The Rising Cost of EVERYTHING WILL WIPE US OUT!

The U.S. economy is on thin ice. But some people think we will completely dodge recession and its of the belief that households actually have the ability to absorb even more debt than they are currently carrying. But one big question we need to look at is, are these FED interest rate hikes doing their job?
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[@MichaelBordenaro]

Housing CRISIS: Un-Affordablity Will BRING IT DOWN Housing CRISIS: Un-Affordablity Will BRING IT DOWN kzbin.info/www/bejne/qWbIiWBqadd8gqc

[@cali5215]

Good advice Mike. Enjoy that coast, one of my favorites when I was a kid. Visit point. Vincent. You'll love it.

[@certifiedfinest5065]

Only 20 during the GFC.. dude you’re 35??

[@lucidf8]

Absolutely reduced debt since 09. Retired about then, paid off cars, mortgage, remodeled a bit, paid that off. Someday I will downsize. I experienced high interest rates, it’s not fun, results in many refis, higher costs. In my opinion, It’s better to save a bigger down and get a shorter term 15 yr mortgage. If you can wait and save a bigger downpayment. 😅. I’m glad I bought instead of renting. Prices do decline, but only in bad economic conditions when everyone is being laid off. So, that never seems a good time to buy either. And, you wonder if prices might go lower, so it’s hard to pull the trigger.

[@Lisithedogwalker]

@@certifiedfinest5065He turned 36 in May 😄

[@sonnygsmith3207]

Agree, it's not a matter of if anymore but when. Our economy is heavily reliant on consumer spending. The lower middle class on down is already tapping out. The middle class while maybe a little more resilient due to still having a job but will also soon be tapping out hence you notice the record low saving while credit card debt is at record high. When spending from the middle class slow down drastically, companies will have to cut back on production. Then the lay offs will begin. My 2 cents.

[@DianaCarolinaGirl22]

Old enough to have learned my lesson in 2008 and now I am coasting through this one with zero debt. Experience is a brutal classroom, but a good one never the less.

[@BruceLee-xn3nn]

Same here. Fk being eyeball deep in debt. Some people like that debt 💩.

[@SolarTechFL]

It's a small club that we're in lol

[@joanneramsey7723]

Other than a small mortgage, no debt

[@censoredeveryday3320]

I learned my lesson in 2001 during the dotcom crash. Last year I sold my home for 4x profit and now I'm just renting. About to be laid off, but I have no debt and I'm sitting on a pile of cash

[@nikosolikos]

Same

[@jasoncapecod]

being 60 yrs old , i have seen a lot... 2 oil embargoes, 18% + interest rates in the early 80's.. everything is cyclical ...live with in your means...Don't buy expensive cars, stupid smart phones etc..

[@SunofYork]

I have 2 million in loose cash. Zero loan/mortgage/card. I got a Samsung 5 from Hong Kong via eBay. .... $65 I didn't get 2 million in loose cash by wasting money ! My dad was a co-op grocery van driver and I live sumptuously in a 2 acre 5 bedroom, 3 car garage, house in Wiscaaaaarsin. I vacation in Europe 2 or 3 times a year so I spend...but not waste !...

[@emilee0221]

It’s harder this time around. My husband and I graduated in 2005 and 2007…our home is paid for but we have not had a significant pay raise. I’m a teacher and he works in manufacturing. Every year our health insurance premiums go up along with everything else it’s like getting a pay decrease for real. Not to mention I feel like I get robbed every time at the grocery. We felt like we were doing well 5-7 years ago. Now it’s hard staying afloat. I don’t know how people are making it with mortgages and credit card debt.

[@xxtoptankxx6873]

Truthfully not many are making it. Most are digging their head in the sand using credit to get by. While I don’t blame them, it’s gonna hurt.

[@christopherhendricks4369]

Things were fine until 2021. Then everything got crazy expensive because we handed out so much stimulus money.

[@HappyPenguin75034]

How did you pay off mortgage? How much was it.

[@emilee0221]

@@HappyPenguin75034 paid for house with cash in 2017. We have not had a mortgage ever but we refuse to have a $1000+ monthly mortgage payment on a newer larger home. We choose to live debt free and prefer to pay with cash.

[@aylmer666]

The sanctions on Russia are also a huge inflationary factor when it comes to food. We cut ourselves off from Russian wheat and Russian fertilizer, and even if you and I dont eat those things, it is a world market, so disruptions to the supply chain elsewhere cause higher prices here.

[@shaverlocal]

I was raised and grew up in Manhattan Beach. My parents bought their first home for $ 19000 dollars. Their second home was custom built by the beach for $ 27000 dollars. This should tell you the value of the dollar today...

[@gregholman2930]

Oh Boy Does It Ever!

[@shaverlocal]

@@gregholman2930 I'm 72, so all this happened in my lifetime. Last I checked the medium home value was 2.2 million. My parents split the sheets when I was 17 and went elsewhere. The rest is history...

[@genegarrard7839]

Tell Us The Value This Is Not A Guessing Game !

[@censoredeveryday3320]

Boomers don't know how good they had it

[@billtuckjr2834]

I`m 78 years old. 2008 was a mini dispersion. Our home value in California in 2007 was $156 000.00 by around 2009 it was $49 000.00. We sold the same home in May of 2022 for $ 300 000,00. We moved to a small quiet town in Wyoming. Were debt free with a low cost of living. Plus a nice nest egg.. So as seniors were ready. My wife and I can no longer work. I have no idea what is getting ready to happen? It is all very confusing to me? But were ready for a 2008 or worst.The Number one thing People should do is somehow own your own home. Thats Freedom!! we lived in our home for forty years before selling it. it was paid off within 22 years. So 18 years of no home payments.

