Inside the collapse of Zillow: Hundreds of homes to hit Orlando market | WFTV 

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

@@KelvinWallace I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?

My Financial adviser is ‘’Colleen Janie Towe’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

@@KelvinWallace Thanks for the contributions, I will look her up online and do my due diligence. If She seem proficient. I`will write her an email outlining my financial objectives and scheduled a phone call.

Probably worth 275K.

Less than that where I live.

Yep

What's the Zestimate say? 🤣

Brought to you by... the same people who brought you the housing bubble and economic collapse of 2008.

Capitalism bruh. It incentivizes and refuses to regulate that greed.

@@elizabethbennet4791 It's not Capitalism which is actually a really good economic model when you factor human greed, which socialism is terrible when you factor human greed. The problem is the Federal Reserve and greedy individuals using government regulations to impede true Capitalism and both the democratic and republican party is paving the way for the destruction of Capitalism . Just wait and see what it will be like under socialism which is already here.... get ready for a lot of suffering. History repeats itself over and over again... so sad!

the "flipping" and other "get rich" tricks did not destroy affordable housing... it's inflation that does that... now you need to dig deeper and figure out why inflation exist in the first place. Look at the Federal Reserve and its banking practices... "the greed of money is the root of all evil."

Well the oppositw of socialism is whays happening, considering we ve stopped regulating big companies and we still tax our citizens too highly for no real benefit- thats late stage capitalism.

@@James-nf4tm Explain true capitalism ?

Makes no sense. Zillow was buying at over $100K over the original asking price and sellers were accepting that, so who were the greedy ones? Zillow or the sellers? Why didn't those sellers go sell at a reasonable price to a young couple so that young couple could afford to experience the American Dream then?

Not to mention companies like BlackRock and Vanguard buying up entire communities and apartment complexes, pricing everyone out of those homes.

thank you for understanding what my generation is going through. bless

"American dream"... says who?... what do the words mortgage and mortuary have in common?

@@damienburks8299 i would sell my home to zillow any day they wanna pay 100k over price. Lol

They already have, in their stock prices. I hope your retirement ipension, 401k or IRA didnt have investments in them, otherwise, you lost too. lol

They lost to the tune of well over $550 Million. They haven't figured out exactly how much over. They did it to themselves. The founders are a bunch of greedy asshats that deserve what they get. They started Zillow by trying to get over on Realtors by offering us a bunch of ad space that wasn't really all it was advertised as in the beginning. Then they cut way, way back. then they saw that all of the Realtors were pulling away and instead of dropping the ads, they screwed their sales teams and didn't pay their employees properly. a bunch of scumbags from what I hear. They are always looking to screw anyone they can. So, they bought some sort of algorithm, instead of paying a few professionals in these areas to actually do some research/work and find out the CCV (current cash value) what it would cost to rehab the houses, how long to do the work and then what the ARV (after rehab) would be, they decided They Know Best with a one time investment, instead of doing it the correct way. Well, it only takes me about twenty minutes to do a full on market analysis package on any of the houses I look at to flip/hold etc. but my time is valuable. I also don't lose $550+ Million...

@@jmackinjersey1 That will make a good documentary. Many of the agents, owners and management companies I know also use the Zillow platform. I have many times. From my perspective they jumped into the 'I buy houses' group with their platform information and the view of rising trends and it didn't work out. So be it, if this buying was backed by others they lost their investment, and Zillows rep. is certainly bruised but many still use the platform to sell/rent/buy.

@@jmackinjersey1 You never made $550 million to lose either.

You took the words right out of my mouth!

There are bidding wars still going on in some market til this day. I witnessed it.

Or, realistically, even half that.

It's the typical get rich scam of pushing the pyramid scheme strategy of get in and get out so that you're not left holding the bag.

I couldn't agree with you more! There are people who bought homes in less desirable neighborhoods because of this, and now their "biggest investment" will tank in value. No one should buy for another 6 months.

UGGGLY house.

Exactly. Phukem. Its criminal what they did. Idiots paying 50% more than what the effing house was worth!!!

Unsophisticated using sophisticated means to extort money from unsuspecting people.

Their estimate was fine but their ability to read the market dynamically was their failure. They weren't doing good by regular people just looking for a home so...

@@Kimoto504 Exactly!!

Wait a minute here..these supposed "idiots" are rich...i thought that you capitalistbruhs are all "rich is the same as smart" always???

True, but you have to remember it’s just an estimate. Lots of things can add or decrease value.

which company is out there not to make a profit?

