How this Housing Crisis is Worse Than 2008

Breaking down how the current housing crisis is actually worse than the 2008 GFC.

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Todd Sachs, is a Maryland Real Estate Broker providing information based on his opinions and the opinions of others regarding the housing market, the U.S. economy, and geopolitics affecting Americans.

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00:00:00 Introduction
00:01:20 John Wake Real Estate Market Analyst
00:06:35 National and Local Housing Market Stats
00:11:58 FED Rates and Real Estate Investors
00:24:20 Zillow's Zestimate Good or Bad?
00:41:04 Drop mortgage rates to 2%
00:43:19 Opendoor Technologies
00:44:04 Bearish on Housing, Better Price it Right
00:53:37 Why this housing bubble is worse than 2008
01:03:42 Repeating the same housing market mistakes

[toddgammons]

Realtors are the only people that would stand on the bow of the titanic as it’s sinking and and yell you better buy this boat now before the price goes up 😂

[SNewell-iu]

I’m in Ohio 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 neighborhood. Then you’ve got Better, average sized homes in nicer neighborhood that were $300K+ 10 years ago selling for $750k+ now. Wild times.

[jestmichelle]

Don't bailout and let it crash naturally

[Romans.-]

We need houses to go back to 100, 000 for a simple single family house

[victorialeigh]

I looked at the real estate prices in Garland, Texas a couple of months ago because I grew up there and was considering moving back. I looked at the house that my husband and I had built in 1972, when I was nineteen years old and my husband was twenty one, thinking I might be able to buy my own house back. Much to my shock, the house that we built new fifty years ago for $24, 800.00 is now selling for $497, 000.00! I was so shocked and sad to realize that I will never be able to afford the house that I had built when I was on nineteen years old, fifty years ago! How on earth has this happened?

[maggpie]

Its a roof over people's heads and should have NEVER been part of wall street speculations, Airbnb etc

[mark-]

I totally agree with you Todd a market crash unfortunately will be the only thing left to reset the economy and the housing market.

[nicholasscholten]

I worked for Opendoor in Phoenix in 2015. They would buy houses at elevated prices and didn't really care. One of their financiers was a division of Blackstone.

[MKrealife]

In this economic climate we are lucky that some people decide to have children. Families are the reason to buy a home.
As a Gen Xer who is in a relationship with no kids we can buy a house but don't NEED to. We have come to the point in life where the value of owning a home isn't worth it. The younger generations not only can't afford homes, but also more are deciding not to have kids. The Real Estate market has run out of tricks. Boomers owning an average of 2 homes each, investors/AirBNB, owning most of the rest. Who are you selling to??
That would be no one
That's what you get for being greedy

[capt.sparrow]

I sold my house in August of 2022 because it's price had doubled in 36 months. I may lack a formal education but I'm self educated enough to understand that trajectory was unsustainable.

[MonyPezcador]

"Building wealth is like climbing a mountain; investing is the steady ascent, retirement is the summit."

[ownsilver]

We have kicked the can down the road to many times, we are in a bad place when the average wage earner cannot afford to buy the average price home it is time for a cleansing a good old fashion recession, the average recession comes 7 to 10 years we are 16 years into this monstrosity of and economy, everything is overpriced and we wage earners are severally underpaid

[TheSuperMonkey]

What middle class? We're becoming a two-class nation. The 1% and the 99%.

[jnnfrishr]

Cashed out our townhouse in Colorado Springs in 2021 and moved to Tennessee into a traditional ranch home with half acre. New mortgage locked in at 2.75%. New home needed some repairs (water heater, new water softener, and misc. ) Unable to repaint before moving in but still very happy with what we have now at the terms we were able to get. Even a pretty good view of a lake. Somehow I saw the writing on the wall in 2021 with everything going up in Colorado and knew we needed a lower cost of living. Kids and grandkids are still struggling all around the country with getting started and/or maintaining what they have.

[MichaelSmith-hh]

Todd Im Canadian, and tired of the term affordable housing. Both countries are in trouble. Until there's a correction, there will be no affordable housing. OR INCOMES HAVE TO DOUBLE.

[sergiomonsivais]

We need to eliminate the FED and property taxes. We need to eliminate the fraud and corruption.

[motherjonesrn]

The DC market is in a death spiral because of all the layoffs happening in the government. It’s crazy seeing all the new listings on the market. A real-estate crash is here.

[carloswhizz]

The idea that your house is an exciting alternative investment and not a home that gains a little value each year has a lot to answer for. And here in the UK too.

[davidtoti]

The problem comes down to the commoditization of the housing market. It's pretty clear the housing shortage is an artificial result of private equity purchases, individual investors, and big time manipulation of the housing market.

[faithsrvtrip]

Appreciate your taking the time to post all the links to articles.