[@tinamakaneole8866]

I love how you format your show, giving little breaks of nature. It gives me a few seconds to let the news sink in.

[@ColdPotato]

I still want to know where all these buyers for FL and CA real estate are coming from.

[@holaf1649]

Interesting point about not being able to buy same house today. I bought a house in 2001 for 150,000 with 30,000 down and salary of 30,000. Today, that house sells for 450,000 and up. I could not buy it today.

[@hvaball150]

Any place that grows makes later purchases every more difficult. Nothing new to today. It's been forever.

[@msbethmildhyperbaricoxygen6392]

We didn’t have debt in 2007 and we don’t have debt now but it’s definitely worse now with the inflation. We can’t seem to get ahead every month.

[@a.t.4404]

Same here… every little bump in pay or extra hours were working is being eaten up by inflation.

[@silky2204]

That is the point.

[@censoredeveryday3320]

@@a.t.4404 Which is why I don't work extra hours at this point.

[@user-wt6zf4ek9k]

We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.

[@EmilyMoore-n7n]

At present, my main concern is finding ways to boost revenue while facing periods of quantitative easing, as I cannot afford to watch my savings diminish.

[@laszlolee]

true, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.

[@laszlolee]

@@AdamGreene222 renowned for her proficiency and expertise in the financial market, “Susan Bauer Normansell” my financial advisor, holds a broad understanding of portfolio diversification and is recognized as an authority in this domain.

[@laszlolee]

@@TRON-vz6sm I'm been guided by "Susan Bauer Normansell," is widely recognized for her competence and expertise in the financial market. She has a thorough understanding of portfolio diversification and is regarded as an authority in this field.

[@judymckee5992]

I bought a house in auction in 2014 for $40k and renovated with heloc. It is all paid off, no house insurance but took a 0% credit card for 18 months standby incase I need to do repairs. Buy all groceries and everything else with credit card and pay off end of month. Buy only essentials and clothings twice a year on sales.

[@ashdobbs]

I bought my house in 2006, the height of the market, with a 6.5% rate. 2 years later the bottom fell out. I was upside down and thought I had made the biggest mistake in my life. I struggled for a few years but kept making my payment when many others walked away from their homes. Fast forward 17 years and I now have over $600k equity in my home and refinanced @ 2.75% rate. My monthly payment is $1100- the same home in my area rents for over 3x that amount. I got a late start in life I was in debt at 35, today my net worth is over $1m and have no doubt that at 65 I'll be worth well over $2m. Not a lot to some but I'll be okay. The saying goes, don't wait to buy a house, buy a house and wait.

[@roliver3165]

Same here, we saw the writing on the wall 6 years ago paying $1400 a month for a 2 bedroom apartment in Los Angeles with rate increases every year. We bought a home for 450k in 2017 and had to stretch our budget to make the $2800 month payment but it was worth it. We refinanced down to 2.25 and the payment is $2400 which unbelievable is what our old apartment cost today!! Also we have 300k in equity now and are so glad we purchased when we did.

[@diedonner299]

I have the same story that you do but mine ended in disaster because of one difference: I was laid off in 2009 and had to move to another state to find a job. I was never unemployed in my life but it took me 10 months to find a new job that I still have 13 years later. However, being Unable to sell or rent my home because it was seriously underwater I lost it in foreclosure and this prevented me from buying another home in my new state when rates and prices were low. Now unlike you I am facing a retirement of poverty and possibly homelessness. There is just one difference in our stories that caused a dramatically different outcome. You were lucky enough to hold onto your job during the Great Recession otherwise you’d be in the same boat as me instead of bragging online about how smart you are.

[@jimshoe402]

Good !!!😁😁😁😁

[@mkultravibes7763]

2 millions dollars ? Dollar ain’t going to be squat by the time you reach that age . 2030 is to their goal on the dollar destruction

[@ashdobbs]

@@diedonner299 didn't mean to brag, life was difficult in 2008 onward. I kept my job but at half of what I was making. wife left but I kept the home and dog. I was lost but the only thing I knew to do was keep moving forward the best I could. Could it all go away again? absolutely! I'm 56 and don't have the luxury of time to recoup losses if it does. but I've learned a few things too. Like women can break you financially if you let them. like I said I'll be okay.

[@OtisFlint]

I graduated from college in 2010. Trying to get a job in a recession with no experience was a nightmare.

[@emzywillrich7243]

When I was young and a fresh college graduate, I couldn't get one in a booming economy. It must have been my height. 6'4" tall, smart, and good-looking was a bit too much to handle. LOL

[@heatherspisak1762]

Same here! I ended up having to take a miserable insurance job

[@lisahertel2415]

Try being older and trying to get a second career. Impossible

[@jimshoe402]

Try getting a Carpenter job in 1975 but I did..ALOHA

[@BillDaBurgerEater]

​@@emzywillrich7243cope

[@jayafow84]

2007 bought a dbl wide on 3 acres living pay check to pay check cc debt car loan it was a struggle. Single income but stuck to our guns and now retired completely debt free 😊

[@kaymuldoon3575]

True. It’s already wiping me out.

[@WillMoon]

During the pandemic I was able to refi my current home down to a 20 year fixed at 2.5%. I’ve got about 70% equity and I don’t think I want to think about moving until the rates are affordable again. There’s a huge chance that housing could collapse under a bad jobs market, spurred on by rising supply and a commercial real estate collapse.

