This is ‘really hurting’ homeownership: Katrina Campins
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- Опубліковано 6 січ 2025
- FOX Business real estate contributor Katrina Campins breaks down the latest U.S. housing data during an appearance on ‘FOX Business Live.’ #foxbusiness
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Taxes and especially insurance are actually making home unaffordable...
Only going to get worse.
Kamala expressly stated she would confront this but you want the orange property mogul to decide for you. 👏 🤣
artificially inflated home prices made homes unaffordable. This was caused by government intervention/manipulation of markets
Exactly! My house insurance went up 75% and I have never made a claim in my life. Health insurance is another problem.
It's all part of eliminating the middle class
My property taxes and insurance is up 200 a month from 2021. That's the kind of thing that can break a household's finances.
Property tax is extortion. It should be abolished totally.
A land value tax would be more fair but you need a way to pay for local services like roads, teachers, police, etc. Doing all that through local sales taxes would be highly regressive and shift cost burden more onto middle and working class people.
They should collect it from sales tax. Property tax is stealing. I am paying tax on sthing that I actually already paid for. It's a joke.
I'm fine with paying some taxes but it's getting absurd. The school taxes are especially ridiculous and if you have no kids, never had kids and never plan on having kids it's pretty opressive.
@@mriccardi825 I sympathize to an extent. But personally, I think this type of first order only reasoning if implemented fully would lead to a very sad dystopic society. You still benefit from todays children being properly educated even if you don't have any of your own. One day they will be your coworkers, your doctor, etc. They will be more successful if educated, thus improving our economy and future tax base so you can pay less down the line.
@@robf8349 I get what you are saying, and one thing I actually left off was that if the taxes were not removed, I think you should get relief from some of it. Where I live on LI NY the school taxes are absolutely off the charts and they only keep going up, meanwhile the education is NOT improving. If you look up the breakdown of education budgets it will shock you. The largest amount and growing of the money is allocated to "administration." Whereas teachers are basically a flat line. Were we on another forum I'd share the charts because I looked them up and was stunned. Basically the money keeps climbing but it is not being put towards what students need to succeed. I realize that is a tangential point to my original one but I figured I'd share my thoughts as they spill out!
Asking prices are ridiculous high. No way a sh1tbox house 5 years ago was $175K is worth $ 355K.
when the government lets in 60+ MILLION people and start handing them homes.... the few homes left for sale have a much higher asking price
we have to end Agenda 2030 before it destroys our country
LEAVE THE UNITED SOCIALISTS NATIONS
it makes zero sense like wtf is going on
@@fileinterrupted1787 I pass on the houses with the asking prices are too high.
@@fileinterrupted1787 remember... you will own nothing and be happy...
Agenda 2030
global socialism is coming
life after covid
I’m in Ohio and my home ins went up drastically. And I’m no where near water, tornados, desert, or anything. So why here? GREED! Since COVID everyone is jumping on raising prices. Even my sewer bill is up 30%….really? Greed
Yep!! i live in Ohio too and you are correct.
Biden promised that there would not be any new taxes. I love how politicians spin words. Guess what...this is a form of hidden taxation. This is what he actually meant by no new tax.
Insurance company need to spead out their expenses. Even if you do not make a claim. Any claims from major disastrous wildfire or hurricane will increase your rate. It just how the business work.
Not going to blame it on Covid, just the Covid Era, where people went out and spent their shinny pretty pennies and leaving stores bone dry, retail, business, city places saw just how much money people had and what they were capable of doing in a catastrophic event so everyone jumped on board with the "Greed", feeling and jelousy, of dang I want some of that money too. Its the reason we keep seeing people pushing their sticker shocks on us, we keep paying everytime they keep raising they don't let up and neither do we, so it keeps going and they keep making more profits. When will the day come that people will have had enough? We don't know, but these business will be so rich, it's probably not going to matter if they close down, they will just find another way and title to open another one and start all over, vicous cycle for us, we are on the losing end.
