People FINALLY ADMITTING The Housing Market is CRASHING 

Yeah, I feel your comment is a little short for me to know exactly what you are getting at. But try this perspective, I noticed back in 2018, 2019, early 2020, the housing market was rising, and too inflated. I actually have a lot of money saved up, way more than %20 percent, but those prices were too high, I have good credit, good income, good savings, no debt. I know people in the small towns/and big cities buying the bulk of the houses, and various friends of mine, are the people who do not have that great of credit, hardly any money saved up if any, and lots of debt, not very responsible with money in general. They are the ones, that when interest rates were low, they had the ghetto economic mindset of "I can make that payment, I don't care how expensive the house is, or how much debt I am in, or how long I will be in debt, I am always in debt! I won't be able to pay off my debt, or restore my credit, who cares, I win, I will be buying a home, maybe the government will forgive my college debt, shit, they might eventually give me social handouts, even take some of my mortgage debt in the future" Those are the very people that inflated the market, now they do not want to sell lower because it will break them and they couldn't really afford the home they were buying in a responsible fashion. They airbnb and destroy my housing market and rent rates, and most of these people ironically, are landloards to the other people I know that ARE financially responsible. But now they have the property, and are charging way more than their mortgage to the guy who is attempting to keep things realistic. While the responsible people with plenty of savings and credit are now victim to an inflated market by these types. I don't know, not blaming them, its a fucked up game they have us in, and I get that they are always bad with money, making bad financial decisions(reminds me of how raises are hard when a worker respects the wage they should earn, but can easily be replaced by people who do not value their time and are willing to be a scab and even come in for less) and in a financial market we are all connected, and their selfishness affects the meek/humble/righteous/responsible, I think games are meant to be fun, I don't think the financial debt enslavement system "game" is fun, I don't think any of us are truly winning, and the planet and future generations are suffering the further we dig this hole. I could go on, but rant over. Love to all.

Well said.

So true 😮

Even if prices drop 30%. Rates may be 10% or more by next year. So its a wash.

I've been telling people this for 2 years...and they're just figuring it out now

So where are all these people with 3% mortgages and tons of equity going to walk to? They may drop they might not. Know one knows. These guys have been predicting this doomsday scenario for years. In that time I've made a fortune.

RE Broker/Certified Appraiser here in FL 39 years (active and still working) and disagree. Perform market condition summary reports several times a week and see no indication of a decline, just a slowing of appreciation. I am not about to predict the future, but I believe your predictions are off base. You state you have seen this "many" times? When other than 2008+/- did this happen?

💯💯💯

Thank you very much Tom!!

The bubble was inflated much, much higher this time, so it's only natural the decline would be sharper. Real estate prices always revert to align with incomes.

Exactly right.

It's a long way down. Mish Shedlock on Wealthion said the other day he expects a 50% correction in many of these assets.

@@Falconlibrary Except in Calif ;-(

seriously. and investment groups. hope they choke on their greed

These are like crazy ignorant comments I love it

Sincerity & straight talk along with logical analysis of facts are always your way Michael !!!

Petition your local city council to govern them. Based on zoning, is not allowed many places. Here you have to put to public hearing and neighbors can vote on it. If it's zoned residential single family, they are usually shot down.

Why didn’t everyone outbid Airbnb investors ? If you got no money to outbid then stfu 🤡

this is the saddest part for me. it destroys my heart. 💔

Also record rates of human homelessness too

Even pets are such a business you cant afford to have one.

It's very hard to own pets these days if you rent, pets take a toll on homes

WOW, that’s interesting….didn’t even realize those early canaries in the coal mine indicators! 🤔🤨

STR's are just a symptom. People had no way to get safe yield the anywhere for the last decade. Rentals were the only way to do that, and that created a massive bubble. This whole dynamic has flipped in the last year.