[@edgargonzalez610]

I remember 2008 vividly. My ex wife telling me I wasnt doing enuff for the family working 2 part-time jobs. I divorced her and 99% of my probems went away. Im in a better shape now hoping for the best.

[@rjo8500]

LOL

[@censoredeveryday3320]

I'm a single male in my 40s and very glad I didn't get married. I was engaged two times, but both relationships crumbled due to petty shortfalls I supposedly had. Couldn't pay me enough to get married in 2023

[@4gedcarbon537]

Do you know why divorce costs so much? Cause it’s worth it lolol

[@stormchaser419]

Marriage is one of the most foolish things a man can do. Live for yourself, not some woman.

[@marknewton6984]

Divorce solves a lot of problems.😮

[@raulgutierrez5862]

Cost of dog food has tripled in 2 years. 😱

[@thekid1597]

😢

[@OldFortBragg]

I go back to Jimmy Carter days of economic pain. Interest rates way up there. Oil prices severe. Gas lines where fights begun over cutting the long car line. With big Joe, it is similar and we are in a looming default on US economy.

[@ihave35cents95]

I know this guy and most of the people in these comments don't know what rough times were.

[@marknewton6984]

Joe must go!😮

[@kellykell9620]

In the last financial crisis I had a great job in Hawaii and didn’t really notice the financial downfall to be honest. This time I work on commission and tips and I’m noticing my income going down and prices going up everywhere. This time feels more ominous to me.

[@gregholman2930]

That's cuz Satan Klaus of the WEF said (and he meant it) "You'll Own Nothing But You'll Be Happy"

[@JamesG1126]

Ominous for you not for me.

[@gregh7457]

i was on the big island when it hit in 09. fortunately i was working a stable government job at the airport. i saw a lot of sad people leaving the island with everything they could pack in their bags. i sold my house last year and moved to japan to escape the oncoming inflation train

[@JamesG1126]

@@gregh7457 How's your Japanese coming along? How much does it cost to get back to the US to see family?

[@pwilliams4073]

Bidennomics at work and play . Sorry

[@sunnygirl9691]

Hey Michael in our area we’re seeing more and more huge neighborhoods (houses) being built that are LEASE ONLY!! This is bad news!

[@afrules9097]

The crisis 2008/2009 was a nothing burger, at least in here in Germany, compared to right now. People are suffering under inflaton, what we didnt have in 2008

[@jbar_85]

Shit was reverse back then. Lots of prices went down and deals came out.

[@Elsa-qy9hr]

From what I'm hearing from many alleged "experts" we haven't seen recession or inflation just yet compared to what's to come😮

[@BruceLee-xn3nn]

I went through the 08 recession and learned from it but alot of people don't want to sacrifice shit they don't really need. As far as food goes I'm not a pig and never ate like one.

[@okimitchell1043]

​@@BruceLee-xn3nnbeans ,rice,grits,flour,dark meat chicken, pork,certain fruits and veggies are still dirt cheap in the grocery store. You just have to have some variety in your preparation methods.

[@robertw377]

The housing prices here doubled plus in the run up to the 2008 crash and all my buddies were buying motorcycles and big trucks and boats. I mentioned it to my Dad who grew up during the depression and he was very firm in saying they are going to regret it and these insane prices are going to crash and that I should double down my morgage payments. Best advice I ever got, paid my 30 year mortgage off in 15 years and my buddies are all still paying .

[@alyross2850]

These property taxes…..bought my home 2004 for about 200K in PA. Valued about 400K now. My property taxes are about 1K. I’m wondering if the FL taxes are so high because 1) no state income taxes 2) relatively few high paying jobs 3) businesses like Disney maybe not paying enough? There really needs to be some resolution to the tax issue. Businesses won’t have employees before long. At least with the high insurance, you can understand why it needs to be higher in FL, for the most part. But what are the people getting for these taxes? What is your government providing?

[@MonicaSzychulda]

4:30 We were in a worse financial situation in 2008, living on one income. We used our house as a piggy bank and ended up short sale in 2012. This time around we are debt free

[@MichaelBordenaro]

Glad to hear this time around things are working out better for you

[@larkatmic]

I love Southern California. Its so colorful with all the flowers and plants. You can grow anything there. And the mountain backdrops are a bonus. People were lucky to buy there before the millennia. Now those ranch houses are close to 1.5 million.

[@artemismoon7655]

I finally got a really good raise recently along with a promotion. I was like “I am going to pay down my credit card and save money!” Of course, now I have a sick cat and the vet bills are stacking up. I just can’t win. But hopefully he will get better! So glad my vet is still privately owned so the bills are reasonable.

[@zacheray]

whyyyy are you financing your life with credit cards? you like paying 30% interest?

[@artemismoon7655]

@@zacheray It’s Care Credit so it is Interest free for 12 months, much better than touching my savings which is earning interest.

[@silky2204]

@@zacheray Some credit cards have o% interest for a year.

[@zacheray]

@silky2204 true but some don’t pay within a year when they talk about paying it down. sounds like this person is in good shape tho 👍

[@ErrythingPhroze]

Get rid of the cat. Idk why people make their lives difficult ON PURPOSE lol

[@Eyeris625]

This area is so beautiful, not a cloud in the sky... all seem to be ranch style homes. Again, you have to drive to Starbucks. Credit cards charge usury rate on the balances that's why nobody has noticed a difference. Many people just do not understand money management...

[@janejustice859]

I didnt suffer but my mom died in 2009 and we had a struggle to sell the house , didnt make any profit. It's worth about 150K more now. I looked it up recently. She died with a Heloc too. It was a mess. Personally, Im doing much better. I'm smarter with my money. To put things in perspective, my parents bought a house in 1984 and interest rates were like 12.5 percent.