Can someone please get me away from Bonnie and Terry Tipton of Las Vegas Nevada as well as the Noones. They just torment me with guilt, failure and inferiority every day of the week. I think they expect me to look at them as morally perfect people who have lived perfect lives, that there is no daylight between them and the Jesus Christ of the Bible. I should not be known in Las Vegas, but there are people who seem to enjoy making others feel guilty.
It's "GREED" period!
This is one area where greed is only a small part of the story sadly. It is just not feasible to affordably insure homes in large swathes of the country going forward as severe natural disasters become more common. Homeowner insurance companies are losing money in many recent years. People can deny climate change all they want but the math is the math and more and more states will be facing the FL style crisis soon in finding ways to insure property.
Mortgage = 1st Mortgage
Property Tax = Forever 2nd Mortgage
Insurance = Forever 3rd Mortgage
Property tax and Insurance today costs more then the interest alone on a typical mortgage. This is another hidden tax by the oligarchs that run the corporation of USA.
I paid 8% in 1970s. Was making crap working for Bell Telephone, Rate is bs. Had two kids, one salary, still needed to be Qualified.
Rate is not the problem. Salary, insurance, health care, utilities, taxes, …..crap employers…..Amazon, google, facebook, ibm, Microsoft, .
Only jobs secure…government work,teachers
USA sucks now
To be fair, you were paying 8% on a home that cost $12,000 and a sack of potatoes.
@ house was 30,000. You have no concept of economics if you don’t understand what I was saying.
I also paid 18% for a commercial loan in 80s. 18%, mafia was charging 25%.
Cost of living, taxes, fuel….
Expenses were low, now 300% higher in relation to income
Totality agree!
@@jppalm3944 well your English is pretty terrible so it's tough to understand precisely what you were rambling about. Would you please clarify in proper English?
@ you argue like a democrat. Lose the argument , resort to personal attacks
Finally!!!!
someone is finally calling out these fraudulent insurance companies.
Now let's gather some steam and stand up to them.
People are living in their cars right now
My friend said his dream is to one day own a van and live in it. He is 22 years old and fully employed.
Better than sleeping outside...
Soon you will be taxed out of that too.
Or many people buying one small to medium house together. My cousin sold their house and like 3 Mexican families bought it.
You've got to insure them too.
Companies and rich individuals are gobbling the real estate and jacking up retail..
When that stops the working class will be able to afford homes and rent again.
We did it, Joe 👏
"Look, we beat the middle class."
Yup
Joe's hyper inflation
In a few weeks, Joe won't be in charge to blame.
@godanielgo2972 You're not really trying to blame Joe for the rising costs of insurance and property taxes are you? Since when did the Federal government have ANY control over a state's property tax? I won't even bother explaining whose in control of the weather. I mean.....gheesh.....everything is not about politics. Bottom line is prices have gone up due to GREED. Period!
What a crooked system
Do you want to self insure in Florida?
💩🇺🇸💩🇺🇸💩💩
That rate means you will pay double for the house in thirty years. Add in insurance and taxes and you pay triple.
There is no supply shortagd. There are investors creating this artificial shortage. Get you data ans see how many investors are manipulating the market.
F property taxes.
$1600 Is Base Rent, Everywhere, That’s Insane!
I love how everybody forgets how in the 80s mortgage interest rates were double digits, but at least the property value was reasonably priced
yea 8% on a 30,0000 house isn't too bad
Lmao, we weren’t 35 trillion dollars in debt
Don't have a job = can't afford housing.
Have a job = can't afford housing.
So why have a job?
I’m closing in on my retirement and I’d like to move from Regina to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thank you for sharing, I must say Melissa appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.
crooked corporations and greed
And maybe Florida state laws regarding litigation?
"One of the primary challenges for Florida’s property market has been the frequency and
severity of litigated claims. Legislative reforms curbed abusive litigation practices and
elevated the role of OIR as the regulatory authority working on behalf of consumers.