@N Diesal lol, all I mean is it just a model, any model has flaws and it’s never best to go with it until you check around

@N Diesal oh I’m sure they will clean up not too shabby

@@walexia I just mean that they acted like ‘oh no what a terrible situation’. Lol not for them

Unfortunately, they are still listing the houses at extravagant prices - keeping out first time buyers. They learned this from the bankers in 2008 when the TARP funds propped up the banks on bad house loans. I expect that the taxpayers will once again be bailing out the zillow - just as we did with the car companies, airlines, banks, etc.

Yeah

No the little guy burned everyone when they took the high dollar offer. Artificial inflation will increase taxes on the community and price out actual families trying to get into a home. Everybody loses. Now when those sellers go and try to rent or buy something else in this overpriced market they won't be laughing about it anymore.

@@jmcnally647 Except the only way for the prices to stay high is if someone else buys it from zillow. If no one brought from zillow prices would go back to normal. It is everyone who is buying houses at this price that is driving up the cost. What is the seller supposed to do? Take the low ball offer and try and buy back into the overpriced market with less money?

@Michael McCormick EXACTLY what I was thinking. The sellers won here and the company is taking the loss

My dad told me the same thing.

my dad told me demand supply

So agree I was taught something is only worth what you can sell it for. Bet my grandfather planted that seed.

Example, Bitcoin...clears throat..

Capitalism ! Now is government manipulation. Where did Zillow got all the cash ?

Unless they were the ones giving these loans out for those prices I don’t see how a bank would cover the new price of the house if it was appraisal comes back say house is in fact worth 285K. Who in their right mind is going to pay 1/2 a million for a house that is only valued 280ish. And the bank won’t be covering the difference? They got ahead of themselves thinking the housing market would keep boiling

@@UpNorthCatsFan you are assuming every appraiser is honest. Some might work for Zillow

@@mominthe209 and that buyers aren't plopping down substantial CASH down payments from their prior homes they sold. If the buyer puts down a $200K deposit the bank is only on the hook for the balance. If the buyer defaults - they will lose their cash and the bank will have a small or no lose whatsoever.

Are some of these " homes" manditorily slated for needed upgrades like electric vs.gas and solar and etc etc? in the near Build back better scheme of things? 😮 Best to check your state regulations and ordinances, too. Imo Many are choosing NOT to sell for an "upgrade." A home is a home for some, or their kid's future..🙏

Zillow is an evil company that deserves to go under. I pray they never get a second chance.

Damn. That's insanity

Yeah I dunno why people live in FL, specially with kids, I've got 5 and I couldn't afford it there. I moved to a cheap state to live in and my mortgage aint $700 on a 5br with a huge piece of the mountain side, so quiet, no tourist to ruin it.

Florida wasnt this expensive before covid. People keep moving here. And alot of states with cheaper rent offer lower paying jobs. In every state someone is living paycheck to paycheck ​@PatrickBaptist-vv2bg

Ponzi property scheme

China probably owns 1/3 of your neighborhood.

Yea zillow went under because they over paid, lol They didn't realize people would only accept the high offers and ignore the low balls....Geniuses

Correct, many real estate agents themselves do this, 'I buy houses' and flippers. It is only an issue because it was high volume, visible company. Nothing illegal, they'll pay financially.

@@kennethb6211 Is that illegal? The US does not have laws to govern who can buy?

Exactly

Some home owners made a bunch of money tho, I'm glad for them.

Wait until people lose 50% of value in their homes and interest rates rise. Millions are going to be underwater and foreclosed on.

Their business model failed

Exactly.

Last year was a very bad time to buy a home , the markets can be like that sometimes. Never be in a hurry to a buy a house, take time to do research, it's a long time investment/Asset

This comment is dumb, Brad. No one "has to buy a home". Purchasing a home is the ultimate privilege, not a right we're all entitled to. If she had enough money to afford a down payment, then she had more than enough money to pay rent for another year, so your ridiculous exaggeration about how she and her kids would have "become homeless because of zillow" doesn't even make sense. Its not just Zillow who's jacking up the prices, its the dummies with FOMO too impatient to wait for fair prices. Your sister should just ride out the bubble and continue renting like a financially responsible sane person.

Prices fluctuate in the free market. If the prices of homes go up, the supply will eventually go up as well in order to match, or less desirable homes will be available for less money. Either way, it'll eventually work out. IBuying has affected the prices of housing but that's part of this economic model. If your sister cannot afford to buy, she can rent; otherwise, she can combine financial resources with someone else in a similar position and either rent or buy. Or she can buy land in the exurbs and build her own house.

A little dramatic aye? Lol, nothing wrong with getting a 2BR or even a cramped 1BR and wait a bit

@@ericdavid8214 if you think renting is smart idk what else to even say to you.

They will be underwater 10 years at least, but after 15 years they will get back to even.

