“Housing Market MELTDOWN” - Why U.S Home Prices Have PLUMMETED To 14 Year LOW!

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U.S. home sales are on track for the worst year since 1995 due to high mortgage rates and soaring home prices. September sales fell to their lowest since 2010, with predictions for 2024 looking just as bleak.
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ABOUT US:
Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.

[clarkstephen]

First mortgages with rates of 8 to 9% and 9% to 10% were common when I bought my first house to live in, which was in Miami in the early 1990s. People will have to come to terms with the fact that we may never get back to 3%. Home prices will have to drop if sellers are forced to sell, and appraisals will drop as a result. I'm very certain that I'm not the only one thinking this.

[sirheisenberg]

I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.

[Njc]

The title is misleading - it should be "home sales" meaning transactions and not "home prices" meaning the amount transacted

[maiadazz]

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.

[Riggsnic_co]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[jamiefender]

Property taxes $7, 000/ yr. Home insurance $2, 000/ yr. That's all with a home paid off. How can people afford to buy a house. Water bill up 75%, all utilities up 50%. My house is only worth $150, 000. $1, 000 month plus utilities to own a home after it's paid off plus repairs, People think it's expensive to rent lol.

[kurtKking]

The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that our generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 54.

[SlackerU]

They're building $400k homes for people who can't afford their $100k homes & the labor is so unskilled that the homes actually need to be demolished & redone.

[WilliamsHank-iehd]

I moved from Tampa to Santa Clara a few years ago and I’m thinking of purchasing a single family home there, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? Looks like NVDA, TSM and AMD and AVGO are strong buys this week.

[patrickjones]

I’m in Florida 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 quiet 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.

[justamanwithbeliefs]

People will have to accept reality that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. I now look towards the stock market to fuel my millionaire goal. Sure I'm not alone in my chain of thoughts.

[austinbar]

Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market?

[Troblin]

Looks like another Valuetainment click bait title.

It worked..lol

[toinengwyn]

So many bad assumptions by this video:
1. Banks don't lower mortgage rates just because the Fed cuts rates. The Fed controls short term rates. The bond market controls long term rates, which mortgage rates are based on.
2. Reducing energy prices is going to lower house prices? How is that going to make much of a dent when the most expensive component is the land?
3. Supply is not the problem, but overheated demand (thanks to cheap and easy credit) is. Historically, there has never been more housing units per capita. Yet, prices are historically the highest. Besides, builders are not going to build more when demand is already weak.
The best way to lower prices is to allow the market to play itself out: demand is being crushed and will eventually force the weak hands to liquidate. We are seeing these developments occurring in the market. Let the process proceed without government or Fed interference.

[EUCvibes]

This is BS, homes near me are still overpriced by at least 300k, a 500k 2000 sqft house cost 850k… make that make sense

[CindaMurphyRealEstate]

You never pay capital gains on profit under $250k for a single/$500k for a couple as long as you lived in the home for at least 2 of the last 5 years.
Profit, not total of the sale proceeds.

[PedroFontana-hx]

Hit 250k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in July 2024

[AutomotiveAnatomy]

I’m not a republican but I understand what Tom is saying. Very detailed and coherent. If Tom was running as the Republican representative for president, he would win.

[franciscomcmxc]

You can never buy when both rates and prices are high

[FrankBenjamin-lb]

32 years old with a net worth of $350k USD or roughly $475k CAD. Realistically it’s all because I’ve lived at home most of my life and have a property that appreciated by about $140k since I’ve purchased it. ❤ I’m forever grateful Sonia karen