Why The U.S. Mortgage Market Is Broken
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- Опубліковано 6 чер 2024
- For decades, Americans have relied on mortgages to purchase a home. But experts say that several aspects of today’s mortgage market including cost, the lack of small-dollar loans and lender bias have all greatly hindered Americans from owning their own property. Can the U.S. do anything to fix the broken system and allow mortgages to improve homeownership in America? Watch the video to find out.
Editor’s note and correction (May 27, 2022): A previous version of this video misstated the percentage of nationwide home sales below $100,000 in 2019. The Urban Institute is recalculating its proprietary data after an error was discovered. A similar analysis from the National Association of Realtors shows that the 2019 figure was 8.4%.
High home prices aren’t the only reason behind dwindling homeownership in the U.S. Banks and financial institutions aren’t issuing enough small-dollar mortgages that help families with modest incomes to purchase a property.
“It is particularly hard for people who are buying smaller houses with smaller mortgages to find a lender and to get that mortgage,” said Mike Calhoun, president of the Center for Responsible Lending. “And they also surprisingly are more expensive.”
And the issue has been getting worse. The value of mortgage loans between $10,000 and $70,000 and between $70,000 and $150,000 dropped by more than 53% and over 21%, respectively, from 2011 to 2021, according to research by Attom Data Solutions. Meanwhile, the value for loans exceeding $150,000 rose by a staggering 240% plus in the same period.
Another study found that denial rates for small-dollar loans were notably higher than denial rates for larger loans. And it’s not because these loans are riskier. Accompanying research found that applicants for small-dollar loans had similar credit profiles to applicants for larger loans.
The real reason is profit.
“One barrier for small-dollar mortgages is that it’s just not as profitable for lenders to do them,” according to Janneke Ratcliffe, vice president of the Housing Finance Policy Center at the Urban Institute. “Lenders get all their fees and interest based on the loan amount so they’re going to get a lot less revenue on a $70,000 mortgage than they are on a $700,000 mortgage.”
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Why The U.S. Mortgage Market Is Broken
My wife and I did very well in the amount of money that we amassed for retirement. Well over 80% of that money was made because of taking advantage of buying high-end stocks at a deep discount during the Great Recession. 2009 I fired the stockbroker got rid of all mutual funds and bought individual dividend stocks. Be patient don't get scared and do your homework and you can make a killing.
I am 54 years old and my wife and I are very worried about our future, with gas and food prices rising every day. We have seen our savings dwindle with the cost of living in the stratosphere, it is impossible for us to replace them. We can manage, but we can't move forward. My condolences to everyone retiring in this crisis, all those years of working just to lose it all in a crisis you didn't cause.
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I think it's especially difficult for retirees and near-retirees, I know to focus on the long term but the anxiety when you're supposed to retire in 3-5 years is exhausting. it is difficult for me to participate in the market right now due to the full-time nature of my job. it will be too stressful to combine so I don't even think about it
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Another broken part of the system is denying mortgages of 800 dollar monthly payments to people who are paying 1200 a month in rent by saying they can't afford the mortgage payment.
The new way..."is to gang those with 50% down...go in together and buy bigger houses and live accordingly. Money has no value now.
@Housing Analyst Yeah...expected...buy a house in 2024...when money will be free..."one last ditch effort time" to keep the "SHEEPLE PAYING MORGAGES"...then, the world as we know it...goes back to "Trade and Bartering".
Get ready...cause' here it comes lazy people of America!
And...better have Jesus soon...or you're doomed anyhow 4 eternity.
My taxes and ins are $800 month
HUGE issue. Society promotes this insane behavior. The wealthy - for them it is perfectly sane. Its the trap they set to collect your rent.
I think 24-36 months of paying rent should entitle you to a government backed mortgage for the same amount including property taxes. People rarely default on a housing payment, it's the last bill people default on. They'll let their cars be taken, the lights turned off, they'll live on ramen and tap water, but only in dire straights or with addiction do people get foreclosed on. Another benefit is when people do fall on hard times, you generally have up to a few months to get right with the bank, as a renter, your eviction process is often starting after two weeks late and now you are really in a hard spot. A mortgage is a life saver long term as your payments stay the same as you earn more income. Property taxes increase but it's generally very minor increases on an annualized basis.
The US needs to remove institutional investors from purchasing homes for profit. Also, house purchases should have a limit of 1-2 per state. I assure you, that housing prices will plummet when you remove the greedy vultures from the system.
I agree
When I was trying to get a home in rebound from 2008 (about 2012 in my area), this was a huge problem. I was in a bidding war on every entry level single family home in my area, Investors were trying to snap them up as rentals for long term investors. I am generally a believer in the free market, but I agree, all people need a place to live and it was a bit frustrating to lose out of houses for people who were buying their 10th house.
Very underrated comment 💯
@@kevinmach730 yeah, I am apprehensive when it comes to combining the awesome "free market" system with housing, bc housing is a human right... it'd be like profiting off air and water. so, idk...
@@amyblair8650 Owning a home is not a human right. It's actually a huge pain in the ass most of the time and isn't cheap to maintain. Don't even think about buying a house with that atttitude, beause you will be in for a rude awakening.
On a 90k a year salary I can barely afford a decent house in a traditionally low cost part of the country here in East Tennessee. It's absolutely ridiculous.
You need a partner with the same income and you're golden
It's impossosible to afford housing on a single person's income
Figure out how to double your salary. When you consider the taxes in Tennesse, you're only entitled to 76% of that $90k or $68,400 net.
@@Pierredirects I work a real job. I'm a cryogenic truck driver. I fight tooth and nail for an extra dollar every year. There is no doubling the salary. My wife does make another 50k tho. We almost got our first house paid for but we want a nicer one but a decent 200k house is now 400k and I'm not paying on a house for 30 years
@@souslicer No it's not. I make 70k a year and I can afford my house which cost 154k. My payments are about 1100 a month.
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Investing is easy, but we make it hard by: Looking at price action every day, Changing strategy too often, Panicking when everyone else does, Selling when we should buy, Buying when we should sell.
Making money from stocks look deceptively easy. The reality is that stock market is one of the toughest mental games in the world.
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@@stephaniestella213 she popular and has quite a following, so it shouldn't be a hassle to find her, just search her
America: you can’t afford a $1500 mortgage so pay $2500 rent
Although, the $1500 mortgage often requires property taxes, insurance, and money to pay for repairs on top of that mortgage so the total costs might actually be pretty similar. The rent would include those other costs already.
The downpayment is whats so killer. :(
Or pay $1000 rent and save $6000 a year plus insurance and property taxes and save another 4-7k.
@@rondelltefrazier3557 Where is this 1k rent you speak of?
@@Sammich88 Dallas TX my friend
Limit the number of single family homes any one entity can own. If you want to invest, buy multiunit housing. Large scale investment in starter homes should be not be allowed to drive prices up. Regulate.
This is just wrong. What caused real estate to go up so much is the artificially low-interest rate, federal reserve QE (printing) & all these dumb ass down payment assistance programs. Get rid of these artificialities put in place by our government and prices will correct.
@@albundy3929 Artificial interest rates are when they are manipulated by other than market forces. In this case the federal reserve. Google fed funds rate, as well as the effect of buying over 9 trillion dollars worth of treasuries and mortgage-backed securities from the banks.
Yes the downpayment assistance has not been AS big of an issue as it was prior to the GFC, its definitely mostly the insanely low mortgaged rates that are responsible, that said though, even 0.5% extra buyers have a much greater effect than 0.5% on the price IF (as it is in our case) there are fewer homes available than buyers.
I sense a little bit of a tone but I could but wrong, that said I'm happy to keep talking about this if you are!
Why do any of that? The system is working perfectly well, just as it was designed to.
On the surface this sounds great. But in the long term it's tyrannical.. Eventually we'll get to the point of limiting the number of children you can have. Slippery slope.
@@albundy3929 - I agree. And I don't want more housing until we control destruction of arable land and greenspace. More living quarters, yes. Condos/apts. Houses? No.
I am 42 now. Finally, my life is well put together enough for me to consider buying a house for my young family and then now all this: Low inventory, supply chain issues, rising mortgage rates, competing with whole corporation that are gobbling up the market and pricing me out, high inflation, algorithms buying houses in the scarce market, bidding wars etc....the list is endless. What a time to live.
I can relate. You can thank the Obiden Regime for printing for deficit $$$ & canceling the Keystone Pipeline both of which have cause most inflation since 1982. The late 77’s into early 80’s were similar when Jimmy Carter initiated more deficit spending
Are you originally from the US?
