UNSTOPPABLE HOUSING MARKET CRASH with Peter Schiff

This housing market crash may be worse than The Great Depression. @peterschiff talks about the dire state of the U.S. economy, and how the Federal Government created a massive housing market bubble they can't fix.

#peterschiff #housingmarket #realestatenews

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[peterschiff]

Thanks Todd for a great interview. Come visit us in Puerto Rico any time or in Connecticut during the summers.

[Capitalist_Pig]

I am a homebuilder. I agree that the federal government has been manipulating the market. With the mortgage, deduction and artificially keeping interest rates low for a long time as well as backing mortgage securities. As far as the cost of houses goes, I can talk to you about new houses. They are a function of supply and demand just like existing houses, but they are also a function of the cost of construction. The cost of construction has gone up radically in the last five or six years. That’s why I don’t believe a word. The government says about the rate of inflation because it’s been so high in our industry. So if there’s demand for housing, but the only housing that can be created is too expensive for people then we need to build smaller or modest product. A lot of times we have government zoning issues that stop that from happening. One other thing, much of the cost of housing, going up, was due to inflation that is directly related to overspending by the federal government. An example being the Covid. Where they borrowed $6 trillion and then basically gave everybody a check. So when you throw $6 billion into the economy without any increase in the availability of goods and services, of course when you get an inflation. All the federal government has been doing for decades is the basing our currency. They have also increased regulation, that makes home building more expensive. They terrorize construction sites with Osha. The fines that Osha gives Builders for minor in fractions can be tens of thousands of dollars.

There are a lot of issues to solve housing.

[VirtualAdvocate]

It is difficult to comprehend how we are in this position with all the advancements of society. Greed will doom us all.

[true-nwnh]

Awesome inteview. So true 7% is not hight but when a house used to worth 400k and now 800k no one can qualify or afford it. Horrible situation.

[nancygreen]

I bought a house at the end of 2008 in Florida. The builder was paid $265, 000 to build it. It was never lived in was well built and it was supposed to be a flip but the bottom of the value of this house dropped the price drastically because there were thousands of foreclosures in FL . I bought it for $83, 000 and it had all appliances. I paid cash. I also owned a home in NJ . I sold that in 2016. It was in a Beach town and I made a killing. I am now full-time in my Florida home. If the prices drop go find a home at a very low cost. It's the only way to beat inflation and bad times. In New Jersey prices did not drop but Florida took a big hit.

[daleemr]

Great interview. So true. In Canada as a senior, I've seen everything that has happened since the 60's. My parents bought a house in the 1950's for $5000. I bought my first house in the 1970's for $35, 000. The 7 acre farm I now own is worth almost 30 times what I paid for it in the 1980's. I built a second house on it with a 2 bedroom basement suite and the original house that I renovated in 1987, is now dated looking, needing another reno. My son lives here with his pregnant girlfriend in a 40' trailer, and my daughter-in-law lives in the original house with my two grandchildren. So glad that my mortgage is paid off because I couldn't afford the payments plus the taxes, and those are more than 6 times what they were when I bought. The taxes are now more per month than my mortgage payments were. Everything Peter said is true and scary for those that want to get into the housing market.

[stevo]

Good to see Peter talking in a relaxed environment rather than the gladiatorial ring of CNBC and Bloomberg interviews.

[daveraven]

I just bought a new house that is very conservative after recovering from a divorce in 2010. I couldn't get an existing home in my price range due to cash purchases and counter offers. I didn't play the game .I put dollars down and the builder gave me $10000 credit to pay closing costs and buy the rate down. I was homeless since 2018, working saving, getting out of debt and getting my credit score up. My payment is low.I still have savings and can still save money but the property taxes are high. I wanted a roof over my head. My job in the food supply chain should be ok because people still need to eat .Thanks to both of you for the video and info.

[Sola_Scriptura_.]

Great podcast. Peter saved me from the 2008 GFC. I am forever grateful for all the great nights of sleep ever since. God bless

[harleyturner]

From where I set I can see property taxes being a big issue. As a retiree I’m wondering if I can keep my home because of out of control taxes.

[curtwhite]

I'm a 26 year old man that has been trying to save up to buy for 5 years Here in Southern UT (a lot of people moved in during covid). I'm still nowhere close and am watching it continue to spiraling. Nobody I know can afford a house either something has got to give

[breckfreeride]

80k for a truck... That was a home in the 80s

[sailingaeolus]

My Las Vegas mortgage is at 2.75% for the next 28 years. Total including taxes and insurance is $912 a month. I will NEVER sell. Home has nearly doubled in value since 2019 and still slowly rising. I have a high rate CD at 5.25%. I'm being paid to live in my own house.

[TravelwithRichardandJudy]

Hi Todd I invested in multi-family real estate in Wichita, Kansas from 2010 to 2015 and I'm a huge fan of your channel. This interview with Peter Schiff was one of your best yet. Congratulations! I said exactly the same thing you did when Peter gave that explanation at the 38 minute mark. Brilliant!

[ruffleschips]

There is a huge problem to rent your house. Renters are often jerks, who do a lot of damage to the house. The repair costs is often far more than the rent profit.

[HODIUSDUDE]

Great interview. So many factors at play. This is an impending financial superstorm. Commercial real estate collapse, uninsurable housing, housing bubble, inflation and huge debts. How long can this can be kicked down the road?

[StillPlaysWithModelTrains]

I remember my grandfather, who was a general contractor, telling me about the housing crash of 1926 and how he was unable to work in his field until the housing boom started in 1946...

[CheapVanLiving]

Many can't afford their pmt even with the low interest rate because their insurance and taxes have gone up so much.

[joseph]

I follow Peter pretty closely and have been wanting to hear him talk specifically about the housing market in greater detail so I really appreciate this interview, you just gained another subscriber. Great work 👍👍

[ela]

Wow, what a great interview from Peter and Todd controls the topic in the interesting path and gives audience plenty of time to absorb Peter's golden information with less interruption. I bought 5 brand new homes in California and it was easy in the late 90 and early 2000. With my salary doubled, i cannot even buy price of home today. I cannot stay in my 5 bedroom home of $3400/month as my SS is just $2k/month. My realistic option is buy a cheap land and buy a brand new manufactured home delivered to the lot with no HOA and restrictions. The lot i bought for $35k last year is half hour away. It's now 13 months looking for another land closer and they are $399k to $500k that defeats my goal. With Peter's interview, i will save and wait for 24 months. If nothing happens, I'll just use the lot half hour away. Please share if there is other way.