Not a Crash: I See Signs the Housing Bubble Is Cracking
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- Опубліковано 10 чер 2024
- Today we dive into the housing market's current state, highlighting key issues such as rising foreclosures, escalating property taxes, and increasing home insurance costs. While the real estate market isn't experiencing the dramatic housing market crash many have anticipated, I reveal the subtle cracks beginning to form, indicating potential vulnerabilities. Through detailed analysis and up-to-date data, I provide a comprehensive look at how these factors are impacting homeowners and what they might mean for the future of the real estate market. Watch this video to learn, what these signs mean, and understand we should be careful, not scared, during these uncertain times.
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Do you think these red flags will cause home prices to come down? *Watch: Insurance Is Ruining Affordable Housing: ua-cam.com/video/e3EwNhwuAzQ/v-deo.html*
Makes sense.
I know it sounds crazy but ever since I was a kid I've always wanted to literally build a home into a mountain.. excavate the rock and make a cave home.. it's been done before and can look amazing if done right and since I'm a retired vet it's an inexpensive option.. have you ever heard of people doing this and what obstacles they had?
@@4everseekingwisdom690 check out the words “troglodytes in North Africa” .. and yes go for it !!! all the best to you
In the USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
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Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
I won't hold my breath after the last crash (2008) where banks were protected and regular folks lost everything. In my area a fixer POS house is more that $400k, pre-pandemic would have sold for 60 to 80k land value. These prices are crazy!
Too big to fail,
Too big to jail.
Banks are not allowed to fail cuz everyone would lose everything. Only greedy people lost in 2008 mind you.
its called theft.
they print trillions of dollars and give it to all of their buddies,
then suddenly normal people cant afford anything.
its a way for the elites to take all of the resources for themselves and abandon the middle class and destroy our purchasing power
thank joe biden
During the last administration it became LAW that banks were again allowed to do risky lending but this time the people are to be 100% responsible for bailing out banks and financial institutions even though we don't get any of the profits. Thanks Trump.
@@georgia777 weird how you can say all of that and not reference the law?
almost like you are a liar and full of biden.
With the increase in property taxes I certainly haven’t seen improvements in city streets or services. Where is all the extra money going?
It’s definitely not going to the roads. Some of the same potholes have been there for years. Some of the roughest roads have red light cameras on them.
Politicians aren’t getting any poorer.
@@seanm3226 truth!!
Probably the military
You live in Florida huh?
I built a small offgrid home in 1997. When 2007 unfolded i didnt owe anyone a dime. I still dont.
Brilliant!!! Love that.
I did the same in 2016 and am debt free as well however I am worried I won't be able to keep my employee busy and kids are expensive too lol
I made 6 figures (barely over) for the first time ever and I feel like the goalpost keeps moving out of reach for me. I don't have any kids and I live in the Kansas City area - a lower-than-average cost of living compared to other areas of the U.S., but good lord, houses here have doubled, even TRIPLED in price since 2013. I feel sick to my stomach! What's even crazier is that a home will sell, but will re-appear on Zillow a short time later as a rental. Speaking of, don't get me started on rent...
Can you move one county over? That's what I did here in Georgia. The same model of house from the same builder I bought for 550k is 680k just 10 miles away and I still have a Costco, new hospital, and plenty of shops down the street. The only reason being the expensive one is in a college town. Sometimes the prices are county-specific but you still have the same amenities.
Hang in there it will happen and you will be so glad you waited. Listen to her and people who lived through 2008 crash, which lasted to 2012. I bought a condo in Denver area for 199,000 in 2012 in 2019 I sold it for 425,00 this is how you build wealth but it takes patience.
I just met a guy that moved to my state. He is an investor in residential properties in the Midwest. He and his fellow investors, mostly friends and family, buy up house after house in depressed neighborhoods that are sandwiched between nicer less depressed neighborhoods and then they rent them out to pay mortgage till prices go up enough in that area and then sell. They currently own over 300 properties.