I feel for you but look around... inventory in most markets is rising as people are getting priced out and subsequently, asking prices are being reduced. Sit back and wait. Within a year as sellers get desperate - that's the time to buy. In the meantime, save as much as possible for a big down payment or a cash deal if prices sink that low. I bought my house in 2011 for $35K cash, now Zillow-estimated at $450,000.
@@kinky_Z I can not thank you enough for this splendid advice. I have been contemplating on waiting but wasn't sure if that would have been a good move at this time. I needed to hear that from you. Thank you :)
Democrat’s fault
Buying a property in an “affordable” area? Let’s be real, that most likely means you will live in a very dangerous area or in the middle of nowhere.
Every area that's affordable doesn't necessarily mean it's dangerous....
@@jermainec2462 When he says "dangerous", that's code for black/brown people.
@@jermainec2462 The video defined affordable as $80k. Where can you buy a home for $80k or under and live safely? Please share if you have information.
@@efdeecue Of course. Most people won't say it, but living an area with those kinds of people are usually not very nice neighborhoods.
Plenty of safe places that aren't expensive. They're just not in places where you can get to work easily. Not an issue if you work remotely. Also, it's not like it's cheap to live in Chicago ffs.
Too many "investors" we know who they are: the flippers, the multiple streams of income, the generational wealth gurus. Then you add the professionals: banks, mortgage companies and you get this result
The individual rental owners are a drop in the bucket compared to how many homes the corporations and banks own and hord. Wake up
Time for a federal tax on this.
@@babymoon5282 we don't care how many there are, the results are the same. Time for a deep federal tax on this. Prepare yourself.
@@Matthew-rp3jf good. Start with the corporations and state owned properties first for the tax. We're already paying a hidden tax. What did you think the inflation was for? It was a tax on all of us wether you own a house or not. Silent tax.stop forcing more taxes for the government to steal from us all. They get enough. Enough is enough. Taxes are not the answer. Rule changing is.
@@babymoon5282 both are problematic and the people who sell out their communities.
9:20 An 800 credit score does not equal wealth. It means you are very good with juggling debt and making all of your payments on time.
Exactly..I have a 725....but that doesn't mean I am rich. Just because I am smart with my money and pay way less for my mortgage doesn't mean I am rich either. My wife and I sacrificed like hell to come up with the down payment so we didn't have to do an ARM loan like everyone else around us were doing. It seemed like the same houses we saw we saw the same couples also looking at everyone of them. It was amazing! We did take advantage of a "mislisted" short sale house and was able to get under contract by the time the listing was fixed. There were 20 other offers for the property as backup after and ALL of them were 20-30 grand higher. Funny part is our neighbor was the real estate agent. The old man was starting to slow down and he mixed up the details with two homes and ours was listed as a fixer-upper. 3 months later, it appraised 70,000 higher. Now getting the the deadbeat children out of the house after we closed was another story. The bank that sold it to us used to have the reverse mortgage on it. Old owners passed away.
@@dayolddoughnuts4031 people don’t want to sacrifice like you have they want handouts. That’s the problem in this country. The sense of entitlement is astounding
@Chuck Gladfelter wrong. You got you where you are. It’s no one’s fault but your own No one forced you into debt. The responsibility lies squarely on your shoulders
@Chuck Gladfelter you someone cannot responsibly use a credit card, they should not be trusted with a mortgage.
@@kronikinsomniak that whole argument would be valid if things like unexpected, sudden medical debt didn't ruin your credit as well
When something as important as, for example, a "mortgage" or "home ownership", is looked-upon with either fear or being impossible to obtain - when it should be the easiest and most economically sound decision you make for your future and the future of your entire Family - it tells us (100%) that it is broken, has been broken and needs to be changed - IMMEDIATELY.
@Block Lord and rent control on those houses so the tax isn't passed on to renters.
"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 on the continent their Fathers conquered." Thomas Jefferson
If the government actually cared about the citizens, they just build more houses. Seriously pass a bill, use tax dollars to build houses, great way to employee people too, a habitat for humanity on a government scale. More supply will lower the cost of existing homes too. Problem is nobody wants cheaper housing but the people buying them. Guess who loves higher prices, real estate agents working off commissions, banks that make more interest with higher borrowed amount. Local governments with more tax revenue for higher valued property. No one has a vested interest for lower prices but the poor suckers buying them.
And once you buy you're on the same page as all these investors. Make sure you inherit.
I don't want to pay taxes for the government to build houses. The government is you and me and you probably want to buy me a house about as much as I want to buy one for you.
@@Zt3v3 Nobody wants to pay more in taxes, but I'm old enough to know the federal government is going to blow it on something. Might as well to improve the USA, sort of that infrastructure bill probably would have been a good idea if it wasn't filled with other pointless crap. I sure as hell rather spend 40 Billion on housing here than watching some Eastern Country get shelled to ruble. We all know who's going to get the bill to rebuild that. So I guess we'll be building over there instead. Good news, u don't have to buy me a house, I have one.
@@delacruztaylor That was a nice reply, I don't have a retort, I'd prefer houses over shells too. Have a good day sir.
"If the government",
Little qualification. The oligarchy owns the government and the government is their tool. The governemnt would be good if it was actually democratic. Blame the people who own the news media and buy politicians, not the instituitions that should be working for us but that were corrupted.
The houses here in the US don't last either. The roof, HAVC, etc all need to be replaced within 20 years.
Those service lives are pretty standard for wherever you’re at. Structurally these homes will last Indefinitely IF they’re cared for. Want a lifetime roof? Prepare to pay at least 2-3x the cost up front.
@Block Lord actually timber is a perfectly renewable resource. It allows us to build quickly and more inexpensively than we could with concrete. From an environmental perspective concrete production and building is MUCH more harmful to the environment and has a larger carbon footprint than stick frame ever will. Switching from lumber is not the route to fixing any of these issues.
@@johnowens178 the timber is only as renewable as the process of acquiring the material. Depending on the source, it could have been the product of somewhere between a mass deforestation or an environmentally friendly tree farm. To its credit, there are advances being made to make more carbon neutral concrete. As for improvement and mass adoption of those technologies will likely depend on markets, regulations, and policies.
@k c Didn't he say concrete lasts about 75-80 years? The problem isn't the structure, whether wood or concrete or whatever. It's replacing the roof, HVAC, dishwasher, water heater, garage door opener, refrigerator, clothes washer and dryer, etc. Something fails every year.
@Wild Flower Our house is an older traditional Japanese house which originally had a thatched roof. It was reroofed with ceramic tiles, and still has its original daub walls. However, due to rising costs and a lack of craftsman, these days a new roof costs nearly 150k if using traditional methods and materials. They do last for a long time though.
11 years ago, my landlord invited me into their house as I was dropping off my rent check, to show me her newly renovated kitchen. I thought to myself, “I paid for this”. 4 months later I bought my first home at a 30 year fixed, 4% rate. My DTI is currently 14% and CU at 1%.
Do you think they were never going to spend the money you paid them?
@@echofoxtrotwhiskey1595 you TRULY missed the entire point. If YOU are a homeowner then you understand WHY paying rent doesn’t earn you money.
Call me controversial, but as a homeowner, I would fully support dismantling of all renter/landlord contracts and converting all rental households into ownable homes. Renting is nothing more than real estate monopolization. The few who have the funds will buy up all the real estate and then charge premium to everyone else. With mortgages, you get slight variances in monthly payments depending on utilities, taxes, insurance, etc, but this variance pales in comparison to landlords hiking up rental rates simply because the demand in the market allows them to do it. When the real estate prices rise, property owners are the winners, while the renters are the losers. I strongly support antitrust laws as monopolies suppress free market competition. And this real estate monopolization in the form of renting needs to be made illegal. Same goes with large firms mass purchasing properties to drive up prices. And same goes with any rich individuals who mass buy cheap homes for the same reason. Real estate needs to be subject to antitrust laws.
My rent is going up by exactly 25% on 08/01/22. This is the 3rd price increase in under 4 years. The last 2 increases were roughly 2.5%. This officially puts me at 33% of my budget. I'm sure things aren't as bad as they sound. Good luck everyone!
Yo wat city u live in.......curious.
Well, housing prices have gone up, too. Lumber prices and inflation have made small homes into $400k. Building code and other regulations also drive up prices. So naturally, rent will also go up. If you're lucky to live in a place where local politicians figure out they want to establish a property tax, you can expect rent to go even higher. There's two ways to get a house: get a job that pays well or get a partner to live with that earns well. Or win the lottery lol
@@AgentSmith911 "inflation" also known as "flippers and real estate companies buying out and artificially raising prices"
Mortgage broker here...
A big part of the problem with small dollar mortgages is the reform passed after 2008. The reforms caused something called qm or qualified mortgage based on the percentage of the loan. In other words, the fees cant exceed a certain percentage of the loan amount.