[@iworkout6912]

I bought my first house just about that time, the interest rate was 13 percent, and I believe it peaked at 18 percent. I was just out of college (with a small student loan) had a good job and got my loan at a FCU. Over time as interest rates went down, they lowered the rate I had originally paid. Sold the house around 1995, and bought a nicer house. Paid off now!

[@gipsytree]

12.5% on like $60k though....at this rate the median 🏠 in commiefornia will be $1million with 10%+ interest rate... you'll own nothing and be happy becoming more apparent by the day....🥹

[@nikopoulos5241]

Why did you sell it?

[@anthony-L.A.6946]

If you have kids buy a house. Don’t sit on the fence. Buy the fence. Kids are a priority.

[@Userxyz-z2d]

Why sell an asset? She had it 1/2 paid off (15yrs). You can actually pay off your home in 7 yrs with a heloc & it doesnt matter what % its at. You had a Golden Asset, should have rented it instead of selling it.

[@seameology]

I don't even have debt now. I've tightened my purse strungs the last eight years. Im 60. I'm sitting better now.

[@greg5011]

I am in my 70's...when this gets rolling next year it will be much worse than 2008. Homes and vehicles are WAY overpriced....I have seen it all..

[@rjo8500]

$85,000 for a pickup truck! Insane.

[@MrOBJECTIVETRUTH]

True, once u need to buy a car either new or used , u put yourself in a recession and theirs no way around it

[@angiegracie6954]

Shocked myself that I moved out of Massachusetts after 64 years of living in a 10 mile radius. I moved to Coastal Mississippi and it was a great move. I might move to Mexico next! Lol Liked 🙂👍

[@gregorymiron8116]

Do not move to Mexico. You can Google the top 10 most dangerous cities in the world and 7 out of those 10 are in Mexico. The number one most violent city for murders is Tijuana which is just south of San Diego and they had over 2,000 murders in 2022. The cartels run the country and AR ruthless and you just never know who will try and Rob you or kill you for thinking that you have a lot of money. There are much safer countries than Mexico and Central America for that matter.

[@kenfarley957]

It's much worse now due to INFLATION! I'm 68.

[@federated]

Michael you hit the nail on the head. I'm a real estate investor in mortgage lender for 38 years still in business and active. I can tell you that everything is absolutely outrageous in price! Everything is ridiculous everything needs to come down substantially. Fuel food housing materials labor every single product is way overpriced in the United States. It's all due to our wonderful government printing all the money and super low interest rates for the last 20 years. We're in trouble big trouble hopefully the FED stays the course. I don't know how people live and survive it's a cost of everything. Let's hope for the best your videos are awesome thank you

[@censoredeveryday3320]

The FED can't fix inflation. The only way to reverse it, is massive spending cuts across the board and that isn't going to happen

[@nvmcrider8475]

Housing prices topped out in 2006, the stock market crash was 2008 and the home prices bottomed out in 2012. Point is that these things take years, not months to fully reset.

[@hvaball150]

House prices usually bottom out a quarter or two after the top. Just look at a chart...

[@Frank-nh9fe]

Yes, name CAs are effectively trapped in their current homes. If they sell their property taxes will double, as well as their mortgage rate. I see a lot of dumpy houses in rich areas, poorer holdouts that purchased many years ago. Their taxes fixed, so they can hold on.

[@kdockrey]

I'm ready for those holdouts to be done. They are a blight on many nice neighborhoods. At least they won't be able to pass the low property taxes to their descendents.

[@ace9021]

There’s nothing wrong with renting an apartment. We did it for 8 years before we could afford to buy a house. Rent, pay off debt, stash some extra cash and get yourself setup to succeed. ❤

[@chevyiceraw]

If someone does decide to get a fixer upper. It should be one that they can handle and has experience renovating, have plumbing and electrical knowledge. Don't pick a total gut job. And have someone else who has real experience to help along the way.

[@magicparkmemories]

I went to the bank today and the teller was telling me if I spent $1,000 by September, I will get $200 back in cash. She suggested I go out to dinner. I told the teller I do not want to add to my debt. I told her she should not promote people going further into debt.

[@jizzyjake6783]

Where do you bank at Chuck E Cheese?

[@xxtoptankxx6873]

This would work if let’s say you had a car repair that had to be done or if you charged your groceries and utilities. (Those are required payments you’ll make either way). That’s the only way I’ll use credit card sign ons, unless it’s literally $200 bucks given if you sign up for the card.

[@mingazzini]

The banks are desperate. The crisis is gradual at first, then all of the sudden.

[@makdaddy8399]

A starter house in the Phoenix area in a decent neighborhood is nearly 400k right now. Not many people can afford those prices, most who can are recent transplants from elsewhere who sold their current homes. A couple making $100k a year with normal expenses/debt are out of luck.

[@HappyPenguin75034]

Do the math. $100k for a family can afford the house. What are you talking about.

[@mz_9118]

Lived in California 30 years, left in 2019. Now buying two homes in Spain and Dominican Republic. The world is much more affordable than that CA or US bubble !

[@webrunner2407]

Wife & myself are late 60's and we lost our home of 30 years during last housing debacle of 2008 - 2010. We lived in apartments since then until last September when we lost our apartment in Central Florida due to flooding from Hurricane Ian. Now we live currently in FEMA trailer in Southwest Florida. We both agree, this current economy is worse. We can't afford to rent or buy in the state of Florida because of the current governments ruining our country. No question in our minds. It's a lot worse.