- In 2022, Florida had only 14.9% of the nation’s homeowners’ claims, but had 70.8% of
the nation’s litigation.
- Insurers paid about $2.9 billion in direct domestic homeowners’ defense costs and
containment expenses in 2022 alone, which include defense, litigation, and attorneys’
fees. These costs were paid for by consumers in the form of higher rates."
That is from the Florida Office of Insurance Regulation.
Supply isn't that low, prices are high
My dad was a teacher. My mom was a stay at home mom. They bought a home during Volksr was head of the fed with a 30year 12% fixed. Something is seriously broken in America
You could still do those things today if you weren't weighed down by credit debt. Back in our parent's day, they didn't carry two expensive car notes, a wallet full of credit cards, and 100+ a month payments for cell phones, cable, internet, subscriptions, etc, etc, etc.
Easy credit created the opportunity for people to commit every penny they earn to some kind of monthly payment and leaves no wiggle room for anything unexpected.
Yeah, we’re a welfare state with unaffordable healthcare that socializes those who get it for free.
@@Shadow_Banned_Conservativeyou should also take into account that house price were cheap compare to what we have now. 12% on 100k house vs 7% on 400k house is a lot different.
@@infamoustim3757 It is different, but you don't think your parents generation were earning what you do, do you?
Look at wage growth over the years. Yes we make more but no where near keeping up with inflation.
here in chicago the HOA fees in high rise buildings are more than 1000 Dollars a month ! ( not even in downtown )
Our once great country 🇺🇸 has fallen 😢
lets hope nuclear war wont happen this year
My home owners insurance keeps going up with no claims-up 50% this year. Every other utility up as well. Anything needed done to the home-sky rocketed. New AC 5 years ago-$6500, same unit now-$12000. Had the exterior painted then as well-$2000, now same company over $6000. Chlorine for my pool was $79/40 lbs and last year jumped to $179/40 lbs. Not many Americans can afford all these increases.
You lost credibility and sympathy when you said chlorine for your pool.
Biden promised that there would not be any new taxes. I love how politicians spin words. Guess what...this is a form of hidden taxation.
Biden promised that there would not be any new taxes. I love how politicians spin words. Guess what...this is a form of hidden taxation. This is what he actually meant by no new tax.
Stop was the hazing. Everyone had a drop in standard of living. Just because someone has a pool doesn't mean they're not feeling it.
I'm going to need a new roof soon and the prospect terrifies me.
The mortgage rate isn’t the problem. It’s houses being double and triple a reasonable price.
Taxes, insurance, cost of poorly built houses on top of each other in very unattractive developments
Home ownership is the past.... the future is corporate living units.
You mean where your boss owns your house? Isn't that a little like slavery? No thank you.
Corporations have been buying property for a long time now, the house is a dinosaur. The high rise housing unit is what's replacing it. @garypollio4960
You might be right.
Take a specifuc size chunk of land. Instead of single family homes with big yards and plenty of storage for sale, the local trend is 3 and 4 story apartments next to self storage facilities. Shifting from buyers to renters. Storage facilities are booming because housing is getting smaller.
When we were buying our first home in the 80's interest rates were 18%. We got a 3 year land contract for 11%. When it came due rates were 8%. We were so thankful.
BAM !!! Hit the nail right on the head . Politicians need to stop taking Donations for their parties from Insurance Companies and start fighting for the Tax Payers instead . A great way to cap Insurance would be to go by a standard % of the value of the home and that amount should be decided by each state . We also need more competition in The insurance industry and less colluding . Florida is maybe the worst state but it is happening in almost every state .
You do realize that Citizens was established by the Florida-Legislature as a not-for-profit insurer!
@@robertpriess4890 That doesn't mean they can't change status or have The Board taken over .
Wow, what a surprise. Companies with limited regulations are taking advantage of the public. Who would've thought.
There is basically one insurance provider left in some areas of FL and it is the government option of last resort.
@@kurtphilly Go complain to your governor.