But many of the fees associated with a mortgage are fixed, so as a percentage its higher on smaller loans. This is causing loans to get denied due to qm errors.
If you really want to fix the system this needs to get reforned.
Fix... unlocking the fee limit, am I reading this right?
100% correct!
Do we really need a mortgage broker? What is it you even do here? Put numbers in a computer which thinks for you? Why can't we automate your role to save the home buyer money? I think it'd be a good thing to eliminate the jobs (realtors in particular) that leech off the housing industry.
@@bumponlog Yeah. LOL. I want unvetted people trapsing through my house without supervision when it is up for sale? Sometimes it doesn't hurt to think about why something you don't see the point of, actually has became the norm. As far as mortgage broker goes, again. You pay the same for the loan no matter who helps prepare the paperwork. Someone needs to be on the hook for fraud and abuse. That is the mortgage broker. I have never seen a person save money by going directly to the bank instead of through a broker. And if they did it was a tenth of a percent APR, at best?
There is a lot wrong with the system, realtors and mortgage brokers are such a small part of the problem. Politicians and their ivy league school chums, that are now bankers, are the true problem. Quit picking the low hanging fruit, when displaying your moral outrage. Oh , and of course so-called experts such as in this video promoting an unending supply of tax money and wealth distribution in the name of "fairness."
@@bumponlog Spoken like a person who has never done any of those things.
The actual price of a single-family home today should be around $110k - $220k adjusted for inflation to what single-family homes used to cost back in the 50’s. A Levittown starter home cost $8.4k and a larger home is around $11k. Adjusted for inflation, that’s around $100k in today’s money.
In New York City, a single-family house costs $800k - $1M. So basically most of the value of the house, 80% of it, is due to an extremely high demand. And the 20% is the house itself. In Long Island NY, it’s not that different either. This is very unsustainable.
There are more middle men as well compared to what used to be available.
A Levittown starter home was 750 sq ft. Let's not pretend what the real problem is. The poor cannot afford what they want without borrowing. Instead of trying to falsely say this is apples to apples remember that those buying those Levittown homes had no expectations to send kids to college, buy iphones, have each family member have a car, each family member have 1 bathroom, each family member have a bedroom. The idea of a guest room in a starter home or a kid having a private bedroom let alone a private bath is the root cause of this.
How much does the average 750 square home go for in the burbs? See the problem now? The poor think they can liver middle class instead of understanding they are poor. Surprise surprise a responsible person with 3 kids in the old days would have bought a 2 bedroom 1 bath house for the equivalent of what today is about 200k by putting down20%.
Yall need to stop trying to act like everyone deserves equality of outcomes by social engineering. A 750 sq foot house IS all a family of 4-5 needs. You are confusing needs with wants a 4b/5b.
Indeed it is... Seems to me like the plan is to make it impossible to own a home unless your ultra rich... Basically if your not rich then you your children grandchildren will be renting for the REST of your life!!!
I live in a very nice paid off high end 1500sqft condo with island kitchen,two car garage,etc. in secure gated upper middle class community. I actually living mostly in half the space most of the time and plenty of room.
It's 100 degree weather here now and my current electric bill is $62 while my neighbor with a 2200sqft home that paid $170.
Can't complain
@badinstinctsUA-cam
I always wonder why people always say "Not everyone lives the same" or "not one size fits all" when it's apparent I already know this.
Anyway I wasn't posting to you but go ahead.
The bigger the home the better as far as I'm concerned.. Rationalize away.
I'm invested into mortgages,banks,utilities,oil/gas,and whatever you consume to keep that big home running including possible divorce,child support,etc..later.
It pays well.
There's a reason why I retired and wealthy early in my 40s debt free.
Damn prices are just getting crazy. Bought a starter home 6 years ago for 475K thinking I can invest my way to buying my dream home after 10 years. That starter home has now turned to be my “dream home” by default. Zestimate now at 710K.
Only way to do that now is to buy a lot and have it built.
Ur roi is apx 7pct. Maybe less depending on taxes etc. Not bad though 😌
"Zestimate", I like the sound of that word. It should be an actual thing.
@@blcstriker9052 Well, it is, it's zillow's estimate.
@@breakthrough8628 incorrect. The houses value has increased by about 7% a year, but unless they bought that home in full, their roi is much much higher than 7%
Imagine buying a house at record high prices at record low interest during massive inflation, and then being surprised by a rate rise....
XD
Ends up being about the same when you do the math. High prices and low mortgage rate is the same as low prices and record high interest rate.
You only win when you can cash out the home. Lol
Not true. You can refinance when rates go down. Can’t do it if it goes the other way.
@@c87kim if you refinance all the interest you paid to that point was for nothing. If u had the loan for 10 years, you have effectively been paying rent that whole time, because at the beginning of the loan you only pay a fraction of the principal. Its almost all interest till around 20 years in... refinancing is a BAD BAD idea unless you only just got the loan.
@@morganoox3838 yep. Doing this will make sure you have a mortgage forever.
Building more supply would be great. The problem is private equity and corporations who are buying homes designed for first time home buyers and then making those homes into rental properties. We must enact legislation to stop these predatory companies.
This should be pinned to the top. Not the only problem but DEFINITELY one that needs to be addressed before it is too late.
They need to not be allowed to touch certain markets. Period . Build your own not steal it from those that have it had dreams. I have exceptional credit , great income and unfortunately not much saved up to compete in today's market . It will take me 2yrs to save a good chunk to compete here in NY.
This is a myth and there's no evidence to show this is a prominent issue. Most single family home rental properties are owned by individuals--not by corporations. Corporations tend to own large buildings, they don't buy private residences frequently.
I agree 100%
@@ajr993 Yah your definitely not educated on what's happening. 28% pf some metro areas have there dingle family homes owned by investors. Corporations aren't buying these properties for their employees, they are maintained as rentals. This wouldn't be an issue if we had a system that allowed for preferential purchasing for middle class buyers.
These videos don’t mention the fact that the down payment assistance programs that first time buyers have the option to use, only qualifies them for an FHA loan, which the state already has a set rate for.
Even when rates were at a all time low, first time buyers couldn’t reap the benefits.
You can get DPA on conventional. Now rates are higher yet.
The main problem is, price. Wages haven't kept up with prices (including homes) for at least 50 years. Starter home prices should be 4-5 times a yearly wage. These days, starter homes costing 8-10 times wages are common.
Sellers selling traditional starter homes are asking prices akin to a villa on the beach. Meanwhile, new construction is seemingly all high end/second homes in order to maximize developer profit margin. 'Starter homes' are gone my friend.
is this based on a single person income or married people income, because if its married and they at least make 140k which is not hard for each person to make 70k in a decent job then 5 times that would be 700k which a lot of houses in arizona, texas and a lot of other states fall under. If this is for single income then makes sense but I dont see single people buying multi bedroom houses.
We are repeating the European problem with housing prices.
@@bumponlog Construction labor costs are high, land costs are high, and regulatory costs are high (and don't scale with housing costs). Profit means all those costs plus enough profit for the project to be worthwhile.
@@A-Brax tone deaf. 140k combined is top 20pct household income. By definition not median let alone common. Also, 140k combined is replete with dual income trap problems. The second these crap economy workers lose their job, poof the entire household defaults on their monthly debt.
The house we bought was off market (unlisted). Already priced high for the area, we closed when seller said "done deal at X amount". One week later, once people became aware of the property, there were offers of +20%!
I suppose the upside is that from a financial perspective your investment has shown positive growth. The problem is with the term "broken". If you say the housing market is about providing people with good houses, then yes. If you say it's about providing investors (capitalists) with good returns, then it's aces.
For my part, I think the essential problem is we let residential real estate be a privileged investment instrument. This encourages over investment, which causes the problem. Residents are competing with investors. Never going to win that competition. For the "free market" argument, I call BS. Real estate is not a free market. A market is defined by rules and the rules on real estate make it unequal to other investments. Just look at capital gains, tax rules, negative gearing and loans.
You've hit the nail on the head. The problem lies with the fact that too many people treat homes like investments. Here in the UK, we have portfilio landlords with hundreds of starter houses they own. They rent them out at extortionate rates. Obviously, these starter houses are what most first time buyers would want to buy, but investors pay over the odds, snap them up, and young people are forced to rent and waste their hard-earned money on greedy landlords.
It's a vicious cycle! That's why I believe the system is broken. Homes aren't investments. Homes are homes. Sadly, I am not sure I see a way forward..