[@trackingthecoreofstuffandm2310]

support public housing

[@hereforthelaughs1119]

I'm so sorry that happened to you and your wife. I pray things get better for both of you

[@Ethicalhate]

You are so wrong about who did this to you. It wasn’t Joe Biden, but if blaming him helps you and your wife sleep better at night in that FEMA trailer. 😂

[@censoredeveryday3320]

You might want to just leave Florida completely. I'm likely headed to Missouri myself

[@phoebelee55]

Most people like to blame others for their poor decisions🤷🏼‍♀️​@@Ethicalhate

[@tdhyig5045]

Great info. You speak the truth. Thank you. With all the fake news out there. Keep it coming in today's new crazy world.Stay safe.

[@jomr4249]

The only problem with people moving is that then THOSE places they move to also become unaffordable to the people who are living in those more affordable areas with respectively lower incomes. Then they can no longer afford to live in their communities anymore either, except they have way less places they can realistically move to unless they want to live out in the middle of nowhere Mississippi or West Virginia with no job opportunities. That’s what’s happened to me. Priced out of my hometown that I would have normally been able to afford because so many people from cities with higher incomes moving here and investing.

[@katydid2877]

That’s exactly what happened to me in AZ.

[@MeadowDay]

Me too…Texas

[@DianaStewart-cu7fj]

Me too in Ohio

[@user-Jab1000]

What many people don't know is that this whole thing is planned and not only in the US. They are squeezing the regular folks until you'll own nothing. This is no joke.

[@amylee9]

@@DianaStewart-cu7fjwhere in Ohio?

[@4gedcarbon537]

Mike you hit the nail in the head….we purchased a home in 2019. Great timing, it was before prices skyrocketed. Fast forward to today…my house is worth DOUBLE based on similar sales in my area. Ok great. I was thinking of selling but between a new inflated purchase price, crazy insurance rates and higher tax prices we couldn’t afford it. I think a lot of people are in that position. Unless you want to significantly downsize or relocate (perhaps to a less desirable ergo cheaper area) potential sellers are stuck thus creating less inventory and movement in the market.

[@Lonerider34596]

Main reason I like your show the truth. You always TELL IT LIKE IT IS. THANKS MIKE

[@debrarussell1979]

2008 was worst just because my husband lost his job, this time we are both working and we actually just received 10% raises

[@charlesvalentine3153]

The reason property taxes are lower in California on older homes is because of prop 13 that was in acted in the 80s. Taxes were frozen at 1 percent of the value of the home at the time of sale. I owned a home that I bought in 1999 and sold it in 2017 and taxes were only raised about 500 dollars during those 18 years.

[@MM-gu8tk]

In California if the homeowner is 55 or older when they sell their house, they can take that same property tax to their new home as long as it’s a similarly priced house. So that way they wouldn’t have that huge deterrent of having a much much higher property tax bill simply because they move houses.

[@briom1425]

The property tax system is faulty , it should be according to how much land you won’t not the price you payed

[@magicparkmemories]

I watched Kudlaw on Fox News and he said we lost $7,400 as a family due to inflation

[@petersheenan4482]

And we can all believe what FOX says. LOL

[@jimshoe402]

@@petersheenan4482 Yes Trust Joe and Hunter 😁😁😁😁

[@cjmixer99]

Great point at the end of the video… Compare the cost of renting vs owning. Here in California, it’s a no-brainer that renting is cheaper than owning in almost every location. Owning in SoCal is easily 2-3 times more expensive, so makes no sense to own (unless you bought 20 years ago)

[@digital1937]

A massive landslide in Rolling Hills Estates last week destroyed 12 house underscoring the lurking danger of continually shifting earth on the Palos Verdes Peninsula. Over the years, some houses on Rancho Palos Verde have moved 400 to 500 feet from their original property lines.

[@sandrabarnwell8017]

I went through the last financial crises. Was dumb enough to fall for the easy housing loans. Many of them were called "liar loans". Smarter (I hope) this time.

[@brandonc181]

I think people are toggling the notion of early retirement back and forth in their mind. Many of them are young still, in their 40's, and they think once a place is paid off, they'll live off of what remains of their cash, investments if they have them, maybe make ends meet by working in the local hardware store. Problem is, they wind up in a place they thought would be good for the rest of their lives, and realized things aren't as affordable as they thought it would be, and worse, the place wasn't as nice as they imagined. Then they get trapped there. You cant put a price on the freedom of journey.

[@outterlimits1]

When I heard about Rocket Mortgage and their low income 1% plus loans, I knew that mortgage companies are getting desperate, just like, all the subprime loans in 2008

[@MichaelBordenaro]

Absolutely definitely desperate. That’s basically writing a subprime loan.

[@lovly2cu725]

THERE ARE OTHER COMPANIES OFFERING IT

[@gipsytree]

I'm desperate for EXISTING INVENTORY 😢

[@Heartlesslink100]

@@gipsytree I know how you feel. We decided to start looking for houses fall of last year and the options have been so few and well out of our price range. The houses in our price range are still too expansive because they need a lot of work to fix them up.

[@mysterybuyer3738]

Good because I am desperate for some company to loan me a mortgage and give me a frickin chance.

