Homeowner BANKRUPTCIES WILL SKYROCKET in First Quarter of 2024

[@MichaelBordenaro]

NOBODY WANTS TO PAY THESE PEOPLE! LAYOFFS ARE HERE kzbin.info/www/bejne/i5DVnIiPZ82XaJo

[@888strummer]

There is nothing wrong with buying a house, but problems happen when people overpay. And now with taxes and insurance exploding as you've been warning about; people need to buy a house that is 20% less than what they thought they could afford

[@ProfRedPill]

Happy New Year Michael. Thanks for the content you deliver everyday.

[@benjaminpauldimedio1683]

More more more unemployed bums

[@kvasir119]

The crumbling of the US growth structure. Some similar examples of culture change can be seen in accelerated fashion looking at startup tech companies and how they evolved over a decade or so. US is happening similarly but drawn out over decades.

[@TexansForChrist]

I think the point is that people DO want to pay what they signed up to pay for and maintain their credibility, but failed to prepare for these things that COULD have been prepared for. My parents and even good KZbin channels strongly encourage NOT diving into a risky situation....and then blaming someone else when they don't want to own up to what they agreed to. I worked 33 years at a job and layoffs were a REAL thing that could be prepared for. I would never tickle peoples ears and tell them only what they want to hear. Mature decisions take basic discipline that may not feel warm and fuzzy in the short term but long term consequences are there and WILL come. The prepared, no matter their income, will be ready and avoid trouble and not need to cry and complain. No excuses.

[@FennaVa]

Making accurate predictions for the housing market is quite a task due to the uncertainty surrounding the Federal Reserve's ability to effectively reduce inflation and borrowing costs. Everything is so uncertain

[@ralfbrown-kl1gp]

I'm considering purchasing affordable houses in 2024 and possibly venturing into stock investments. When is the best time to enter the stock market? Some people say it is profitable , but others say it's risky. Any advice?

[@marcellasilva4015]

Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q4.

[@ralfbrown-kl1gp]

Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?

[@marcellasilva4015]

Sharon Ann Meny, is the name , Just search the name. You’d find necessary details to work with to set up an appointment.

[@tatianastarcic]

I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?

[@berniceburgos-]

Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.

[@nicolasbenson009]

You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who were forced to witness the 2008 financial crisis could expect to generate a large wage.

[@BridgetMiller-]

Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.

[@nicolasbenson009]

Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.

[@Michaelparker12]

I appreciate this. After entering her full name into my search bar, her professional web page surfaced as the top result. Her impressive qualifications undoubtedly speak volumes about her expertise

[@rhanemann9100]

These prices... to live in hot, swampy, hurricane-prone Miami. Insane.

[@rubicon3416]

It is insane. Massively overcrowded and parts are like the 3rd World.

[@debrah8110]

You think that's bad? In Canada, we pay more and earn less to live on the frozen tundra.

[@llew-AZ]

​@@debrah8110The Great Frozen North Aye.

[@HillyBill38548]

@@debrah8110. Get Trudeau and his Globalist Elite buddies out of office.

[@jumpingjeffflash9946]

I was stationed at Homestead AFB in 1990, I hated the 2 years I was there so bad.

[@TheDallasSkeptic]

In Texas there was a bill passed last year to increase homestead exemptions. My new property tax bill went down $800 even though my taxable value went up 10%. Gotta love Texas.

[@markrico1703]

Don't tell them our secrets...

[@danielsnyder2288]

My property taxes in Texas still went up even with the higher exemptions. To pay $12,000 a year property tax on a house worth $400,000 is ridiculous especially if you bought it 20 yera ago for $120,000!

[@eleventy-seven]

@@danielsnyder2288 Bought my home in Sonoma County. Now worth about 550k I pay $4k taxes.

[@re8746]

I live in Texas and its not enough. Abbott better fix this or he needs to be replaced with someone who will. I have been in Austin since 74.

[@vickijohnson9367]

Loved your truthful comment, “We are getting royally ripped off on everything.” That’s extremely true, with nothing to show for it.

[@debrabuckley5011]

and this is why nobody wants to work .it is a ? we all ask how do i make it and what was it for .but we keep on trucking anyway .

[@xrunner55]

I was on a date with a lady and she was telling me how the taxes going up is a good thing because of all the government services they will fund. I asked her if she is having problems paying rent, she says that I not a problem she can go live with her ex. People literally can not see the causation. I bounced on that date, she can get the ex to cover her tab. I know I have a tax assessment notice coming in for my property and I am considering moving. But my next move will likely be out of country. I won't be a tax cow, this cow is growing wings.

[@TrueBeliever6491]

xrunner, you should rename yourself, "bulletdodger"

[@dannybobjr3686]

So you plan on renouncing your citizenship? If not you will still have to pay federal taxes.

[@kirkjabyrfjall]

😂😂😂

[@xrunner55]

@@dannybobjr3686 That is the plan. Funny, I served my government or country. But I learned not to tolerate idiocy. I swore an oath to the constitution, not peoples lifestyles.

[@aryaastark9201]

Lol anywhere you move you'll be paying taxes.

[@halfunkbass2966]

Michael you are hitting exactly the sticker shock of my senior retired neighbor. He got his new escrow monthly statement and I can see the pain in his face when he told me how much he has to pay with insurance increases. It's like a conspiracy and we are in California at that. Oh and when you add the electric, water, and sewage... its eats up all your retirement funds.

[@treesnmoguls]

Senior has an escrow statement? For seniors who are not super wealthy, the mortgage balance should be $zero and no escrow, because the mortgage is PAID OFF... (just my opinion...)!

[@With2sULose]

If you retire in a high tax state like CA, I don't know what to tell you

[@malcolmlove4602]

@@treesnmoguls the mortgage could be paid in full but property taxes and home insurance, which can both increase substantially, are usually included in escrow. That's why there's an escrow statement.