Many of the people who bought those homes were not familiar with the local market. Agents are important

@@ibnfaqir9223 and that's sad. Have we not learned fiscal prudence based on 2008? It's like a constant cycle of stupidity.

How when I was paying $2500 a month for an apartment, where a semi new home I'm paying 2300$ 0 down, how does that make me a fool?

@@gabef588 Did you pay over price?

Those of us who remembers The housing crash of 2008 understands and knows not to depend on this Overinflated market. I’m guessing Zillow is owned by foreign interest. Even right now I’m in the market to buy a home and I’m not even looking because I am waiting for the prices to go down and they are starting to go down now that the pandemic is pretty much over.

Legit. He hit the lottery lol!

Hello beautiful

@@donaldwilfred211 Hi

@@BuckleBunny there you go. I've been looking for this post. This Zillow mess is but one branch of the coordinated economy crash tree. $420 million is nothing when all these people default on their $200k home they're paying $500k if home values go down just $50k below uninflated prices, they only need to buy back $4600 homes. Out of 6.5 million homes sold in the US in 2020. It's going to be far worse than 2008. People who bought their homes $200k over actual price aren't gonna be able to find buyers until the dip.

And land prices too!!

No it doesn't, rentals are a completely different market.

Go look at the rent last year compared to this year and then try saying that again.

@@sneat2028 wtfreak???

@@user-mb8qi3ky5q Yeah, you understood my comment. I've been in real estate for a very-very long time. It doesn't matter if rental units are near a million dollar home or a home that is priced at $100k, rental market prices are not affected by home value. I guarantee the OP has zero experience in real estate.

Trust me, homelessness will SOAR in the next few years.

It’s disgusting, what’s happening to the market.

The value of the building may depreciate but the land itself can appreciate due to simple demand and supply.

I mean… just rent, then you can move whenever and not have to worry about selling the property for a loss. Also, don’t have to pay property tax or any large maintenance bills if you rent, it’s landlords legal responsibility.

average rent for a home in my area comparable to mine is $2,200 a month. Minimum payment for my mortgage, insurance and tax is $1,550. . .in 9 months it will be paid off and the minimum monthly payment will be less than $400 on an asset that has appreciated 224% since acquisition. . . .clearly, renting for life is the way to go.

now they sold them, all at once, and the price dropped. I'm literally laughing here. Someone forgot how markets work... startups are a funny thing, they don't need to make money.

They bought them over asking by a lot

Conflict of interest MUCH! Omg another crash coming

Who would have thought 2020 and 2021 were great for buyers. I really though there would be less buying.

@@monad_tcp It's the modern business school doctrine, "get into debt now, worry about profits later". The whole premise behind that idea is that the days of businesses starting off small and building themselves up are over, that's an outdated idea that takes too long, its better to spend really big, hire the best and most expensive pros, and come in like a wrecking ball against the competition by appealing to the consumers with a lot of goodies and perks from your service. Otherwise, you will have to wait a long time to be able to responsibly collect enough profits and experience to compete toe to toe with already established businesses. So, for example, Uber. Uber doesn't make a profit, but it doesn't matter, they are the dominant power now.

It is different because this time the buyers are actually risking their own money, in 2008 many of those houses were bought with 0 or very little down and mortgage were done without paper work. We will never see a crash like that again.

John I can’t walk in to a bank and just get a loan like 08. I have to actually qualify based on income. It is harder then ever to qualify these days. Sorry can’t justify a crash. Possible correction but no crash at least not soon. Maybe 6-12 years from now it’s all about money supply and if banks are lending

@@jonkanner playing devil's advocate on your comment: true that banks aren't just lending to everyone so wouldn't that mean that many people who can't afford these mortgages would be priced out already and the home values would drop anyway? Demand is there but the ability to get these mortgages aren't? Supposedly.

@@Jaystyr424 theirs definitely not one answer to explain the current situation. It also has a lot to do with the general area you live in. Could a correction happen yes. But an all out crash I just don’t for see it in the near future. Let’s see what happens to liquidity and interest rates. I can tell you I’ve been in this business for 8 years done a good amount of deals. Every time the interest rate hit 4 percent we had a major slow down in buying. So either yes people will get priced out and they will have to save up money for a bigger downpayment or interest rates in the future could correct the market. In my particular area orlando I see a leveling off happening. Def a peak, but still huge demand for homes in the 250k-450k range once you hit 500k you better have a stellar home to get that market. Some people are renters some are owners that’s just how it is unfortunately.

@@jonkanner interesting. Definitely appreciate your insight. Thanks!

The hose is worth $165.

