People Are DOOM SPENDING THEIR WAY INTO A RECESSION kzfaq.info/get/bejne/g6uderR9sbedmnU.html

Cut the house prices in half and they're still going to be overpriced..... My mama didn't make no fool

It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.

My van that I live in went up $125. ( I emptied the ash trays.)

Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.

I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.

Flippers in my area keep slashing their prices and still can't sell. It's hilarious.

Just because a 2% price decrease when most houses are 50%-100% over valued is not a reduction

Mike, that's not a mansion. That just a big house, for $8 million? Crazy times are here.

When people charge those kinds of prices, I feel nothing for their losses. $10k a month for rent?! Who can afford that?! NO ONE! It's absolutely OUTRAGEOUS!!!!!

Housing prices doubled in two years where I live. I don't feel bad for them. They let their greed loose and now it is time to pay the price. The greed in this nation was ridiculous. Time to pay the piper.

An old wise man once said: Patience always pays off

I just can't believe people have the money to rent a house for 19,000 a month. That is crazy 🤪 😜 😳

A product or service is only worth what people are willing to pay for it. Eventually, prices will have to come down if they really want to sell their property.

Please ask your RE buddies…. who rents homes for $10k per month? That’s $120k a year after taxes! One would need an income of over $300k….. if income that high, they would likely buy vs rent.

Property tax is vicious. $24,500 / year in taxes alone ??? It makes it completely unrealistic. You're paying $2,000 / month just to stop the Govt. from taking your house.

What is happening in South Florida is crazy. The big attraction for people to move to Florida has always been that it was so much cheaper than the Northeast US and zero state income tax . Now everything is just as expensive (still no state income tax of course). Now what is the attraction? I don't buy the weather thing, it is only nice weather half the year, summers are miserable.

15 grand per year property tax on an 1,800 sq ft home and that's considered good? In the beautiful foothills of Boise, we pay $3,000 a year for a 3-year-old 2,250 sq ft home. Miami has come off the rails. There must be something in the water or they're smoking way too much weed down there. Regarding insurance, when we moved from SW Florida in 2016, insurance was quite reasonable. In Idaho, I just renewed our homeowner's policy on our 3-year-old home for $700 per year. Regarding EV's....one of our local Ford dealers has over 40 F150 Lightning's on their lot that aren't selling. $60-$100,000 for grocery getters? That dog won't hunt. Besides, out West, we want real trucks that git-r-done. Not city boy glam trucks.

Fun fact: 10 charging Teslas on 250 kWh Superchargers are using the equivalent amount of electricity of 500 central home AC units, which use 5,000 watts or less. My 2,000 square foot house is cooled by a 4,500 watt central AC unit.

I’ve seen a few short sales here in Boise. Locals have been destroyed over the last few years. Now things are coming to a head

The people who are trying to rent out those homes in Miami probably don't owe anything on them and probably are using them for tax losses against income or criminals who need to launder money.

A million price cut is nothing if the owners are asking 3 x what they paid a few years ago.Always look at the homes selling history.

$19,000 a month for rent? who are these people able to afford this?

Insurance is crazy in Florida. We've changed plans to moving there.

I was thinking about buying a Tesla due to the tax credit BUT because I'm also in the automotive industry and see how many normal starting batteries that are failing if they were made between 21-23, I decided not to. Everything made during the pandemic is low quality in almost every sector.