The system IS broken, but there’s no real way to fix it that would be politically palatable. One of the drivers of rampant housing inflation is the easy availability of cheap credit-when interest rates were in the double digits, real estate appreciated at a very modest rate over decades. Another factor is the large scale purchasing of single-family homes by giant investment firms such as BlackRock, a trend that really took off after the 2008 meltdown. Neither of these can be reversed without government interventions that wealthy, politically influential interests-specifically the real estate industry and the financial services sector-will do absolutely anything to prevent
I’m 60 years old looking to diversify part of my savings say $250k into real estate but I hear it is not a good time to invest in Real estate. Can i get any idea on other options?
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None of the problems highlighted would be solved by the solutions put forward. It seems pretty clear that the low end of the market is monopolised by buy to let buyers who dominate the market, and a mortgage market that doesn't care put cash buyers face no hurdles. What you need is a second home and non-domicile tax. As we do in the UK.
It’s not just people owning multiple houses though that’s only part of the issue. The main pro it’s there dtraitup isn’t a high enough supply of missing middle houses. The US need to do their due diligence to increase the artificially low supply by eliminating SFH only zoning in all metropolitan areas in the US
Land value tax is the way
@@aketchupman5103 the only thing stopping that from happening is narcissistic homeowners who already have houses that are afraid of their home values decreasing yet their the first ones to complain of the homeless population but won’t do anything to solve the issue.
I’m afraid that we shouldn’t follow the UK or Australian model as both of these are having the same issue as the US. We need to avoid giving out money and let it increase the price. We should instead add supply and prevent institutions like black rock from owning them.
I agree with this, a 2nd home tax that makes the ownership of it as an asset/investment worth nearly nothing. This should be on single family homes only not duplexes or apartment buildings. One of the real main issues is that with inflation, we're seeing a rise in cost of materials compounded by the cost of labor. If you're a company with land to build on, you're going to build the most expensive option because margins are higher. Why put a $200,000 home on land you paid $100k and make roughly 10% ($20k) when you can build a 500k home and make $50k. (Those numbers came from a few sources i've read that home builders net 6-10% profit on a house).
My parents bought a modest ranch - Their first home in 1977 for about $15,000. Today their home is valued at around a quarter million. My family is considered medium low income level. My parents are now retired, on fixed income and the property taxes are $500 a month. They will never stop paying a "mortgage" to stay in their home until the day they die. Then I will have to either sell the home or continue to pay this astounding tax. I noticed that when property values jumped prior to 2008, the taxes jumped up very quickly, but after the crash in 2008, the decrease was slow to respond and never dropped back to equitable levels. I think property taxes should be fixed at the time the home is purchased and stay that way until the house is sold to a new owner, not just re-financed. This would help people remain in the homes they worked so hard to acquire and finally pay off. Governments are just as greedy as private investors.
Property tax should be outlawed. None of us ever truly own our property.. We are leasing it from the gov.
But your parents got 250 thousand for free
per month?! that is crazy
Something tells me when a business person with an interest in mortgages and home prices says, “we need to update mortgages,” they are giving a pitch for a worse situation for the consumers and more profitable situation for their business.
Yeah, 40+ year mortgages lol
Yep that’s right
Excatly, businesses have realized you can get paid to own property and so there gonna do everything they can to own more
If we looked at a house as a home, a place to raise a family. To invest in the community with parks, little league, and summer sports, where your home was integral to a community. Where 30-year mortgages were the norm. But we have financialized it to be a house, an investment property where it should grow in value as we sit inside and do not even know our neighbors. It is now just looked at as a place to rest. Because the government gives us tax breaks on the interest it pushes you to upgrade and be more in debt to maximize our tax breaks. Where houses are owned by hedge funds who are in it for the money and care less about investing in the community. Sorry, but I think as we financialized our homes they are now houses for investment. Where there is no longer community. To solve the lack of houses we must turn them into homes with a community. Change the laws so that it is not an investment, but an investment in the community, our houses will be homes, a place to raise a family, and a community for children to play outside. Where you know your neighbor and watch out for each other.
Welcome to America.
That was a good read, well spoken.
As a Canadian watching this video, it amazes me how affordable housing is in the US. Where I live we haven't had a house under $1m for probably 10 years and the average price is over $2m. Keep in mind that average incomes are a fair bit lower in Canada than in the US. It's normal for home owners to put 50% of their after tax income into their mortgage.
Are you serious?? Wow the things we take for granted! With high home prices and rent prices I’m really beginning to understand how blessed I am to own a home. I never imagined prices to be so unaffordable and legal. It truly is a dog eat dog world
@@melvinhicks1444 Yeah, the closest home to me for under $500,000 dollars is 1200 miles away.
LOL, well said. American's are spoiled living in the richest economy on earth and have the audacity to talk about fairness.
How is there not 80% homelessness in Canada?
@@scifirealism5943 we have a lot of 30-40 year olds who live with their parents.
Massive investment firms like BlackRock, etc jump into residential markets with way more capital than any 1st time home buyer. Home buyer is at a big disadvantage ,& can't compete with buying or even renting. This will create so many homeless something will have to be done. All the tax advantages of owning a home were created so more individuals can gave a home, not so Wall Streeters can get the advantages & make billions.
Rental and mortgage REITs/ETFs like Blackrock is part of my investment and retirement portfolio. Pays enough tax free and taxable dividends to pay my entire monthly total living expenses indefinitely.
Need to be financially proactive in life than complaining and blaming.
Yes you are witnessing Thomas Jefferson's prophetic words coming to pass: "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 on the continent their Fathers conquered." Thomas Jefferson
The market crash prediction has been going for months now, imagine if you've invested heavily then. The truth is no one actually knows if the crash is gonna happen. some said it will happen immediately after the election, hello we're done with the election now. You just have to invest smartly . I'm glad it worked for me with the help of an investment advisor, I recently added my $35k profits to my portfolio.
Speculation is always bad when it looks easy just like the crash.
I heavily missed out on going into the market during the lockdown.
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I think this is the first video I've seen related to the housing crisis where someone finally said we need to build more starter homes.
We do.
Look at some of the older Detroit suburbs - the company housing and neighborhoods built by the big car companies. Homes that size are plenthy big for a person, couple, or a family just starting out. But we don't want to build more of those because it's not profitable enough. Any open scrap of land gets a stack of luxury apartments or condos built on it. Even when they say a certain percent of the units must be affordable housing, the prices are still ridiculous. Not to mention you don't get to own anything or build equity and the hope of moving to a larger home.
Right now, a starter home is a tiny house!
Right?! I live in Texas not far from the Dallas metroplex and there's TONS of new houses being built, yet all of them are high end homes at least $250k-300k+ (on the low side) all the way up to $1M all in new housing developments. Older homes are being driven up in price from rapid population growth in the area and investors are buying the run-down ones (the only ones really left that could be considered "starter homes") and flipping them for a profit after painting the walls white and adding granite countertops.
@@1Reddd 250-300? That’s so cheap
@@dcg590 For an average American? No it isn’t.
All the new homes that are being built are big homes on small properties or rental complexes
So basically it’s Greed.
Thats crazy lenders don't want to handle loans less than 100k because they won't make AS much money off of it.
Each time the FED has gone through a rate hiking cycle, they are only able to raise rates half as much compared to the prior hiking cycle before the economy falls apart. Last time they did a hiking cycle they got to 2.5%. Talk about between a rock and a hard place.
The Fed doesn’t have enough ammo nor the right leaders to deal with what’s about to happen. They began rate increases late, signaled badly and are focusing on inflation which is going to swing down very quickly when jobs disappear and real incomes drop.
If the worry was inflation they would be looking at supply side also. Higher oil prices are really the elephant in the room bringing up prices for everything. But you know green energy revolution renewable blah blah blah. No leases no pipelines
The markets are been propped up by the FED printing money with NO limit. Tbh I'm in need of a good investment approach, I have a lump sum yielding next to nothing.
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Most of my adult life, I was sending half of my income on rent. This video is nothing new for me. The only difference is that the housing market was and will not be fixed until the system changes for everyone
@Block Lord when I was younger, I had to rent. Most people I've meet had to rent. Unless your homeless or had the resources and the family home with good standing with family, your either renting, in prison, or homeless shelter.
Exactly! And they need to get rid of these low and moderate income guidelines! What the government feels is low and moderate is outdated!
amerrica doesn't fix anything for everyone because america has an out of control ego, that and the top 1% paying to keep it that way because no point in living better if everyone else can live better
I often hear people say things similar to what you just said. I often hear people assert that “the system needs to change“. Can you be specific about the changes you would like to see?