[@anthonybha4510]

He retired without paying off his mortgage first? He needs to find a mirror, and point at himself for dumb choices.

[@EvelinHolmes]

@@anthonybha4510I agree you should not have a mortgage ones you live on a pension.

[@markpitchford7375]

Someone paid 1.7M for a 400k house????? This ends in tears and lots of court filings and auctions.

[@makefranks1227]

It sounds off the wall right, but when you put it in perspective. With all the advancements in globalization. The opportunities that this fast evolving internet provides and how we are all interconnect. Someone that made it from a third world country to making $200-300k a year working for Facebook or google can afford that monthly payment to live in California, Florida.

[@fishtherapy100]

I just cant believe the taxes. I live in South East London. 4 bedroom house. Taxes $2,200 p.a. My buildings and contents insurance $2,600 House value Circa $2.3M . How anyone can afford $30,000 p.a. Taxes is insane.

[@stanrix]

I know! I had no idea Americans got ripped off so bad with property tax… I was upset about paying under 4grand per annum for 2 properties!

[@johnbalasa711]

This America, we have a lot of free loaders that our government pays out every month. Health care is just as bad.

[@geraldcroft9020]

You’re paying for all that diversity and cops arresting you for hate speech

[@llew-AZ]

It's the same with health care. We pay a fortune health insurance that isn't kind on co-pays and deductibles. Yet all those health insurance providers funnel enormous amounts of money to the politicians to keep the status quo. Always saying how absolutely terrible medical coverage in Europe is.

[@donwhitton7791]

I asked someone previously to tell me how much someone typically pays for health insurance down there since ours is universal to everyone, no charge (Canada) No response....crickets. I was trying to guage if my paying 32% Federal/Provincial (state) taxes was similar to U/S lower income tax plus your health insurance premiums and co-pays. I kind of think it is.

[@zbxck12345]

Michael, last day of the year 2023 you are uploading new videos. thanks for your work. Happy new year!

[@maxs-d4y]

We left Broward County, Fl 11 years ago. The house we sold for around 800k is on Redfin for 3 times that today. Today I live in a rather upscale Mexican city. I am renting a 5 bedroom house at the moment. My annual expenses for 2023 are around $35k. I shop at Costco maybe twice a week. I want for nothing.

[@rubicon3416]

A lot of Americans are going to consider moving abroad in the years ahead.

[@jeffw1267]

And Spanish is an easy language to learn. If you speak it every day, you'll be fluent in a few months.

[@the_derpler]

It's messed up that people are running so close to the wire that $250 more a month in costs will basically make you homeless.

[@rubicon3416]

True, but this isn't news. Americans are broke spendaholics. 3K more a year will definitely put many in a bind.

[@BlessUsEarth]

Just that people are dealing with so much money (the prices home) they kinda became dull when you mentioned a few hundred more vs less.

[@lisam4853]

It's not just the mortgage that's going up. Health insurance, Healthcare, groceries, have all gone up. When everything goes up 30% and your income hasn't, its tough.

[@jeffw1267]

​@lisam4853 Then what you do is make adjustments. You buy staple foods instead of deli food. You cook at home instead of eating out. You cut out the expensive vacations. Home is a better place to be than anywhere else, because your friends are there. And of course, you learn to enjoy inexpensive and free things. For example, I like to memorize poetry and do mental calculations. It doesn't cost me one cent, and the kids love it.

[@michaelpowell7120]

might as well get into the street considering what is coming next.

[@iamkellij]

I use to work for a mortgage lender. Customer Service Dept. And eventually transferred to the Foreclourse dept. And you're correct. Most of my customer service calls was to due to increase in escrow. And the customer was stating they couldn't afford it. I felt bad. But its true. A lot of people don't think about taxes and homeowners ins. They just think about the downpayment and monthly payment.

[@MrBrndin]

The banks gave people too much money when interest was low. They wanted the same return, so they gave people twice what they should have.

[@msbethmildhyperbaricoxygen6392]

We got the reassessment for our escrow account and it went up $100 a month😡 Not sure how many more of those we can sustain or should I say how many more we want to pay. I guess they are really going for the “you won’t own anything and be happy” now more than ever.

[@DoodleNugget9]

How did your escrow increase?

[@BREEZYM6015]

If you need an extra $100 a month then consider donating plasma if there's a center near you. I get paid $120 a week by donating twice. That's $480 a month.

[@chrisladd2560]

That is exactly what’s happening

[@phuchyouh7171]

You vill eat zee bugs 🐌🐜🦗🪲🦟🪳🪰🐝🐞🦋🐛

[@lisam4853]

You're lucky yours only went up $100. Mine went up by 350 and I own my own house with 1 income.

[@Keith-yn4zd]

In Florida. My insurance was $650 2 years ago, I didn't even notice it jumped to $ 1270 last year, then I realized now that my monthly payment increased that it is now $1520. My taxes went up about $30 for the year. My monthly payment got adjusted up $180 per month. Im looking to get some new insurance quotes. It seems like insurance companies will give you a great rate the first year and then jack it up each year so it makes sense to keep switching insurance companies every year

[@jimshoe402]

Correct that's what I was AFRAID of . Thanks same company everything 40 years no trouble too.🥰🥰🥰

[@clagueb3686]

They raise the policy limits because of the increased replacement cost so the premium goes up.

[@gregorylyon1004]

I can only imagine what your insurance will be when you get the house paid for

[@brendaechols5929]

I'm afraid to find out what my Statefarm bill. They sent a letter out that insurance is going up.

[@Keith-yn4zd]

@@brendaechols5929 50% average increase for most florida insurance policies in the last year.

[@orwellianhater4014]

Michigander here. No hurricanes, tornados, violent storms, etc. I made no claims with Progressive. My homeowner's went up 27%. I bumped up my deductible to $5K to get my rates back where they were. My auto insurance went up 22%. I just bit the bullet on that one.