"artificial intelligence" HAHAHAHAHAHA

@ M Williams How are you doing? I hope you are doing good

My town deorganized. Dropping my taxes by more then 50%. At this point after owning my home 20 yrs btw today. My Homeowners is more a month than my Home Owners

🤔 I wondered if taxes would be affected by the inflation... I live in NJ where property tax is ridiculously high

Tas assessor

@@robinbaby1 it's funny you ask that question because I was thinking the same. I live in NYC and planned on buying a condo in Maplewood but the taxes are ridiculous. My son is completely grown and the schools system isn't a concern for me.

@@mrsteveinsandiego ty

Here in BC Canada, the municipal and Provincial governments love the increase in assessed values. They just shrug their shoulders and say it's not their fault that they have to increase taxes. Can't remember when municipal workers threatened to go on strike for higher pay and benefits. The municipal governments are rolling in cash.

Until they go and try to rent or buy something else.

Uh, not really. It depends but understand the seller will need to live somewhere and either they will rent or have to buy again and they will pay the inflated prices for that. I own a lot of real estate and I see no point selling because it's a lateral move unless you have multiple properties and are downsizing.

Maybe only the rich house flippers be laughing, but any average person that tough they can packed big from the sale and invest in to something bigger and nicer, end up screwing them self. The market is way to expensive to buy anything, even bare land is extremely expensive don’t get me started on cost of developing and building from scratch. The rent is also extremely expensive now, so even if rent and wait for market crash to invest your money in to buying a property, you’ll end spending most of your profit in to rent and the rest will dissolve by inflation. My partner almost sold his house, I strongly talk him out of it after I did a little research on everything that was happening in our economy.

@@anastasiar9625 Exactly. Having your money in real property is a hedge against inflation, which will continue to be an increasingly large problem, going forward... particularly since so much paper is going into alternative investments. These alternative markets are wholly volatile. When companies based on nothing more than ideas go bust, you are left holding the bag. Whereas, you're unlikely to lose all of your money in real property, because you can always hold it and sell at whatever the inflated value is. That said, you'll always have to deal with the inflated cost finding another place to live, so it's a game of musical chairs. In order for some people to win, someone else has to lose out. As well, greed remains a problem, because if you try to hold too many properties at once, without actually being able to maintain them, then you'll be forced to sell when it's not ideal. This is where regulations come into play to keep the playing field level. Unfortunately, nowadays, policy is written for those that don't like to play fair. So, unless the system is completely reset and we start anew with a merit based society, these issues will persist.

@Jake Moeller How are you doing today? I hope you are doing good

I see a lot of this going on, because I'm in these neighborhoods everyday due to my business. I was waiting for this to happen. It was obvious!

Actually that crash back in 08' was due to financial institutions loaning money to people who couldn't afford the homes to begin with and making it an adjustable rate so they could get the house back and resale it. It was so pervasive that it crashed the economy and allowed the big players to gain even more control while getting BILLIONS in tax payer funded bailouts.... total bullshit

@@NotSure1776 Exactly - When you make loans that people realistically can't afford... those bad loans are going to crash down on you eventually. Here Zillow got greedy and now they are rightfully paying a high price for their high-handed behavior. Love it when that happens/

Ahh no it was the mortgages. That collapsed the housing market. Zillow has plenty of money. They will take a loss. People are buying houses cash driving prices up. You can’t get a mortgage unless you can prove you make enough to pay for it. Last time people bought shit they couldn’t afford. It is supply and demand. People are leaving big cities up north escaping the cold and authoritarian ways. People learned they could do their jobs from homes instead of a fancy office in Manhattan ,so why not be in sunny Florida where I am not being told what to do. Baby boomers retired in droves and brought their cash to buy houses . They got it by selling their houses up north. So if anyone thinks it will bottom out like last time they are nuts it will level off and maybe go down a smidge but it won’t bust. Texas and Florida are 2 states driving the explosion they have given the finger to the man. Businesses are coming here people are thriving.

No, what's happening now and 2008 is completely different. Banks got greedy off the interest rates the mortgage bonds were making by giving subprime loans to people that shouldn't gotten approved (low credit scores, bad employment history). What made it even worse was the credit default swaps they kept selling to each other, knowing full well those mortgage bonds were dog shit.

I was baffled when I found this out too, The market is so corrupt

Ain't that a kick in the property? Who knows if they were bidding the prices up on houses you were trying to buy???

That moment you realize a used house salesman is no different than a used car salesman.

@@stoopidvideo Maybe so. But this election is the most important of our lives, so we need to get out and vote. 😐

@@jf2176 it doesn't make a difference! Your crazy if you think these politicians and the government are there to help you 🙄 Same shit here in Australia.

Still way cheaper than in California. LOL. Not a joke. California house market suks as heck!

@@coolgamers2794 I've been following the housing crisis out there for the last several years, unfortunately it is everywhere now. Yes California is more expensive but the concept of unaffordable housing is now everywhere.