That's what happens when you're government spends too much and your central bankers print too much. Eventually everyone is going to be a millionaire and fast broke. Get ready, it's only just begun. INFLATION is how the government is going to pay away the crazy debt and break the average American household in the process.
Corporate investors are in a buying frenzy now and do it will only get much worse. The average working person doesn't have a chance even if you earn $100k/yr or more
I truly enjoy your videos! I've noticed the same red flags. Something needs to change quickly. No one can afford to buy a home and no one can afford the price of rent.
There needs to be a national cap on property taxes for yearly increases. It’s unreasonable to think average homeowners can keep up because a transplant with a higher budget bought in their neighborhood.
I think rent caps should be wrapped into this kind of bill proposal too. But neither party will do this.
It doesn’t appease corporations that want to make us all renters.
You want the federal government to start legislating local property assessments? It's a lot easier to change your state, county and city government.
Of course I am biased, my state gives big tax breaks if it goes up more than like 15%.our assessors are very approachable and easy to set up a meeting with. So I don't want the people responsible for your state getting a vote in property taxes in my state if yours are that bad!
Don't get me wrong. Income tax MUST be done at the federal level, to avoid a race to the bottom. Although *spending* can be local.
@@doomedwit1010 whether federal or local, there should be a cap in the percentage of yearly increases.
We have homestead in FL. It helps alot as long as you don't buy at an inflated price. You are so right about people with big incomes jacking everything up and leaving young locals scrambling.
Kristina thank-you for "caring for the middle-class/poor" who can end up in a worse scenario!!!
Personally, I did point out to a realtor friend before the last crash "how can house prices just keep rising like this" and he said "house prices never fall". I didn't predict a fall, but it seemed impossible for the rise to keep going. I remember prices going up fast before the last fall, so I see it coming, even with lack of housing.
Once again we are seeing peoples lives being ripped apart through no fault of their own. Thanks for your word of caution.
I work for a company in Alabama that works for the banks to see the conditions of foreclosure and pre foreclosure houses. We have so many jobs, If my car would take it, I could do over 100 a day and my company would still have plenty more for all the employees.
Been in the industry for 20+ years and this is one of the best summaries I have seen across UA-cam.
I came to the U.S in 2009. I was 23, and had no idea back then. Now, I am watching so many UA-cam channels to learn what is going on with the U.S economy.
I have personally been through everything you spoke about. This WILL NOT end well.
Some people see the glass as half full
Some people see the glass as half empty
I see the glass as half broken
Be careful when you sip.
30 year fixed rate mortgages is not fixed because property taxes & home insurance premiums aren’t fixed….They ALWAYS GO UP!!!!!
Prop tax went down in Texas. Gov Abbott signed a bill that is helping homeowners
@@jesseurizar7146 values of houses double from 500k to 1million so the 60k increase in homestead or whatever is not much it also only applies to school tax
I think many people are so annoyed with investors bidding up RE prices they fail to realize those same investors could absolutely tank the housing market. No home owner is ever going to sell their house because it went down in price by 3.5%.... they are living in it. Even if they did sell they would just have to buy a different house. A person selling their primary residence does add supply but they also add corresponding demand when they buy their next house. This leaves inventory levels (supply) unchanged. But investors selling is an entirely different thing.. they could easily be motivated to sell by single digit losses (especially if they think its the beginning of a trend) and investors could sell 1, 10, 100 or even 10,000 homes, and buy zero.. If this ever takes off it will create a gigantic negative feedback loop as investors sell and spike inventory leading to lower and lower prices encouraging even more investors selling and putting even more inventory on the market. It could really spiral out of control. This is the risk of people owning millions of homes they don't live in... They can dump them on the market in an instant and they will if they feel that is the most profitable move for them.
We "unfinished" our basement. We took all.of the ceiling tiles out.. Removed the sheetrock from the walls. We left the vertical 2x4s that optically divide the bedroom ,office and bathroom spaces. We can use curtains. Our taxes dropped 10% while our neighbor's taxes went up 10%. It is not a big deal to us to have nice bright painted walls with lovely curtains in the basement
They do not go inside in my jurisdiction. Ever. However if it goes up more than 15% you get a tax break. And it gets reassessment every year so you only have giant leaps when that particular house sells.
