Housing Depression - The Truth Behind the Statistics Part 4/5

[HASHEMANDHOFFER]

GREAT FILM. I COULD WATCH FOREVER!!! I AM AN APPRAISER IN NJ. IS SAW THIS COMING, BUT I DIDN'T THINK IT WAS GOING TO BE THIS BAD. CALIFORNIA WAS HIT HARD. WHAT ABOUT THE CONDO MARKET? DID IT COLLAPSE LIKE THE DETACHED HOUSES?

[Wesley53719]

@HASHEMANDHOFFER  You may like the video Wesley53719 "America Shutting Down" uTube video

[Engineer245]

You act like we should feel sorry for the builders who speculated. Too bad. It is just the REAL world of business. When you take a business risk some times you loose. Thanks for the video but dude. Welcome to the real world.

[Modacolorist]

A whole house for $995. KOOL! Its 2700 for a 3 bedroom here in NYC.

[riotwyoming]

I think we need to gove congress a big thanks. How many of our jobs have they exported over seas with their global economy balony and free trade and gatt??

Look how much is imported from China and other countries.

[tothatextent]

The whole country is going to wind-up being like Detroit. It all starts with wages. The average worker in the U.S., without a college degree made $10/ hour in 1972.  A house cost approx. $27,000. Now, the average worker without a college degree makes $11/ hour and an average house costs $350,000. In almost 40 years the wage went up $1. Yet, the price of a house went up almost 13 times! Do the math, it can't be done. People resorted to credt because they make shit money.

[xiola6969]

@tothatextent People resorted to credit because they make shit money. Banking institutions are the bane of the poor and stupid. If you bought house a 350,000-dollar house and made 10 dollars an hour you where pretty stupid and the bank or creditor who gave you the loan should be considered the criminal

[tothatextent]

I agree totally. People put faith in bankers. Bankers are just salesmen who want you to get into debt as much as possible. I read a report about the financial engineers that designed all of the MBSs. A person asked one of the financial engineers: "what happens when rates stop falling and people can't refinance anymore"? The financial engineer said: "the whole thing will fall apart".  The boys on Wall Street knew this was going to happen. They designed it to fail. They made $ off of CDWs.

[tothatextent]

But, where are you supposed to live? I don't know about you but I haven't seen any $40,000 homes lately. If there was such a thing as an affordable house, I could see people as being stupid for buying a $350,000 home. But, we live in an era where things are out of whack. People do not make enough to afford the basics.

[amcanmike]

@tothatextent GOOD POINT

[Naahnikki]

George you are one of the best..

[zliminator]

Back in the 80's during the S&L crisis, Congress had an investigation on all the overbuilding and after viewing films of empty concrete slabs, members of Congress started calling them 'martian landing pads'.

[zliminator]

They need to start advertising in China.

[emailbryan]

So whats wrong with renting the homes? Than when the market improves the builders will most likely list them on MLS...Thanks to gold diggers like yourself that wanted to buy for a "quick flip" owners of real estate have to be creative to stay aflot! Jerk!

[spoonman73]

"it was a dream that abruptly ended." LMAO

[11314100]

That's Victorville, CA. aka the High Desert and these people are local high school grads. And the high desert has been a boom bust town since the 1990s when the same exact thing happened. Except this time people used sub-prime loans to buy homes for 300-400k in Victorville which is nonsense from the beg. since everyone knows there are no jobs in victorville and most people commute 1hr to work. Great job on spinning this.

[drummerforreal1]

@11314100 Mucho metamphetamine addiction in the Victorville, Hesperia and Apple valley townships...

[11314100]

lol

[shorerydr10]

really useful and insightful

[boomtownkid2]

Sadly this just isn't happening in SoCal. We've got the same thing going on here in exurban Minnesota. There is one super expensive development (1.4 million + homes) that is now RENTING out the houses!

[pineapple1969]

Those homes that were advertising rents for $995 are going to attract all the section 8 people.

[Teyec00n]

LOL. Your videos are of the Pulp Fiction style where you start at the end and then explain the story of how you got there as I'm assuming this house your about to go into is the one from the first video...let's see.