I appreciate your videos very much Michael. And in the areas that you cover, you're spot on. But this isn't the case in Ireland. At all. In fact, it's the exact opposite. When you have an increase in population like nothing seen before, absolutely no supply and massive demand, financial repression of savers and deliberate gaslighting by the ruling class, the only thing that matters is supply and demand. Nothing has been built and yet the population has increased by 1 million in 10 years. Ireland is a tiny country with only 5 million people and yet it's seen the largest percentile of immigration in the EU per capita. This is by far the most unhinged and unravelling society I've ever experienced. The sheer amount of anger, frustration and feelings of being completely abandoned by government, media and the financial sector is coming to a boiling point. Right now the answer of the ruling class to voices of concern or anger is a complete crackdown on free speech and demonisation of anyone opposing immigration. Buzzwords such as racists, far right and thugs are being pumped into the airways 24/7 to label anyone that's not towing the partyline of unlimited immigration. This is not me being hyperbolic, this is truly happening. Hate speech laws giving police the right to arrest you on the spot if you don't hand over passwords of devices from which they claim you've used 'hate-speech'. Not even Orwell could've predicted this kind of authoritarian insanity. Of course, the C19 era revealed the true nature of the ruling class and the media. But this.....this is turning into a real life nightmare. Sorry to stray somewhat off-topic, but if you really look into it, it's not off-topic and it's very much related to the very real housingcrisis in Ireland. There's practically nothing for sale here and what is for sale is listed at truly unbelievable prices. I've never seen greed at levels like this. This makes me re-evaluate basically everything, my future-plans, my feelings of safety and prosperity (or lack thereof) and it's deeply unsettling. Perhaps you can incorporate the current situation in Ireland in one of your videos. This is a global problem, it's a consorted effort against homeownership and it ties into central bank monetary policies, mass-immigration, net zero climate policies and the planned depopulation agenda. Sadly, Europe has dug its own grave by de-industrializing, by mass-immigration, by choosing to import energy rather than to utilize nuclear options instead of the dirty coal they're now forced to use because of policyfailure after policyfailure. This is what was bound to happen when countries throw their souvereignty overboard and give away power to unelected bureaucrats in Brussels. America still reaps the benefits of having the USD as the world's reserve currency. It also uses its military might to secure resources and oil. Basically forcing Europe to import from them rather than Russia. I'm just so sick of being used as a pawn in geopolitical games and being sold out by my government. There's no discussion allowed whatsoever because if you do, you're labelled racist, far-right, thug and conspiracy theorist. Hence the population truly hates the mainstream media in Ireland. The future is bleak and unfortunately, the next decade will be one of declining standards of living, reduced purchasingpower and if I'm correct, even high homeprices due to an absolute lack of new supply. Thanks for reading this, cheers.

Remember when you could grab a listing flyer when you bought your news paper and everything was under $125k

Clearly the Miami market went nuts, and is now waking up to a bit of reality, but a ways to go. Then again lots of Florida went crazy.

Here in Washington State the asking price for uninhabitable wood rot shacks with under 4k lot sizes are listed for over 150k or there about give or take 10k. Its shameless. Burned out dumps in flood zones with 3rd rate schools are listed at 150k. The greed shameful.

its Bordenaro time!

Michael, I wouldn't touch an electric vehicle with a 20 foot pole let alone a 10 foot people, I'll hold on to my 2015 Ford Focus until the engine goes belly up!!!

I'm shocked at the prices there. And it seems the property tax surprises on the buy side are horrendous! I'll wait for the crash. It'll be here before we know it. The current monetary policies statistically guarantee it... AGAIN! People are on the sidelines... How many times have we heard that? Who is buying this stuff? the property taxes alone would scare me off. And Insurance is getting out of hand also. Utilities will be next! Appreciate you Keeping it real Michael.

Some properties may be listed for sale or rent at inflated prices, not to find buyers, but to exploit tax benefits associated with investment properties. This strategy enables owners to claim rental property deductions even if they primarily use the property as a second home. Without listing the properties for rent or sale, owners would not be eligible for these deductions.

Lol, they think - listing ON and OFF, knocking the price off by a dollar, to appear as 'just listed' 'price reduced' .. while the home is still egregiously overpriced by 100-200%. The writing is on the wall = REDUCE THE PRICE , IT'S TOO EXPENSIVE

Insurance is a real problem here in Florida. Thanks for going over it Michael. Yes, everyone will pay higher. I don't see it getting better any time soon. Another great video, thanks Michael!