Some states, counties, and cities are a lot better than others.
Are foreclosures up to 2019 levels yet?
Loo you cheap skate😅
@blipblop92 Choosing to spend on other things that add to my comfort instead of the county taxes
Mine went up a extra 250 on the month ,and like you said I had to come up with 1,500 to bring escrow up to date ,true my house values went up from 150 to 240 thousand, but if you sell the average rent is 1200 and more for a place to live and that is not always in a good area ,so your forced to struggle to stay in your home or be homeless, thout about selling and buying a camper with the Gaines and say the hell with it . I put alot in my home to be taxed out of it .
Yeah, an appraised and UNREALIZED value gets taxed...
If our government can bail out big banks, why can't they bail out poor working people? 😢
Good question. I wish I had the answer.
If the rest of us have to pay taxes, why don’t the super rich have to pay taxes?
Governments and politicians work for central banks and central bankers, not for everyday people.
Because it's not in their interest, they want you poor.
Because the government thinks that this is transitory! Lie!!!!
It’s sad, but I believe that we are going to have a great depression with a GFC!
Hitting a homeowner with triple increase in insurance and property taxes, higher interest, and higher housing prices all four of those screams failure !!!!!
People are pulling at all the resources hardship on their 401(k)
Helocs
Maxed out credit cards
And now by now pay later for food!
The Government has failed!Man made in largest historic crisis coming!
And stripping the American people of their rights and power!
World news SPEIGEL
BIDEN CREATED THE WORLD INFLATION CRISIS!
Countries are dropping the American dollar!
The United States of America is losing their world power !
You are so thorough in your research. Thanks for sharing it.
Keep our elderly in mind, I was talking to a older man the other day who told me a one bedroom in a retirement home is around 8,000 in Chicagoland. It's heartbreaking. And let's be honest, these places are small and not nice.
My husband and I retired no long ago due to health reasons and we are having to move out of state due to the cost of excessively high taxes in Oregon, we are looking for a state that has lower real estate taxes. Luckily our house is fully paid.
Currently in the process of looking to buy a home. What's crazy to me is losing out on bids to all cash offers. Who are these people that have all cash to buy houses? Haven't lost hope yet and will continue searching for now.
private equity
Foreign nationals and private equity firms. Ripping off Americans
Like the last commenter said. It’s private equity buying up the most affordable homes.
@@KristinaSmallhorn Stop these private equity firms and wall street corporations from buying single family homes.
@@moneymanfernando1594 much easier said than done.
Keep in mind, Real Estate is connected to everything in the marketplace.
Yes indeed.
People are short-sighted. Absolutely nobody talks about the 1990 housing crash. Yet everyone believes that home values never go down.
Most people are actually not smart
And no one talks about mortgage Interest rates in the 1980's @ 16%. The 1990's were palatable @ 11% 😅
What would solve the housing price crisis? No foreign investment (includes second homes).
Stop using Air B&B and the like. If people would stop renting them, the owners would have to either make them long term rentals or sell. Win-win. Maybe if everyone agrees to use hotels for even one year, it would shake loose a lot these properties.
Private equity firms are buying up the houses, hard to stop that from happening. Hotels are filling up with refugees so staying in Hotels instead of B&B’s is getting more difficult.
Personally I think it was all done on purpose; think about it, how else can you raise the taxe value on homes?
To me, it’s about the rich versus everyone else. The haves and the have nots. And the haves want the rest to have very little while they eat it all.
Think about how much that would be over 50 states.
You're right again. I see it coming. I lost my house to foreclosure in 2008 bad loan. I was fortunate to get money in 2013 & bought a tiny cottage. I'm scared for people.
I agree!! I have been seeing the same trends in my area of Washington State. The other side of these issues, which are bad for homeowners with no mortgage, seniors, etc., is that lower home prices might allow some people to be able to afford a house that weren't able before. Housing prices drive the rental market too, and I know it has been crazy in this area. Great for landlords, but difficult to impossible for tenants and prospective tenants.
