FORECLOSURES - "Reality Hits Home" as Consumer Debt Crisis EXPLODES
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- Опубліковано 1 чер 2024
- Consumer debt crisis will force home foreclosures. Chicago Real Estate Broker, John Hoffman says banks are calling to evaluate the homes of delinquent owners.
#foreclosures #housingmarketcrash #useconomy
Contact John: @johnhoffman6342
Whyrent Real Estate Co. Website: www.whyrentre.com.
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I’m a retired electrical contractor after 45yrs. Me and one employee. Did a lot of rehab and code violations 85% residential 15% commercial. In 2008 I saw so many guys like me, carpenters, plumbers, drywall etc. lose everything! Two sadly committed suicide. 😢
I only made it because I saw what was coming and got as ready as I could but still took a
beating! Saw my 1st recession in 1973-1975 my first year in business & marriage. Then 4 more 1980-1983-1990-1991, 2001-2001 (8 months) then 2007-2009😳🥶😰😱 And it didn’t even start to recover until 5 long scary years later! 🙏🏻🙏🏻 cause what’s coming ain’t pretty!😢 THERE DESTROYING OUR COUNTRY ON PURPOSE FROM INSIDE!
And people still living in dreams, singing along to whatever the media feeds them. No recession, soft landing, no crash, ya te ya te yaya. Well keep dreaming, we all knew what was coming once this year ended.
Who is they
@@ktg8030 Government interference..
Sounds like you have a few years on me - an ex-kitchen contractor in FL turned cafe owner in CA. I only missed the 1980-83 recession, survived the others. And like you, in pretty good shape.
Sorry about your friends. It's a brutal world to many, perhaps most. Hope you're ready for what's coming. I imagine you are, given your awareness. I agree - it isn't going to be pretty, and they are destroying our country - on purpose - from inside. But as you've alluded to above, not the end of the line. So wishing you all the best through all the tough times ahead.
As they say, keep your chin up, eh? Kind regards.
@@ktg8030 Do you really want to know? Or are you, per se, content with current popularized conspiracy theories regarding conspiracy theorists?
I'm curious. Do you also insinuate people are (the plural of the 'N' word), for example?
If yes on really wanting to know, suggest you start by reading 'High Priests of Treason: The Federal Reserve'. There's no conspiracy theory in that book, only references to actual laws - which do adequately expose 'who is they'. But only if you'd like the red pill.
Otherwise, for the blue pill, I'd suggest trusting blindly. As blindly as possible, actually. It would be much more comfortable/easy. It would also make you far more popular, today, in many circles. And all you'd have to do - is stomach all it entails.
No bailouts! No forebearances! No loan modifications! Let the free market be free for once
The market cannot be free when rich foreign corporations & investors come to the US and buy up our single family homes & apartment complexes & then turn around and gouge Americans rent. US real property should NEVER be sold to foreigners.
Capitalism will truly flourish and function flawlessly if government stops interfering. Let companies and people pay the price for their irresponsible behavior.
Exactly. No more ppp. Grants
What so people like you can scoop in and buy houses for pennies on the dollar
It’s subsidies that ruined supply and demand.
Food
Insurance
Housing
Schooling
All subsidized all have gone up double digit rates.
About 20 years ago I was renting from a guy who had seven rentals. I was there about a year and got some foreclosure paperwork on the door. I immediately went to his home to ask why I wasn’t informed about the situation. He wouldn’t answer is door, I could hear him in his home, wouldn’t answer my calls. I obviously had to leave but turns out, he was a big time contractor who lost his job, and his method of getting seven rentals was he bought one house, pulled equity to buy another , and another until he had enough cash to buy a ranch with 40 acres of almonds cash then foreclosed on all his rental properties. Nobody is innocent when it comes to this housing market. I’m sure there are plenty of shady deals being done like this one to build wealth at the expense of another.
This happened to me in Texas at the start of the 07 recession. I was renting from someone who also owned 9 homes. I came home to foreclosure paperwork and I wasn't so confused as I was just renting. I found an apartment and moved out that month. Turns out that my landlord was in deep debt.