[@LAZERZ-OP]

As a 25 year old guy I want to own a home so I can get out of my parents house and start living my life. I pay my parents rent over a landlord. I figure if I'm not going to own the place I might as well give the money to my parents whom I care about instead and wait when prices start to come back to down to reality. I have a decent job and and am very responsible with my money. I don't waste it on stupid stuff and throw most of what I make into a High Yield Savings account to save for a house. Housing is just not affordable for most people. You need to make well into the 6 digits to comfortably afford a house. It's demoralizing but I gotta keep trying to do what's right for a chance to own in the near future. I know there are many others in the same boat as me. It's harder than ever to own a house in the US currently

[@rjo8500]

I feel for you. I have a 21 yr old son who like you has a decent job and works hard. The difference is his fiancé is a nurse. They have a decent rent and live well within their means and goals. Because of this they’re socking away money hands over fists. Nowadays there’s no way you’re going it alone.

[@ihave35cents95]

Move someplace affordable.

[@LAZERZ-OP]

@@ihave35cents95 like I haven't already thought about that. There is no affordable housing within an hour of where I currently live. I like to live in an area where there are jobs and things to do. I'm not going to buy a house in the sticks somewhere just for the sake of it. I don't want to hate where I live.

[@basha0810]

I feel like there is more hardship now. I really didn't feel the effects of what happened in 2008, not at all. All I recall is that I was selling a home in CA and had a hard time finding a buyer to where I had to take a loss on it. Nothing seemed a burden in CA. I recall traveling to NM and I didn't see it there either. Today, it's all so obvious in every sector. Things are much more expensive. It's not sustainable what's going on right now. I bought the cottage that I'm currently in here in FL back in 2013, 5 years after the 2008 stuff, for only $97,000, blocks from the water. It pretty much stayed that amount until 2020 when things went through the roof in real estate. I was content with its valuation at $115k but now it's worth twice that. I'm sure the property tax division in every state is just loving this. A burden for us and a gold mine for them.

[@outterlimits1]

A beautiful San Diego walk would be in the Point Loma hills. Gorgeous veiw of the city skyline, waterfront, bay, Shelter Island and Harbor Island. The city lights with a full moon rising over the city is spectacular! I would love to be able to live there!

[@alyross2850]

There is nothing wrong with young people buying starter or fixer upper homes. That’s what most of us did. I’m glad to hear this because I’ve gotten a little weary of younger generations thinking that every single person needs the best of everything. Like a person working at McDonalds having to drive a BMW. You should wait for that BMW when you have a job that supports it.

[@sandrahintz2617]

I was a laid off my corporate manager job after 12 years back in 2008. I became a realtor and worked very hard but sure learned a lot about short sales and foreclosures. I did make a living but felt the squeeze on my life. I loved helping people ❤now I am retired at 64. I can feel the squeeze again.

[@cookingwithadamkahnandlixu2718]

I see it as well. People are very squeezed

[@censoredeveryday3320]

I'm about to be laid off, but thankfully I saved the past few years because I knew something bad was coming. Now I just have to find another job anywhere that is livable in the US

[@cookingwithadamkahnandlixu2718]

@@censoredeveryday3320 I moved to Vegas because I saw last downturn coming and it was very affordable in comparison to New York and Chicago which is where I was. At least housing has changed over the years and I’m not sure it’s so affordable for people who want to go there now.

[@censoredeveryday3320]

@@cookingwithadamkahnandlixu2718 I will take a look at Vegas. Hopefully the home prices there are decent. It is still possible to get a decent starter home for 250k in Missouri.

[@cookingwithadamkahnandlixu2718]

@@censoredeveryday3320 it is not in Vegas. It is very hard to find homes for 250

[@marcielynn4886]

I have no debt, land paid, house paid, 2nd home paid off. Life off the grid in Hawaii.

[@debbiec6216]

I had mention to family and friends, if they have debt to pay it off ASAP. And, I only mentioned this to some of them, who doesn't get upset to what, I am saying. For those others who would get upset, well I'll just let them figure it out on their own . hehe I did have a long chat with another family member, we spoke about finances, etcc . And I mentioned to him about retirement , 401K , etc. And he was very surprised to what I had said, because he NEVER thought about it , and that's his 401K . It Opened his Eyes . So he's working to fix a few things and get back on track, will not take long. . Yes, I always mention Michael channel . Michael has good information and I feel it will help those adults in their 20's, 30's.

[@alexjones6190]

I was there in 07. Basically it would have been worse if you bought anything from 1998 to 2013 lol but now is overall worse for everyone when a trip to wendys is $30

[@TheYangnyin]

2007 was a rough period for me. Currently, I'm reaping the rewards of years of paying down debt and my debt burden is minimal. That said, due to inflation, I still don't have much savings or spare $$$

[@MichaelBordenaro]

I’m glad you got back on track that’s really important. Keep pushing forward.

[@BruceLee-xn3nn]

My grandfather is 90 years old and went through all these crisis and is a tight wad because of it.

[@emzywillrich7243]

Join the crowd. Luckily, I paid everything off before it got really bad, but it is hard to save money now. The inflation is out of control.

[@mikesrandomvideos]

2007 was terrible 2008 was great for me.....But that is because I do well in a strong recession. or in a huge bull market.

[@josephfbuck]

During 2007 and 2008 I was out on the road during that part of the collapse even though me and my co-driver was paying attention to how many people that were in homes that could never afford them that should never even moved into them to begin with the reality of the financial situation of the us at the time nobody considered it real until they lost it

[@ashdobbs]

had they figured out a way to keep their homes in 2008, extra job, roommates whatever, today they would be in great financial shape....life is a rollercoaster

[@MrOBJECTIVETRUTH]

What was recovery of 2008? 5-8 years to get back to even?