Denver Metro Area... Hell, all over really, are completely out of control. Average home price is almost $600,000. Its getting ridiculous and something has to give ..
Getting ridiculous? It's been all out beyond ridiculous for like 2 years
When housing prices started to decrease in 2008, it got bad enough people didn't want to pay on an under water mortgage, so they would just stop paying, then one year later were forclosed on, and then the newspaper had pages and pages of foreclosure notices. It snowballed.
You also need to consider that Saudi Arabia has unlatched the Petrol Dollar connection, inviting other nations to pay in whatever currency they have. So all those countries no longer need to buy US Treasuries. Trillions of US government debt at low interest rates are soon to renew at prevailing rates and if no one is buying Treasuries then interest rates will spike. Personal and Property Taxes will only go up plus furious currency printing. Look at what happened to France and Germany in prior centuries when their currencies when hyper...
The brix monetary system is small. As we transition to green energy they will get smaller.
The brics monetary system would have to grow but a factor of 10 to even be called small. It isn’t in the top 10 traded currencies. The second most traded currency after the dollar is the EU with 16% of global trade. Maybe the argument you are trying to make is the EU will replace the dollar.
Just waiting to see...
Appreciate the update!
On FL east coast, 2004 insurance/year on an affordable 3/2 $900, today $5600. What’s occurring across the board with everything is criminal.
I do not, and frankly cannot, believe those prices will ever come down. It has become so ingrained in our system that housing is a commodity that:
builders have no incentive to build more affordable units.
investors have no incentive to lower rents, or not to scoop up every new property to make into a rental.
DIY-ers have every reason to swoop in on uglier (and more affordable) properties, fix them up, and flip them for a massive profit, pricing even more people out of the market.
legislators at every level refuse to take any action to reduce real estate profits, either to benefit their own portfolios or because of some "socialism!" boogeyman.
I genuinely do not see a light at the end of the tunnel, except maybe a train that will run us all down.
Then...Become a do it yourselfer and buy those fixer uppers
As long as Larry Fink gets unlimited billions of taxpayer dollars to buy everything on the market, there will be no housing market. The system is broken, the American Dream is broken.
For some time now, owning your own home was considered the best your average American could do financially. And since real estate essentially is fueled by supply and demand just like any other commodity, any action that could actually address the high demand is not likely to be met favorably with many of the people that already own homes and are counting on them to fund their retirement futures. Lately I've heard that for home ownership to return to a tenable reality for people of modest means, one of the following needs to happen.
1. Mortgage rates need to drop at least 4%.
2. Wages need to increase 60%.
3. Home prices need to drop 40%.
Only the home prices dropping seems like an even remote possibility, and yet I was there for the 2008 crash. It worked out well for some people, but it was terrible for many more, including people who weren't even in the housing market.
Honestly at this point it seems to make more sense for people who can't afford to buy to seek out a comfortable renting situation and invest their money elsewhere.
The renter games.
This! Looking at properties in an area where the fixer uppers go too hard! Yes, let’s buy a property for $40k. Do next to nothing outside of purely cosmetic fixes inside the home for $20k ($60k total so far). Leave the roof, HVAC, air con, crawl space all busted which is over $30k more in cost on a op of the price of the home, and then list for $210k. That’s over $150k profit on a rundown nasty home that needs immediate repairs when you move in. There just aren’t ready to move in homes available and if they do hit the market, immediate cash sale of $20k over asking just for it to be rented at $2k a month and paid off in less than 10 years and pure cash income while again, doing nothing to the home. And like you said, it’s not going to get better.
I think your hypothesis is spot on. It may take nationalization of the insurance industry to solve the homeowner insurance problem. Rates may have to be regulated so that increases are limited to 5% per year. Price regulation of grocery items must cut back the outrageous increases over the past 4 years. The capitalist system, which is a predatory economic system may have to be ditched.
Not a single libertarian or republican would go for that.
Yeah because becoming socialists has worked so well across the world… nationalize everything lest try the Venezuela way. Because it worked so well for them. 😂😂😂
@@dallidvargas916Venezuela is not socialist....it failed because of a corrupt dictator who took all the money.