Twenty years ago they were giving money on a declaration of income. They were no doc loans. So there are shady characters in this world. What happened to your home or rental? Did you move or squat? Sounds like you got some education. What would have happened if the guy didn't pay his property tax, which he probably didn't. He probably didn't fix anything either. Did you have a contract?
Greed and no moral compass. 🙄. This is why most should own and not rent single family homes from shady landlords. The less qualifying factors such as good credit, high deposit, and 3X income to rent, etc…the shadier the landlord. You will be left in the dust and the landlord will see you knocking on his door and not answer just like he did to you. Happens more frequently than you might think. Be careful who you rent from.
It's.
The way the market is supposed to work.If you overextend yourself and you can't pay your bills you lose your property and whatever money you put up in order to buy it. We need the market to work in the current circumstance so that all these flippers get what's coming to them
It sounds to me like he was leveraged to his eyeballs.
I have rentals too but I pay off then build. I just don’t believe in a lot of debt because of all of the unknowns.
So slow turtle 🐢 it is for this lady.
I went thru all that back in 2007 2008 during a divorce and economy I was able to stay in it and make the payments they wanted and in 2020 I paid my home off and mortgage free today and just pay taxes and insurance now.
Congrats can you pay off my mortgage now
@@xro1983 😀 I had to pay off all my x wife's student loans while she was making over 100,000 because they were put into the loan and I was keeping the house.
@@xro1983I just paid off my mortgage today, took 8.5 years on 15 year loan , I can start paying everybody else's loans now. What a wonderful world...
why even pay high ins?
@@user-jv9qz2bu1r I started getting robbed after she left
Over 50% of every roof replaced by hail insurance in America has zero damage. (according to insurance standards)
Almost everything in this country is a scam!
Yeah. If you meet folks with money these days, they're usually doing something that's not quiet legal because regulations have gotten so restrictive.
I have a four year old roof. I had a guy come the other day and asked to look at my roof for damage from last years storms. He said there is multiple damage. I am questioning this assessment. However if there is damage it should be addressed. My insurance would cover it but I wonder how much my payments would go up.
@@MplsMaven@mplsmaven Your payments will not go up from an "act of God," but a 4-year-old roof should have 15 - 25 years of life left. Ask the contractor if the hail "hits" have broken the fiberglass mat. Good chance it does not. Check with neighbors of similar aged roofs.
America has turned into a nation of scammers.
All of our systems are scams.
Our taxes fund scams.
Scammers are rarely ever punished.
We are a nation of liars, and I hope God punishes the people responsible
Didn't we see this SAME movie a few years ago? 😮 Wall Street buying bad mortgages and then reselling them. 🎉
Yes, indeed. Amazing that people aren't seeing the throughline. The mortgage companies were the villains, and now it's Private Equity. But who REALLY owns these firms? WHO's your daddy?
They just attached a new name and now are owned by Private Equity and being gambled on Wall Street.
It's a small club and we ain't in it!
A person with some money behind them could do a lot of good in the world by buying up "unperforming loans" and selling them back to the debtor at the price the market values them for.
Yeah, that's Ole news. Mortgage back securities
Dang so I should have been irresponsible last 3 years instead we sold all our toys (camper, side by sides, golfcart) to pay off my morgage when others just got to keep all there money.
Yep, moral hazard.
You made the right choice. There is still a benefit (sometimes intangible but real) to those who do the right thing and don’t take a handout or a program when they can push through their situation with hard work amd sacrifice. Good on you!
I wish! Who you trying to kid😢 @@mustbsavdbyjesus
Yup holding off a recession until after reelection by giving handouts to people
You are correct. Our government only incentivizes and rewards bad behavior.
Let’s face it until corporate investors are banned from owning SFR there will never be enough supply. To much money has drifted to the top
Or tax flippers. Must live in the home for a period of time.
AMEN!