[@sierrasky2491]

😂 I love Michigan but you have -50 Fahrenheit in the winter, broken water pipes because of the severe cold, and have to chip ice off of your windshield 8 months out of the year😅

[@michaelmeyers3664]

​@@sierrasky2491Also their vehicle's become rust buckets. Here in Texas I am still driving my 24 year old car and no rust. The newest car I have is a 2009.

[@sierrasky2491]

@@michaelmeyers3664 👏 👏 👏 👏

[@sierrasky2491]

(No offense to Michiganders)

[@intheblues]

Great video, Michael. I've been following for years without ever commenting. All the best for 2024 and thanks for all your informative and entertaining videos. Take care. - Shane

[@davidrohder7897]

Interest rates are killing the market and the buyer that jumps in and buys a house doesn't realize how much more that they are going to pay until they actually have to do it for 30 years or more . Then they are walking away from it . Can't really blame them .

[@stevemikulich5959]

The issue is being highlighted is buyers purchasing homes they can't afford. You shouldn't buy a home that requires you to pay a mortgage that utilizes the majority of your income.

[@jamesharper8373]

The issue is even if you buy a house that you can afford, the cost of owning it keeps going up.

[@koolkitties8552]

You're not supposed to pay more than 30% of your income toward your mortgage But when insurance That's doubled in the last couple years in Florida People end up paid almost half their income for their mortgage

[@ronalde.mcknightcpc5542]

Listen to the video

[@russcollar5353]

people buy things they cannot afford. Very dumb.

[@amirjat9897]

People buy against their future. 600 sq ft simple or cabin is much peacefull if paid off then mega house. Humans need very little space to live. Rest is all greed and but no need. Rest is all eyes that never get satisfied. I sold my two mortgaged houses and paid off the 3rd where I am living. I divided it into 4 portions and kept one. No mortgage yet $ 3700 coming from rent alone. Nature will correct if people don’t desist from loans and borrowing against future. I hope interest rate goes up to 12 percent so people can straighten up and investors learn lesson.

[@AA_BB_CC_D]

I’m voluntarily adding money to escrow as well. Property taxes in Texas are insane. We don’t have state income tax but that’s where they get ya - property tax.

[@brendaechols5929]

You are right. I'm putting extra in my escrow.

[@tanyaray4846]

I live in a high crime low income neighborhood in Cincinnati. My property tax more than doubled. I was only given a one month notice. I really need to retire next year due to health reasons. My elderly neighbors taxes have skyrocketed too. For the last couple of years I have had people calling almost daily to help out of the area investors find houses. I hope prices drop soon.

[@redfo3009]

Does this not remind anyone of, ‘you’ll own nothing and be happy’? They are pricing the middle class out of homes, cars, and meat etc. There will be rich and poor. The science ‘fiction’ stories have forwarded us for decades 😢

[@TrueBeliever6491]

yes

[@anthonyvarone5526]

Yes is right!! Sad…

[@indigostaraz]

Predictive programming.

[@BicycleFunk]

I guess you can thank neoliberalism and capitalist bootlickers for that.

[@elhazelrah]

I keep thinking about this. I don’t want to live in ze pod!

[@Refiningforge]

We bought a home in 2021 insurance was $1400, went up in 2022 to $2400 and thats with cutting down coverage, now our policy is $3200 with no changes.

[@soniabayer578]

Insane and corrupt !!!! And Sickening!!!

[@gregorylyon1004]

Just ask yourself how many years are you going to be able to keep your home with increases like that year after year

[@Refiningforge]

@@gregorylyon1004 yeah it’s been a question asked

[@joshmartin1938]

Fla?

[@Refiningforge]

@@joshmartin1938 yes FL

[@neganxarmy5151]

I live in the panhandle of FL. I just received my escrow analysis and sure enough my insurance went up over 2K for a total of 6K for the year. Fortunately I have heeded the warnings from gentleman like Michael and from past experience and live well below my means. My monthly mortgage payment will be going up $177 a month starting in February, but I knew this would be happening years ago and have prepared accordingly. Thanks again Michael for the info and knowledge you deliver out daily.

[@Annajsee]

feliz ano nuevo 2024🎉 praying for a better year🏠

[@PazLeBon]

thanks omgom

[@JonathanHaberski]

After the collapse, we ALL need to refuse to pay property taxes! It's 100% unconstitutional. I DGAF if you served or are old if we all don't get a reduction, no one should get one. You are not a land owner if there is property taxes. This is 10 trillion times bigger than tea tax in the Boston Harbor

[@TrueBeliever6491]

True

[@2ez.208]

Problem with that is your property will be sold to someone at the judicial tax sale.. we own nothing.

[@georgedreher2322]

@@2ez.208 All property owners are really just renting from their local governments. Don't pay the property tax - you lose. You will "own" nothing.

[@JonathanHaberski]

@@2ez.208 no sheit that's my whole point!

[@SgtBrutalisk]

The tea tax that kicked off the revolution was 3 shillings on 36 shillings worth of tea or 1/12th or 8.25%.

[@cameronjenkins5304]

In Colorado, Jefferson county, property taxes have increased 40% this year. Insurance adjustments are coming too!

[@JA-re8gi]

All while they shut down schools

[@dennistyler9852]

Ridiculous, there should be a cap on what the increases can go up.

[@sunshineretired2582]

Happy New Years to Michael & Lizzie, so many wonderful days filled with information we all need to know.💌

[@John-dh1gh]

One thing to note is that the big insurance company's have detailed flood maps right down to your house number. So get quotes and make enquiries while buying a house and they'll tell you its risk.

[@hvaball150]

Big insurance usually doesn't do my flood. They could care less.