Capitalism works just fine. The problem is the government interference that is anti capitalist.
I don't want to own a home anymore. It makes no financial sense for me. I'd rather save $ by renting, and invest what I would otherwise spend on interest, property taxes, repairs, maintenance, and insurance.
Dying with nothing to show to your grandchildren isnt for me, theres ways of getting a house you have to build it yourself
@@Erribell There's plenty of other methods to leave your kids/grandkids than just real estate.. Why break your neck to do nothing but pay a mortgage for the rest of your life if that's what it would take to own a home? Real estate almost always performs worse than the S&P 500.
If you can find a rental that is less than a mortgage...
@@M.CampbellRight now in my area, it's too unaffordable to buy a house and have a mortgage at 7.5 percent for 30 years. I'd rather save my down payment and invest it for the next 5 to 7 years. Maybe home prices will go down by then and interest rates will come down.
@nicholasalteri3144 if you give your grandchildren property in a trust so they cant sell it then you will have a generational home and land. The money you got as difference in the stock market will be spent within one generation more likely will be spent in 5 years.
Poor people like us have to think long term so that our descendants don't have to be poor people like us.
It's not the RATES ITS the greedy prices
Dumb young people are bidding up the price of houses to ridiculous levels.
It’s both
Prices are determined by supply and demand. A small proportion of sellers are likely greedy, but when the entire market increases in this fashion there are larger factors at play. Inflation, rates (people with a 2.5% mortgage aren't moving), and a lack of supply have driven home prices up.
Young people drove up the prices trying to impress their friends with houses they couldn't really afford. Then they added in a thousand a month each for cars they couldn't afford either.
@@midwestron8576 Who told you this?
Crash is needed to correct the insane high prices...
I've never wanted to see a crash more than I do right now
Thanks for the video good information I enjoy watching
Already in a housing recession, the correction follows, like a 40 percent correction
When has there ever been a 40% correction? The largest was 20% when mortgages failed, it’s just completely unrealistic
@@drexelspivey872 67% during the great depression, recency bias doesn't set the standard, there's been 4 major property crashes since 1837 in the US, and some smaller ones too. What happened since 2020 is unpresended and unsustainable, either wages grow into the prices, or a correction occurs, likely a bit of both
Normally, I'd say a 40% downturn is unrealistic, but we've experienced a 40 percent increase in four years, so maybe not as farfetched as we think.
@drexelspivey872 2008 that crash had propertiee loose 80 to 90%.
thank you for doing this video! you're one of the only realtors laying out the harsh reality that's coming.
Is renting then better than owning what’s the point of owning a home? Or should owning land and putting and RV is the way to go to avoid large insurance and property taxes cost?
Thank you for giving us information. I like your videos. 👍
Thanks for the info.
I fought my property tax increase for 6 months and won. It's not terrible this year. My best friend got a second mortgage to pay off other debts. He will have to use the credit cards.
So many people are running their lives on CCs now. It’s a mess.
Thank you Kristina
It won't be a bail out. It will be a bail in. Legislation was put in place after the 2008 financial crisis to do bail ins instead of bail outs. A bail-in is the opposite of a bailout. Instead of relief funds coming from outside (taxpayers), the funds come from inside *shareholders and depositors*.
what does "bail in" mean?
@@omar10213245 instead of the government paying out of the treasury to bail out financial institutions, with a bail-in, banks use the money from *depositors and unsecured creditors* to help them avoid failure. This also includes depositors whose account balances are more than the FDIC-insured limit. This means instead of using taxpayer money and adding debt to the national debt, banks will use the money you and I and businesses have deposited into our bank accounts to avoid insolvency... but hey, they "promise" to pay it back to us, eventually. Basically, banks have the keys to the vault and will steal our money to pay for their debts. Maybe we should all start hiding our money in our mattresses.
@@omar10213245 In a bail-in, banks use the money from depositors and unsecured creditors to help them avoid failure. This also includes depositors whose account balances are more than the FDIC-insured limit.
