Exactly What NOT TO DO Right Now... 

People FINALLY ADMITTING The Housing Market is CRASHING ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-PqDVkmIHw_w.html

I am 65 , so I've been through this cycle several times. Back in my early 40's I got into significant credit card debt. I didn't declare bankruptcy (I finally got out of my denial before I had to do that) but it was still very painful getting out of it. From getting out of that financial hell I got an appreciation about living below my means.

My dad impressed upon me his experience with the great depression. He worked(railroad) at every opportunity. I asked him late in life what he felt he had accomplished. "I raised 4 kids" he said. He had his priorities straight and didn't take things for granted.

I’m 58 years old. I do feel sorry for the younger generation. It was so much easier in my era. One of my daughters (34) passed away, my other daughter (36) is single with 3 kids. I have the means to help her when I can, and I do since she’s the only daughter I have now. You’re doing a wonderful thing by trying to get people to open their eyes. God bless everyone ❤

Winston Churchill wrote, “Those that fail to learn from history are doomed to repeat it.” The days of being high on cheap capital are done. It’s going to be a sobering time for some. Great videos! Thank you.

I pretty much only watch You Tube these days, and your channel is at the top of the list! I watch everyday! You are doing a fantastic job, Michael! You are intelligent, laidback, and walk us through beautiful areas, while sharing important information with us. Keep up the great work!

I remember history. My grandparents taught me all about the value of money many decades ago. They were already married during the Great Depression. As young adults, they knew people who fought in the Civil War. I knew my great grandmother when I was young and she was born in the 1880s. Compared to what my grandparents and great grandparents lived through, most people today are extremely spoiled and self-entitled.

This is why a lot of people love Michaels videos. He covers a lot of very important topics, the scenery is unbelievable, and most importantly warning people that we are already in a recession. Great videos Michael. KEEP THEM COMING PLEASE….

Same here in Minnesota stolen cars everywhere. Police don’t go out looking for the theft. Don’t take any fingerprints never look at cameras. Hard working people got car damaged left to right. Nobody hold those criminals accountable. Very sad and scary

At a place I used to work at, I had a co-worker who one lunchtime was railing against "The eeeeevil company who won't pay me enough to live on". He was getting $32 an hour ten years ago, and any overtime paid time and a half. So I got tired of his complaints and asked him "What about that new pickup you're driving? And that ATV you brag about, or your snowmobiles? And that cabin up north....you have so many things and toys, and you spend 3 or 4 days a week at such-and-such a bar after work. And I've seen your house....." "I DESERVE those things!" I gave up and let him live in his fantasy world. Not three years later the company closed that plant and laid everyone off. I'm willing to bet he was in a financial bind after that!

Michael, I like your videos. I don't like 90 seconds of "fancy" intro BS that I have to skip through just to get to the information. Your vids are all info and the walk and talk format is relaxing and entertaining. Don't change! 👍👍 Edit to add that the picture is crisp and in focus and the sound is clear and well modulated.

Most people can't think 5 minutes ahead to save their life much less remember history..

In my life what I've learned ... if you decide to have a girlfriend/wife, she should align with your spending habits/lifestyle ...If you don't spend much money, don't be with someone that likes to travel and have nice things .... Also, just because you can afford something it doesn't mean you should buy it

It has played hell on peoples mental health for sure the best we can do is keep the faith! I still have hope!

Michael this is a great video You are exactly correct Young people nowadays live like there is no tomorrow. I was raised by parents who grew up in The Great Depression and so they taught me to be conservative and always plan for bad times. My wife is eight years younger than me and I am constantly teaching her about saving money and planning for tomorrow. I am 61 and she is 53. Now the younger kids are even worse . I tell my wife not to live like there is no tomorrow because tomorrow is coming and you don't want to be broke when it gets here.

In the real estate, walk and talk world of RU-vid creators you are by far one of the best! 0:08

You know its bad when Walmart can't even deal with the theft and is closing stores in Portland.

It’s a casual walk on a sunny, warm day having good conversation with a good friend.❤

I lost my ability to work 25 years ago and lost my home it took twenty years to get back to normal and get another house.

I am much much older than you but I remember my father always telling me that my house doesn't define me and to live without a mortgage, albeit in a smaller house.

I worked in the oil patch. It Bogled my mind, guys with $1000 to $1800 car and truck payments....wtf

Mike keeps it so real he doesn’t even bother dying his hair. 😃

Cash on the side waiting to deploy! 💰

The biggest problem with Canadian mortgages, is that there is no fixed mortgages that can be locked in for 25 to 30 years. We can only get fixed mortgages for 5 years, so anyone who got locked in at 2%, will soon be forced to renew within 5 years to 7% and higher. It's going to be really bad.

I watched that video last night. Interesting. People have short memories.. I have always been the type of person to either learn from seeing others mistakes or I have really screwed up once and learn. I'm amazed how many just don't learn. I think the covid lock down exaserbated this. People acted like that spec in time was hell on earth and then were released like wild animals who can't help but indulge themselves.