When I watch this video, I see a world full of people who are not doing the things that they need to do and not making the choices that they need to make in order to become the qualified applicants that they need to be in order to receive the loans that they need to buy houses. I suspect that when you watch this video, you see a world full of lenders that are imposing unreasonable requirements and unfair restrictions on borrowers before they are willing to make loans to them. Have I stated your perspective correctly? If by stating “things need to change“ you mean that lenders need to lower their standards and start making loans to people who do not meet the current rigorous requirements that these lenders impose, then I would like to politely remind you that in 2008, the nation went through the worst recession in its history for exactly that reason. Lenders lowered their standards and made loans to people who could not meet rigorous requirements. When those borrowers inevitably defaulted on their loans, it caused a nationwide (and worldwide) financial crisis. There were massive amounts of foreclosures and home values collapsed. Is that what you would like to see us repeat? If I have misunderstood you, please let me know what specific changes you think are needed.
Renters are just paying for landlords' mortgages SMFH
Two months ago I rushed to buy a condo and got a 15 year fixed at 3.625%. I knew waiting until fall like I planned on doing would be a mistake.
Problem is you bought a condo....HOA fees nightmare
@@UncleAlpha1 Well there is something to that but that goes with the territory. The condo cost $265K. There are small single family homes nearby that would go for double that. For me the condo is best because when I pay it off I will be retired. I already had a single family home - my ex-wife go that. Too much maintenance.
Yep... people forget they will grow old. Maintaining your single unit housing will become a pain.
@@tindrums that’s why people buy while they’re young, then sell when they are old after their house has appreciated in value. No one says you have to live in a house forever
@@BlackWolf207 Things are not like they used to be, in case you've been living under a rock....You get old and sell your home nowadays, you risk becoming homeless.
There is no housing shortage, there is corporate greed buying up available house to turn housing into a revenue stream. This also applies to individual investors but on a smaller level
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Seemed like the report was on track stating that the cost to originate a sub $100k loan was about the same as a $700k loan. Then they blamed lender greed for not wanting to make the smaller loans. In fact, Federal regulations limit fees and rates that can be charged making it difficult and sometimes impossible to make these loans without losing money. The collapse of the Mortgage Backed Securities market in February has exasperated the problem. Smart regulations and programs to increase available housing units are crucial to solving this crisis.
Sounds a lot like our current energy crisis.. They (the gov) creates the problem, then they point their fingers at the oil companies and scream "LOOK AT WHAT THEIR GREED HAS CAUSED!". If the oil companies could get greedy whenever.. why then did they not a couple years back when gas was $1.23 a gallon here in the South East? And don't you dare ask them for help.. they'll tell you to go buy a $65k "EV" and to "just change your lifestyle".
If you just prevent the investment firms from snatching up all of the housing, there would be no supply issue. The supply issue is manufactured to ensure that the poor people have no choice but to rent.
THIS! Need regulations around the purchase of homes. Maybe the answer is in order to buy a home you have to live there for 5 years. That would probably fix most of the 'investor' issue.
@@nethervvoid how do we prove they actually stay there though? Yes, big firms will be affected but what about those non firm people who can buy 10+ homes with no problem?
Spot on
Bingo!
So what your saying is you don't want a free market. Ya'll can have that socialist nonsense if you want. I don't want to live in a country where i'm told i can't invest my money how i want it.
These people sound like they're advocating for another 2008 financial crisis.
The 2008 financial crisis happened because Banks were giving out too many loans to unqualified borrowers. These people in this video are advocating to give loans to people who have low credit scores and low income.
2008 was a walk in the park compared to what’s coming. It’s terrifying
@@DnYD999
It's lovely! You're scared? I've been waiting my whole life to watch money destroy itself. I absolutely embrace the misery that's coming. It had to be this way in order to change society for the better.
In 2005-07, mortgages with zero or mildly negative downpayments, were common. Thus the seeds for Global Financial Crisis were planted. When downpayments had to be at least 20% (except for veterans), defaults were relatively rare.
@@DnYD999 that’s not the point. They are advocating smaller affordable starter homes to be built as oppose to many 2 story large houses. Couples are having less children nowdays
@@hochentis No worries. Jimmy obviously didn't watch to the end of the video or pay attention. I got roughly the same meaning & impression you did.
"There's a housing supply problem, and we need to build more homes."
*shows stock footage predominantly of single family housing developments without addressing that this is the cause of the problem*
Facts
Single family housing developments isn’t uniquely the problem. It’s the fact that single family homes are being built as gigantic 2,500+ square foot monstrosities that sell for half a million at the lowest.
We really need to find a way to incentivize the construction of moderate-sized homes on moderate-sized plots of land, selling at prices that families can afford.
More apartment buildings and condos, also yes, sure, absolutely, but those only band-aids. Especially when new apartment buildings are Class-AA “Ultra Luxury” with $3k / month leases. More housing is available, sure, but it’s a massive financial drain that strictly prevents equity accumulation and siphons wealth directly into the pockets of already rich investors.
I was both surprised and hopeful at the end with the comment that we need more supply, not more cash thrown at the problem. Then the same guy started talking about down payment assistance. Small down payments are a huge part of how we got there.
True, but we also need to come up with cheaper ways to build homes. Maybe 3rd printed houses or rammed earth structures going mainstream could be a solution.
Houses and property will always rise in value. The real problem is that wages haven't kept up.
That assumes population growth and monetary policy that would cause prices to go up.
@@jacobhall1831 Well if the population shrinks, then we would no longer have a shortage of homes. Problem solved! :o)
Thanks for making home ownership even more difficult for younger generations.
It's the American way.
give a couple of years , prices will go down ,that s the market
I bought my house 19 years ago. The general affordability is the same as it was back then. All a person has to do is the math in order to come to that conclusion.
@@paulstandaert5709 Good luck finding a job that pays enough to eventually afford a house in today’s market. Inflation wasn’t this bad 19 years ago either
@@mysteryuser7062 okay, let's do some math here.
Look up MLS #6250114. It is $230,000. Property taxes are $160 per month. Association dues of $210 cover hazard insurance and outdoor maintenance. That brings the payment at 5.0% interest to $1,600 per month.
At my work, about 13 miles from here, it has been proving difficult to find people for our groundskeeping positions. They pay about $21/hr which is about $3100 per month after income and social security tax. That leaves about $1,500 for ??? heat, electricity, car insurance, food, etc. It is not far from how things were when I bought a place 19 years ago. If you have a car payment in there, get rid of it. Get a beater car and run liability insurance. Since housing is so expensive, you have 2 bedrooms, so there shouldn't be any trouble finding someone to rent the other one for $500/mo or so. Heck, your domestic partner which most people have, can pony up a few bucks towards the cost.
The local construction company is paying much more for laborers. It is some sucky work, but that's life, I guess.
If we didn't want inflation to occur, we would have said "no" to those "stimulus" checks and the enhanced unemployment benefits which was a crock of poo for the number of jobs that were available. And now,we are just going to suddenly forgive $10,000+ of student loan debt (if it gets past the courts) which is going to cause even MORE inflation. Higher health care costs because of the boogyman virus. Brandon's higher natural gas and gasoline costs. It is what 81 million people voted for. It's the result of the knee-jerk reactions to fear of getting a cold.
If you are in California or New York city, well... That's your problem that you can fix very easily. Just leave the liberal mindset behind.
But I guess I should not complain. It has worked well for me. My house is paid up and grows in value every day. All the crime in Minneapolis has pushed people back towards the suburban areas which further enhanced my net worth.
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When it comes to housing overall, some truths just need to be recognized to have an effective conversation.
• Wage stagnation
• Inflation
• Increasing cost of housing
• The requirement for dual-income households
• Credit scores non-existent until 1989
• Investors and Corporate entities playing by the same rules as singles and families
Over the last 30 years at least, borrowing has become more prevalent, allowing costs to rise. People born post 1989, have more obstacles to overcome and prepare for when it comes to financing housing. The same group has also been force-fed a college education, concentrating the majority of jobs that ask for such an education into major cities. The solution for an educated, office-oriented workforce is more complex for a YT comments section. But the majority of people fitting this description aren’t leaving cities.
People in the same age range that did not attend higher education, face mostly the same red-tape issues. Hindsight being 20/20, this group might have traded higher earnings and a debt burden to purchase property earlier. For those that did not get in earlier, they might have better mobility but would need to overcome the sheer cost of a property or higher rents.
As for Investors, an investor could only put in an offer after 60 days if a family hasn’t made a “fair” offer. Every time a family makes a fair offer, the clock rests back to 60 days. Meaning, the truly unwanted properties are available to investors who have the ability to turnaround the property. Sellers cannot hold-out for an investor whom they know will pay a price higher than a family. But restricting an owner from selling to anyone is also a problem.
@@kaipo8085 I feel like my #2 "inflation" was a blanket address for any kind of inflation.
@@kaipo8085 That's just factually incorrect.
Lets not forget the industry handing out mortgages 15 years ago that were impossible to maintain for families. They had no business giving ARM loans to people that had under a 600 credit score, no down payment, and above 25% (most 45%) of the monthly income going to housing. And then after the first year on the ARM....Payment DOUBLES!!! Ridiculous!!!!
