, 10% inflation, 125,000 peoples moving every month to the US, natural demographic growth and increase in government regulations will continue to make the price of RE to go higher and almost not affordable to new buyers.
It takes FOREVER for a home to go into foreclosure….FOREVER. I wouldn’t expect foreclosures to be the reason you find a home.
Foreclosure already started. They are just trying to keep it quiet
What goes up must come down
How can I purchase a foreclosure property?
Hmm, that would be a great video topic 🤔
Get the list from your City Hall
You can check with your county foreclosure list but it is best to catch the property before county auction or REO bank buy back. That way you have more equity(profit) once you buy from the owner instead of the bank or auction. There's also software that will show pre-foreclosures in your area.
@@nicholasbrowninc Thank you for the information.
@@LYFEAccounting I think it would be an excellent topic for the video. I am going to check on UA-cam to see if there is information available. Thank you
Foreclosures will take 2 years to come through. We wont see them on the market for a while.
One MAJOR factor that the commentator neglected to mention is the effect on housing prices in a rising rate environment. We are told that inflation is transitory. But it doesn't look like it is. If it is not (as many suspect), one of the most effective ways to combat inflation is to raise rates. If rates rise, home prices will have to go DOWN to remain affordable. This is the final pull in the Jenga puzzle that will cause a crash. It will be a race to bottom at that point.....
Rising interest rates are a factor. I believe home prices will stop increasing as rapidly as a result. It's still uncertain if it will cause a decline in home prices however, considering demand is so high and supply is low.
@@LYFEAccounting Demand is high because of all the excess money in the system and because of low interest rates. The excess money will burn off soon and when rates increase, the only alternative sellers will have is to reduce the price. It's like a teeter totter. When one side goes up, the other side must come down. Sure, supply/demand is still in play but the accelerant in the next crash will be an increase of interst rates in response to inflationary pressures. Just hide and watch..
Zillow's sell-off has nothing to do with a housing crash-- they publicly stated they have too much inventory because they had intended to renovate homes to squeeze profit, but due to the supply chain issues, they've essentially had their hands tied. Geez, stop trying to scare everyone....
Did you watch the video?
Did you see what Zillow announced today? They lost $500M... fired 25% of workforce, and are scrapping the home flipping business. Their reason? (Not mine) Because Zillow, of all people, couldn't forecast home prices accurately. Don't be scared :)
My house went up like 33% lol
Then go down like a turd in a well
@@davidjewett112 I’m in Austin😎 we’ll see
When is the stupid house market going to crash 😑
Of course foreclosures are going up. If you watch the news at all you would know that the foreclosure moratorium expired. On September 30. There is still a shortage of supply so there will be no crash.
Did you watch the video? I said that.
Not true. People are moving and need place to live and this will keep the high prices.
Real estate scammers beware.
Meet Kevin says “Buy the dips” housing will not crash. “Wedge deals”.
Meet Kevin is not a good prognosticator. He cannot even hit unemployment numbers week to week. He also has a massive conflict of interest to be a trusted source for RE information. He is basically a shill for whatever he invests in and enjoys the attention he gets from those who buy his hype.
Blah blah blah!!! Zillow is not the only person buying homes. Since when do Americans depend on Zillow?!
First
Stop fooling!
?
Lol there is a crash coming 99%
Why do you think so?
Everyone is purchasing over inflated homes and when the time is right the carpet gets pulled out from under everyone and people get screwed. This is how the lenders make their real money.
@@patrickslomka2017 Look like it's heading back to history soon, like the movie The Big Short, not to mention short-sales coming by this time next year if nothing is resolved.
@@nicholasbrowninc you are awesome. I've been trying for over a year to remember the name of that movie lol
@@patrickslomka2017 and those who don't believe a crash is coming is in denial. The numbers aren't making sense. Numbers wasn't making sense in 2006, different tactic same game
Waste of time. Vidoe is full of "however", totally inconsistent with the title of the video.