Good Something had to change in that industry I have recently started using hotels agin instead of short term rentals (because of the price) And my observation is that hotels came down in price a little, but have went way up in amenities and service. Quality of the rooms and common spaces have improved also with lots of renovations recently. It’s a fact that we all benefit from more competition. Unless you own a hotel or something 😂

I couldn't disagree more. What's wrong with people offsetting their outrageous living costs by renting out their excess space. Americans cried about "lack of freedom" when officials made reasonable requests to mask up and get vaccinated during the pandemic. So why is it OK to restrict my freedom to host short-term rentals? Now, I understand that people don't want someone running a hotel/motel in their neighborhood with wild parties, but why not allow short-term rentals if the owners are present during the rental periods?

@@philmarsh7723 sounds good when it’s mom and pop. When it’s entire neighborhoods owned by blackrock though…

@@philmarsh7723 The problem is people borrowing money to do it and then using their purchases as collateral to do it more. Works great on the way up, but painful when it stops working. Leveraging always leads to deleveraging.

Yes, according to air DNA , there are more B&Bs than ever before and it's really starting to hurt the profit margin for everyone

I was thinking that all because of Covid and politics.

Some day that may be said of Texas.

And it makes it harder for bona fide residents to buy into the neighborhood.

@@TropicTrdr Exactly. Normally, people move into an area for the schools and because it is a safe residential neighborhood. They have no expectation that it will become a noisy and sometimes dangerous Hotel District. imho

@@carefulconsumer8682 In a lot of these places you can not run a business out of your home that might have some daily traffic, but you can airbnb it?

@@jonathankuhn2180 It appears the airbnb folks found a loophole to run those businesses and disrupt the residential neighborhood. Many zoning laws and HOAs are now closing that loophole. A "residential neighborhood" should mean what it says imho.

@@carefulconsumer8682 I think if a homeowner wants to rent out a bedroom from time to time that might be fine. But really that then subsidizes the expensive houses, and could be the norm in the future, lending houses to be even more expensive. I can see it now, "quit bitching, airbnb a room or two like everyone else!"

I should clarify that the 894 homes listed are for a rent range of $850-$2500 (it’s the Midwest so compared to other markers this might seem low, but on the high end of that it’s actually expensive for this area).

In the Northeast it's still really sparse. You can't even get someone to call you back for an apartment 3/4 of the time.

@@OtisFlint The markets are so different depending on the area. My hope is all markets see some type of significant correction, as well as reductions in rent. Only time will tell I suppose

Dude I’m in the KC metro area too. These investors are killing us. We barely have any inventory. We have like a 1.6 months of supply. My fear is our prices won’t ever come down because of the massive shortage of homes.

@@Chiefsfan98 It’s true. That’s why I recently started following the rental market. Not because I want to rent (we already do), but I was curious to see how things looked. It appears that a lot of homes purchased in 2022 (NICE family homes too!) aren’t moving. Maybe inventory in the future comes from the investor sell-offs. We shall see.

Yes, I dont know how people are going to do it! I guess we'll just go for Third World, the borders been wide open so why not?

@Housing Revolution Profound insight. We are so far from the founder's visions that this place would be unrecognizable to them. Your point about Feudalism is too close for comfort.

@alanparsonsfan Agreed...they'd be trippin!

My bubble was starting to expand a tiny bit hopeful and he quickly deflated it.

I couldn't agree more. One thing I think it critical is the cleanliness. Hotel chains have standards.

True

so easy for a township/city council to direct police and zone enforcement officers to enforce laws.

According to Dave Ramsey, it is 25%. Dave is out of touch.

35% does seem too high. It definitely translates differently depending on how much someone makes.

@@SuperEddietv Dave Ramsey can’t duplicate what he did today if he had to do it all over again. The conditions he had are different now. The only thing he is right about is getting out of debt and staying out of debt. That advise is timeless.

@@SuperEddietv That's the responsible amount. Problem is the world around us is insane. I didn't quote him though. I don't even like him. He's right about that though.

i sold my home at the top in may 2022. my realtor hasn't sold a single property since and is getting ready to start mowing lawns again.