[@hvaball150]

@@MereAYT good point. If the city doesn't maintain the storm drains... I would probably flood too.

[@alyross2850]

Please read that flood insurance contract. Flood insurance is its own policy. I had a flooded neighbor whose basement was flooded up to the ceiling and the insurance only bought him a new door to the outside. No furnace, water heater, repairs, nothing. He was forced to buy this policy, and it was truly a scam.

[@FourthWayRanch]

Flood maps are public information, on FEMA website

[@gregorylyon1004]

Well that's to predict how much risk your house is. Insurance companies were designed to turn a profit too.

[@JS-jh4cy]

Damn more than 30K in taxes for an stinking small house in Miami??!, crap i could buy some groceries with 30K

[@soniabayer578]

Home ownership has become absurd! It is one big monopoly game … not a place to live. Add the insurance, property tax, etc. and it becomes a financial nightmare!!! Insanity to put it mildly!!!

[@marekkawalec8581]

Exactly

[@andreavandekleut6379]

You forget, that all landlords charge YOU for insurance ,escrow,taxes, and estimated repairs and use of wear. You are buying him a house . And he,ll keep all the profits. He,ll get $250.000 and you end up with nothing, other then the freedom of able to move , at any time. But with no real money or profits.

[@davidmontgomery5047]

Renting is even a worse Deal

[@sergiolandz6056]

ownership of anything is a joke, no one owns anything they have, you either have to pay a tax to the true owner or a registration fee to said true owners. the gov owns us in every way possible and yet we remain slave like and pay... talk about a soya generation with no balls.

[@margaprintemps3076]

You will own nothing, you will be happy. Klaus Schwab of the WEF.

[@tibor1982]

I had an escrow shortage of $5400 on my new orleans home last feb. My monthly payments went way up too!!

[@Purpletip99]

I had $3000 shortage, all due to huge increase in insurance.

[@jonathan198117]

That's what happened to me they increased my scrow from 400 a month to 800 because my tax property went up, you just described my whole situation

[@gregorylyon1004]

They are literally bankrupting homeowners with taxes and insurance premiums.

[@PazLeBon]

why is everyone using escrow?

[@gregorylyon1004]

They must be using escrow because they can't save enough money to pay for the taxes each year

[@halfunkbass2966]

Im at the point where I'm fighting for my home value to be low... do we have to tell people to leave a toilet system in the front yard so the property value drop? This increase in property value is just a way the government can assess more taxes out of us.

[@treesnmoguls]

Excellent point! What does appreciation do for you anyway? Makes you FEEL GOOD :)

[@jimshoe402]

@@treesnmoguls Yes most can't get the Money OUT to use it. HELOC 9% 😝😝😝

[@carolbagwell6769]

That's what I think everytime I hear someone complaining thier taxes and insurance has doubled...I think but your house value has doubled.. I think that's how the math works. except maybe for the insurance..I think they are taking advantage of the situation/inflation. But then again.. insuring a 250 thou home vs. a 500 thou home has double in cost too I guess.

[@PazLeBon]

lol the most basic supply and demand issue ever. Thatchers britain still.

[@joelzinho4600]

You know, this would make sense when you add the context of ridiculous immigration numbers being allows in the US, CAD, and UK. Puts a theoretical floor on housing prices, and create the increased probability for demand/supply imbalance in R.E market to encourage price appreciation. Increased price appreciation leads to higher taxes in absolute dollar amounts, this helps with the high debt loads almost every state/province, and definitely countries of US/CAD have taken. Add a little bit of inflation of 3 - 4% plus 3% population growth, you'd make your citizens poorer, but you would be down the debt.... interesting.

[@zacheray]

It may have been my comment about insurance prices here in Italy you were referring to. I didn’t even mention that there’s no property taxes on a primary residence here.. (unless it’s deemed a luxury property, which mine is not) If you learn the language, well worth moving here. They like Americans.

[@amandag4940]

Happy new year to you and Lisi 🎉🎊🎇🎆 Hopefully this year will be full of blessings for all.

[@anitacotugno4407]

We are enjoying this weather as well here in Cape Coral Michael. I'm with you! I love it!❤

[@tommorningstar6373]

Yesirree. This is the best nuts and bolts analysis and explanation channel on the Tube. 122K subs. Your growth is accelerating. People thirst for truth.

[@LeesChannelishere]

My insurance in TN went from 2700 to 4500 last Aug. I own my home so I changed the deductible to 25k to get it down to 3300. I worked my an off the last few years to get my house paid off.

[@georgedreher2322]

I live in Florida and paid cash for my house in 1997. Thank God I have had no escrow account to deal with over the last 26 years. My insurance also increased but I did the same as you by moving to a high deductible. If a catastrophe to my property does occur, at least I won't be biting the entire bullet for replacement. I share this because several years ago I considered self-insuring, but thought better of that idea, due to the higher (inflation) of labor & material.

[@gregorylyon1004]

That's crazy because your state is nowhere near the ocean. 4500 a year.

[@matturner8]

When the Great Depression and other huge catastrophes occurred, I used to believe that everyone went bankrupt, but they didn't... Some made millions; I also assumed that everyone closed their businesses during those times, but certain some did start new ones. It all depends on your point of view; there will always be moments of prosperity for some individuals and times of depression or recession for others. My primary concern is how to grow my reserve of $220k which has been sitting duck since forever with zero to no gains

[@frankbarnes22]

Most of these strategies and loopholes are better managed by experts and pros, the average investors on the other hand are exposed to market sham which can lead to portfolio blunder. The issue is people always have the “I want to do it myself mentality” Unapologetically, that’s why they get heavily affected during a crash, most folks aren’t equipped enough to capitalize on drawdowns hence, it's ideal to seek a CFP.

[@emiliabucks33]

Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2020, and I return at least $30k ROI, and this does not include capital gain.