@@user-os3qm3nb2k what are tax flippers man
How do you do that in a capitalistic society
Bought my first house in Jan 2005 at age 24, bought a low-miles used car in 2009, paid them both off in Jan 2014, and have now been debt free for a decade. I've never been rich, just pennywise.
It seems you worked hard to make what is at least double payments to pay it off so fast.
You are a smart individual, indeed. I applaud you.🌈
@@metalmike570 I took advantage of a very challenging job opportunity that paid more than I was used to making. Rather than spend that extra money on "more stuff", I put every extra penny toward debt until it was all gone. I couldn't keep doing that grueling work forever, and now I don't make as much money as I used to, but without debt/mortgage it stretches a lot further.
My parents talked out of buying my own home because they were jealous of me being more successful than they were. Now I'm living in Poverty and Starvation because 65% of my income goes on Rent alone. I was the biggest FOOL ever!
You should be sharing your knowledge with many young people trying to attain your status! Congratulations!! Well done!!
They should be foreclosed or do a short sale. These properties should be available for the public to buy. The prices would fall and qualified buyers can purchase. They don’t want to do that because the hedge funds and blackrocks and other large real estate companies would lose on the overpriced stuff they bought. Those companies shouldn’t be in residential real estate anyhow.
It would help with the cycle and get entry level homes on the market. If there could be a way to let entry level buyers buy them instead of flippers and investors that would help.houses need to be homes and ways for families to build wealth not tools for people to make fast money
Real estate is such a hard thing to understand and it’s not for the faint of heart.
If blackrock wants to go into the rental business then let them. But when they start to loose money they shouldn’t be bailed out. Otherwise they had no business getting into it in the first place.
This squatter rights crap is disgusting.
Squatting illegally in people's homes and on public rights of way. Used to not be like that. Laws were enforced.
I agree
I say get the 🤬 off my property bioch.
This happened to me and eventually I lost it all. Once in they are hell to get out.
Yeah that shit needs to end fast. I can't believe the stories I see.
I worked for a private equity firm and hedge fund that procured over 10,000 homes after the GFC. Sadly I made a lot of money working for them in the re hab process so they could sell and or hold and rent them. I will never work for them again. It was all about making the upper echelon richer. The rehabs I saw done to stay in budgets was frightening. I’m glad I walked away when i did but again I wish I never got involved in the first place. These properties should have been to the open market
Added to above… I offered a very niche service so thankfully I could put my head on the pillow at night. Many other contractors I’m not sure they did… all the good contractors left as like me once the saw the writing on the wall.
We never heard if they cleared out all the foreclosed homes and we never heard who and how they were purchased. The foreclosure process did not happen as we were told. I had cash and couldn't buy. They kept the prices high in the neighbor hoods to keep the majority happy.
How much was the rent.
This whole thing of selling foreclosed homes to hedge funds for close to nothing really bothers me.
It’s so unfair to first time buyers and to be honest it seems corrupt. Wall-street and our government.
Did you ever ask yourself why people aren't paying mortgages plus HOA fees, one because they their jobs and two become HOA fees are now the price of a mortgage and taxes exceed the price of a mortgage. Their has to be some kind of intervention. To stop high HOA fees and taxes.
Hiring a squatter to evict another squatter is insane. This country is broken.
No, the people are broken. The country is us.
@@KelliAnnWinklerno. You are broken. That’s why the country is broken. You broke it with greed.
@@talisikid1618 Thank you for agreeing with me. Unless you are from another country "you" are "us".
Lawless society...stay with us...more to come.
The W.E.F. says you'll own nothing by 2030 . This is how you do it. No sales to the public. Only renting..
and you will love it.
-Klaus
In B4!
Yep so dam true
No one is going to love it! That would be the death of the American dream. Then there would be absolutely no reason to come here.
I did 1000’s of those BPO’s from 2010-2022. I expect another roller coaster ride in the near future and this was a sad but solid line of work in tough times.
I have so many bpo orders coming in my inbox. I did so many from 2008 - 2012 it was a second income. Also worked many short sales and worked with banks and received REOs. I’m so ready for this market again.