Great point about EV chargers. I would add that reliable charging stations are another huge issue. Last week, while taking a 300 round trip in an EV, it took us 5 stops to find a charging station that worked. Found one with 10% charge left. Nearly had to have the vehicle towed home. Crazy. It’s a work vehicle. Would never buy an EV as they stand now.

To think that at one point in time the whole state of Louisiana was purchased for a whopping 15 million dollars( about 4cents per acre). Todays working folks are happily spending millions per acre. 🤑👏 we are living in great times!

My homes value has went down close to 10% in the last 6 months (Zillow)! Granted, it's value was WELL inflated and I knew that all along. They still show it's value being about $250k at the low end, and I wouldn't imagine I could get any more than around $220k if I sold now. I have no interest in selling, but just goes to show how inflated prices were getting!

If interest rates come down next year it means the economy is in shambles. Careful what you wish for.

Considering Florida's vulnerability to hurricanes and the rising cost of insurance premiums, constructing more resilient tiny homes made of brick and concrete could be a viable solution. This approach would allow homeowners to opt out of insurance coverage, given the enhanced durability of these structures.

It just seems like people are getting greedy. I mean even more greedy than they were before. Even in my town the houses are so incredibly overpriced. Eventually something has to give. And it looks like it finally is beginning to.

I have been a homeowner and still own a home in another city where I let a family member stay, I sold my home in Jan 2021 and have been renting ever since. I have never been happier, the sense of freedom is great, and I feel like I got options if for whateve reason I don't want to live in this neighboorhood or city. Freedom is underrated, owning a home means you are locked in for a while. Maybe I will buy again at some point a place for myself buy I will bide my time and choose wisely, never fomoing in.

Cleaned the windows the other day. Wow. They were really dirty. B!owing dust is fun to deal with so I enjoy your water views. Money laundrring via real estate would be great topic.

Speaking of electric cars, they have been around since the original car was invented, there's a reason they haven't come close to succeeding in the marketplace, also unlike internal combustion cars, their range per charge hasn't grown very much since they were first produced over 100 years ago!

It still kills me how ppl just leave 100k+ cars just baking the in sun exposed to the elements, never in a garage

Mike, l never miss any of your vids and even know within 30 min of your normal post time. l get great info and satisfaction watching and consuming all your videos. Please continue as your channel is growing daily..!!! Great use of my time.

You're welcome for the Tampa story. A change is coming!!!!!!!!!!!!!!!!!!!!!!!!

I think Florida people should have to eat it if they have huge home losses. I live in Idaho so if Michael was walking here today he would be walking in 3 feet of snow with a temperature of 13 degrees and a 30 mile an hour wind. My home insurance has doubled in the last 5 years and when I asked my insurance agent why she said it was because of high loss states and we would have to bare it along with all the payouts from other states. I've never even had a home insurance claim in my whole life here, so yes, eat it Florida, enjoy those nice warm temperatures and 200 mile an hour hurricanes and tornadoes.

I know what you mean by Groundhog Day I've been watching this channel for 2 years and every video says that there is a housing market crash coming deja vu

When taxes are high and insurance is high, rent has to be high. Glad my house is paid for. If you bought it 10 or 20 years ago. You will do well.

I went to Sebring Florida which is kind of located in the middle of Central Florida I went on my own and looked at homes and I found a nice house the lady wanted 430 thousand this on Zillow so I went by the house. people were occupied, 😮but they allowed me to walk through the house l. the moral of the story is that bathrooms were so pl The master bathroom was maybe 4 ft by 5 ft with only a walk-in shower. the other bathroom was small also with with a very small tub. the investors' individual investors they built the houses, but they didn't build them worth the money. they didn't put anything up grade. this house is pretty nice. Just bathrooms were really small, not worth $450,000 . Never never never never, but I'm just saying