[@MarkGrimm8]

Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.

[@emiliabucks33]

I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Carol Vivian Constable turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.

[@MarkGrimm8]

Thanks, I just googled her and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.

[@jermon983]

I got at least ten pre-forclosers on my desk now. Going to foreclosure in January and February. Some are free and clear. The rest have low interest rates in the 2%-5% ranges.

[@YzKnox]

What state you in?

[@cypherlock01]

So sad 😢

[@johnhender]

what do you mean by "free and Clear ?

[@valsomeone2180]

@@johnhenderprobably mean that there are no other leans on it.

[@ijustmadethisup23]

If there are no liens on it, who’s foreclosing on them? Delinquent property taxes?

[@parkour267]

Living in tampa u motivated me to get out and walk around different areas here seeing u do it every video 😅 really been boosting my mentality

[@bibibachmd9995]

Thank you Michael. Totally agree. You said it: We are being royally ripped off here in the USSA. Massive corruption and failed policies. Constant wars to fund. My property taxes are set to double since my valuation has doubled. The mill rate may decrease somewhat but I do not have high hopes. All this extra tax money will be wasted.

[@barnabusdoyle4930]

Most states prevent property taxes from going up by over a certain percentage. Are you sure your taxes are doubling? How much are they? What state are you in?

[@JD-ir2sb]

Got to add in those 20-30% utility increases too.

[@onikaminaj8865]

🎯

[@owen8271]

Living this in South NJ. Most townships in our county saw a Property tax assessment. Our home value increased from 250k to 380k, and property taxes increased $3k/year. When my kids are off to college I am tempted to leave the state.

[@JC-xc8rx]

you should leave now

[@geraldsteigerwald1058]

Thanks!

[@preparingforretirement]

Amen on the escrow issue.... East Coast FL here - Ormond BTS (just below Flagler). The last 3 houses we've bought we don't escrow - I've dealt with far too many bank errors resulting in a bill for several thou or annual adjustments retroactively collected.... I refuse. Now I'm in control.

[@phydariel]

Wow! Interesting subject today. I hope you guys don't end up in my position. I decided to go back to work because mom asked me to rehab her house. I was actually tolerating 2 days a week of retail pharmacy when I got a call from assisted living. They kicked mom out! She worked her whole life and has too much retirement income to qualify for Medicaid, but not nearly enough to pay for assisted living and nursing home. The prices are astronomical! Please try to keep tabs on your parents and encourage them to stay healthy. It is a huge financial burden and tough on caregivers to take total care of another human being. Keep in mind that I am a 2-time healthcare professional and it is even hard on me!

[@WeekendsOutsideFL]

My mom sister and I have been very lucky. We live in Gainesville and rent a 3 bedroom house. The price has been a mere 10th of some of what these South Florida prices are, our car insurance has remained subdued and they did not raise our rent a dime. Yes it’s cold up here, but this part of FL tends to be overlooked by the big money migrants and has minimal to no flood risk

[@kirkjabyrfjall]

Shhhhhh……

[@davidturner3552]

We bought mid 2006. Months later our property taxes were reassessed. Just before Christmas we learned the escrow was going up $300 a month. It was fine we didnt have a car payment! Wed paid off debt before we bought the house, Im so glad we had. We kept putting in 401k enough to get the employer match.

[@kvasir119]

I live in California. Saw an article that State Farm will be allowed to increase rates by 20%. That's going to hurt us and many others. You're absolutely right, Michael. I used to be of the mindset as a renter that you're locked in to your monthly payments once you lock in a mortgage and just avoid an ARM. What's going on with skyrocketing home prices has amped up property taxes and now home insurance. Leads additional truth to the agenda I thought was crazy talk, but now I'm seeing it happen. You'll own nothing and be happy (because most people won't be able to afford to buy and own homes and other things). I got a union job and we got a 3% increase this last year and will get 3% next July. But food has gone up at least 20%, health insurance up several percent again, and other annual increases.

[@myronfrobisher]

I live in Oklahoma and have Allstate - they will no longer do roof replacement they will from now on depreciate the roof by its age and only cover what they determine to be the current value of the roof.

[@PazLeBon]

they can afford prefabs, there shouldnt really be an issue in that sense

[@dademack3544]

too many scam roofing companies getting full replacements done, when only a few shingles need replacing. They even advertise such. Good move Allstate. Unfortunately we all pay for fraud in the end. @@myronfrobisher

[@MF-ty2zn1]

Insurance is based on replacement cost not sale cost.

[@myronfrobisher]

@@MF-ty2zn1 if i had the time i would type out the notice they sent me

[@paintedlady4589]

Colorado is off the hook price increases for home/auto insurance. That on top of how expensive food is here, don't know how people are doing this. We expect people to go into foreclosure and or start to sell. Seems to be getting worse now then in 2008/2009. It's tragic for seniors.

[@JinNani224]

I was just in Miami. The people buying are immigrants eager to live the American dream or foreign investors who don’t mind the low return. This is why Miami keeps high prices

[@Dowhatyoucandonow]

5 families in one home

[@JinNani224]

@@Dowhatyoucandonow that’s true too. Hispanics usually all live together and pass down the house

[@garmd4953]

New miami imigrants are the rich running away from Venezuela, Colombia, Argentina. Good for Miami. and America.

[@lucasbittencourt2355]

Yep, I fall in this category

[@toddb6576]

That's why I moved from Miami. Adios

[@krisbrixon]

There are a lot of flood areas in North Carolina that is not near a body of water and had a 500+ year flood in the last 20 years.

[@johnobrien8398]

The vultures are lurking for the misery people are in ready to take their houses from them it’s really awful what people will do for money.

[@aznexile602]

Whats crazy is that the agencies allow up to 50% DTI using gross income.