@@omar10213245YT is removing my reply. Google the definition.
Yep, it happened in Greece in 08. It WILL happen here.
the people who are dropping home insurance aren't dropping fire or liability. just the windstorm portion. which is the most expensive part. ... all the homes for sale west coast fl are those rebuilt from the last storm. and everyone has had the same idea to sell. thats why theres a lot of inventory there, pair that with the condo crisis and theres all your florida inventory. ....11 new insurance companies. have come into florida so we shall see how the goes
Let’s hope it gets better.
Finally some realism instead of the fake optimism... thanks for the heads up and wake up call
High Home Price, High TAX, High Insurance, High Unemploment, High Price of Food, High Medical Bill... Let's Make Everything High-even Birder Walls ...Well Done Uncle SAM 🇺🇸 Let's make it 35 Trillions as soon as possible
Tax the rich!
I forget the exact number, but there are videos you can find that add national debt, plus the known debt of homes, Credit Cards, School loans, and cars, in the US alone. While the national debt might seem high, the actual US debt is even more incomprehensible. Literally everyone is to their eyeballs in debt. I would say it’s less than 1% of the population that is just straight up debt free, if that even exists anymore
Biden puppet doing his job
I live in California.
12 of the 23 major insurance companies have pulled up stakes entirely in CA.
Housing costs are at an all time high and continue to rise.
Unless you are two individuals making over 120K a year each there is no way you can afford a home here.
Food is roughly 30% where I live more.
Gas has not quite doubled.
Electric, water and sewer have all almost doubled.
Something has to give at some point.
Homes in and around the bay area are selling even before they hit MLS.
Multiple offers are common.
I earn good money and on a single family income I can not even think about buying a home here.
I live 30 minutes from #9 Elmira NY and my husband grew up there. It’s a rough city.
Excellent commentary, liked and subscribed.
In San Diego County alone this year, over 400 homes are currently up for auction due to unpaid property taxes. Additionally, home insurance has become unaffordable.
To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I've remained in touch with a financial analyst since the start of my business. Amid today's dynamic market, the key difficulty is pinpointing the right time to buy or sell when dealing with trending stocks - a seemingly simple task but challenging in reality. My portfolio has grown by more than 5 figures within just a year, and i have entrusted my advisor with the task of determining entry and exit points.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
And when prices start to drop, the investors will start selling off their properties, with further snowball. People won't pay the high rental prices, they would rather live in their car. I think this will be worse than 2008, because its no longer unthinkable to live in an RV, even if you have kids.
Awesome!Thanks.
Not in TN... the prices around the Nashville and Franklin area are going sky high... crazy
Show me the data on actual sales. Crickets...
Some area of the country are still having bidding wars. Thats why I say there is no crash…… yet.
@@KristinaSmallhorn I'd imagine only for the rich. Please show me a middleclass neighborhood where bidding wars are still taking place.
@@shellroc21 Not bidding wars, but houses are still selling for sky high prices.
@@shellroc21 I don’t cover the northeast but my friend Jackie Baker (she has a channel on YT as well) has been dealing with bidding wars for over a year. But on the coast line of Massachusetts near the cape nothing is moving no is selling and no one is buying. Here’s some number for you to look over. cdn.nar.realtor/sites/default/files/documents/ehs-04-2024-summary-2024-05-22.pdf?_gl=1*170e499*_gcl_au*MTIzODU5OTMwNS4xNzE4MTYzOTEz
The fact that people can literally get taxed out of their homes is so gd despicable to me. A tax is an imposition by the government and doesn’t even have a thing to do with the fair market share of a commodity, yet they can decide to take more of your money or even force you out of your home completely to get the money you “owe” because the property is more valuable than it was when you bought it. Absolutely sickening.
We have a few homes down here in the metro Atlanta, GA area that have gone into foreclosure, but not that many. But, yes I agree with you these property taxes and insurance hikes are taking people out, it is asahme 🤦🏾♂️..thanks, Kristina for this video and sharing what is really happening in real estate.
