2024 WORST YEAR IN REAL ESTATE HISTORY...SO FAR

So far 2024 has turned out to be the worst home buying season on record since the national Association of realtors began keeping track. With a combination of high prices and high interest rates and inflation, gripping everyone's budget most people cannot afford to buy a home in this environment. This is going to have major implications on the future of the housing market.

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Articles Mentioned in the Video

#realestate #housingmarket #homeprices #housingmarketcrash

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DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Michael Bordenaro is not a registered financial advisor. Your use of Michael Bordenaro’s YouTube channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, YouTube, E-Mail, and Instagram) for communications with Michael Bordenaro does not establish a formal business relationship.

[nicolasbenson]

To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.

[jefferykeeper]

One more reason people are not buying is that quality of work is very poor

[leondonald]

High interest rate causes house market declining, less people are buying houses. more empty comericial buildings are converted into residential condos wich results in rental declining.After covid, more people are working at home, artificial intelligence technology has eliminated many office jobs, and commercial buildings are vacant and converted into apartments.

[talkingonline]

American residential real estate is like buying junk bonds. Overpriced and over speculated crap.

[viryhqj]

Alot of people are paying more in annual property tax than i paid for a house on 40 acres.

[JesseMayhill]

After building a rental property portfolio, I became exhausted with real estate market challenges and decided to sell. Now, with about $5 million, I'm contemplating investing in the stock market with solid positions. What are your thoughts?

[DCPEvo]

I’m a cash buyer so I don’t care about interest rates, but I will not buy a home from someone who thinks they can sell for 2x what they bought the home for 2-3 years ago. They can sit on it.

[bernadine]

There are no "starter" homes for those starting put now. It's sad for our young generation.

[meem-wxpm]

Value of my house on Redfin has more than doubled in 3 years which makes no sense considering I didn't make any improvements. Yet the property taxes and insurance keep skyrocketing.

[stephanniekotalik]

What’s crazy is that my sister and her husband were making 6 figure incomes prior to moving to Iowa from Chicago 3 years ago. They cleaned out all their savings to pay cash for a house now they both are laid off from their jobs. They are freaking out right now.

[MarineMaester]

In 96 my mother worked for $11 an hour 50 hours a week and was able to get a 48k mortgage on a 1600sqf home from saving $200 a month for 2 years.
Now I make $11 an hour 55 hour work weeks and... I live paycheck to paycheck in Lowe income government assistant housing because renting anything else would eat 2/3 my paycheck. I'll never afford to buy a house

[jerrypolverino]

I have lived in Florida for most of my life and I have seen it change. I didn’t like what I was seeing and I didn’t like what was happening to my financial situation so I sold out and left. I was lucky enough to get out at the top. I don’t regret my decision to leave for a second. My expenses are roughly one half of what they were in Florida. Florida is a gun happy state now and crime is rampant. I traded my home in the Florida Keys for a house that’s twice as big on 25 acres at the top of the mountain. I have an 80 mile view and deer in my front yard.

[reginafisher]

I bought a three-bedroom one-bath house for $80, 000, why in the world would I ever sell that!!!

[rillesttalk]

No tax assessors office should be able to raise property taxes without thorough inspections of the homes first. This is a financial attack on the American people. Most of the politicians should be charged with benign neglect for allowing these hikes to happen.

[Robert-syji]

Something buyers are more and more concerned about(beyond the price of the house) is the rising cost of taxes, insurance and maintenance. Even if you pay off a house, monthly costs are almost like having a mortgage anyway.

[TheNoticer]

Ive been saving up for a house for the better part of a decade, and at this point i can keep waiting if i have to. No sense in buying houses at the top.

[karifredrikson-lrmm]

Thank you Michael! I am 74 & living in Phoenix, Retirement Community. It is comfortable living on my Pension & SS. But this isn’t the Country I grew up in. With your help, we can be wiser. Anything can happen!

[Flowers]

I’m not buying a $400, 000 house that’s worth at best $180.000 at best. People who buy end up in debt beyond their ability to pay

[jedi]

I am an agent in north Texas. I have rarely seen this many daily new listings. I have NEVER seen this many new listings where the daily price decrease are even higher

[rachelgreen]

Duplex in Pennsylvania used to be $200k in 2017. Now they try to sell the same duplex from 1978 for $500k - $600k!!!