[@AmericanConstellation]

If you are a new homeowner here in Florida, your taxes and insurance will only go up, it never goes down, which means your mortgage will go up every year. I feel sorry for home buyers and home renters because they will be paying a lot more from here going forward. Also, your auto insurance will go up significantly as well. I wonder how many people in Florida now are driving without auto insurance or a drivers license. If you don't pay your auto insurance, your license will be suspended. You can't tell me that there isn't a large percentage of Floridians driving without insurance or a drivers license.

[@elizabethlanderman3086]

Our insurance on two older cars dropped $1200 a year when we left FL.

[@gregorylyon1004]

It was that way in Florida 20 years ago when we left. No insurance on car no plates stay on the car

[@The_North_Meng]

you feel sorry for home renters and buyers? what's the other option? live in a tent must be the smart way to go.

[@nikij.6058]

I don’t have an escrow account. Pay these items myself. They always take more than they need. I keep my money! Set this up when you get the mortgage.

[@valsomeone2180]

Over the last 11 years my property taxes have increased 50%. Thank god that I am a veteran and I am eligible for property tax reduction due to that.

[@hvaball150]

Over the last 11 years, my property taxes have gone up $50.

[@llew-AZ]

Thank you for your service

[@michaelpowell7120]

your sure?

[@OldFortBragg]

Here in Harnett County NC, the state veterans affairs office across the street from the tax collection office. I took the VA form over for the 45% deduction from taxes and the female clerk was annoyed and said come in January. She said I need to fill out more paperwork and qualify further for the reduction. Last November I have been in house for 1 year.

[@clagueb3686]

@@OldFortBragg I lived in Harnett. The county property appraiser sets values to high. Appealing to the value adjustment board was a waste of time. Ended up selling for 30K less than appraisal.

[@commonsense6967]

Must be midnight! My neighborhood sounds like a war zone! Happy New Year's Michael and all!

[@EM-ru3eh]

When I bought my SWFL home 2 yrs ago from the man who built it in '86, I knew there would be a jump in the escrow. However, I was not thrilled to see the shortage would require an increase of $320/month for the year. Just got the latest escrow statement and I'm only $1800 short, so monthly payment will go down starting in March. But since I'm on a fixed income and can't predict what next year's increases (and hurricanes) will look like, I'm out. The house is on the market now.

[@joelzinho4600]

Wild. Thank you for the explanation. I am Canadian, we have our own housing issues here, but just curious, where will you go now, more inland in FL, or another state?

[@EM-ru3eh]

@@joelzinho4600 Thanks! I am heading back home to Maine. I already have a place to live with family there, so don't have to worry about dealing with that state's extremely tight housing market, thank goodness.

[@HillyBill38548]

Think about how horrible the last 3 years have been and remember it come November and do not listen to main stream media

[@davidhunternyc1]

*Just imagine if houses were free. That's right, $0.* Still, the cost of property taxes, homeowners insurance, HOA fees, repairs, upkeep, and other fees would equal that of a mortgage. These expenses alone are a strain on most families. Then there's the unaffordable costs of health insurance. It will only get worse. Happy New Year! 🤣

[@carefulconsumer8682]

So-called, "health insurance" is really going to sink a lot of people. My neighbor had chemo this Fall that costs $110,000 for 6 weeks of combo chemo and protein-ion radiation. Insurance covered 80% and his portion of everything including doctor's charges is about $35k. Plus loss of work put him behind. Serious sickness can easily bankrupt someone.

[@davidhunternyc1]

@@carefulconsumer8682 This is disgusting! You won't hear this on MSNBC or CNN! Us plebeians don't matter!

[@dlukton]

Yeah, you're right; even if I could get a beachfront condo in Florida "for free", I probably wouldn't want it.

[@davidhunternyc1]

@@dlukton Isn't that nuts! Just the costs of maintaining a home doesn't make it worth it anymore.

[@prd004.2]

They call it the American dream because you have to be asleep to believe it

[@stevegiblin270]

Greed, GREED, and GREED! Realtors real estate Agents not you, investors, foreign investors, Isurance companies , Federal, state and local governments are all corrupt! We need a lot of help in in fixing this housing problem!. Thanks for telling the truth!😊🇺🇸🍀

[@coopsnz1]

The not forgein investors the people moving from high tax country in northern Europe & Australia because homes cheaper to buy in usa and not there born countries. China " Singapore " Hong Kong " Korea borderline communism countries why they move to Australia

[@svenjanssen08]

Hey Michael, I’m stunned by this homeowners insurance + property tax. In the Netherlands I pay for our €700k valued home, €70 a month for insurance and €110 a month for property taxes including garbage. How can people afford these prices in the us. They all want u guys to be renting soon?

[@rubicon3416]

You are paying in other ways.

[@svenjanssen08]

@@rubicon3416 of course.. we pay more income tax then in the US. Just stunned that these property taxes are flying up so fast in a few years. If u see Michael’s comparisons. Still thinking about a second home in the us though. :-) Working there was amazing, but if the company pays for a condo is a different situation.

[@llew-AZ]

Here is one Micheal, I ended up paying off my home loan based on mortgage payment increases based on estimated escrow. They wanted another 220 dollars a month when I checked with my insurance and county tax assessor and I had about 200 total in both. This was 2022. But the prior two years, the mortgagor had sent me overpayment checks based on too much in my escrow saving account. It is bull crap. I had the money to pay the 74K loan balance, but most people do not and just get screwed. I had a 2.75% loan but gave that up to get rid of that shit system.

[@DK-rk4qs]

Mortgagee*

[@uncommonsense5876]

With inflation of 5% to 10%, WHY would you pay off a 2.75% mortgage?? The BANK will gladly loan your $75k out on a 7% mortgage now, capturing the profits you be making at high rates of return in high inflation environment

[@andrewestbrook4473]

Taxes, fees, insurance and due are now a wealth transfer from the individual to the government/corporation.