@@dayolddoughnuts4031 Predatory lending and irresponsible lending are certainly an issue.
I think the effects for any home buyer who suffered the consequences of the 08 bubble are probably still facing financial recovery and credit challenges today. In my personal experience, most people that quickly found a job and/or are dual-income household recovered just in time to find housing pre-covid.
Re: last paragraph: investors will purchase as a prime residence. Live in it for two years and then make it a rental property
We have this and countless other issues across our economy, yet people still want to act like we are the richest country on earth so we can afford anything. We need to go through a recession, it’s inevitable. Additionally, when it truly happens we need to restructure our government so that our country is PROFITABLE and so that the FED is not allowing our economy to constantly go through this cycle.
Lol, a recession will hurt everyone except the rich,
We should've of just had a recession when the epidemic first started & gotten it over with. Cause homeless rates gonna rise thru the roof and people gonna starve. So the stimulus checks were pointless if a recession does happen.
@@Dakidpepe crowded shelters during the peak of the pandemic would have been disastrous.
You are the richest country in the world to countries that don't see the USA for what it is, a facade. Please I mean no insult to you but I will say it how it is. From when Education which is free in various less wealthy countries, medical care is free, social housing is free (well rental fees are paid but they're low in comparison) and many other things, "the land of free" isn't so free. There are many other things that are everyday life in the USA that are abhorrent in many parts of the world. Homelessness is a big one, in many major cities the number of homeless is way too high. Drug use, food deserts, gang wars, trailer parks, the list goes on.
Get money out of politics and you will see change.
Join the Army and you can buy a home through the VA. Everyone knocks serving in the military, yet me and most of my coworkers are in our mid 20s, we all own our own houses (off base), own our cars and have a good amount of money. I make $70K after only being in the army for 7 years and I worked my way up from the lowest rank possible.
Facts
Hooah!!
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I sold over a year ago and didn't immediately buy something else. This is so depressing.
Me too l wish l would have kept my house.
@@tracyking1489 @MrGriff305 Morons lmao XDDDDDDDDDD
@@tracyking1489 Don’t use that realtor again. They failed to advise you properly!
As long as you didn't blow your money don't worry, Home prices will drop 20-35% from when you sold by this time next year. Stay strong
@@supadave422 Yes, but the interest rates are increasing. My best play now is to try and time the bottom of the stock market. Looks like I'll be renting for a while. 😅
In addition to that, the U.S. has other broken systems like the healthcare, normal living, and education systems.
Try living 200 years ago and then give me a call.
@@a.m.2750 The point I was trying to make is that the system is designed in a way to keep most people poor and struggling. From 200 years to now, we expect evolution, and we did evolve in a lot of ways. However, most people are still struggling due to a broken system and that is sad.
@@herryanil4669 Classic unconstrained vision. Classic inability to look at the past and see that more people have been lifted out of poverty than any time in history. Classic struggle to comprehend that living with AC, a car, a big screen tv, and the internet to spout your inane dribble... is better than living as a Vanderbilt or Rockefeller 100 years ago.
@@a.m.2750 ok thanks for your thoughts. Have a good weekend.
@@herryanil4669 These are not thoughts, they are facts. The way you dream is a sickness... grounded in zero reality. The same capacity that thinks anyone can be a man or a unicorn.
"We are still hoping for down payment assistance programs." To artificially increase demand so that home prices will inflate further? When will these "experts" learn?
People need to learn that “cheap money” is what got us in this everything bubble. If we want things to be affordable, it means paying higher interest rates and buying LESS
It’s CNBC, they aren’t interested in Americans actually succeeding. They push for policies that will only make the wealth gap grow. They’ll claim otherwise of course.
they never learn
Exactly. And at the end of the video, they suggested considering all sorts of nebulous income sources such as gig jobs, relatives, etc. when determining loan qualification. That is exactly what lead to the crash in 2008.
Those are scams that qualify unqualified people and prove to be high in foreclosure. What agenda is this lady serving!?? Antiquated policies need changing. Rates need to be affordable, by not requiring a good size down payment that person didn't learn nor earn the responsibility. Hence high foreclosure rate. The way we are financed needs to change drastically. Offer apts we can buy, decent apts for 15 grand or under, for middle income service workers!!! Consider my savings that sits while I'm finishing my nursing program rather than a crap job at Walmart that could be axed at any time!!! This is what they consider reliable to lend for me to finance on a condo. My savings that sits for years and is immense, is already there and will be judging by how long it has and I only add to it, that is more reliable than a crappy job in retail but not according to being qualified for a condo. Or the fact that I can borrow for a house that is beyond my needs or ability, but not a condo. A family should fill a house! These are the problems I experienced and I'm sure plenty more!!! There are ideas and ways to implement change, other countries have some better ideas on how to provide more quality places to live for more people and that might be why they don't all have the homeless rates we do or shortage of skilled labor where is needed.
Inflation is a disaster. This CPI report is a disaster. The FED is going to have to pull all their punches to stop the housing market. The sad thing is other markets are getting destroyed. Now you gotta rely on a pretty good diversification if you must stay green. Currently up 14% and being cautious. Still better deal than letting it sit in savings or checking earning near 0-1% interest.
In many ways, people believe their currency has the value it has because they have no other choice. Even in a hyperinflation situation people have to go on using their hyper inflating currency because they probably have very little access to foreign currencies or gold/silver coinage.
For decades, government policy has been throwing the future under the bus. The day of reckoning is coming. I expect the stock market to crash as much as 80%. Investors will rush out of stocks and into real assets, There's going to be no cash in the banks.... You need a survival plan.
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UA-cam video, "There aren't enough starter homes!" Me, "I wonder why there aren't enough starter homes?"
Why? Because no one really wants one. A starter home would be 1200 sq ft, 2 bedroom, with a carport, builder grade linoleum floors, Formica counters and builder grade appliances and windows. It most likely would NOT have AC. It would also be very far out in the suburbs on a small lot.
That is a starter home! People, think a little about why things are the way they are. It's not as hard as you might think to actually analyze the problems we all face.
What is the problem? Corporate promotion of consumerism (for profit) and the idea that you "deserve" things in life. "Not only do I want a home, it better be a 'nice' one."
When I was younger in the 90s I so badly wanted to move to the USA, TV made it seem like the world was in your palms, 30 years on and the uncovering of the truth, has made me see that not all that glitters is gold.
It still offers way more opportunity that most of the world, however, you need to be savvy to make it here
@@zuzanazuscinova5209 when you savvy, you mean lucky right
@@sonicblare luck happens when opportunity meets preparedness
@@zuzanazuscinova5209 ok although I've heard and seen both technologically and in reality, I'm going to give you the benefit of the doubt and i want you to tell me something the USA has or does that places it even in a good light.
E.g. it has really good rivers, nowhere else in the world has rivers as good as the USA. That was a generic example, because I know the Amazon and Nile rivers are bigger and better, besides we're not pointing out things in the natural world, man made things please?
This is true. Investment companies now buy entire blocks of neighborhoods and rates raise every single year. Apartment complex rents are going way up as well. My concern is that as inflation continues: young families who are still building their lives (and their children’s lives) are going to be priced out of renting/owning homes. Then where do they go?
More and more people living in cars and rv I guess aka more homeless
Let the homes sit empty and quit living the american fake dream
Bought my first home last year, underwriting is a nasty process and it will challenge you on all levels.
The issue of housing affordability is directly related to wages and overall inflation. There's no way to sugarcoat this: the economy is the way it is by design. You can talk about affordability assistance programs til the cows come home, doesn't matter. It's an issue with corporate power lobbying weak, impotent, and power hungry politicians - politicians who use ideology and the ignorance of their voter base to their advantage.
Government dictates wages, supply, and demand in this country through legislation that is written by the corporations themselves.
Notice how corporations just had their best, most profitable year on record in 2021? That came at the expense of you and I. Inflation is artificially high because corporations have figured they can raise prices above "natural" inflation due to lack of competition. Look at the price of beef, pork, chicken. Heck, look at how much a single can of Campbells soup has increased over the past five years.
It's not just inflation were experiencing, it's also deflation. Look at the size of candy bars, health food bars, packages of cereal, etc. The sizes have decreased between 12% - 22% over the past ten years. So were paying more, for less.
In short, corporations are taking absolute advantage of corruption at the state and federal levels (regardless of party) to squeeze every nickel and dime out of us because they can. Americans do not have protections like our brothers and sisters in Canada or Europe do. By design.