[washad77]

6152

[theservman]

wow... I'd love to rent a new house for under $1000/month. If only it weren't a symptom of a much bigger problem.

[egn2020]

Nice sky scape. Looks like a great place to go camping and exploring in the open field.

[FatLibertarian]

The Fed just sucks all the money out of the system. It's gonna take years before we "rebound" and that's only if the fed/government let's us.

[itiger10]

the economy is starting to get better. there is not going to be a collapse like you guys are predicting

[TadRapidly]

very funny.

[Gentilejedi]

And we live in what bubble?

[sypherffs]

holy shit that is a dead construction site.

[AR15Truther]

Wonder if the builders will pay people to live in the homes to be on display.

Look honey other people are renting here it will be safe.. gives a whole new meaning to neighborhood watch :)

Their going to have to get very creative

Like they way timeshares are sold,

come in for your free vegas trip just sit through a 30min sales pitch.

Umight like these vids

Pepe Escobar: Welcome to another New World Order watch?v=JfvHutiTL9s

Spanish Economy - Spain watch?v=cLgudaZ1Vnw&feature=ch­annel_page

[cashman247]

They are building alot where I am, nice commercial places.

There isnt alot of jobs though, and alot of homes have been on market but some are selling..

Its like paradise down there, and nobody wants to live there? wow too bad,,, cause its very nice weather down there.

[FnOzi]

☻/

/▌

/ \

[sonic2batt]

It's smart how you and visionvictory alternated the videos on each other's channel.

[DillonX]

To be eligible to get an $8,000.00 stimulus check from the government for buying a house, you must not have owned a home for the last 3 years & you must purchase by the 1st of December.

My son is eligible for this, so I'm looking for him too now.

[DillonX]

SATAN--houses did take a dip in Tex back in 2006, but now they're on the upswing again.

I actually wish we had a more depressed mkt in Tx at the time as I'm shopping for a larger residence on the weekends now.

I do expect more of an upswing in the summer, as usually happens, & that'll be spurred on by the $8,000.00 some ppl can get for buying a house.

That $8,000.00 runs out on Dec 1, 2009 -- so I look for a last minute rush.

[AfricanAnime]

....this is JUST the beginning.....

[nicoya31]

Well, this should make houses affordable, what's wrong with that! Those who have been saving instead of gambling will be in a good position. Well, the government has some "medicine" for them too, it's called inflation! Anyway, hopefully things improve.

[SATANSbankers]

The Low Interest Rates caused them to Over Build, now there's a Glut of Houses on the market, new and Foreclosed, and people can't get Loans to Buy them. And we still have Option Arm Loans Adjusting Upwards, which will cause more Foreclosures, and further Lower Housing Prices.

[DillonX]

SATAN -- you may be right. Southern Calif might be a shithole for a while. Might be best to buy elsewhere.

[SATANSbankers]

It's not just Southern California, it's happening all over the Country.

[DillonX]

It's not happening in most of Texas.

[SATANSbankers]

Housing Prices in Texas haven't come down from their 2006-7 High's? I find that hard to believe.

[thomaserossi]

What highs?

I worked as a community development consultant for CRW & Associates back in the early 00's. Texas doesn't have the ridiculous building codes, fees or insurance laws as California. Nor was fraud rampant. Houses built in Texas were afordable, not inflated (generally speaking).

California is the epicenter because of it's Liberal policies. And, for the same reasons, it will remain there. Companies can't afford an $8.50 minimum wage during a recession. Thus, more lay-offs.

[SATANSbankers]

What's the Median Housing Price in Texas?

[ali84uk]

You guys look like some superhero undercover agents exposing hidden happenings lol

[kipptumor]

I think it's a "depression" for the very wealthy though - Depression is something that bottom-feeders like me have come to grips with long ago. I guess if I were to have lost $200,000.00 gambling on the stock market I would be feeling a certain degree of "depression", yeah, but I latched on to a very modest home in a nice neighborhood for $69,000.00 at 5.5% solid. This is Iowa, though. It's an anomaly. Hardly any predatory lending went on here, plus we've got the best beef & pork in the world.