[@mariakileen396]

You are definitely right. Our escrow increased mortgage went up from 2100 to 2500 and we live on freaking Wyoming.

[@booboolips6053]

Our insurance that has our car insurance bundled with it went up from 4,000 to 11,000 a year. This was the best deal we could find.

[@gregorylyon1004]

OMG. Insurance is no longer affordable

[@boomer1049]

I learned my lesson in 2008 and now I am not in debt up to my eyeballs! 500.00 dollars a month increase in payment would suck but won't sink me! The real problem is called living above your means! The cost will always go up especially over a period of time!

[@Riggsnic_co]

Bankruptcy is a legal process that individuals or businesses can undergo when they are unable to repay their debts. It provides a framework for financial relief and a fresh start. There are different types of bankruptcy, such as Chapter 7 and Chapter 13 in the United States, each with its own rules and implications. Bankruptcy can have long-term effects on one's credit and financial standing, so it's essential to carefully consider the decision and seek professional advice when facing overwhelming debt.

[@bob.weaver72]

I believe that there are techniques that can be implemented for consistent returns regardless of the state of the economy or the market, but advisers or investment gurus with experience after the 2008 crisis often carry out such implementation.

[@martingiavarini]

The issue is most people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt, no offense. In general, invt-advisors are ideal reps for investing jobs, and at firsthand encounter, since Jan.2020, amidst covid outbreak, my portfolio has yielded nearly 300%, summing up to 7-figure as of today.

[@hermanramos7092]

That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?

[@martingiavarini]

Credits to 'Natalie Lynn Fisk' she has a web presence, so you can simply

[@hermanramos7092]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@user-yy9be9mi6n]

Michael and Lissy, happy new year! Health and happiness to you both.

[@thomasperina2990]

Hello Michael & Followers of this Channel: Just a quick note to wish you Michael & everyone HAPPY, HEALTHY, & SAFE NEW YEAR. GREAT CHANNEL MICHAEL !!!!! Your subscriber, TMP from N.J.

[@Mike-zf4ev]

Many people do not realize or are not told that when they purchase a new house it will be newly assessed due to the selling price. Surprise. Your payment has automatically skyrocketed. It's called the newcomer tax here in western PA.

[@andranes]

It’s disgusting how home ownership is taxed taxed and taxed by changing names and titles on everything.

[@timr31908]

​@@geocam2I'm for defunding the public servants especially😅 policeman.., every time you call a cop they just make things much worse ... They're pretty much just revenue collectors...,😊

[@robertmanley2687]

@@geocam2 Government at any level is inefficient compared to private business. Have you ever seen 5 road workers looking at a hole being dug by a backhoe?

[@splash4891]

@@robertmanley2687 exactly....this is what happens with extortion, so of course they are not efficient, they don't need to be because they will be paid no matter what the service is like, welcome to the world of 'the powers that shouldn't be' who take and take and cannot manage a budget like the rest of us have to

[@curie3938]

if we went back to only allowing homeowners/property owners to vote, would that change things?

[@TubeBoobforyou]

​@@timr31908Good luck with that. I hope you like living in the land of Mad Max...

[@asildesigns]

My husband is a huge fan. Our mortgage was paid to date and I go to make a mortgage payment and login to mortgage provider raised insurance with travelers to 11-12K we thought of refinancing to 40 year mortgage we owned the home for 12 years and instead of my husband allowing me to work with HUD. We sold at a loss! Keep telling the truth! happened to us we had to sell as we are on a fixed income and couldn’t afford PGE, and all home related bills. eventually we would have gone into foreclosure…

[@gregorylyon1004]

$12K a year for insurance. Lol. I would sell too

[@EnufAlrdy909]

If worse comes to worst many people can underinsure and they don't even realize it. Your lender doesn't usually require full replacement cost coverage. If you bought for 300k and put down 150k all you're lender requires is 150k of insurance on the home. Check with your insurance company and find out about changing from guaranteed replacement cost to an 80% replacement cost. It's a gamble, sure, but it's probably better than foreclosure or being forced to sell in the short term. You can also increase your deductible to the max of 5k or 10k, drop medical payments to $1000 and lower liability to 100k. Not everyone can do this and probably shouldn't, but it's an option while you try to get your finances in order!

[@chinoloc916]

Thank you for all these videos!!!!! Appreciate it so much. Good videos in home, playing guitar, and walking. So, it doesn't matter where you record or how you look. Always coming back to my favorite channel brother. Much love from Sacramento CA.

[@BlueVette3832]

Another reason homeowner's insurance has gone up is replacement costs. My insurance company raised my homeowner's insurance 20% this year because the current replacement cost for my house is almost 3 times what I paid for the house in 2007 when it was new.

[@EnufAlrdy909]

My insurance company tried that back in February of 2023. They hit me with a 30% increase for replacement cost. They refused to budge and wouldn't lower it by a penny. I shopped around and The Hartford fully insured me for 15% less than what I was paying before the 30% increase!

[@kellyrobin718]

When house prices crash at some point they better drop their estimates 😤😤😤

[@ihave35cents95]

@@kellyrobin718 that doesn’t change replacement cost

[@heatherhall7899]

Good point.

[@GahBoe]

Yup. My neighbors house burnt up. Left me puzzeled when I saw their renovation. Skimmed walls, over the top extended kitchen cabinetey, enlarged island, premuim counters, expensive bathroom, top of the line finishes, added solar, and a new pool. I came to realize their insurance check came in valued at triple the price of the 2016 purchase. These companies need the higher premium to offset these types if claims.

[@richardnatividad2962]

It's been a good year for you Michael . You continue to always put out quality content ! "HAPPY NEW YEAR !" 🎉😊

[@MariusNatt]

Great video! For 2024, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.