I can personally confirm what you are saying. My wife and I own an ocean front condo in Myrtle Beach and by this time every year we usually have it booked at 75% by now for the summer months (many Canadian visitors). This year so far the bookings are slow. Fortunately we paid cash for the condo so we will still have enough income to cover expenses (HOA, taxes, upkeep, etc.) All the info you give to us is sport on. thanks!

I saw that video, wow if you ask any old timer they will tell you life is not anything like we all knew and loved. so much has change and not for the better.

You are so informative Michael. Thank you so much for all your videos.

In Phoenix a small starter home in a crappy neighborhood is still $500K - and that house was $250K a couple years ago - and that $500K is already down 14% from its peak last June. Real estate is local. In the bubble states its best to wait.

The game never changes. Only the players.

Great walk about. thank you for validating what lots of people are thinking but haven't said out loud.

In NYC the Drug stores can't stay open because of shoplifting.

Love this type of video ! You speak the truth.

Nothing but the Truth ! Thank You Always !

Your on point today! Excellent work thank You 😁😁😁😁😁😁😁

your videos are really nice to view. Very nice views of Florida. Keep it up!!

Great video...Thanks Michael!

Very much appreciated and agree 👍 with you are saying.

@MichaelBordenaro you are my favorite content creator. You tell it like it is.

Your videos are excellent information and very educational. Keep up the great work.

I am 40 and remember my dad talking about how bad the late 1970s was. And honestly there are so many things that are happening now that happened then . Like rising interest rates that ended up over 11%. And crazy inflation as well. That ended up crashing the real estate market by 82. While it is true prices jumped over the 1970s it was only like that in a small percentage of cases. We are moving into a similar period.

Great information my friend. Always on point. Thank you Michael for your daily videos. Much appreciated. , Carlos

Outstanding discussion. Thanks.

Exceptional material! Cheers.

I love how Michael sees through all the BS and says it as it is. Greetings from the UK.

Thanks Mich

Thank you for great video

I have lived in south Florida since 1968. Changes here have only been for the worst, especially since 1980.

I have to say I envy your weather. I live in Southern California and I dont think we have had more than two days above 60 this year. I train outdoors doing calisthenics and this cold weather makes this tough for me.

Yea, there are some great presenters on youtube, and I too try to watch the best of them daily. I never miss your videos, because you always bring forth interesting observations.

I really enjoy your videos. I love all the walking you do and the water takes is very relaxing.

Appreciate you Michael!

Great video, Michael

Listening to that first story makes me so glad I used the pandemic to get out of debt and put money away. What a nightmare.

We love you 🎉 thanks to excellent ideas 💡

Your doing very good product, man. Thanks.

I'm a YT junkie too LOL I patiently wait for your videos. You are my TOP fav!

"You can Lead a Man to knowledge, but you can't make him Think "

Hello Michael , one of Favourite films is Margin call ,also the Big short , great stuff :}

Love the good morals and values from a young person!

love your content man, keep educating people. youngsters today no longer have mentors. you're doing good work here. I have a video suggestion that I think people would really benefit from. Could you talk about what to do when your debt goes to collection and how you can settle with the debt collector sometimes for half of the debt you owe?

"You have the right to remain financially stupid. All debts may be used against you in a court of bankruptsy law..."

the american dream is 100% DEAD. The american dream was literally about being able to own a home, now we can't even have that.

really enjoy hearing your take on the economy. your sincerity and sense of humor makes you easy on the ears. thanks for sharing your thoughts.

Thank you for this. I had never heard those facts about Canada. Super interesting.

Ty

Hey Michael, our reserve bank here in Australia has just hiked the cash rate up ten consecutive times since May last year, add that to the fact the medium price of a home in Sydney is close to a million Aussie bucks, this is causing a fair amount of financial pain. This is definitely a world wide problem

One of your Canadian viewers here. I've been salivating, waiting for everything to crash. It's coming.

Great video as usual 👌

Good video, good advice!

100% right on re Portland.

Michael you are the best.....Regards...

I'm Canadian, I really like your videos and I am NOT in debt. BTW, also waiting for RE to crash so I can buy more on the cheap.

Few 100k on the sidelines and still stacking and licking my chops for the red tag sales coming! Your sub count is doing great. Let's git 'er done!

Silicon valley bank just close their doors yesterday so you’re absolutely right things are going to get pretty bad

Was telling someone the other day that it's sad that society created the greed, the social status to look important and other things they believe. Then, when they get in over their heads, the same ones that created the problems punish those who give in to the culture of having stuff.

Yep. Walmart is closing its last 2 inner city stores in Portland. There are are still some 20 other Walmarts outside of central Portland.

That chihuahua comment cracked me up! Thanks for the chuckle! 😂

I remember when the oil field bust happen in the early 80's! People held on to their houses, helded on, and keep hoping until the bottom fell out. That was way before people had huge debt like today. I remember town houses selling 20 cents on the dollar and the only people buying them were for cash. Add into this picture student debt that is crazy high with income not even coming close to the cost of living.

