IT'S BEGUN: House Prices Crash Fastest Pace In 39 Years

IT'S BEGUN: House Prices Crash Fastest Pace In 39 Years.

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Michael Cowan is not A financial adviser. The information provided in this video is for general information only and should not be taken as financial advice. There are risks involved with stock market or other asset investing and consumers should not act upon the content or information found here without first seeking advice from an accountant, financial planner, lawyer or other professional. Consumers should always research companies individually and define a strategy before making decisions. Michael Cowan is not liable for any loss incurred, arising from the use of, or reliance on, the information provided by this video.

[silver-enkl]

I was a young kid in the early 1980’s when I watched my parents lose our house. Interest rates were 20% plus. Ruined my dads life. He was never the same again and I also got to witness several complete mental breakdowns from him after losing his house. It was a catastrophe for our family. It’s hard to watch your dad crumble to a uncontrollable mental temper tantrum, it’s horrifying in fact.

[ownsilver]

I'm 69 years old I remember the gas lines, I remember the inflation we had, I remember 20% interest to buy a house, I remember getting 8 to 12% on my savings, I remember having some food shortages because of price and wage fixing by president Nixon, I remember watching Nixon temporally take us off the gold standard

[tcailey]

Just moved back to UK from Melbourne. One of the key reasons to move was overvalued property and lack of options to buy in areas worth living. There is absolutely no value in the market. One of the people I played volleyball worked in mortgages and said they lent money to people who only just afford the mortgage. The fall is going to be predict 20% a year for a few years.

[thomashusted]

The housing price crash in Australia is way overdue so it’s no surprise. As they say the higher you go the farther you fall.

[MrDive]

Dude I had 197 houses under construction in 2007. $30m in loans and 8 financiers. I was totally screwed come November 2008. Not happening this time around, drop debt and sell off the non performing assets already. Going to sit on cash and wait for the mayhem to happen to others this time around. The thing is I was reading the warning signs last time but I didn’t listen, not making that mistake again.

[kadinpoulter]

It's just nice to hear someone who gets it. Every last friend, family, workmate talking housing market, stocks... it's painful how clueless people are.

[anthonymisell]

I am amazed that it has taken so long, and how our financial masters kicked this can continually down the road, the world was conned in 2008, instead of fixing the financial mess they pumped monies in and instead of allowing companies to go broke they proped them up with taxpayer money and look where the world is now

[WillinovaTV]

More Australian content will be great even if means having another channel. I’ll subscribe.

[Kimber-bzfe]

Thank you for covering Australia much appreciated. Damn straight I remember 17% jobs were plentiful & our Aussie dollar had purchasing power

[scorphd]

Very much appreciate your efforts Michael to update us on the Australian Housing Market👏👏👏….. House prices in Australia need to drop by at least 30% to come back to sensible prices that the lower & middle class citizens can afford👍
I have absolutely no sympathy for the naive FOMO fools that took out huge loans just to get in to an oversized & overpriced house because interest rates were so low….. any sensible person would know that rates would rise sooner or later🙄

[ginamartucci]

I doooo remember. In the US: License plate numbers were how you could buy gas. Ending in an odd number - Monday, Wednesday, Friday. Opposite for even numbered cars. It was HOURS in line! And, many times when it was your turn - they ran out of gas. Nightmare!!! I remember 17% to buy a home. I cannot believe we going there again….

[rogeromalia]

Michael thanks for the Aussie content. REALLY nice once in a while. Keep up the great work mate!

[bobfarrell]

Thanks Michael— stay strong as you are my 12 hr early warning system—funny story: I called my dad COLLECT from Vietnam— the operator asked if he would accept the charge ? He replied :” tell stupid it’s 3 a.m. here, goodbye !

[thesheepstationcook]

People have the false notion that prices always and only ever go up. Now for the crash - when bubbles burst they lose 80% from peak

[Celeb-wj]

I was about to buy a house in Harrisburg, PA at, $184,500 but I changed my mind until I checked yesterday the price dropped $40, 000. I can not believe it dropped. So much.

[SuperBullyone]

I bought my first house when interest rates were 17 or 18%. I got an interest only loan at a fixed rate of 12% but the rest of the interest rate to 17% was added back to the loan value. So, I was paying top dollar on the mortgage and the loan on the house was going up. After 5 years I owed $10, 000 more for the house than I could buy the house next door. It was crazy.

[jamesgregory]

A drop of 30% will only take us back to mid 2020 prices - houses were already significantly overpriced here before COVID! Could be a bumpy ride, but for the sake of our kids we need a correction.

[stevenrogers]

I remember when you had ~5k subs when I subscribed myself. Well done mate and keep the hot news coming 🇦🇺

[stevenfreeman]

Early 1990s Reading Berkshire, high interest rates had forced repossessions as no one could sell a property as that property would be cheaper 3 months later. No sale and couldn't pay the mortgage either. It was virtually impossible to move as no housing chain would complete as it would fall down somewhere in the chain. A woman advertised saying she needed to move to a smaller property would anyone like to swap their smaller property for her larger one. We did as we were moving into our pick earnings time.
I remember viewing tens of repossessed properties and the poor people leaving had ripped everything out, gas fires, radiators the lot - it was impossible to buy any of those properties. Please everyone exercise extreme caution.

[sylb]

I bought in 1987 (New Jersey) and my Interest rate was @ 11 1/2 %…. I really appreciate you, Michael….thanks so much for keeping up on things and for keeping your listeners informed.