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Cameron Long
Prices are already falling out here in CA. Homes that were 900K in June are still on the market, but now at 750K and no one wants them.
Also, the Dave Ramsey drawing is hilarious.
Funny they never say where because it is fake lol.
Are those high end homes or starters? Would be wild if nobody wants the starters. And yeah, what area are you talking about so I can verify the numbers? Zip code and neighborhood would be nice.
CA means California or Canada? Nothing is falling here in Bay Area California
You’re the best out there George, thank you
I give this video an A+! Great explanation, George!
Good video. But you didn’t mention that banks are also tightening credit & loan qualifications which will add additional pressure to demand getting denied.😉
do you have a source for that? I’m seeing the opposite– looser lending standards (but obviously high income requirements for the high payments).
@@jodaboda1 I base my reasoning on auto loan delinquencies & defaults on pace to exceed previous records including’08 GFC. Banks are abandoning auto loans for that reason. Not hard to reason same will follow on real estate. Don’t forget, luxury cars & trucks cost as much as condos & homes.
Average home price is 10x average income, not even close to 4.5x 🤦♂
yea I’m 50k comparesd to 450k and both are pretty average
Our family makes $135K; bought home for $340K, so pretty close to average.
yea it must be household incomes because me and my wife are at about 4.5x
Certainly depends on where you live.
We have an economy right now where homeowners are paying $4000 a month for a mortgage on a house identical to what the neighbors have and are paying $2200 a month for. The longer this keeps going the less money is going to be spent into the economy. So much for the “equity” our current administration preaches.
Exactly describes us and our neighbors that just bought a year ago
George has caused many to have analysis paralysis. His followers have lost alot of money already.
You must be talking in the midwest, double this for the coastal areas.
This is not a new concept
people are indeed spending– with debt.
It will bring the price of home much much lower, but it will come to the average price to income ratio which was suppose to be the price of housing.
Debt:gdp is still 123% so America is still technically bankrupt
Bankrupt means unable to pay or service debts. America is still able to do that … for the moment.
The stock market wealth effect and the surging demand of homes in FL, TX coupled with digital nomad jobs for the big tech companies and interest rates falling will push prices higher in low tax states recognized for better covid policies. I think prices are up overall next year as it is also an election year.
The chart for home prices vs income belongs to Re-venture. A great real estate source, by the way.
It’s very interesting to see these two explanations back-to-back like this.
Thank you for calling out Dave. I am sick of people telling me how great he is and getting crappy gifts of his stuff.
My friend has been singing his praises for years. It’s so annoying. The guy is a typical knowitall and has a myopic view of accounting and wealth management. He says all debt is bad and should be paid off immediately. That’s so patently false that he shouldn’t have a show teaching people anything. Some debt is bad. Other debt is amazing.
Excellent analysis and authentic presentation. I think your logic and reasoning is spot on.
Hey George. Thank you for all your good work.
Please make the same video about commodities. Is it the time to buy, or should we wait for a little crash before inflation spikes up again?
Excellent analysis, George! Here in Canada it will be even more severe and quick. We don’t have 30 yr Mtges. Only 5yr. In Toronto and Vancouver new homes are being burned due to collapsing prices. Insurance companies are having problems as a result. Big problem also is that 57% of new dwellings are investment buys by speculators.
Just this year he has been telling his listeners that “this time is the best time to buy a house”. With prices inflated so high, so fast…. just unbelievable.
Great video and analytics. Agree 100% with you. Here, in EU, situation is the same. House prices are overheated by the low interest rates for previous 10 years. Now it should be balanced.
I love how george takes counter arguements and deals with them head on.
My Dad told me in the early 2000s when the market collapses the bank will go on a foreclosure streak stealing everyone’s homes by forcing them to pay off the negative equity. We really didn’t see that in 2008, but I can see that happening now with how inflated those prices have been
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