It’s not just the housing market that we can’t get ahead nowadays; it’s everything
Generally, the best time to buy is yesterday. Rates and prices are not going to drop simultaneously.
Corporate ownership is the ONLY thing stopping home ownership for individuals.
Not true; it’s also no livable wages, no access to affordable land, demographic discrimination, gouged building materials, evil zoning laws, etc
You continue to focus on Florida! This is going on in Ohio too! Teachers Unions are the Beneficiaries to the increase in property values! This is really about their well connected Unions!
In ohio the government is your enemy. Riddled with corruption and fraud.
Devaluation of the dollar by government debt is going to bury us all. My grocery store sold hamburger meat for 2.50 lb on sale last year. Today - on sale- $4.99 lb
Qarddin is easily going to hit $1 this month
Scam
Scam
I'm building myself a house and I'm praying the rates come down before I finish not after!!!
Thank you Lord Jesus for the gift of life and blessings to me and my family $14,120.47 weekly profit Our lord Jesus have lifted up my Life!!!🙏❤️❤️
I'm 37 and have been looking for ways to be successful, please how??
Sure, the investment-advisor that guides me is..
Mrs Joyce kim
Mrs Joyce kim
Same i met Joyce kim last year for the first time at a conference in Wilshire after then my Life has changed for good.God bless Joyce kim
I live in an area with some of the lowest rates for risk of natural disaster in the entire country, and I pay more than $3000 a year for a basic homeowners plan. I do not live in a rich area and I do not live in a high-end home. I live in a standard house in a regular suburban community in one of the safest areas in the country with the lowest risk of natural disaster and I pay over $3000 a year for homeowners insurance. And it continues to rise a year after year.
Leaks coming out about Trump working together with shareholders involved with Qarddin
It’s the price of the home.
Excellent credit, Good income, low debt, and still I'm priced out of home ownership. Businesses gobbling up homes and artificially inflating the prices has ruined affordability. A good home in a decent neighborhood a few years ago could be had in the 250 -300 range. Now those same homes are 500 -650. No one wants to buy a pos in a crime ridden neighborhood that needs 40-70k in repairs & upgrades for 265-350 at a high % rate, high taxes, high insurance. It's strangling every penny out of consumers. If your lucky maybe you can refi in a year or two.
Also, building materials have skyrocketed. I can't believe how much some sellers are asking for their homes that need so much work, that they should be razed, and a new home built to replace the old home. But, labor and materials cost too much to do that.
Labor cost is worst on my area than building materials cost.
Think that's high? My house cost 81K in 1975. Now the same house is worth 2+M!
@ do you guys pay property tax?
I was going to put my home on the market, but I decided that a 3.75% interest rate was far better than 6.7%. Why would I put my home on the market at this time? Two reasons. My home value has almost tripled and my home is to big for just two of us. Grand kids are gone, and we only live in three rooms, why cool and heat this big house?
Rent half of it
If you make enough cash after paying off the bank then get a smaller house that you can pay cash for so you won’t have to worry about any interest. Also if you pay off 20% at least you won’t have to worry about home owners insurance if you don’t want it.
@@davemontano3790 incorrect - you’ll still need homeowners insurance, but not mortgage insurance. Massive difference.
@ my bad that’s what I was thinking of thank you
Ok, so how do change this? We all know this is a huge issue but no avenues for correction?
Marijuana crop looking good for New York, New Jersey, Connecticut, California, Oregon, Colorado and Washington. Snow makes good crop harvesting
Not just Florida, Here is in CA as well😢
its worst than over there is in CA
When the mortgage rates dropped to all time lows a few years ago it caused a huge demand. That inflated housing prices, labor prices, and material prices. Now many people are locked into their low interest rate because they can’t afford to sell and pay for a higher priced house with a 4.5% higher interest rate than what they currently have. The market is much better with steady rates. The housing market will work itself out if they will just leave it alone. Government incentives would be inflationary which is what we want avoid.
I know it’s high… but I remember our first rate decades ago was 8.99% … but prices were closer to wages back then. I feel for anyone wanting to buy.