I live in the metro Atlanta area (Alpharetta). Our housing is still considered affordable for a major city but when the average house price is out of reach for the average income that is a bubble. Our incomes are still some of the lowest so most middle class can't afford the average Atlanta house.
Excellent video Kristina....prices are still too high in the Northeast.
They don't require escrow up front if you already own the home. Mine went up 3k and I paid extra every month.
Thank you for speaking the truth!!!
All I can say is unless prices fall by 50% there’s no way I would buy in Florida…. It’s too much risk at these prices
omgosh! so glad you posted this because I am in the process for a loan and 0 down was one of the option "due to a new program!" and is like 7.5% interest so I hesitated and havent jumped on it. Still shopping around. but 7.5 interest - oof. And thats with an excellent credit!
My aunt said when she bought her house in 1980 it was 10%.
@@wantsome-zs5sqYeah, the 80s were *rough* with insanely high interest rates. Makes today’s rates look downright delicious in comparison.
That’s what rates are at currently. Right around the 7’s.
@@KristinaSmallhorn And, as announced today…holding steady. 😐
Our mortgage escrow has gone up $200 in the last 2 years because the property taxes and home insurance has gone up
You don't even want to hear about my escrow in So Florida. My note went up by thousands.
@@networth00I'm hearing all kinds of stories like yours in Florida. Especially from those who have condos.
@@cezz1105 I have a house worth about $1.6m now, (was bought in 2020 for $800k). Taxes are now $30k/year and insurance is $16k/year. Who can afford this? My neighbors house was bought for $3.1m less than two years ago and their taxes went from $36k to $98k/year. Insanity.
@networth00 man that's bananas!
Totally agree with you on insurance companies
If a bank has issues they will get the government will help them. If the government does not help them they will sell their assets to a corporation and be just fine.
Very interesting Kristina🤨
"You will own nothing and be happy." --Until the Second American Revolution.
Are all the homes hoarded by flippers, investors, hedge funds, corporations, private equity all fire proof?
What about the homes the owners live in?
Unfortunately 99% of revolutions end up looking like look like South America and Somalia, not like 1776.
Wasn't that in 1860?
@@doomedwit1010 we are the exception to humanities rules
I find it fascinating that people will come up with conspiracy theories about how the globalist reptilian New World Order is increasing housing prices to ensure people can never buy a house instead of just realizing what a market is and that it includes buyers and sellers and that people will always do what's best for themselves - all other things equal, sellers want the highest price for their house and buyers want the lowest price. That's it. No global conspiracy.
In California, Monterey County we have a lack of inventory so much, that most home that cost 300,000 now cost 680,000 and 1.5million in area where medium income is $50,000 and houses are selling because. I don't see any cracks in my Area at moment.
Such good information
Funny, I had an appraiser knock on my door today, asking about rent prices and how I felt about the neighborhood. He was trying to put a price on how much 2 new 4 plexes that are about to be built could be worth.
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
Investing in both real estate and stocks can be a great idea, especially if you have a solid trading strategy to guide you during prosperous times. It's all about diversifying your investments and maximizing potential returns!
You're not doing anything wrong; the problem is that you don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
@@LucasBenjamin-hv7sk Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
The decision on when to pick an Adviser is a very personal one. I take guidance from Annette Marie Holt to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
My property taxes are MORE than my mortgage.
House has TRIPLED in assessed value.
Ridiculous
Up north here in Pennsylvania taxes run around 1,200. A yr. And homes around 125,000. I moved up here to get out high taxes in Lehigh Valley.
Depending on what part of the country you live in, a 0% down payment mortgage would lead to a much higher monthly payment which ould get expensive:)
Also appraisers go out and photograph and document homes are still there after any disaster, to to portfolio analysis for the banks and investors selling of buying pools of mortgages and lastly institutional hedge and private equity firms hire us to go out and see what’s happening in an area o determine how much money they can make buying up homes and renting them out. Upside potential. I used to do a lot of reos and foreclosures but the bulk was loan portfolio analysis for bulk bid sales to other investors or insurance companies.