@@jmcnally647 yes, is happening in Chicago right now.

Nope just a very large real estate investor.

@@catprog even do, the prices are insane for the conditions and the area where those house are.

@@lowspark3958 ridiculous price increases housing prices and rentals so that people cannot afford them results in homelessness.

You've said it all, how are you doing?

I believe that creep was arrested for fraud, hopefully they lock him up for good.

@@cathiburgener4007 who was arrested?

Owning nothing is a great path to become a soldier. Happened for aged.

@@odaydrums Klaus Schwab

No he was not arrested Be well Cath

That's why we need to put bounties on the heads of greedy CEOs. When we're taken out a couple dozen, they may get the word. Or we may have to buy off one of their bodyguards, that's the cheap and easy way.

😁

You sure have high-hopes in the shell of America we live in now.

Im with you there buddy. I dont care if youre left or right, socialist or trumper, we re in this together!!

You hit their gas/ power lines. These rich shits dont have morals so they never use renewable- theyre connected to every grid imagineable

They got each other's back. Corporations print laws for politicians to pass, and politicians print money for corporations to pass back to the politicians. Tough regulations? They bought politicians so they wouldn't have any regulations!

And unfortunately these people are the reason hard working Americans get screwed out of. I'm sure it will be swept under the rug, and I hope enough exposure on this scene will cause some fair companies to rise in popularity.

or they do the "CEO shuffle'' ...reward the guilty then move them to another job

Welfare for the rich.

@@qua7771 ...and both parties are guilty of this.

*Zillow has all the symptoms of Satanic Israeli owner run business. God gets them one way or another*

Values or prices? Different things

@@thejpkotor which one is best for the government? Both

The tax man loves it!

Sounds like an anti-trust issue to me...

This will hurt owner's and renters and cause employee's to ask for more money ! Greedy people hurt everyone !

@@geomcc39 True the average income person and people that don't have vast amounts of money will just suffer more. City officials should had cared about their average citizens, but then again average citizens are looked at as low hanging fruit. Also they know people and investors within the USA or outside foreign will pay the higher prices just to claim land and accumulation. The elites have a fit when monopolies happen that hurt their money making, but when the average citizen is effected they could care less.

The property taxes at least here in Hawaii are actually not generated by the actual price tag of the home. If they were we would all go broke since the medium home price for a single family home on Oahu is at a million. As a real estate agent I’m aware that not all markets are the same but usually the property taxes don’t match the value of the property. Bedrooms, bathrooms and lot sizes are one of the things that matter with taxes. Hence why the country wants to know if you added that bedroom or bathroom.

What ever the market will bear.

I have no absolutely no sympathy for Zillow!!!!!!

This is a portend or harbinger to what the general real estate market will face, akin to the 2007 exuberance -- cutting the static line for the second go-'round of a Humpty Dumpy economic fall.

Yea jacking up the prices for financial gain. Why do you think there are so many homeless people. The average Joe six pack cannot afford to live in a house. I hope Zillow goes bankrupt and the executives do not get golden parachutes but get lead parachutes instead.

Hardly a problem for Zillow. They get rid of the alligator that's eating their cash. Their basic business, Data, is still solid and generating cash. The people that lose are the people in Orlando. A dump of 7K homes in a market that size would destroy any chance of regular people getting a "fair open market" value for their homes. The same thing happens when HUD sells its foreclosures.

@@lawrencethompson127 yep, Zillow really does need to go bankrupt (seriously).

pink3237 Agree 100%

@@kathyannpardi9888 I also put blame on the realtors and bank appraisers who are just as much to blame for appraising these homes at ridiculous prices. We're cash buyers so we don't have to worry about the interest rate hikes like a lot of the buyers out there who are being priced out of the market, but at the same time, we refuse to pay these exorbant prices nor give our business to the greedy realtors. We stepped back a couple months ago and are going to ride it out when most of these buyers who have bought and sold in this market, lose their equity and foreclosures begin. It's a repeat of the 2007 housing crisis, the bubble just hasn't burst, YET.

Sadly, in America, everything's for sale.

LOL

That's interesting. What's the link to that property?

Exactly!

We can't win even if we go the OTHER way. Example: a co-worker saw someone in his neighborhood put a house up for sale themselves. They did NOT go to a real estate scam agency. Their house was SURROUNDED by cars for two days straight. That's why it's impossible to find affordable housing any more. Homelessness will become a MUCH bigger problem in the very near future. I seriously am scared that I'll be homeless too. I've searched for a YEAR. A YEAR. I still can't find any houses that aren't a 90 minute drive to work that aren't priced in the $200s and up.

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Oh we do…

The thing is I don’t think the zestimate is wrong. In my area they are paying well above their zestimate. They were overpaying.