How can you even do these bpos for $15-$40? I get them but I don't do them. Not enough money. It takes time. I must be missing something. There is a strategy!@@cherryblossoms942
How do you get started with BPOs? @@cherryblossoms942
The Biden administration is jacked up!!! If he gets re-elected then folks are just dumb.
I do about 50-75 reo’s per year. The last 8 months the banks have really changed their tune. They typically couldn’t wait to unload these sh8%holes and now they are overpricing them and letting them sit and denying pretty decent offers. I stopped working with a few of them because I’m not a baby sitter.
YEAH!! No babysitting!!!
Nobody puts baby in the corner!
lol. You got it. @@ktg8030
Yeah. If you over value the house, and sell it to a corporation, you get a higher return even though they're taking a loss on the house. That way they don't loose as much money.
As a camp counsellor years ago, I made an ad-hoc joke during a skit we were performing when one of my coworkers asked me, in character, on-stage, why I was playing three different roles. I responded with "I'm an American, so I wear a lot of hats to pay my bills."
Never thought that little joke would be prophetic.
You will never know how many people are relying on these videos on UA-cam from economic professionals to keep us staying the course and staying positive! It is getting so hard
crazy to think some unemployed squatter might have more equity in their home because of all the 'special safety programs' throughout the last few years VS someone in good standing working fulltime trying to just afford their first home....I feel for the working class who's debt free and getting hit the hardest
It hit me before most. It began decades ago.
Being debt free is a reward onto itself. Let those other ppl ruin their lives and credit scores.
@@jofieraymond6528 true, I'm just tired of my taxes paying for everyone else's mistakes and bail-outs. Otherwise I agree- hopefully there'll be some great buying opportunities soon from the people who overspent on credit
I don’t see how being debt free means you’re getting hit the hardest.
It just means you are solid and can be trusted. My house payment was always number one and all my overtime went into extra payments on the principal.
I don’t feel ripped off at all.
@@10317 most people in debt are getting assistance. It's like the US turned into a welfare state and it's no longer a free market with all the manipulation. I'm grateful to be debt free but tired of my taxes going to 'assist' everyone who makes dumb choices
I’m getting sick and tired of all of these bailouts and foreclosure moratoriums. If they are not paying kick them out and let us first time homebuyers get a freaking chance of homeownership! I’m really starting to think this housing market will never fail because the government won’t allow it.
The banks just bundle them up and sell them on Wall Street at about 30 cents on the dollar to corporations who take them off the market to keep the prices high. This started happening during the Obama administration as an attempt to save the housing market from crashing in 2008. The government seems to be against its own people. The more money is printed, the less valuable each dollar becomes. Businesses and sellers raise their prices to keep from losing their purchasing power. And the result is that the free market is disappearing by corporations because buyers can't compete with corporations. Renting from these corporations just enables them to buy more houses. I suggest buying land far out of city limits, hiring a local carpenter to build a small house, and cut your expenses until the dust settles. If the trend continues and we, the public, keep renting from corporations, we surely will have allowed them to force us into "owning nothing" but I doubt we'll be happy.
The biggest issue was the Fed dropping rates to near zero as part of wide-ranging emergency action to protect the economy from the impact of the coronavirus outbreak as it jacked up home prices. Period.
In a nutshell!
That, and the fact that America is not building AFFORDABLE housing for working class people and haven't been for decades now.
Yes, However, it was all planned across the board. The plan demic was on purpose to do this to Americans and our economy.
Why would they care most houses for the past ten years have been sold for twice what they are actually worth, they just gave people a low payment and they fell for it
Recession will trigger the next housing crash. We haven’t had a recession since 2008. 2020 we printed 5T.
Maybe they could organize a professional team of house-sitters to look after these vacant homes. These trained and reliable people would be prepared to move out at a moment's notice to another location if the homes are properly sold. This way the homes are not vandalized and are cared for.