If a market correction is when the market (whatever market) is doing badly, then when it is doing well, is that a mistake? Don't we correct mistakes? I heard that question asked that way somewhere. Don't remember where. 😅
So when is the best time to sell?
My property tax on the condo in
Atlanta was less than $800 in 2013, 3 years after a middle school nearby was built, it continues to increase every year. Now it's over $2200! 😣
Central Indiana nice home fairly priced sells in less than a week. I enjoy your channel Kristina.
It's time for a correction in all prices.
Will foreign PE firms continue to purchase homes? And how will that affect the housing market?
Yes they will. They did in 08’ they scooped them up and that’s when they realized how much money was to be made in rental homes. A downturn in pricing will just allow them to buy more.
Kristina, if the value of my home goes down, how do I successfully get the County Assessor to lower my property taxes? Do you have any tips?
Make sure it’s gone down with basic recent sales and listings similar to your property. Then once it’s confirmed see how much you will save. Hire a qualified licensed appraiser in your area who understands Ad Valorum assessors tax appeals requirements. Get the appraisal, file copies with your county assessors office. If you are in an attorney state it may be different
Exactly what Kiki said ☝️
Sometimes you feel like you cannot win. I moved due to my property taxes. It is unstable for everyone. The rich are the only ones in the future to have a home.
Great video Kristina I can see those Parallels as well..As well as high prop taxes and insurance rates hitting everyone at the same time..Cracks are there!!
I wonder if PMI can be required after you already own, you already had 20 percent equity, but then your home value drops. If banks can't do that now, I wonder if someday they might find a sneaky way to add it. That would also make the payment higher.
19. Memphis, Tenn. is not small, they have a NBA Team. & the city is huge 🥃
That's true I was priced out of my home when they raised my property taxes by $8900 here in FLA.
This is the best and most comprehensive video I’ve seen since I subscribed to your channel, Kristine. Everything you touch on in this video has been the same future issues I’m noticing. Insurance and tax rates skyrocketing… because home sale prices are just ignurt right now. I’m 61 and even a 15 year mortgage doesn’t make sense to me. I’d rather rent the rest of my life.
You're the best!
The question is: what will happen after your foreclose your home? Well, the rents go up if the property taxes go up. How can you even afford to rent?
That’s a great question. No one knows how these cards will fall. Anyone saying otherwise is just guessing.
I leave in Northwest Illinois, I just put my house on the market there was a fair amount of inventory at the time, (early June) I have a contract and as I follow the rest of the homes by June are just sitting. No price reduction, although I took a low offer because I need to move. I believe the rest will follow soon. This is a vacation and second home area for Chicagoan’s so I believe it will stagnate and come down. The rest of the area will probably start to see job losses due to most trade workers live off this area. Taxes will raise due to last year prices doubling since 2020. I am taking the cash and waiting to buy like I did in 2008. Timing is everything. Like they say when people go left you go right that is what I am doing and did it before. For get FOMO and sit tight and wait deals will appear soon.
Anyone wanting to request a tax reduction. You start by confirming through recent sales and listings that your value is declining. Make sure you don’t file too soon if it is still declining. Then hire a licensed local qualified appraiser who knows Ad Valorum taxation. Check your county requirements and submit the copies and forms as well as any filing fee to your county assessors office. Then be nice to them and keep following up.
Wondering if you might have some insight. My brother inlaw bought a house on 7 acres. Not sure if it's paid off yet but he's agreed to let us put a double wide manufactured home on a piece of it. It's close to tye street but will need at least water and electric brought in and we'll need to get septic most likely. Is there a loan off the top of your head that would cover this type of build?
A new construction loan package. He will need to parcel off that land and put it in your name to secure the loan. Please check with a local lender to get all the details. Thats how they would do it here in my county.
@@KristinaSmallhorn thank you!
Great video
I am definitely seeing cracks. By my area realtors are saying this year the sales are very low. And I noticed the inventory is increasing like crazy.
Hi, which state is this happening if u don't mind?
In N.Y. "deferred" payments were all due in August 2020 . Many went into foreclosure and now live in cars or with relatives.