[@briom1425]

It’s different now as rents are very high , the ones that bought have a lower mortgage than the rent is , not now when the interest rates are 6-7

[@soniabayer578]

This is the Age of Great Disruption and Craziness!!!

[@glogloe1797]

Didn’t use my house/equity as a ATM so it’s almost paid off. I worked many years in the lending business so I saw a couple of down turns.

[@cheryldolan7062]

Great point about moving and buying now. We moved for a job in 2007 from NJ to NC 6 months later the economy was collapsing and my husband lost his job and no jobs in the area at that pay , it took us 4 years to recover! Had we just rented first we would not have had all that stress for 4 years. Fortunately we recovered but many don’t. Love your content

[@outterlimits1]

It's hard to believe, those houses are, about, the same sq. ft./stye house that my parents had purchased, new, in a San Diego neighborhood, back in, 1955 for 15k, those, are selling for 2M+!

[@betsyr4724]

Definitely harder this time vs 2009 around with the high prices

[@MrOBJECTIVETRUTH]

It’s a Hard time definitely , but no one’s losing there house and No one will get a house until the fed lets you. And even if you do get a house your not profiting with equity or rents

[@WhatNowChris]

I can tell you, despite inflation my life is much better today then in 2008. That was the roughest time of my life. Surviving that taught me what the word struggle really meant.

[@landeeld9596]

I'm retired now but I was working as a real estate agent back in 2007. By 2009 that was an impossible profession plus my husband got laid off. So I started a property management company and employed my husband. We got by just fine til we retired two years ago.

[@chadthomas587]

I think that this housing situation where inventory is low and prices are going up will cause an issue with the next generation when they try to buy. I'm 28 and working and don't see how people can pay these current prices. As intrest rates go up that means people will have less buying power and since the average covid buyer has owned their home 3-5 yrs we might have to wait 8-10 for ppl to sell and thats when it will hit when they cant pay the current prices later on in the future. IMO

[@antrman33]

😅😅

[@Encephalitisify]

We sold our home and rented. We are waiting for it to crash. If it doesn’t, that’s fine. All I know is the houses out there now, are mostly run down crap at a premium price. Sellers are refusing to take any money off for major repairs. So let them sit. We will wait.

[@censoredeveryday3320]

I sold my run down poorly built shack in 2021 for 4x profits. I laughed all the way to the bank. Same house is down about 75k since the highs of 2021/2022. Just like you, I'm renting and sitting on the sidelines.

[@jonathantaylor6926]

We still don't know what caused the Great Depression. We understand the underlying conditions- mainly massive leverage.. but why October 28th, 1929? Why not the month before? Or the month after? There isn't some clearly identifiable and obvious catalyst, but it happened. Somewhere a butterfly flapped its wings.

[@jc1979af]

I bought last year in this market. Rate was 5.5%, but I paid it off within a year. I had the money and it was getting eaten up by interest. I wanted to own a home and have the security of owning the land under my feet. No more worrying about a landlord selling or raising rent. I do agree that everyone's situation is different and people need to make the right choice for themselves. It is frustrating that KZbinrs have been predicting a "crash" for the past 3+ years and so far that hasn't happened

[@jamesagnew6512]

Actually if the owners of the house with the great view buy a house in Texas they will need to be prepared to pay hella property taxes. Like 2.49 to 3.5 percent of the homes appraised value. So my 1.1 million dollar house cost me $15,540 a year in taxes. In fact if homeownership is something you are interested in, stay away from Texas because you will never own your home.

[@williamread8186]

2008 did not impact us much from my memory. We were dealing with my wife’s deteriorating health. My wife passed away two years ago. The current situation so far hasn’t impacted me much. You might like to do a video in Descanso Gardens near where I live. Its a beautiful neighborhood.

[@rickertaxes]

Great insight Michael...God bless you and your family!

[@kmlund42]

Much harder now as a 57 year old. My teacher salary and partners police salary has not increased . The home we bought in 2010 if we sell we would have to buy a shack compared to what we have now. Meantime debt is increasing because we can't afford repairs, etc. Also, I have noticed allot more homeless, crime, and overall suffering according to my neighbors who are lower middle class.

[@HappyPenguin75034]

Where police salary hasn’t increased? What’s your salary. Is it max?

[@Erik-gg2vb]

RPV is where I grew up and built a home when I had a job that could afford the move back to the hill. Back in the 70's I road my dirt bike out of my parents home next to crest road and all through Portuguese Bend area. Great time to grow up there. I sold the home I built in 2020 a little into the great price increase. Missed out on most of it. Will buy again in 2025, just not as pricey a home. Sold it for $2.25 Million. Could had got $3 million if I waited. I hated the property taxes and Covid hurt my business so had to sell. Good to see you getting to check it out.

[@richardviolet8759]

I have never seen so many Cal. homes before. It look like a very nice place ,,,I can see why people love Cal.the politics that have ruin such great place. So Sad

[@MichaelBordenaro]

It is sad, because if it wasn’t for the crazy laws, politics and cost of living here, it would just be the perfect place

[@KikoValleyMan]

You’re so realistic Micheal. Thanks for sharing your insights and experience. Enjoy your traveling.