I keep a close watch on real estate in my small town here in the mid-west. There has consistently been between 80-90 single family homes on the market for the past two years. Just this past week that number is at 125 active listings. That's a pretty big jump in listings in just one week. Hopefully it's a signal of something shifting in the market and we'll actually start to see more listings hit the MLS.
Sure, nobody really wants to live in a small town in the Midwest so that's not a big surprise. In places people really want to live, and will pay a lot to live, there is NO risk of collapse as prices continue to soar... they simply are not building houses as fast as the population is growing and that means strong demand (in nice places to live) for the foreseeable future. Nothing personal, I grew up in a small Midwest town so I know from experience what I'm talking about.
Not sure where you are but here there is very few on the market in my town not even one. Rental market is super tight too
yeah right@@user-jr1is1dc5d
John Hoffman did a great interview! I used to work for him doing foreclosures and it’s an insane business.
I love your analogy about the car driving with the check engine light on.
That's it...! Rolling along until the wheels fall off
Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.
Ronald Reagan
Who needs a paid off home mortgage when you can just sign for a BMW and a house and then just never pay! Own nothing, be happy Todd!
I want to get one.
I knew the system was held up by false supports. These prices are unsustainable.
And no one is paying off their mortgage
@@lynndowless5152if it’s so easy and so many people are doing it why don’t you. Clearly what they are saying is not true to any extent.
Excellent conversation. Please have this guest return.
Todd, California is supposed to be voting on allowing illegal immigrants to purchase houses interest free with no down-payment. This may be a reason that these houses are not being liquidated per economic Ninja on yt.
THIS is what I suspect. Tptb can enlist these migrants in order to grant citizenship via the low enlistment numbers. These newbie will be given a sweet deal.
@@shineurs2look up Courage to Serve Act.
@erinsweet8147 True, been around for yrs. DOD is a mess with forced Jabbo and DIE policies. To the deterrent that they have over an eight hundred thousand deficit in recruitment. I've even seen articles blaming whitey,😮
Chuck Schumer on the senate floor has already said.He wants to give these people a quicker way to citizenship if they just joined the US military. Theory out there, they will turn on US citizens if asked by these Psychopaths. The other Theory, getting them ready to throw them into the meat grinders with UKRAINE and China in the Pacific Taiwan?🤷♀️
Seems more plausible due to the fact that the psychopaths are into depopulation of the planet..
Of course! You see them in Walmart decked out in new clothes, with fake tits and a botched Brazilian butt lift buying $380 in groceries, swipe the EBT card, then pay $26 dollars cash for the remainder and walk out to the parking lot in their new 2024 Tahoe. They get subsidized by the tax payer AND work under the table or for cash. They are the only ones who can afford new homes now.
I’m going across the boarder and coming back in, all I will say is “I speak no English” 🙄
My agent in Michigan said she’s not allowed to put offer in more than 5% under ask ……… Bye Bye miss realitor
What?
@deborahlozano7134 yeah realtors up here don't want to low ball offers and get mad if you look at a house and don't put on offer
She told you that because she knows the market. It’s a waste of everyone’s time making low ball offers. She’s giving you the truth
In 2007, we also had a realtor who wouldn't put in bids for us. We were young and naive. Should have fired her. Instead, we overpaid for a house because she was a fraud. She told us new home constructions could NOT accept lower offers than what their asking price was. Worst realtor ever. But, we didn't know what we didn't know.
Just be sure you have officially cut ties with her, if not you could owe her should you buy. It's better to get it in writing. We only had a 30 day contract with a realtor and a lawyer said to tread carefully so we opted not to buy because we couldn't stomach paying a crappy realtor.
This was an incredible conversation, I think you guys nailed it.
What a mess.
The mold story is almost every apartment in Knoxville that use to be affordable, no longer is, and still has mold.
Rents raised when investors purchased over the last 4yrs.
Cant find anything that isnt wrecked with mold. Already sick from past home.
They tax them out. So they can't afford it.