This doesn't have anything to do with real estate but HOLY SMOKES! A small diet coke at Jack in the Box costs $3. I went to Dollar Tree and got a 20 oz can of cola for $1.25. Companies need to see the writing on the wall=we aren't paying "too much" for stuff anymore. Ok, ya like real estate. :)

Let me know when prices go down in New Jersey . Prices are outrageous even for 2 bedroom condos. I’m still renting . It’s a joke when I look at what these homes look like and the sale prices. It’s so discouraging and I don’t see it getting any better . Thanks for the videos 😀

Our friends house in Georgia that they are selling for 984,678 dollars and no one is buying it and it's been on the market for 196 days and they just bought a house in Ocala FL for 423,000 dollars. I don't know how they are affording 2 houses.

I don't think it's the interest rate that's really stopping people. I really truly think it is the home prices themselves. And maybe the property taxes also but I think it's the home prices that is the number one deterrent.

For the algorithm. Keep up the good work.

Just wanted to say, I watch you and several similar channels here on KZfaq often and it just dawned on me why I get so excited to watch YOUR videos in particular... I really appreciate your laid-back nature and how you deliver the information at a calm cool pace without all the extra noises and excitement. Sometimes I feel like I'm listening to an auctioneer and I find myself feeling stressed and rewinding a bunch to fully understand the points... with you I feel I'm literally taking a leisurely stroll with a friend while having valuable conversation... i look forward to our little "chats" haha..so thank you for providing valuable reasonable points without all the extras (when you provide true value you dont need much else). Sending love to you and your family during these uncertain times and hoping your channel continues to grow ❤

Hanging onto your home with a lower payment feels nice at first, but then when they hold and the value of the home drops 15%, 20%, 25%, etc. it is painful to watch. Combine that with not knowing when homes will return to that value is a tough pill to swallow.

On electric car situation you're 100% right when it comes to hybrids though Land Rovers diesel hybrid happen to catch on fire and a car parking lot and damage to a whole lot of vehicles it burns so hot it looked like a white blowtorch coming out of the side of the truck it just glowed like a plasma torch and Canada had a situation also and these are just battery fires and on Australia down there they had a electric cement truck catch fire yeah don't you feel good and green of all that heavy metals burning

You didn't need to buy in the past 2 years to have a 3% interest rate. Many people refinanced into a new mortgage without re-starting the 30-year clock or taking cash out. I bought 11 years ago, and in 2021 I refinanced to a 2.5% 10-year mortgage. I have enough equity to downsize and buy with cash. So I really wouldn't be giving up the low interest rate.

They are selling at a loss based on the crazy price increase, but based on reality, they are still high, with no loss in my eyes.

I live in Texas. I just met a couple that went to CA for a vacation. They wanted to drive from Los Angeles up to Napa and then San Francisco. They got stuck with an electric car and had to map out charging stations. What should have been a nice drive took them 4 times as long because of the constant need to stop and charge the car.

Thanks, Michael! I’ve made up my mind. When the current house price line intersects the 2016 line on the graph, I will think we are back to normal. I might even buy something.

who pays 250k a year in rent? who are these people?

I was warned two years ago by a recently retired Realitor this was going to happen when things went back to normal. She told my wife and I to wait for 5 years after it started to buy again.

I’ve had a hybrid, actually 2, a Honda insight and Toyota Prius. Both have over 300 hundred thousand miles and never gave me a problem. On average 45 miles per gallon.

Monopoly and Flipping in housing is a game, not reality! Houses are to live in and will appreciate only in time and with added value and reasonable price increases.

In Ohio areal nice 2 bedroom apartment in a rural town is some where between 500 bucks to 750 bucks a month . That includes utilities..

We need a website to rat out the vacant homes in our neighborhoods.

There's a house here in Colorado Springs. I know the owner. He and his wife moved to a different part of the state. He borrowed money from his life insurance policy to buy a ranch. They put their house here up for sale in early May for $1.7 million, dropped the price three times and it still didn't sell. They delisted in July and put it back on the market last week for $1.1 million. I know that he still has a mortgage on it, so it will be interesting to see if it sells.