I had an 8.5% fixed 30yr, but the house was only $115k in '04, so my PITI was still around $1000. Same home today is valued at $400k. That payment would be way over $3000 today.
Increased mortgage rates are directly causing affordability crisis
Did she say," People are paying their insurance and property tax and then don't have enough for their house note?? Ummm 🤔
That's like paying cable and not paying your electric bill.
Greed makes HOMELESSNESS
The federal reserve doesn't control interest rates anymore. The government needs 40% of tax revenue to pay debt. They pay debt with more debt. Interest rates are set at Treasury auctions. Nobody wants Treasury bonds. It's a huge imbalance between supply and demand.
The government needs to stay out of it
What are the insurance company CEOs being paid?
Zillions
Roughly $20 million a year, on average.
my escrow, tax and insurance have doubled in the past 3 years. I would imagine tenants also pay with increased rent. How about a cap on property tax placed for the next 4 years.
She kept it so real
Why not eliminate property tax on people who are 65 and older, and have an income of no more than $70,000. These people can hardly afford their health costs and utilities. I know of a 70 yr old Walmart lady who pays $1400. in rent. Her social security doesn't cover that, so she has to work. This is so wrong.
Why should elders who were wiser with their money subsidize those who weren’t?
Why not eliminate property taxes for all
We weren't paying property taxes before and society functioned
@genxx2724 Some elders didn't get a fair start. Is it their fault? Do some volunteer work in a facility for troubled youth. You'll get to see how many kids aren't getting a fair start in life.
@@user-bm3cs1cr6t I spent my career working in the court system, including juvenile. I don’t need you to tell me to do volunteer work. Serving that demographic was my career.
Some people spent their money going on vacations, going out to dinner all the time, buying new cars, buying lots off pretty or col clothes, and getting hair and nails done, and that is why they don’t have money in old age. The neighbors with the same job and the same house went without pleasures so that they could save and invest. They should not continue to pay property tax under your proposal while the profligate spenders are excused.
I’ve said this for awhile now the price of the house to start with is way out of reach for most people so interest rates at 6 or 7 percent is meaningless.
It’s the same here in California
Commiefornia
Everything is higher in California! The insurance is high because of fires
It's not just the property taxes and homeowner insurance, but auto insurance cost is crazy high in California too.
Remember the insurance companies never complained about what they had to put out for covid! And we are all paying for it now!
Sure am glad that I own my mobile home, only have to pay space rent.
which is great until some greedy corporation buys the mobile home park
@tobyk5149 I'm in a small park in Anchorage, Alaska for 16yrs & counting. The land owner isn't going to sell it so that's cool.
@@DeborrahSHIFFER Nice!
@@tobyk5149 exactly since I'm now 71& will be here with my 4 cat's until the end. Hey happy New year to you.
I wanted to buy a mobile home, but the price to pay for the space seemed way too high, especially for what you get, which is nothing. I've seen other people suffer because the place they were on raised the price so they had to move. You may one day find yourself in that situation.
Something needs to change with the housing market!
bring the one who increased it and ask why! but you have to be talking to a decision maker individual directly. that's what make a good show
I have a 2.15 VA loan, I’m not going anywhere.
What VA loan you use? United?
@ veterans United purchased in 2020
My home insurance doubled! It’s insane!
With the struggle of buying homes, why are financial companies increasing rates? Seems like whey don't want anyone buying.
Supply and demand has a significant impact on rates as well
And yet the stock market is telling us the future is good. Florida is especially vulnerable to weather related property destruction. Over investment by investors/private equity has kept prices up.
Price gouging and the President and State Governors should files huge penalties and force them to being the prices down.
Maybe people can get a larger mortgage to pay their bills.🙄
I'm sure someone has a concept of a plan. He normally just goes bankrupt.
It should be raised even higher.
Since everyone qualifies for a mortgage nowadays, lowering it will do nothing but increase already inflated real-estate prices. 🤓
This adjustment is just to put the people back in their right place.