💯
My (homeless) realtor lived in my vacant house rent free for 2 years before I finally figured out what her scam was
This sad phenomenon is happening is happening in Georgia,
all these low life owners / sellers
seem to avoid foreclosure , and refuse to lower the house price to one that is affordable and realistic.
They are not facing reality of what's coming, hoping for a miracle and staying as long as they can most not knowing what to do or where they will go or how to begin liquidating.
Just saw a story about an elderly black couple in Georgia who was thrown out of their paid for home because someone forged documents saying they owned the house. They even took out a mortgage on the home! Unbelievable!
Back in the 80s under Reagan my marginal tax on my paycheck was 40 percent. That was with 3 kids. I would have been happy to pay 20 percent. I think the bigger tax problem today is property taxes and not taxing capital gains on an annual basis.
Right on.....
.the biggest category of non-collectible taxes are people who don't need the money. Elon Musk pays 8.4%
Then there are the corporations who use all the resources of a city, but claim outrageous exemption of property taxes. Think: NIKE. A multinational corp that refuses to pay for city services.
I am waiting for the outrage on property taxes - we homeowners are being boiled to death. I pay my taxes and say to assessor - You are killing the goose that is laying the golden eggs
You "hope" we'll enjoy the show? Ha! You KNOW we will!
Thanks for the awesome content! Best real estate channel out there, this channel has been my go to for information for a while now. :)
Same
I second your sentiment!
Been there. Done that. Lots of so-called "foreclosure fairness mediations"... aka easy money and an "Attorneys' full employment act". Debt it way up. Defaults are way up. Foreclosures are climbing. The bubble is flattenting..... feels like 2006. Those with a working brain should be nonchalantly strolling to the exits.
And once out from the exit..then where do you go..there is no exit from the revolving door.
I just recently found this program which I find very interesting. Because I am new to it, I don't know if this has been covered, but it is very important. The US allows foreign corporations & buyers to buy up our single family houses and apartment buildings. I live in Santa Monica, CA which is 70% to 80% investor owned. Foreigners will pay a lot more for US real property than Americans can afford. This is a huge driver of pricing for houses and apartments and needs to be stopped immediately! But what can Americans do to stop it?
Same thing happening in Australia - working Australians now living in tent cities due to rich foreigners being able to pay way beyond market price for family homes. And the mass immigration is continuing. Rent levels do not even matter because there are no properties to rent available anymore.
Thanks for being honest and giving us the truth. It seems the real estate system is broken and keeps dragging us into recessions. What are your thoughts on this?
Thanks for your comment 🙏
It’s not real estate, it’s the BANKS.
@@gilborealty yes, banks play the major role in this, but alot comes back to realtors, banks and appraisers over valuing homes.
Not really agents. There are some that will but you shouldn’t be pricing a property without supporting comps. Appraisers are now hired by 3rd parties mostly too so the pressure to perform isn’t what it was in 08. The banks though, nothing has changed in those places. Still chugging along hoping for a bailout.
Competition fixes monoplies. And smaller houses for inflated wages 2024!
If only we taught supply and demand in schools people would realize
we have an incredibly over minopliysed and financialized system that inslaves the middel class. The answer is NOT SOSALISAM THROUGH GOVERNMENT CONTROL but compitition. If a house only cost $50 per sf in materials then why are they selling for 600k?
There is a gap, that could be filled with lower cost production solutions if compitition is willing to reach a market whos wages are being suppressed by government inflation. (Same thing in medical and war contractors)
Regarding Realtors: Something that bothers me is when the Millennial Savant looks me straight in the eye & with confidence says; "....and this is the kitchen" NO SCHITT SHERLOCK
Im am REO listing agent. I deal with squatters. One very recently. Listed on 1/12/24, went back to show the home on 1/19/24 and the deadbolt was changed. I got them out in 4 days with the help of the neighbor and HOA President. This is in Las Vegas, NV. But never heard of getting professional squatters to get out squatters? Thats a new one for me. I definitely do not plan to go through the eviction process.
do you have more details to share on the process?