If it’s a recent investor, move in but don’t pay them. Let’s it go to the courts to remove you and eat up as much clock as you can. Investors and flippers must lose as much as possible

Exactly

@@shanerogers9386 based. I like to go see properties with absolutely 0 intention of buying just so the realtor's get demoralized and the flippers start to panic.

@@squarecracker the companies and individuals who hoard real estate are trying to turn your family’s ability to live and prosper into a business model where you are at a gradually increasing disadvantage. the current situation is now the haves vs have nots. And every penny they make is a penny you and your family lose.

@@shanerogers9386 That is terrible advice. You will ruin your credit, get a judgment against you, fail 90% of the background checks for a decent place to rent. A simpler yet just as effective method is to not rent from overpriced rentals, let it sit, vacant, even when they drop the rent. Just let it ….. sit.

When people realize that bonds pay more without any of the work, you won't even have to ban them. They should have raised rates 10 years ago.

So you think government should threaten people with a locked cage over how they use their own property? Not much for that freedom thing, huh?

@@hlf_coder6272 Nope. At least it will help those that can't get into one.

@@hlf_coder6272 investors are coming in and buying up local properties and driving up the prices. Its making peoples home cities unaffordable and ruining peoples quality of life. Thats a problem. I care about the everyday man not some greedy investor on his zillionth property

That is a major misconception about mainstream media, is that, they operate on advertising dollars. In reality, their 'reporters make millions a year, fully funded retirement benefits and the physical building they occupy is insane amounts of money, my point is that, they run on govt subsidies..(our tax dollars) it's a big secret in the industry, and if you were to audit them, you'd find a very different story. It's basically state sponsored, govt mouth piece, bought and paid for, BS media. It's an illusion..📺🐑

Haha yeah really! Both will cost a some cash 👌

@@MichaelBordenaro Yeah, he is only 15 and currently lives in cushy fantasy land! He'll learn! ;-)

@@Jeannified almost time for that drivers license though, so I’m sure he’s thinking about it

@@MichaelBordenaro He definitely is! We just have to get him proper lessons and let him have practice time too!

A car negotiation/financing lesson is more important than a driving lesson.

Good quote

I found out what these airbnb renters do....one party books the place for a weekend, then they send out invites to a bunch of people- entrance fee is let's say $25. 50 or 75 people attend which the person booking the place keeps, pays the bill buys booze food for everyone. Basically, what they use it for is a place to drink, use drugs, underage drinking and what not. Imagine, this kind of stuff going on in a residential neighborhood with kids present! Something needs to be done.

The Airbnb will be better regulated with higher interest rates. People will have to put a significant payment down for them to be profitable in the future. This will be incredibly difficult considering where savings are in this country. Have faith in the free-market and libertarian principles..!

Thanks Michael!

what exactly is a homestead benefit?

Orlando resident here, and that rate is a teaser rate. Be prepared for your rate to double next year so plan ahead to shop around again

@@lizzie2301 even if that doubled, it is still less than I was expecting hearing from all the warnings of insurance prices and hikes. Yes thanks for the warning. It will be interesting to see.

Not sure where you will find a home for less than $100k, good luck with that.

It sure is

If the Fed were really serious, it would sell off its inventory of long-term bonds much faster.

Need more. Prices are still really high

That's just it. The interest rates are gonna remain elevated for quite some time so the only other thing that can happen if people want to continue buying is either make more money or prices come down

Still cannot believe I got my house for 52k in 2015.

We know that's not gonna happen, because Airbnb will never let it. They're making too much money off of the "hotel" business.

No way to enfource that, nor does it matter when it comes to zoning. I'm sure airb&b knew this day was coming. They had a long period of getting away with it and making tons of money. Time to throw in the towel and move onto the next scam.

Put a bid on a flip. Went to lender he told me what mortg😢would be 😅 I quit I just wanted a home not a burden

Hang in there, mate! The Florida Beachcomber 😎

@@marknewton6984 I am ok as I have My house paid off and have cash but just feeling for those who don't and where My Children will get the cash I am telling them now to get ready.