It's not 2008. One idiot company doesn't make the market.

Lets hope you are right

@@bauttiet.h.u.g.5900 the facade is cracking. But let it fall on your head before you acknowledge it.

@@pedraw what facade? There's currently not enough homes in inventory in order to meet the demands of buyers. Please let me now when the average DOM is more than 60 days in your area.

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inflation .. USD has less buying power, WAY less then 1980....like less then 1/2

@@TheRusschannel Its not inflation. If it were half like you said then that $27K would be double at $54K. $400K is almost 15 times more NOT double. There is a lot more to that than just inflation.

@@lashlarue59 inflation numbers are false readings from comrads. Gold standard was dropped under Nixon and the comrads have unlimited money at our expense and have zero accountability, hence people actually voting for a politician thief instead of correcting politician thief. Ron Paul correctly called it the invisible tax or maybe more correctly the invisible theft since they take with no return value.

Government going to give imagrents money and zillow going to make fat cash

@@realestateunplugged6129 I agree that inflation is the hidden tax. The worse part about inflation is people who actually try to save money are hit the hardest. Every year they watch the value of their savings decrease because the interest the bank pays them is no where near enough to cover the inflation. This cause people to make more and more risky "investments" which is really just gambling to try and cover the gap. Hence you have the merging of commercial and investment banking which we were warned about 90 years ago during the great depression.

Funny you say that because I'm hoping everything will crash so prices become reasonable again and I can buy a few things :-)

I remember that very well. We had people in our neighborhood moving out in the middle of the night. I can see that happening again in this country.

"Liar loans" don't exist anymore. If you're waiting for a crash....it will never come

@@fabianavalos1386 - You don't have enough experience to state something like that. Every single real estate bubble we've been in has crashed, period. Not one has sustained unlimited growth. Further, if you know so much why are you broke?

Same. Cindy, you took the words right out of my mouth. When I read your first sentence, I thought “I CAN’T go through that again.” Literally. And your next sentence- my own words! I honestly cannot abide another “Great Recession”, only a decade or so after the first one. What’s that saying about not learning from past mistakes, and allowing history to repeat itself? Yeeesh.

when was the last time you saw house prices drop 70%

@@andrewjconners 2008... every house in my neighborhood did... Cheap, junky houses like this are barely worth $100 sq foot. Orlando is such an awful place to live. It's going to crash so hard. It will be worse than 2008.

@@fareshajjar1208 that is very steep, I just have never seen them drop that much in my life time. In Raleigh back in 2006-2007 houses gained a solid 10-30% and then dropped 30-40% the following two years. Depending on when you bought you made out okay (long term holders) but a lot of people moving around in 2008-2009 took a sizeable hit-

@@andrewjconners The house next to me (this was in Port St Lucie, FL) at the time had sold for 595K. The buyer was a retired small business guy from New Jersey who had bought 4 houses sight unseen and paid more than the asking price. He ended up selling the house next to me at the bottom of the market for about 170 range. He died miserable and broke. He thought the market would just keep going up. It took a good number of years for those houses to come back up and many never did. In the case of this video, crappy, ugly houses in terrible neighborhoods are not worth $200+ sq ft. People are going to lose big time. Florida is not silicon valley where starting salaries are $150K and up. There are no wages here to support these absurd valuations... and especially for such garbage as in this video. Mkts do not just go in one direction.

@@andrewjconners 2008. our house went from $475,000 to $298,000. we had to foreclose.

Speak for yourself. Mine went down several years in a row.

Yes, property taxes do go down. Mine did, also the value of it went down as well which I believe you be due to all the abandon homes in my surrounding areas. The area had a bad rep for ages.

Where the fuck do you live? In my area homes are on the market for 3 days....3 DAYS!!! All are over priced and are selling for double of what they are worth. A $200,000 home 6 yrs ago are selling for $420 -$450,000.

@@ASSOpid in my area a 50k house back in 2010 is now 130k nv sold in hours

People will always need a place to live. And Obviously you can't create more earth land. Population is growing and oceans are rising

Land is worth more than money

@@julj2768 oceans rising 😂😂😂😂 man, that busted me up

build your own! such a chance! :)

@@arishem555 People never see the other side. They only want the easy path. They dont understand that risk has reward.

@@worndown8280 exactly :)

I don't have a in-depth understanding of all this, but it does seem a shame when large corporations act to the detriment of individual citizens in the housing market. If they did make a law, maybe it would be that investment corporations cannot buy residential housing? That would probably make it easier for the average Joe to just find a place to live. But, not sure what the best solution is here...