@@user-jv9qz2bu1r The process is when you call the cops you need to say you saw squatters break into your home, something along those lines It has to be a crime. You can't just say you went in and you saw someone squatting there because they will say it's a civil matter. The HOA president saw the two squatters walk out and he knew that home was already vacant and then they left the doors open so he called the cops and said they broke into the home. The squatter saw him looking at them and took off hence leaving the door open. They also damage the garage door from trying to get in and out
Weak society. You are all brainwashed. Stop listing the address. DUH
I was screwed over and never will forget it.
@@user-jv9qz2bu1r not sure what process you are referring to. How to get the squatters out? I worked with the neighbor and the HOA president ended up calling the cops when he saw the squatters come out of the house and they took off when he followed them and they left the front door open. He called it in as a break in because he knew the house was vacant.
Great info! Such a knowledgeable guest. Would love to get an update on this closer to the end of the spring market.
If President Trump is re-elected these gov't entities will drop the hammer on these delinquent loans
By far far you have the best real estate Channel on youtube. Thank you very much for the stimulating, interesting, and in very informative real estate news.
I learned so much from this interview. Thanks!
You guys keep it real I appreciate it.
they did this in 2007. They called them CDS (credit default swaps) Since congress didn't pass any laws to stop it, they are doing it again.
In some companies it takes HR approval to post a job opening. It could take months. The manager will never tell them to take it down.
In north suburb of Chgo, abt 50 ppl or more showed up in a 2 hr open house window. House 620k. Sold in 2012 for 399, in 2019 for 425k. All they did was add a new refrigerator and a couple of updates. Ppl ready and willing to pay
Congratulations 🎉$100k already. Hope it keeps growing.
Thank you 🙏
Keep the government out of the real market. If banks fail, let them fail, etc.
Idk what you guys are talking about. I do work on fha foreclosures. They foreclosing left and right. I'm beyond busy.
Thanks for speaking the truth.
In CA have seen houses listed as foreclosures but not moving, maybe in pre-foreclosure or in a work-out
I was talking to my landlady the other day. She is so over extended she will not make it. I was talking about the coming crash and she said, oh I don't know what I'll do if that happens. I said I'm looking forward to it. By then I'll have the money to pay cash. She was not amused.
Hi John Hoffman, it's great to see a fellow suburbanite! I'm in Elgin. Thank you both for the excellent information!
Can someone please me why I shouldn’t just be a completely irresponsible funk up? Seems like thats the path to success these days.
You are joking but I will say it anyway.
Fu .. never get ahead. Also there is something about buying a home, making the payment even through a tough patch that life often brings and paying it off.
That is satisfying and rewarding and something to be proud of.
Thanks for the candid conversation!
I was in FCL- REO as a resale specialist (asset mgr) from ‘01 to ‘23 , we were the backend, so our company went down in flames with the FCL moratorium. Won’t be there when it comes back - honestly I’m glad, as I was done dealing with corporate bankers. They don’t care about anything but money, not their colleagues, not the average American, no one, just dollars and fees.
Great interview.
Knowledgeable guest with excellent presentation.
Really appreciate Sachs Real estate for this video.
Given the state of the economy propped up, this comes at a great cost to first time homebuyers. It’s sad.
Great interview-thank you!!
What do we do as lower “middle” class with no debt? Where do we go?
Great Interview! People like John are invaluable because their insights are based on hard experience.
Thanks for this guys. Ive seen more than a few houses in my area that the people quit taking care of then one day they are gone but the properties have been sitting vacant for a couple years now with no for sale signs going up
Sadly, Every week there are thousand losing their jobs!....Tech jobs, Wayfair, Paramount, Expedia, Ups, Dollar General stores, Macys, Burger king, other retail stores, ...The LIST GOES on!....
In other words, the impossible is being done to keep home prices high.
Very good video. I didn't know this was going on. Thanks 👍🏾
one of the problems that we have in the US, is too many lawyers, and too many laws.
and too many communists running american cities, and too many citizens that don't give a $HIT about anything going on around them.
Sachs you are awesome! Your content is so amazing and on behalf of the viewers thank you for trying to bring these things to light.