I appreciate where you are coming from and agree that corporations are always looking to profit (that is why they exist) and sometimes benefit from corruption, but you do not understand economics. For example, you cannot have inflation and deflation at the same time. What you refer to as deflation is actually inflation, or as some call it, shrinkflation. Corporations reduce the size of the product in order to keep the price stable so that it doesn’t impact consumer’s budgets and change their buying habits. You say corporations raised prices because they can, but never mention what stopped them from raising prices before the pandemic. inflation is a monetary issue and over the course of the last few years, the government has pumped trillions of dollars in to the economy. Inflation is to be expected. Not seeing it would be the surprise. Without a monopoly or conspiracy to price fix (illegal), a company cannot simply charge whatever they want as market competition restricts them.
Shrinkflation is simply a more popular term for deflation. I appreciate where you're coming from but you do not understand basic economics.
Deflation as it relates to physical size or quantity is very much a real thing and is a relationship very much used by economists. I would know being that I have a degree in economics, but don't just take my word for it, Google it.
I appreciate you coming to the defense of corporations, specifically stating "Corporations reduce the size of the product in order to keep the price stable so that it doesn't impact consumer's budgets and change their buying habits." I don't even know where to begin with how factually incorrect this is. Again, Google is your friend here. Corporations have no incentive to reduce product sizing as a result of inflation when the elasticity of demand is still greater 1, or put another way, market research proved they can raise prices without it negatively affecting sales - what is another reason for record breaking profits in 2021?
Inflation isn't the big shocker here, anyone paying attention to the Fed could inflation coming from a mile away, it's the amount and velocity of inflation that was/is unexpected.
I could also throw the argument of wages to further prove a point here but it's not necessary with my previous post.
Also, price fixing is only illegal on paper - if you think it's not common, I have a fire breathing dragon to sell you!
I want my 1/2 gallon ice cream back!! lol
And Canada and Europe have slightly more realistic expectations. For example living in the UK an ideal home for a 2-4 person family is something like a duplex aka the semidetached is just above 1000 sq ft. vs US 1950s home of say 850 sq ft VS modern us home average now is 2400 sq ft. If poor people demanded cute 1200 sq foot homes this is solvable. Poor people wanting and demanding 2400 sq ft homes is unsolvable.
@@beddythecorgi4269 I don't know of any poor folks wanting a 2400sqft home as much as they just simply want a safe, affordable home - whether that's 1000sqft or 3000sqft . What you said is abhorrently wrong. Get out of here blaming this on the poor
im a veteran - used my VA loan for the first home and a NACA loan for the 2nd home. i have never had to put a down payment
to have to come up with 20% is a lot of cash.
You should NEVER put cash down on a home. Only idiots do that.
@@floridajames04 wrong!
@@floridajames04 if you don’t put cash down then your not in the game. Cuz when the time comes you will be underwater. Not sure your age but look back at 2008-2009 . No money down your getting foreclosed . You’re talking about full on leveraging and that is not an advisable strategy for long term.
@@floridajames04 Brah, this has to be the dumbest thing I have ever heard. Imagine not putting down any cash in 2022, with what prices are now. You are just asking to be foreclosed on, not to mention that is literally your only other option to shrink your monthly payment and make the house your buying affordable.
@@tubintheweb1 Wrong, you get foreclosed when you can no longer afford to pay your mortgage. Lock in an affordable interest rate with a house price to match and you're fine.
This is what happens when central banks pump insane amounts of money into the system, inflation will spiral out of control.
Hey, someone who actually gets it in the comments.
"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 on the continent their Fathers conquered." Thomas Jefferson
We bought a house in 1987 for $280,000 in a NYC outer borough with a 10% fixed rate 30 year mortgage and some of my friends got mortgages at 11% interest. The house did have a rental apartment in it but we only were getting $700 a month in rent back then and our payment was $2,000 a month. Our income was around $40,000 a year in a good year. My husband was a union carpenter and he spent many weekends doing repairs on the house, replacing windows, putting up new sheetrock, floors, bathrooms, etc. He would get friends to help him out sometimes.
That is how the Amish build a barn in one day
@@maggiemae7539 Amish don't pay taxes
Let me guess, prices go up, income stays the same... been that for years...
Get a better job
"40 percent of families in America couldn't even afford a $400 medical bill"... and this is the greatest country on the planet? If that's true, the planet kinda sucks right now.
And we Australians believe US will save us from CHINA!!!! Haha
Capitalism, my friend.
If they can’t afford a $400 surprise bill, they are very likely not able to afford a mortgage and property upkeep either.
The freedom to starve to death. America.
Welcome to the real world. Your parents sheltered you until now.
Credit scores have nothing to do with wealth.
You can have a good credit score and a low net worth/income; and vice versa.
If you have more money coming in than going out your credit score will be fine.
- there will always be exceptions, but on average most wealthy individuals have superior credit because they recognize the benefit of leveraging other people's money.
That is why lenders look at income amount and debt to ratio values in determining if they will approve the mortgage during the underwriting process.
So China has Social credit Score for their people while US has Loan Creadit Scores for Americans. The score is 1:1 🤷♂️
@@eka9743 one has to do with being a good servant to the party, the other is about how likely you are to pay back debt
@@callmeosho7792 Eerily similar.
Usually its an equilibrium. Rate goes up, house price goes down. Everything is so screwed up everything is all just going up.
Median price of a home has went from 210k to 435k in my area since 2020
Mortgage isnt broken its just bubble that needs to be popped .
No it's greed and corruption that need to be criminalized, this is a scam.
Theres no bubble . Broken system thanks to the Feds taking too long to fix inflation and also allowing large corporations to buy homes just like regular people that have not even 1% of their cash flow.
There are immense changes, regulations and updating of an antiquated way in which we house as a country. The man in the begining was correct!!! We don't fit into this mold from 1950 anymore.
It's both. It's systemically broken and it's a bubble that will pop
@@marylander3798 its not going to pop. Everyone getting a mortgage right now is super qualified and putting a lot of money down. There’s not a ton of people who shouldn’t be getting approved, getting these mortgages like in 2008. It’ll flat line a little but nothing will ‘pop’
Building more homes won’t help if investors can just keep buying up the supply…
So as they raise interest rates on mortgages, it also raises the price landlords have to charge for rent of a room.
Wow! At 5%, mortgages are exactly 1/3 of my first home loan back in 1983. Perhaps we should stop punishing savers and get interest rates above inflation.
Your home in 1983 was probably $25k. Not $400k. Increasing rates only harms first time buyers. Not the investment companies buying cash.
Exclude corporations and capital funds from the housing market. Also, limit ownership to one home.
"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 on the continent their Fathers conquered." Thomas Jefferson
These people are pitching more home supplies. It's almost like your guys are agents. Guess what? You have more supplies, investors will sweep them up and the circle continues. Here is a better solution:
1. Remote working has to be addressed. If you work outside of your home state, your salary should be re-evaluated.
2. Give 1st time home buyers only - owner occupied rate discount.
3. HOA communities should prohibit single family home rentals and short term sales. All sales must be after 2 years of original purchase.
4. Tax Home flippers 20-30% of profits.
Simple supply and demand. If supply increases, prices go down. If "investors buy them all for rent", rent prices go down due to overabundance of supply.
@@TheMagicMan299 Nope, sorry, it isn't working that way. It would be nice if supply and demand stayed that simple, but it does not. They are buying large amounts of single family housing, thus, driving up the cost and blocking would-be local buyers out of the market. Often, in my market, a listing is up for less than 24 hours and then disappears rather than go to 'pending' status. This means it was a cash sale that closed near immediately. Regular people can't compete. We are quickly becoming a nation of renters. I am a small time guy buying my first multi-unit but I currently own a home I bought in 2010, and a large piece of land that has appreciated 10-fold in just under 6-years. I am lucky and fully realize it. If was starting out right now, fresh out of college or even tech school, there is no way to afford a house right now that is within 1 hour of where all the blue and white-collar jobs are. Its only getting worse every month. These rate increases only price out normal Americans. The pickings are going to become even more ripe for investors as innocent families are priced out and those that are already wealthy see the relative stability of real estate versus the other current investments.
@@stevenboisvert1767 And those units need to be rented. If there is an overabundance of homes but not enough people, the person owning the homes will have to lower prices to compete.
Prices are increasing because millennials are starting to move out thus increasing demand, but supply hasn't changed.
1. Nonsense. Now government will decide how much money I make???? Not even China doesn't do that crap.
2. What kinda idiot lenders are offering those discounts to first home buyers?
3. You know this is completely nonsense and BS.
4. Why don't you pay another 20~30% of your pathetic income first? I took risks to flip house and I ain't gonna pay more taxes for my profit.