Who in their right mind would pay $19K a month in rent? Anyone with that kind of money can purchase a home.

Michael, thanks for the updates of homes you showed before. It really is interesting to see if they sold, if they didn’t sell. And if they found renters.

Thank you to our host for this important segment. Empty houses still need upkeep and maintenance in a tropical-storm area. Plus, someone can answer the question of insurance coverage when unoccupied

Ahhhh....those rental prices are so high because they are hoping an AirBnB investor will rent it longterm and then sublet it short term to the holiday market. But AirBnB is over supplied and holiday let prices are falling.

Zillow is not a reliable source.

Ridiculous buying a house in south Florida unless you want to work like crazy to pay for it or you are a multi multi millionaire

Houses need to be lived in. When plumbing isn’t used, and there is no temperature control, systems become inoperable. Day-to-day maintenance is necessary.

Anything under 10% is reasonable. You people have been spoiled for years. My first house 8%.

7:00 thats not a mansion. North Bay Road

I don't consider electric vehicles cars. They are batteries with a huge computer and a shell over the top.

A great video! Thanks!

In Canada people loosing $200 - $300k on condos..

Thanks Mitch!!

Luv your work really very good, thank you so much.😊

Great content as usual. Love your channel. 200K subscribers will get there quickly.

Another Thousand Subscribers 🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉 your channel is awesome. Thank you Michael v Blessings,Carlos ✝️🙏❤️😊🇺🇸

Thank you for making sense! My husband and I are watching the multifamily market. But we're in no hurry.

I wonder what your position is on the realtor's responsibility in these areas for the spike or decline in these house prices since they are most likely the ones advising their clients on what to list or sell the home at?

Way to report the facts!! go Mike!! another great video here!!

renting isnt bad but 10k a month rental to hell no

I wish someone would investigate more on all these apartment buildings they are building there is so many going up in Arizona. I’m sure I’m not the only one scratching her head asking why

The EV reliability issues have alot to do with the rapid transition, & engineering. It's the same thing that came in the 70's, 80's, & 90's with American vehicles that had to meet epa regulations

All the homes I’ve owned in the past have been sold within 3-4 years of buying them. I haven’t lived long-term in a house since I was a kid. But then again, the Boomers had job security, good wages, and a low cost of living. But owning a home for 10 years nowadays? Wow. Who’s doing that??

Very interesting video, thanks

Great video !

For the Northeast standards those houses look like "shacks". Seriously: millions of dollars for those things? You see that kind of home in the suburbs of NYC.

Weve been in our home 25 years, why do people like to move so often. The point is to pay it off and live mortgage free.

Bingo! People losing their jobs, regardless of interest rates, home prices, and seller/builder incentives they will not be able to buy or they will go into foreclosure. Young people are living with their parents longer or returning home.

Good video, thanks for the insight, you have a New Subscriber! 👍👍

On the EVs, yes legacy auto is having problems with them and they are having problems selling them relative to Tesla. When two cars are the same price, people are going with the Tesla. Once Tesla comes out with the lower cost model 2 it will be a game changer. EVs cost about 3.6 times less to drive per mile if you charge at home vs gas. And the big thing is you eliminate all the failure points and complexity of the internal combustion engine. Water pumps, high pressure coolant hoses, alternator, injectors, gaskets, thermostat, spark plugs, ignition coils, radiators with plastic tanks and on and on and on. I have worked on my own cars for 30 years and I can't wait to go EV. As long as you don't have a battery cell go bad in the pack, it should give more trouble free miles with little maint. The big reasons people sell their gas powered cars are because of problems with those parts collectively wearing out at 100k, 200k and you eliminate all of that with EV. It will take time but once costs come down and more people do the math it will be a no brainer move for many. Some won't want to change and that is certainly their choice. I can't wait.