Foreclosures Outpacing Home Purchases...
Transcript:
fore closers are skyrocketing
guys yes they’re skyrocketing and I know
your realators are telling you don’t
worry about it you don’t have to worry
about it it’s not going to happen to
you but the question is is why are
foreclosures Rising could it be that
people overpaid for homes um I think
that might be the root of the
problem but let’s talk about it guys my
name is welcome to the channel make sure
you hit that like And subscribe button
it really does help out the channel make
sure you check in the description and in
the pin comment I have a newsletter
where we talk about things that will
give you tremendous value guys make sure
you hit that join and it’s free you
can’t beat that you can’t beat that but
let’s jump into it it says us
foreclosure activity shows continue rise
in the third quarter approaching levels
seen before the pandemic
what so you’re telling me it’s lining up
like it was
previously wow that’s surprising that’s
surprising because a lot of guys a lot
of Realtors a lot of pundits were
telling you guys hey um you know what
it’s never going to go back to the way
it was it’s going to be non-existent do
you know what the demand the pimped up
demand is going to be after the pandemic
it’s going to be so crazy there’s never
going to be houses on the market that’s
what your real estate agent was telling
you you remember that remember to years
ago or a year ago where they said you
better jump in now you better jump in
head first and buy your home right now
hey I know you’re going to overpay don’t
worry about paying 50 100,000 in some
areas $200,000 over asking don’t worry
about that because you will get it back
[Laughter]
later are you serious the prices are
going to shoot up so much because the
demand is going to be crazy but
now real estate agents are now telling
you a different story and now
foreclosures are going up it says Adam
has released its third quarter 2023 us
foreclosing market report which shows
there was a total of
12453 us properties with foreclosure
filings default notices scheduled
auctions and Bank repos up 28% from the
previous quarter and 34% from a year ago
now I know I could just I could just
hear it Orlando of course it’s high
because it was almost nonexistent before
and but here is the question that I
would to knock home to the people who
are going to say Orlando’s wrong this is
actual
data but but we’re going to have people
who are going to say Orlando’s wrong of
course it’s up of course it’s up
but the question is is why is it going
up how could foreclosures start SP
spiking up so much if everything was
okay if nothing was going wrong with the
economy and you know you could date the
rate marry the house stuff that these
guys are telling you then we wouldn’t be
seeing foreclosures go up could it be
inflation is high could it be people are
losing their jobs could it be houses are
unaffordable could it be high mortgage
rates it could be a bunch of things
everything is high right now but yet L
these guys are telling you buy a house
now buy a house today and forget
worrying about what’s going to happen in
the
future I wonder why they’re saying that
could it be because maybe they’re going
to get their commission they’re going to
get their money right now and they don’t
really care about what really happens in
the future to you could that be the
reason why you know the funny thing
thing is is I’ve done multiple videos
and I did a recent video on prices going
down and things happening in the housing
economy a couple videos ago and I got a
DM from a realtor and all it said was
Orlando stop we’re trying to sell
houses that’s all it said so you know
when I’m getting DMs like
that I’m probably doing something
right maybe I’m doing something right
but did it continues all to say lender
started the foreclosure process on 68,9
161 us properties in Q3 2023 down 1%
from the previous quarter but up 3% from
a year ago nearly reaching prepandemic
levels and guys it’s going to get worse
before it gets better and this is the
truth because we still have the FED to
do rate increases inflation is continued
to go up month by month no matter what
the FED is doing no matter if he’s
pausing raising interest rates inflation
is continued to go up and if people
people Haven it forgot we got a lot of
things going globally that’s causing
inflation to go up the wars that are
happening that we’re giving tons of
money to hundred billion dollar here
hundred billion dollar here another
trillion dollars here we’re just
continuing to give money and money and
money globally to other countries and
then we have China on the other end who
is about to go through a ridiculous
financial crisis when it comes to their
housing and real estate they’re going to
go into a major crash so all of these
things guys if you
think and you don’t have to be a brain
surgeon for this if you think that all
of those things globally will not affect
our economy you’re
crazy you’re nuts all of those things
will come crashing down on us it will
affect our economy it will affect how
much our dollar is worth and all of
those things and it’s going to affect
you home here when it comes to jobs home
prices how much material cost how much
your food cost how much gas cost all of
those things will be affected and the
problem with when it comes to you
purchasing a home that none of these
guys want you to look at is that stuff
they don’t want you to make your
decision on you understanding that the
future doesn’t look really good at the
moment that right now is not the best
time to buy a home right now is not the
best time I know what a lot of people
are telling you they’re going to sit on
the fit to say what today is not the day