[ManufacturedThoughts]

I would rent it out and grow marijuana indoors in CA.

[DavosLogos]

Im a Euro and i wanna buy one of them houses in southern cali , need a contact person , pm me.

[DyeTyme]

im from cali, i can tell you now that buying a house in southern cali (in all of cali as well) is useless, there are too many houses. if you are looking to buy a house either as investment or to live in, best stay out of cali. there are tons of other investors doing the same thing.

[LisaJ4Liberty]

Creepy tract housing. Glad to see an end to that and I don't feel sorry for the workers. They're a part of creating modern ghettos and they would serve the world better unemployed.

[999manman]

$995 a month? I could almost make 3 mortgage payments with that!

[WONDAWOMAN]

were you up in Victorville for this one? I remember looking at some model homes a couple of years ago .. and I saw that Arriba sign that I see at one of the developments you passed by. Yep, it sure looks like Victorville. There were some GORGEOUS models out ere

[i4Truth]

I see opportunity everywhere in this series of videos.

[DillonX]

You wrote: "I see opportunity everywhere in this series of videos".

And you are right.

To key to good investing is to buy when everyone wants to sell & sell when everyone is telling you to buy. Unfortunately for most people, they are sheep.

When had a housing depression like this in Houston in the 80s & I got a steal on a house at the time, but a buddy bought a bunch of houses & made a ton of money.

[JRCrowley]

Sure, but don't forget, opportunity is what some people saw 3 years ago and look what happened to them. I work with a guy who bought a new condo at the top, even though I kept telling him to sell his current condo, buy gold and and rent to the time being. I ended up being 100% correct, and he never acknowledged it. Now he's stuck with 2 condos, and he had to rent the old one and move into the new one at a loss... He even tells me NOW IS A GREAT TIME TO BUY?? Some people never learn.

[cv1122]

even #3 big buider Centex just got bought out by Pulte in a stock swap valued at $1.3 billion.

[cv1122]

i saw a news story this morning that showed small organizations popping up trying to match homeless & recenty evicted people with empty foreclosed & abandoned houses. Even the story admitted it was not legal but the houses are just sitting there empty.

[bearsagainstevil]

forget the depression the big thing will be oil depletion watch the end of suburbia ,anywhere built with the idea of cars or cheap oil is doomed .

and I mean doomed , if you have been to europe or anywhere that was mainly built before the car thats what you have to get back to .

most people walking everywhere in towns and villages most products being made locally

[ilanisx]

Absolutely right, the US consumes 26% of the worlds oil and will be the first to feel the impact of peak oil. Current low oil prices mean less investment for the oil industry and when the global economy begins to turn around, expect less oil for everybody on growing demand. $200 a barrel is near....

[tummy14]

Keep up the good work guys...

[PotheadPundit]

Obviously there is a lot of blame to go around. But one must not forget that all of this footage is suburban or strip malls.These "cities"are cultural wastelands and even if half the houses were full, what would the benefit of living there be?There's no resources nearby, and no neighbors.All of those roads and electrical lines were built with taxpayer money. In order to satisfy the lobbying power of the housing industry. Not surprising that they too, wanted handouts and to take no responsibility

[dontblamethemessenge]

are they not working, maybe because it is easter and sunday?

[MacroTraficante]

double V and Mr.G best tag team ever

[freedomfighterone]

America is finished, thanks to the criminal bankers. We must never forget who did this.

[LucifersDisciple6]

@freedomfighterone it wasn't the banks they are tools. You should know.

[freedomfighterone]

@LucifersDisciple6 No, the bankers (Rothschilds, Warburgs, Rockefellers, etc.) are the criminals and controllers of the Federal Reserve and the US government.

[jackinla8]

lots of homeless squatters are living rent-free

[jackinla8]

where exactly is this George?

[machinenation]

It's mad stuff all that over capacity.

Where Oh where are jobs going to come from now?? G4T you keep saying it on your videos and that's the thing on which it is all hanging I feel - where are jobs going to come from ??