[@ReidCoffman1]

I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!

[@AshtonGrace]

You are right! I’ve diversified my $350K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.

[@MariusNatt]

@@AshtonGrace this got me thinking, more info please?

[@AshtonGrace]

@@MariusNatt Vivian Jean Wilhelm, she's top Notch!

[@DT-abcd]

Sure you can. It's going to keep going up until the rich own everything. This is how the communist take over the Western countries today. The rich are not our friends. The Bible warns us about how the rich become the master and the borrower the slave.

[@stevo728822]

I live on the south coast of England. I own a 2 bed bungalow (single level home about 1,000 square feet) with a small garage, front and rear gardens, 15 minute walk to the beach, 10 minute walk to the local shops, 10 minute walk into the countryside. No mortgage. No HOA. Town population about 20k with a mixture of Victorian/Edwardian and modern housing. Near zero serious crime. 1 1/2 hour train trip into London or the airport for European flights. 4 large grocery supermarkets within 1.5 miles. 10 pubs within walking distance. Gas $7-$8 a gallon for petrol but I only drive 500-1000 miles a year. Car tax $200 a year, car insurance $150 a year. 90 days cover in Europe, so last year I drove up to Copenhagen, down through Berlin to Munich, down to the Alps, back through Strasbourg, France to the Eurotunnel. Food and beer shopping about $500-$600 a month. My property tax (council tax) each year is about $1,600. I get a 25% discount for being a single occupier. This tax includes garbage removal but not water. Roadside grass is cut by the council. My rebuild property insurance for the year is about $150. Water and sewerage $200 a year. Gas and electricity about $1,500 a year (Winter is getting warmer). 100Mbs full optical fibre internet is $35 a month. The value of my property is in the range $300k-$350k. Plenty of wind (up to 70mph gales) and rain during the Winter but plenty of sunshine in the Summer. Spring and Autumn (Fall) are the best. Landslip occurs on the coast. At my last house, I had a neighbour who owned a villa in Florida. They would fly out during Winter and spend a month or two there. They sold it after 10 years because in their 80's travel insurance was getting too expensive. My other neighbours owned a villa in the Canary Islands and would fly down there for the Winter. I spent last Winter in Cyprus and the previous Winter in Portugal. The numbers above are guestimates using an exchange rate of roughly 1.3 USD to GBP.

[@JamesG1126]

I wouldn't live in UK for free but I love most of Europe.

[@indigostaraz]

Sounds good!

[@magamaga1827]

but you have to live with being a protestant

[@PazLeBon]

but you didnt do that earning 5 pounds a freaking hour and having toput down 50 k deposit ffs

[@lewisbale1]

In 2017 my mortgage was around $1600 by 2022 it was $2000, home owners insurance $2168, taxes, utilities, auto, etc doubled!

[@shanagirl33]

Happy New Year Michael. Thank you for all of the awesome content!

[@relaxwithnature6500]

Hey Michael. Happy New Year for 2024. Appreciate all your entertaining and informative videos during this last year!

[@noahzimmerman-yg6qt]

I feared a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k in houses but I'm not sure on how to mitigate risk.

[@ralfbrown-kl1gp]

You are not alone we can no longer afford our mortgage, wife wants us to travel or relocate/I am proposing cashing in, walking away and renting while putting the rest in the stock market.

[@marcellasilva4015]

If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets. It's better to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in April due to the crash.

[@oliverdavis-tw2xl]

wow that’s stirring! Do you mind connecting me to your advisor please.

[@marcellasilva4015]

Vivian Barbara Mui is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@oliverdavis-tw2xl]

Vivian really seems to know her stuff. I found her online-page, read through her resume, qualifications and it was really impressive. I have booked a session with her.

[@MikeBDaniels-bv8io]

And a Happy New Year to you. Look forward to your commentary as we go along in ‘24.

[@RuleGarza]

This is only the beginning. We should expect more increases sooner than later

[@mikesawyer4707]

It seems that nobody can keep up their monthly payments anymore.

[@mrbluemancheese]

2019 my payment was 1291, now it is 1450. All from insurance and property taxes.

[@Jaxboy86]

Thank god I found Insurance yesterday that only raised my payments minimally.

[@ChrisGenXer]

Great video and enjoy listening to your perspective on the housing market and agree with almost everything you say. That said, I can tell you from personal experience, I ALWAYS look at a flood zone, and it doesn’t matter how beautiful the house is or if it’s on the water, if it’s in a flood zone that’s an immediate dealbreaker. I’m not paying extra flood insurance and I’m not going to risk a flood, which will cost exponentially more to replace one’s belongings and repair. My other immediate dealbreaker is any house in an HOA. I will never buy a house in an HOA. Happy New Year!🎉

[@PazLeBon]

and dont buy on the border of ukraine and russia, talk about stating the obvious

[@Gary2025-e1m]

My mortgage increase 1,000 a month because of increases in Broward county taxes and home owners insurance. South Florida is only cheap if you think a 4-8k per month mortgage is cheap.

[@jimpetway8907]

Happy New Year Michael ! All the best to you , keep up the great work ! : )

[@onebridge7231]

A housing correction of 20% would still have housing overvalued after the crazy appreciation over the last 4 years.

[@bradbaker4679]

We need 50%

[@MountainMan.]

So it's unsustainable, which means it has to go down eventually. It can't keep going up.

[@ph4ntomsoldier]

To the guy in fort Walton, I’m next door in Mary Esther. Ex military here as well. Drop USAA like moldy bread bro. They greased up my o ring real nice. Switch to Geico.

[@donnaw9040]

This subject is one of the biggest on my mind going forward as a single gal on SS

[@emichels]

Our insurance went up a lot, we let it expire and our bank assigned us insurance that was cheaper. You can go that route if you want. I'm a Florida realtor just fair disclosure.