Man as 32 year old trying to buy first time house.......is this good news or bad news for folks trying to buy in the next year? Trying to navigate this is crazy.
If the real estate commission was lower than 5 or 6% you would not have the number of part-time agents. Agents would be selling real estate instead of prospecting. Full stop.
I have seen generational family cabins that are left vacant for years. Some times people check up on the cabins, but leave the property overgrown. They don’t want to sell them even so they can keep the cabins in the family. The people that own the cabins probably can’t go to the cabin because of age, health problems, live too far from the cabin, don’t have the time to check on the cabin, etc. If people see the cabins are vacant they might break in. My dad had a break in at a cabin he owns because the cabin was left vacant. Problem with people who break in is that they leave a mess that owners have to clean up. It is pain to clean up broken glass. At my dad’s cabin an outdoor glass table broke and years later u can still find pieces of broken glass.
Some cabins are probably not insulated, so if u do live in those cabins year round it could be a problem. It could be a problem if the cabins are left vacant.
Not sure what happens to a septic tank that is not maintained at a vacant home.
Wow
WTF? They foreclose and gift an "investor" 50%? IF they gifted the mortgagee with a 50% balance reduction there wouldn't be any foreclosures would there? Welfare for the rich!
You wonder what is their tax implications.
They gift some of the delinquent borrowers also via loan modifications, some with hefty principle reductions (2008) and Obama also gave a tax relief window for the windfall
@@user-os3qm3nb2kThe key word there is "some". I would venture there is alot of bureaucratic corruption involved in that process.
I'm in Florida. If it ever becomes necessary, My Property Management company will commence the Eviction process 7 days after the renter is late on the rent. Fortunately, They're really excellent at vetting and screening potential renters. I've never had bad tenants.
Those bundled sakes to Wall Street needs to stop! This is being done to prevent home ownership of individuals any longer. This is pathetic.
Love this channel!
Great video guys. You guys started by saying the same thing I keep asking myself which is why isnt the MSM talking about this. I just checked the HUD site and in Q4 of 2018 FHA had reported 87k "new 90 day delinquency" . As of right now Q4 of 2023, the number is a staggering 164k !! Couple that with CC balances and defaults rising and now with the fact that balances on Helocs have increased for 7 consecutive quarters, you may have a worse GFC than 2008.
bingo!
There will never be a repeat of 2008, so come up with another idea!
Excellent discussion gentlemen. I have gained much insight and understanding from the conversations between you two experienced real estate professionals. Keep up the good work .
The forbearance is out of control.
Thank you Todd for the content 🙏🙏
Welcome to the USSA. the free markets are gone...
Thank you. Very valuable
Let the foreclosures roll. I find it hard to believe the various inputs government programs are implementing are going to help the masses. They may benefit some small percentage of people, but I suspect people are going to be in even worse shape down the road when the economy is increasingly strained leaving people in even more dire of a situation when they lose their house at some later date.
This is the time to educate yourself in economics. Some tough decisions are coming.
They are doing this on purpose... but will take responsibility for none of it.
Who is "they"?
Best Real Estate show ever! Thank you for all you teach.🌈
There is no equity in a house that has lacked maintenance. The value on paper could show equity; but, all the equity would be put into making the house fit for sale.
Thanks for this inside info.
They need to go back and get all the money from those PPP loans they forgave too.
It was a great video. I’m one of those commercial buyers sitting on the sidelines waiting for numbers to drop and I see it happening in South Florida especially with I.O commercial loans coming due on that 5 year mark, but until that happens I sit an wait
great guest again.
If you have a empty home home sitting to be sold put alarm on it
If the volume of foreclosed properties were in the retail market place. Property value and property taxes would be much lower.
Good information..that i do share..
Refreshing to find a real estate channel that see's through the BS and posts videos about it with factual information. Thank you
According to HUD’s website their seriously delinquent loans are at about 5%. John said we are at 10% deliquent. Is there published number suppressed?
Tanks Sachs