On the macroeconomics of this, the West is printing hand over fist which must count for some internal consumption between US and UK. Again, the international Dollar is the thing to watch - import prices could turn nasty fairly soon unless you can meet demand internally.

[slobomotion]

It's going to happen here in France.

I just went out to Brittany, and there was so much commercial and residential space empty and for sale.

It did me some good to get away for a few days, especially because where I live is so poor, and I am essentially so marginal, that it is hard to get an accurate picture based on what is going on around me here in suburban Paris.

[actop19]

Ha ha, almost had a thelma and louise endidng ; )

[jc7622]

Nevermind. I posted the comment before you saw the DR Horton sign. Duh.

[jc7622]

DR Horton? Is that who you are talking about? We are trying to sell lots to them now. Occasionally you hear about a builder around here that gets in a jam and has to rent a new house. Not as bad as in CA, though.

[Sentinel4truth]

This is nothing. Just wait until the gasoline stops. We import 70% of our crude oil and since oil rigs worldwide have been abandoned like these homes, there is a massive post-peak oil fuel catastrophe on the horizon. It'll make the housing bust look like a footnote in comparison.

[powermousey]

I've spent the week with my Mom in Sacramento. What can I say? More houses foreclosing or up for sale. More businesses closing. And in Elk Grove, CA., SMUD has already raised utility rates and there is also more manadatory water conservation in use. Also, the Federal has raised rates on the corporate use of public lands and one of the rate increases that will be reflected is an increase in our utility bills. Also talk of taxing drivers who use the park n drive lots for Bart and light rail.

[Avigadro]

Hey Schwarzenegger, Pelosi, and Obama!!! Are you listening?!?!

It sure as hell feels like you don't have a damned clue.

PS. Good video guys. If I were in LA, I'd bail out of there like a hot potato.

[edmondov]

I'd like to see this happen in LA for home prices to drop from ridiculous prices.

[videolover61]

who's running the camera?

[george4title]

me video

[george4title]

I am a positive person - but we are truth seekers

[WhoRonPaul]

the rents are too high

[thomaserossi]

Thanks to an $8.50 minimum wage and rent control.

[WhoRonPaul]

ok thanks. that lends clarity.

[davincij15]

This was the first time I have ever seen a home for rent by the builder. That's unreal! Wait until banks start doing it.

[george4title]

thanks for the confirmation

[davincij15]

I have spoken to my wife about it and she pointed out one builder here in Canada many years ago. Rent to own it was called, where you rent the house over 1 year. The rent went into the down payment of the home. But I am not sure if that's the same thing?

[satanic6ritual]

lol George is with VisionVictory.

[qualqui]

well, from what little time i know george, he's an optimist,...life is like school, there's always something new to learn and adapt.

[RJL738]

I like this hands on aproach to getting this message out.

[george4title]

no prob

[RETIREMESOON]

These builders are smart to rent.Look at it this way,When you can't sell a new home you need to know it won't be raided for wire or copper or squatters won't move in.You either hire 24 security or rent the empty house and the tenants provide FREE security and some return on their investment.

[unworldlything]

george, you are the man!!! thank you for showing us what is really going on!!! you are the best!!!!

[george4title]

thanks unworld

[kipptumor]

Just because people followed the greed that doesn't mean all these empty houses are a sign of a weak economy - It is a sign of people that have a gambling problem. They gambled on the housing market continuing to go up and up - forget that the population is growing smaller over all. Who did they think were going to be buying all these fucking houses anyway? Idiots - They may has well have hung out in Vegas and tossed their money away on a roulette wheel. I say invest in casket makers or urns.

[qualqui]

definitely like your comment, i mean all them empty houses are for makin' money, they're nice homes but who can afford 'em, not many jobs out there, yikes almost like down south, and same thing here, buildin' contractors have made so many homes and it seems that there are still some empty homes! Its gonna be a loonnnnngggggg depression......= (

[lightleague]

Soon the signs will say: "Rent for a night! Only 20 bucks!"