guys it really isn’t don’t do it you’ll
regret it man I know someone’s going to
throw in the comment about some
elaborate you know exception to the rule
thing but for most people right now is
not the time high interest rates
inflation high gas prices everything is
High guys that’s just the way it is and
these real estate agents will tell you
they will fight too and nail telling you
don’t worry about what’s going on that’s
not your business don’t worry about that
worry about where your kid goes to
school at and you paying these high
taxes and you paying these high
unaffordable house prices that’s what we
want you to worry about don’t worry
about what’s going on outside of your
town all of that stuff will take care of
itself and by the end of this you will
make money
no no you won’t you know what I don’t
have time for this the highest
foreclosure rates are in New Jersey
South Carolina Delaware bank
repossessions increase Nationwide the
average time to foreclosure decreased
12% annually a lot of states are
foreclosing faster now guys and I want
to get to this point where it’s so
important why are we having so many
foreclosures why is this video so
important for you to understand because
if you’ve watched any of my videos
previously I’ve been telling you guys
for months a year ago that this scenario
was going to happen that it was going to
be a domino effect where prices go up
you pay over for them and then prices
come down and now you’re trapped in a
property that you overpaid for and you
just lose all that Equity but I’m going
to show you the stat you don’t have to
take my word for it let’s just take a
look at what’s actually happening so
this is from Fred guys it shows the
medium sales price for a new home sold
in the United States now we see that it
just went up ridiculous 500,000 almost a
$500,000 to the medium home price but
look at the drop
guys look at the drop and why is this
important Orlando I know that’s what
you’re asking I’m looking at this chart
and I’m seeing prices drop why is this
important well if you bought a home I
bought a home that that was already
built and then someone buys a home right
now that is a brand new home in your
neighborhood or close to your
neighborhood and the price has dropped
by 12% and 1 one
month what is that going to do to your
value of your home what is the comp on
that I don’t know I don’t know what I’m
doing I’m so here so you’re
telling me you bought a home for
$100,000 over asking and then a brand
new home that’s only been up for 20 30
days 20 30 days someone moved into it
brand new built that year and it’s down
12% it’s
$420,000 and you bought a home that was
$500,000 I mean you think they’re not
going to use that
comp and this is the reason why I said
individuals are going to get trapped
this is the reason why the data is right
here guys I’m not making this up and
individuals are now getting trapped into
this is the reason why floor closures
are going up you have a home it’s
overpriced can’t refinance because you
overpaid for it and it’s a brand new
partk purchase so you’re trapped into
this cycle you still have to pay high
taxes on it you still have to pay high
insurance on it everything around you is
high and don’t end up losing your job
from this bad economy that we’re going
into now you think to yourself you’re
going to throw your hands up in the air
and say yeah I’m GNA give the house back
I don’t care I don’t care anymore he got
cooked I just want to get rid of this
and I will go do something else I will
either go rent or I will go you know
rent on home rent a apartment a person
just wants out of the situation you
didn’t go down like that huh he got
cooked I have got so many emails over
the last two three weeks that people are
saying that they are getting their
houses appraise because they’re trying
to extract money from the money that
they overpaid they want to pull their
money out and their values are dropping
their house is no longer worth what they
paid for and they only bought the house
a year ago already lost 50% of what they
overpaid for it so what I’m trying to
say guys is that this is going to
continue to get get worse and this is
the reason why channels like mine I’m
trying to explain to you that it’s super
important to look at history it’s super
important to actually understand what’s
happening in the world what’s happening
in the in in Nationwide and how it’s
going to affect you and how you don’t
need to be pressured right now there’s
going to be some real estate agents are
going to be just shaking their head at
me like what is this guy doing what is
this guy doing he’s ruining
ourselves there he is and I get it I
understand the truth of the matter it’s
not a great time to buy a home right now
it’s just not and the data is proven it
and we’re continue to go down down and
down and this is why I say sit on the
sidelines with the purpose guys that you
have to look at your local market look
at what’s happening to your with your
neighbor’s house that’s been on the
market for two three months now is that
price dropping what’s going on in your
local market because that’s what matters
and if you continue do that then I
believe I believe you will get a good
deal so I hope you got value out of this
content because it’s very enlightening
guys I this will surely help you
understand what’s going on in the market
guys but you won’t get all of the
information from this one video I need
you to watch this video here it will
help you understand what’s going on in
the housing market financial news get
into your first rental property I
promise you the information you will get
out of it will be gold guys make sure
you take a look at it see you on the
next one thanks