They accomplished what they set out to do. People bought into FOMO, LIES AND BS now they stuck paying for a high priced home and soon to be negative equity once interest rates climb next year. Robbing hard working Americans. F......sad

Rental is also affected, too, making it unaffordable.

I'm glad I bought my home in 1989 for $42,000. Otherwise I suspect I'd be priced out of the market.

Also how they take in "offers"..... back in the early 2000's the seller had 48 hours to agree to sell or not, now they say we are accepting "offers". To me, this is illegal!

So you expect society to stop morons from being morons? Good luck with that.

I offer you a price , you accept the price. What is exploitative and immoral about that? Unless you propose to regulate what someone can buy a house for?

@ Smith Hoowe how are you doing ?I hope you are doing good

Not true. The market will eventually change when conditions change.

The minimum wage increased 15.5% this year alone. If you think the market is going to crash badly, i don’t see that happening at all

@@Matt-uy8tw nobody thought what you think in 1929 or 2007. I gave you a thumbs up.

Well, Me and millions and millions of other people don't think so. You guys can wait for the home price to come down all you want but it's not going down.

@@thanhleusacuocsongmy8168you must be a realtor.

Close but I would bet that is not the whole story.

@@madhatter9001 Algorhythms cannot value properties based solely on data, there are many invisible properties to a home that can only be detected upon tour and inspection. Flawed business model?

Sounds like they were trying to control the market.

Yup...poorly reasoned.

It actually seems like an area where the algorithm should be fairly accurate- very similar size, type and age homes and lots with dozens of nearly identical properties nearby. Its algorithm is fairly worthless in an area like mine - 125 y.o. neighborhood with all custom homes of widely varying sizes, ages, types and upgrades over the decades and with a topography that makes each lot fairly unique. Zillow has a house around the corner from me valued at $1.3M that went pending in days for $2M.

in sales thats called a hook.

I don't think you understand what market manipulation is.

@@ShainAndrews Please explain it to us then.

Our current government is a joke.

@@Bonagracia-777 It's interesting that people are complaining about inflation right now, when that $3 trillion for Build Back Better hasn't even been printed yet. They have no idea how bad life is gonna get. Lol, and no, there won't be any new bridges or roads.

Government is too busy manipulating bond, crypto, stock markets to deal with this one right now.

When the dominos start falling in the near future, continue to stay away from a home purchase. This is going to get ugly.

Louis, everything is getting UGLY😵😵.

I'm a Realtor in California, I said the very same thing in 2008, guess what happened ?

So what happens when it doesn't come down in prices the way you're expecting like in 5 years from now? Timing the market is even riskier.

@@louismeloche3857 Continue to stay away? I'm on the same page as in really tired of renting. You're saying if I want to buy a home it's to late and kiss that goodbye?

You think Zillow, a publicly traded company, is going to offer their assets at reduced rates to their investors first?

@@5ledan In effort to cut potential loses.

Even more than that, they're going to be sold to one investor (Pretium Partners) as a series of bulk lots. None of these will "hit the market" as Pretium is going to add them to their rental portfolio.

@@5ledan No, they will offer them to Investment Groups, not their investors.

@@scottfussell8521 I agree with that. These big companies would much rather save the time and energy selling the whole portfolio than parceling them out

This sounds like another monopoly to me. Not that Zillow is the only game in town, but it tried to get into a position to control the whole market. This should be illegal. Housing is one of the main indicators of economic health, and Zillow is having too great an impact on it.

You should look into "insider trading" if you think this looks illegal because our government made it legal for "them" to do inside trading and make millions while regular citizens can't. THAT should be illegal!

I am an investor. I offer to buy a property at a price less then what I think it is worth. I on sell it at the price I think it is worth. What is wrong with that? Unless you are saying investors should not be allowed to own property?

@@TruthSeekers369 Nothing our corrupt government does surprises me anymore. Our founding fathers didn't envision royalty, but here we are.

People and investors have been buying land since it was first stolen from the indigenous people. That's not the problem. It's buying a LOT of properties, and attempting to artificially inflate prices--without making improvements to the properties. It's pricing people out of owning homes. It's taking a page from Amazon's playbook, and trying to become the go-to real estate company, and driving out smaller firms that can't compete. It's not just real estate I've got issues with; it's ANY business that gets so big it can swing the economy of a state, or the country. When these corporate giants go bad, WE have to bail them out. They need to dust off the monopoly laws, and write a few more--with teeth. Lots of people are against putting limits on businesses--because of precious capitalism. But if we're going to stick with capitalism, we need to LET THEM FAIL and stop bailing them out! I'd rather impose some laws that would keep them from becoming so big. Limitations would help smaller businesses, investors, innovators, start-ups, and underdogs to thrive. In other words, make money, but don't make your own economy!