Too many people were just too uppity.
If you've got equity in home that is valued under 4 or 5 Million dollars, you're a target.
Home prices are 2x or 3x more up in Canada but their home insurance is also 2x cheaper. US is way more prone to natural disasters and the insurance companies are making up loses from the states they pulled out
Property price appreciation has been ridiculous. Bottom line is there is no reason for Fed to cut any further or even the last time . If the Fed does drive down rates it may or may not affect the 10 year treasury which mortgage rates are tied to . The insurance industry is who. other problem and one that actually needs regulation . Tax’s and insurance on top of rates and housing prices is not sustainable nor attainable for the average family unless they never have to fix a car , go out to eat or on a cheep vacation.
Im from Wisconsin, I don't feel bad for insurance rates in Florida. Cmon you choose to live there and fully know what happens there so yeah your insurance rates should reflect that
Im in Oregon and thankfully taxes and insurance haven’t changed much at all in the past 5 years.
Remember the good old days when the rate was 10-16%? I do.
In New Mexico yes for property taxes, sales tax, insurance (car and home) latter due to Gov polices that do not protect you or your property so you pay more fore less. Bottom line is math - do the numbers. Sadly city county and state leaders are not focused on solutions.
Taxes cost more than insurance. Call out the local government raising taxes.
Navy son has a house for sale $550K ... his realtor made him an offer that SHE would buy it for $500K (which of course he told her NO) ....but a realtor knows what's on the horizon; knows the 'comps', etc. for the area (near a Navy base in this case). Realtors are probably with a group of investors to buy up these homes, they can afford to sit on them for a while .... then flip for a fast appraisal value of $550K .... a fast $50K profit .... never trust a realtor .... they're in it for THEIR best interests, not yours.
Why are the rates going up? Who is pushing it up?
People should vote out HOA in order to pay real bills like taxes and insurance.
I'm good with my 4 bedroom house in Southern California for $525 a month and a 2.8% interest rate lol
Don’t worry Fox News watcher, Elon Musk and Trump have your best interests at heart 😅
Property taxes.
The cities tax your property according to the money they need to function, not according to the real value of the property. This is the reason, in part, why prices continue to rise to the point that housing has become unaffordable.
The cities should not have a huge payroll, and king-like retirement packages for tecnocrats and burocrats.
Been working remotely since March 2020 yet my car insurance almost doubled for no good reason. Not a proponent of a big government but Insurance companies do need to be regulated.
Crazy insurance premium is one big reason for making home ownership difficult.
Instead of Insurance it should be called Assurance; its just to make you feel at ease. It's misleading since they don't guarantee anything.
It would help if government would not be involved with home purchases
As far as how much they charge for property taxes
The interest rates
Deciding how much a house it worth
Then maybe it wouldn't be as much of a problem for citizens
There needs to be less government involvement in the housing market as well as other avenues
You could be overlooking who owns the insurance companies.... These are the same corporate monsters buying up single family homes.
Let it go higher. Otherwise investors will goggle them up. Restrict investors owning homes or tax them and then interest rates can drop for homeowners.
We built in the Philippines. Cheap property taxes here.
Oh taxes and house insurance that went through the roof about 2 years ago a doubled
Nobody cared about us in the 1980's with Jimmy Carter's runaway Inflation. I remember being quoted around 20% for a fixed rate 30 year mortgage. We focused on Having a Home instead of Having Children. "Back In The Day" you couldn't have both. 😢😢
Taxes also
This is by design.
Make it illegal to own more than 5 properties. Get rid of big business from buying up all the properties to drop the prices on these homes.
Its the price, not the rate.
This is done by design. Force home owners out so properties can be bought up by corporations, then rented out. The US will be a nation of renters...
Mortgage rates follow bonds not the fed rates. Insurance companies are trying to fill their piggy banks again after paying out for the storms. Also because of the ridiculous prices on houses.
Mortgage Interest rates will be volatile this year
I'm in Colorado. Mine went up $800 a month