Why don't you move to any communist country you wanna move to if you don't believe in freedom and free market but NO FREE LUNCH. Geez you gotta earn what you wanna OWN, not just taking it from other fellow Americans and corporations. SMFH
@@TheMagicMan299 "Supply hasn't changed." That is a baffling statement. Supply doesn't mean how many houses are standing, supply refers to how many are available for purchase in the market. So, no, supply is not the same. I talk to realtors all the time about this. The median income in my state is $31k individual, $60k household. The larger couple of realty agencies I deal with regularly say that well over half of their clients are either LLCs, investors representing a private equity, or out-of-state individuals making over $250k a year on paper. And if you are self-employed you know that often means much more. The other half of their clients are the same locals trying to buy for several months that keep making offers that get beat by these investors. And this is far away from our big little city and in an area that was cheap territory even 2 years ago. This has nothing to do with the age or generation of the buyer. It is merely who has the buying power and who doesn't. Prices will level or correct but normal Americans will be priced out due to rates and investors will be able to have even more of a field day. So again, saying it is simple supply and demand is telling 10% of the story and glazing over the actual problems here.
Who would've guessed that only building unnecessarily big detached single family houses is not efficient 🤔
How about property tax exemption for owner occupied and double or triple taxes on rentals to encourage homes going to people who will actually live in them
"We need downpayment assistance and training for these unprepared homebuyers."
...giving "free" money to often unprepared people DEFINITELY hasn't created any other crisis like, hmmm, the student debt crisis with easy loan financing leading to uncontrolled university spending that led to unsustainable debt levels held by--you guessed it--often upcoming first-time homebuyers! This is literally inflation 101
This is a good reminder to everyone. thank you, CNBC!
Homes cost more in dollar terms due to monetary inflation (printing money and credit expansion) and creating these loans where people base their purchase on payment and not the home price. Soon a 40-year mortgage will arise and home prices will go even higher.
No. Homes are costing much more compared to income than ever. That's the problem. And it is due to restrictive zoning laws.
@@jascrandom9855 no. It’s literally due to loans. Same goes for college.
@@jascrandom9855 and also if you want to talk about restrictive laws…environmental laws. Period. Make it either impossible or incredibly expensive.
@@proreview3153 Height restrictions, Parkin lot requirements, Single Family Housing areas, minimum lot sizes, Car-centric urban design, etc.
These are all restrictions that prevent the supply of housing from meeting demand.
If these were abolished nationwide, the US would have a construction boom rivaling China's.
@@jascrandom9855 Lol. Okay let me know what percentage of Americans want to live like that.
I remember when banks tried to make homes more affordable with ARMs and low down payments and balloon payments and low credit scores and unverified income. That did not end well. There are no shortcuts to buying a home.
There is. Take goverment out of housing market. We did it in ROMANIA. AND WE OWN 96%OUR HOMES.
@@cristianion2056 Romania is a completely different story dude. Y’all came out of a dictatorship/ communist regime where people were not able to own any property and were eventually granted home ownership by the newly enacted government based on residence and occupancy. Not even nearly comparable to a country that has had a free market economy and a population 15x the size of Romania… nice try though
@@duhchizzz we were able to have private property. Small but was possible
@@duhchizzz also you can built very easy 🏠. In 5years of working in UK I was able to built mine.
The problem is there was a shortcut for many years! People bought droves of property when you could afford to buy a house on a cleaner's wage. Now governments and developers refuse to build more homes so they don't damage their investments. So tough luck youngens you were born in the wrong decade
Money is an issue that everyone has for a better and
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paid 9.5 percent for a VA mortgage in 1992 and was happy to have it.
More loans is not the answer. That's only going to drive up prices as loan accessibility goes up and the government injects more money into the market. What we need is public housing and/or taxation on speculative housing investment. But housing prices would crumble as a result.
The “relaxed lending standards” method was tried in the mid to late 1990s at the urging of real estate brokers, home builders, the Clinton administration, and progressive academics. Unethical borrowers, appraisers, and lenders contributed mightily to the problem. The 2008 financial crisis was the result.
Wow. A comment from a rare non-stupid person. Thank you for the breath of fresh air. So rare to find people who actually understand what you posted.
That's 100% on the money my friend.. I've said for years that is what is wrong with the the real estate economy. I have always said they should have kept a standard of a minimum of 20% down I kept interest rates over 5%
@@BuckeyeFan-ty4vr umm actually the post is wrong
Are you talking about subprime mortgages?
Its not about relaxing standards you bonehead. Its about removing institutional investors from the housing market. They are the ones driving up the cost of housing.
We definitely need a cap on homes owndership. Someone shouldn't be able to own like 10 homes and charge absurd rent to people they don't even know/care about in anyway.
capitalism baby
How about stop allowing corporations to purchase single family homes. It’s that reason that these home prices are so high. They are buying homes sight unseen in bulk and with cash because they can. That is what need to stop and then we can see the real stats and issues with the mortgage industry. Building more house is t the solutions of corporations can just buy those up as well.
Free Enterprise. Foundations of our framers. Housing is a business either way you look at it. Even if there were no investors, mortgages are still a business. If people were smart, they would put their stock buy ins with these corporations. I have some....it's done well. Sometimes you just need to go with the flow.
I think the idea is that if you build enough new homes, housing prices stabilize. Then investors, whether individuals or corporations, would be less inclined to buy them up and rent them out. At that point, you address the availability and cost of smaller loans.
@@dayolddoughnuts4031 There is a difference between a productive industrial capitalist and a parasitic mega rentier capitalist.
@@briannerk3373 not breaking any laws
@@dayolddoughnuts4031 Owning whole neighborhoods should be illegal, as should dumping radioactive waste in a national park because its more profitable to dispose of it that way.
Cites and building codes have made building starter homes out of the question. The fixed costs are just to much for a starter home.
Literally no mention of zoning laws. Roughly 75% of residentiallly zoned areas are legally required to build detached single family homes.
And fools insist on single house size that is unrealistic. Today no one seems to consider boys can share a room with bunkbeds. They cry it's unaffordable but still want only a house with guest room, home office, two car garage....
Salaries aren't keeping up with rising costs and the greed for profits keeps the working families from buying a home. Renting is probably gonna become more common, and if you rent, you won't be able to save enough for a down payment.
It is unfair that people with poor credit can't get a mortgage? In what universe should the bank take needless risk to lend money to someone that is a poor credit risk?
Government programs that give home buyers money to buy homes ends up just increasing the price of homes... It's completely useless.
The solution is to shift government revenue to land value taxes and away from income tax/sales tax/ordinary property tax and the rest. CA has the most unaffordable housing market due to backwards tax policy (high income tax, and prop 13 which halts taxation on appreciating land values) in addition to restrictive development regulations.
Here's an idea. Anywhere there is a shortage of housing where there is less than 5% of available housing for sale no investors are allowed to buy any property in that city or county until it goes over 5%. Plus investors are limited to 3 property per city per year max.
Not enough...and all rich people will find loopholes in anything. Period.
People will stop building houses. Market reacts. Your housing inventory will collapse. Prices will go higher. You cannot fight the market.
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Those that did learn from the event will become richer while those that didn't will become poorer
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People will put blame on "not enough new homes have been built" which is partially true, but the real reason supply has dwindled is real estate investors, many of whom live in another country. The simplest solution is to tax the hell out of anyone with multiple properties. Do that and watch how quickly the market gets flooded with homes.
Market was broken by the moratorium and lockdowns too. Building was slowed down by worker and supply issues. You cannot evict unless the renter has dangerous criminal activity. Some renters destroyed the property and yet the moratorium protected them. Others simply did not pay for months even years. Relief could take another 6 months. Some relief applications were denied. How can new renters find a place when so many units were stuck in limbo? Bidding wars result with low supply as every unit counts. Now we have higher rates and some cities still have emergency moratorium extensions.
The entire system of home ownership and "the market" needs to be torn to the ground and completely rebuilt.
So politicians had a chance to help Americans but opted out. However we have no trouble finding billions upon billions to send to Ukraine. I’m sorry but that’s disgusting.
Politicians are supposed to help people buy homes now?
From what i read alot is that investors are buying up any home for sale anytime and just flipping it to be a rental now days. so now more are becoming renters or homeless if cant buy a home to own out right or cant afford the high rise of rent now days.
It'd be nice if politicians had more incentive to actually be beholden to the wellbeing of their constituents
Idk anything but don't trust dollar or any fiat currency invest in gold
Agreed..help our own out, before exporting pallets of cash to other countries. 💯
Because financial institutions broke it. Thanks a lot NBC/Universal!
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I am baffled that the federal minimum wage is seven dollars and something cents. I find that to be a joke. Here in New Jersey I believe it’s about $13. The price of living here is unreasonable I’m lucky to be a homeowner but the rental crisis is absolutely insane and add on gas prices forget it.