@Fred Wills Okay Fred, let's play by YOUR rules. You get a new job and have to move to another state to accept the job. You accept the job and get an apartment with a short term lease. Then you find out very quickly that nobody can find a 2-bedroom house with garage that is under $300,000. You can take a mortgage to buy it and then someone else puts up $325,000 and bye bye house! You see another house near the price range and it gets bought out for $30,000 over market value. It goes on and on. But you say that someone paying $50,000 over what a market value dictates is "fair price." Okay, then you are stuck with a wife and 2 children in a single bedroom 850 sq ft apartment in a bad part of town because your job only pays you $45,000 a year. Good luck with that. That's what I've been dealing with since last year. I still cannot find an affordable house with a garage. Even the houses without garages are selling for an average of $175,000 and up. And none are anywhere near 1,000 sq ft.

@@largol33t1 So you're saying that the house seller should be obligated to sell to you at a price that YOU determine, not what the owner decides? Yeah, name me one other thing ANYTHING AT ALL, where the buyer gets to set the price. You're not entitled to that house. Sorry. And, by definition, the "market price" is what is paid for it. There is no such thing as "$50k over market price" Maybe you should have bothered to look at the location you were moving into to see what the housing market was like, BEFORE you accepted a job with a salary that is insufficient to pay for the housing?

@@largol33t1 well, Fred would not and should not buy a $300K house with a $45k salary. Second, Fred would have researched the new city housing affordability before accepting the job offer to see if it’s feasible, third, Fred would be able to afford to rent a bigger place than 850 sf at a good area if he was in the market for a &300K house, and fourth, more power to investors that want to gamble their money, because when the crash hits, Fred will sweep in and buy the same house for less than $300K.

Fiat currency is the reason nothing is affordable. We need to go back to the gold standard and end the FED

Well, there is that and then there is having our country sending out billions in aid every single year while we sit here wondering why we all can't have our own homes. F the rest of the world!

No biggy, their hands are in everything else. The supply chain hickups. They're no difference than Johnson Johnson selling sunscreen with known carcinogens and then treating the cancer they caused. Good old hero syndrome.

Just to clarify my comment. The goal wasn't really to flip houses, it was to crash the housing market just like everything else going on with shipping containers off the coast supply chain, fuel shortage, "labor shortage" etc etc. The goal is to crash the market so they can have another 2008 frenzy. This is the everything crash

When you are allowed to spend somebody’s money lol

@@lucrtrvl When the government is involved.

The fire sale was in 2006-2009 after the forclosure crisis. LOL

Even Zillow's fire sale prices are massively overpriced.

Nope he did not rip off Zillow. Zillow thought his house was worth much more then what they offered him. Being wrong about what they thought it was worth does not mean he ripped them off.

He got super lucky! I'm glad for him and wish I could be so lucky!

Then later go around telling Zillow's practices is disgusting. He got 200k more yet be cool to be interviewed like be being ripped off.

That’s a fucking terrible thing to say. That just shows your ignorance and selfishness.

@@bogus696996 ok boomer

No your just seeing fear. People around the world are afraid of keeping their money in their country in a crisis. They will buy houses in the US as a safe hedge. People in that live in the US jump on any fad going by. When the fear crisis is over and people are more comfortable putting their money in other investments the housing market will crash. Watch as house loans start getting underwater. Boomers are a very large group and we are dying off now. If foreigners dump their US housing you will see record declines in values especially places like the west coast, Vancover canada. We are in a depression now for middle class, poor.. working folks. Living wage jobs keep leaving the US and hollowing out the middle class. When it hits the rich even the polyanna think positive types will be running. Hang in their millenial ,boomers are fading away fast and every crisis ends with a new day.

@@donaldodiaz4012 keep dreaming Jr. It's not ever going low enough for your part time job wages

@@BHJ7115 OK boomer²

@Marc Benet Zillow miscalculated using their stupid math formula. They thought buying the house at $410k is very cheap and they can just turn around and relist the house to make more just like they had done so with the previous houses!

A small property buyer decides your property that you are selling decides your property is worth x dollars. They should not be allowed to buy your home as they have decided what it worth?

😆😆😂😂

Hello how are you

Heck yeah for that price I believe the doghouse and the cat

@@scottward1002 oh how are you doing

😂😂😂😂

The Golden Age of the U.S. ended in 2020.

@@33Donner77 Maybe the 1970’s, actually. 🙂

Zillow is trying to ruin the market for everyone, but the rich.

@@zztop8592 Stupid comment. How Zillow will go bankrupt just to help the rich?

@@Mrdisel4life Your stupid, if you can’t see what they’re doing by raising home prices just to make money. Lol

@@zztop8592 if you want to call me stupid, at the very least learn how to write.

@@Mrdisel4life LOL