Sound advice.

I’m 66 and I grew up in America. This is not the America I remember. Has changed and not going back in my lifetime.

The thing I heard about Walmarts closing is that the sale of their high ticket items has gone down, and people are mostly buying food, which is not where the bulk of their profit comes from. I also read that those empty Walmart stores will be used as FEMA detention centers. I do not know much about that last part.

We have a Publix store in my community. They completely tore down a perfectly good building, are rebuilding it for an upgraded new Publix. Such a waste of money . Now the prices will go up to pay for the upgraded store

I was raised understand that declaring bankruptcy was a disgrace. I'm talking 30 years ago. An acquaintance told me they were going to declare bankruptcy because of debt. A year later, they were fine . A new car, house They told me lenders were chasing them because.... You can only declare bankruptcy once in I think they said 8 years. Rather than foreclosure they declared bankruptcy. I don't know how. I just thought I would mention it.

You're either an ant or a grasshopper. I used to envy the grasshoppers because they were so carefree and having so much fun; now, they envy me.

I agree, since I moved to the US 38 years ago, I no longer recognize the US at all, particularly for the last 6 years. Today I am ashamed to be an American. I never before felt that way. I am embarrassed of peoples behavior, including all the thief's in many cities like LA, NY and others and the woke racist agenda as well as the crazies of Antifa. What is happening to us?

The American Dream has been sold as consumerism for decades. It's why finance and basic economics should be taught in school to young adults. I'm thinkingas soon as they turn into teenagers and overexposed to advertising and merchandise.

Hi. I'm from Toronto Canada 🇨🇦. We are definitely seeing the financial crisis.

Came for the Florida but stayed for the financial wisdom -- love your videos, Michael.

YES IT HAS in the past two years especially!

Sooo true Michael, good to share all aspects Of this recession. So many people walk with their eyes shut , time to open up ! Also, it is world wide not just the U.S. of America. And you are also correct, smart people can sit back and wait (they will) for opportunities to snag once the people walking with their eyes shut...fail , unfortunately in many ways . They can only hope to sell before the banks take them to the cleaners! Sounds terrible, but someone's loss is another treasure!

Thank you so much Mike notin is written in stone i respectful say i have acquired electrical plumbing carpentry skills that in my opinion is a great st😊

One or two takes in the video. Good work

I just love your language style…down to earth but smart. Chicago, right?

Yes, good to explore things like this in life. We are preparing and continue to learn. I love the Canadian analogy as Americans may actually be able to relate to them and SEE what is happening to our closest neighbors. Very light today on the 'real estate' (a good thing for this video) itself but spectacular on the circumstances that affect the end result of our real estate affordability. As this continues, for several more quarters, we will surely continue to see prices drop further (in general). The same lifestyle has been going on in America to a lesser extent, but still far out of control for a decade plus. You stated that potential future buyers are "feeling okay" with $350,000 (standard family home) and I'm hoping folks don't get comfortable until the median (or even avg.) is expected to be @ $230-$250,000ish for the same properties.. Thanks again for another comprehensive, coherent, organized, efficient, informative, and entertaining video. You "WORK" it every second you're on (and work towards a productive show every second you are off) and EARN every thumbs up you get. By the way, you mentioned on a video, a day or two ago about your "I told you so moment" and you didn't have to do that. It's fine but your real fans and viewers were thinking that and saying it out loud before you said it. Though, I have to admit I did like seeing you gloat, for a micro moment, a bit. Your viewers pay the naysayers no mind at all so no need to ever refresh the real viewers.. Also, are you ever heading back to the little street in South Beach (I think)i that had the affordable cars on the streets and the 100 year old Spanish/Hispanic theme stucco type houses. Was hoping you would find one for sale but those places just had to be affordable. Nothing was empty, apartments, small homes were full, lots of activity. I like those busy, little, inner city, neighborhoods. Sure wish all my favorites RU-vid folks were at least 1/2 as thorough and efficient as you are.

already have boat money ready to for next year!! just need to learn how to buy repossessed stuff.

You sir,have a broad sense of knowledge that most folk including me can only hope for,,,,thanks for sharing,,maybe some will rub off by osmosis….

Regarding Canada, we have a few other differences: 1. We do not have a 30 year fixed mortgage option. We have what you call 'risky ARMs' they are typically 5 years and then your rate is set for another 5 years. 2. "Full recourse mortgage laws" We cannot walk away from a house, if a bank in Canada forecloses on a home with negative equity, it can file a deficiency judgment against the borrower, which allows it to attach the borrower's other assets and even take legal action to garnish the borrower's future wages. 3. We do not have income verification through IRS or similar for mortgages. The bank accepts (sometimes fraudulent) income documentation and runs a credit check.

I was walking around on a Ford dealership today and looked at several F150s for 82K! the "less expensive" ones were in the 65K range. What is next the 100K F150?

we watch you from Canada i am in Toronto