[@J_WheelerDoll30]

I live in northeast ga(Habersham county) people have been paying 50 above asking price in this tiny town. It’s worse that metro Atlanta! My husband and I have been having a hard time adjusting to the “new” economy and the inflation. He had a hard time accepting that if we are going to purchase, mind as we’ll be worth paying for, even if it’s overpriced. Our rent has raised but is still lower than what our mortgage would be for a 275,000 home(1650) a month. We know it’ll definitely take two incomes. Before the inflation, we were good with just his income. I worked but my money was disposable(saved too).. now, my entire income will not be disposable if we’re going to purchase a home. I even went back to school to become a dental hygienist(currently a medical lab technician) just to have different streams of income and security. Also, for the people who purchased before 2020, and deciding to purchase, remember whatever you’re asking for your home, it’s going to be the same for you when you’re purchasing. No one’s safe 😮

[@lovly2cu725]

THAT HOUSE IS A COMMON FLOOR PLAN IN CALI . I HAD A HOUSE LIKE THAT IN ORANGE COUNTY IN 1984 PAID $103K

[@boondoggle4820]

Another thing to consider when it comes to home maintenance and repair costs is that states and local jurisdictions continue to update health and safety codes, and if you have to get something repaired or replaced, a licensed contractor will have to do it in line with current health and safety codes even if what you had before was working just fine, and that can add thousands of dollars to your repair job. I’m dealing with a situation now where I have to replace a hot water heater but the ventilation system that I had before is not up to code, so they have to cut off certain parts of the old system and run a pipe into the chimney exhaust in order for it to be up to current county code. I got a quote to update the electrical panel and it was double what I expected because of what’s required to bring it up to code.

[@katydid2877]

Where is that?

[@mysterybuyer3738]

I replaced my water heater myself. No codes needed lol.

[@BruceLee-xn3nn]

That's why I'd rather live out in the country. You can do whatever TF you want with no worries.

[@gregholman2930]

@@BruceLee-xn3nn BAM!

[@novadhd]

yep plus inflation and everything cost more now. I just had to shell out of Hvac units ugh@!

[@vickijohnson9367]

That isn’t a “consumer” house.😉 That is a corporate investment house. Talked to an underwriter the other day, she said 1 out of 3 single family closings were bought by corporations. Sounds about right. I’m thinking the corporate sector is going to back off single family, and when they do, the consumer won’t understand the effect of that, it’s just like buying the stock because it’s hot, not understanding that the corporate sector is the one selling & making the killing.🤑

[@jer1776]

Im from CT and in my late 20s. I ended up buying a manufactured home as my first home in a quiet part of the state because prices/interest rates are so high. That in combination with my student loans is what I can afford and be able to live comfortably. Whats funny is my HOA/mortgage together will be lower than what Id pay if I got a halfway decent studio.

[@ZillaFullBoost]

During 2008 I was 18 years old an employed with the City of Miami as a lifeguard. Sep/2009 I was laid off. I couldn’t get another job for a while until I finished school in 2012. EMT 9.25/hr 😒 Tough times.

[@donnaw9040]

I rented to a friend - once

[@alessbrasil25]

That's awesome you went to Brazil! Im from Brazil!

[@RaqueLauren]

The difference now vs. '08 is the HUGE inequality gap. There's an entire class of scammers, biz owners, investors, etc... who made out like absolute bandits over the last few years. America has 2 economies right now. One for the poor/working class and one for the well-off. Even tho most people are about to be in crisis, nothing will "fall" until the investor or "greed class" really starts to feel pain. That hasn't happened yet, unfortunately.

[@unaldurmaz250]

No Mike buying a house is now or never. Same thing is going to happen in car industry. Soon. Cheers

[@slaytonmarks7537]

Your advice helps a lot. You really keep up with the curve. Great to listen to.

[@polskigirl8547]

Gee…..Michael…..you could lose the beard and stach and a little less gray and you could be Gruesome Newsomes doppleganger….😅

[@MichaelBordenaro]

Haha I have heard that before😆

[@fake734]

Back in 2017 they said they would end home and vehicle ownership by making them too expensive to own!

[@rjo8500]

They’ve basically succeeded.

[@gregholman2930]

"You Will Own Nothing But Yet You Will Be Happy"...Satan Klaus..

[@fake734]

@@rjo8500 That's exactly what I was going to say! Thank You 👍

[@bignspicy984]

The median individual wage has only gone up about $10k in 30 years. We are getting robbed blind.

[@nikopoulos5241]

So when all housing becomes unaffordable in certain areas. How do people who generally work for lower incomes and work lower income jobs afford to live in the area that needs those jobs. Like fast food workers, or retail workers? If those people get completely priced out then wouldnt some businesses take a huge hit?

[@AshleyCherv.]

For real. Don’t see how they are making it

[@rjo8500]

They’re literally screwed.

[@hvaball150]

There are hundreds if not thousands of resort towns in America and the world. It costs $500 a night to stay there, and the next morning someone pours you OJ. Business do fantastic there.

[@nikopoulos5241]

@@hvaball150 Who works there? Indentured servants?

[@junetommey5975]

Michael, Enjoyed your video maybe a little more than usual today. I spent my High School ('71) years in Palos Verdes so your walk through was extra special. We lived very high up on the hill and had a beautiful view of the city lights at night (smog wasn't nearly as bad then). Couldn't see the ocean from the house though. I now dip my toes into Lake Eufaula, Eufaula OK. Glad your enjoying you trip. Keep up the good work.

[@BDUBB24]

How do you like Eufaula? We considered it before landing in Conroe, TX.

[@junetommey5975]

@@BDUBB24 We like it a lot. It's a very small town @ 5,500 with all the small town drama but if you're here to retire and don't need the big city shopping and restraunts it's perfect for us. 1/2 hr drive either south or north will scratch that itch. Very quite labor day to May then it's busy for the summer with city folks enjoying the lake. I actually live in Canadian, an even smaller town just south of Eufaula @500 people, on the lake. I'll have to look up Conroe, TX on google maps.