[mercen144]

I am a roofer from PA but i have installed Tile Roofs in FLA. To have a whole development or even more than 3 homes stacked with tile...which can be found cheap...not installed destroying the deck and underlayment with its weight...shows me that they cannot afford a roofer. Thus nothing will be done until roof is on.(DRYWALL PAIN ELECTRIC FLOORS etc etc etc)

[NickyTheHeel]

He was gonna flip a model home?

[CelticReject]

'Nobody working on the properties'

Well, perhaps thats because it's easter and they are on holiday.

[mercen144]

or maybe this video was taken last week...

[george4title]

shot last week

[carp1844]

With all of the out of work roofers there is no reason for all of those houses to have shingles stacked on them. Obviously the money for the labor has run dry.

[hermbilliamherm18]

dynamic duo!!!!!  awesome!

[dx11101]

so where exactly are they? what city?

[CheekyMonkey888]

The absolute best pessimism porn on the web

[dan020350]

with all that land .... i forsee some sort of solar farm or civilization over there... it all depends what type of energy the world wants during this crisis

[sjls]

Manpower is cheap. Drop the high taxes and I will buy a house and finish it my self

[ameetcoeur]

No workers on Easter. No surprise here!

[blokcom]

True, no surprise, if one will nit pik every little instance on a free style type of vid.

[airborne373]

There is also no market. The housing market was a false market funded by artificially low rates and Down Payment Assistance Programs that circumvented FHA down payment rules. Big mistake.

[OutdoorsBlackMan]

I am 19 years old and got out of high school. My diploma has not gotten me a single job since May 2008. I have no money. What am I to do to move out into the dessert and homestead or something?

[tetekofa]

OutdoorsBlackMan,

Go to Ghana, find a place called Kedas Lodge and buy all the land you can in that area...major oil find just offshore...not to mention all the gold laying around.

[randont]

Sorry to hear that. You'll have to move out of places like S. Cali to get a job it seems. Best of luck to ya.

[chutubeme]

i have a HS Diploma too and im 19 i wish i could go to college but i can't because i have to work imagine if people with bachelors degrees..and etc. can't get a job than we are SCREWED !!!!!!!!

[BuckFutterd]

Well thats a problem isn't it. Almost every week you hear about job fairs where there are thousands and thousands of people looking for a job, any job. They have degrees and years of experience, but they can't find anything because nobody is hiring except for menial pay or jobs. There was a job fair in NH this week that had to have the people park at the mall and then get bused to the job fair. So many people that you could see them from the air.

[dvnwnd07]

JUMP IT! , good videos tho keep em coming guys

[Hopefl1]

What a deal. To bad there is no work put there. The mountains are looking more inviting now.

[george4title]

we'll do big bear next heard it is a disaster

[Hopefl1]

Oh yeah. Maybe I will join ya guys.

[powermousey]

oh my gosh!, Big Bear.

Mount Baldy and Big Bear Lake.

I haven't been in that area since many years ago I went camping with my tribe in the Indian Guides. I'm part Cherokee and my Indian Guide name was Silver Fox. =0)

[shoeman3434]

This is just so sad...

There's no doubt we're in for the worst economic times this country has ever seen.

[AfricanAnime]

And yet, i just read a article sayhing the recession's over.....

Oh yes, the recesxsion's over alright.... Get ready for the shit when it starts to fly folks.....

[neanam]

the article is right the recession is over .............NOW where in a depression Lol

[DillonX]

SATAN - no1 can say w/ accuracy what the Median Housing Price is in Tex.

Figures that are released are based on NAR stats from homes placed in MLS.

Texas housing if fairly spread out & most MLS operations are in big cities, so many sales aren't covered.

Still based on the info we do have I'd estimate the med price on a Tex house at $80K & that includes smaller towns where the mkt is lower & more steady.

On the high side if u just want Houston I'd say around $150K on MLS listing.

[prescottbill]

Malinvestment from the boom. Banksters should share the hit after busting out the builders, but since they control the FED the trillion in bailouts flowed into their pockets. Homeowners and builders get the shaft, we all suffer. The banks walk away with trillions WTF? End the FED, now!!! Wells Fargo is going to post a 2 billon dollar first quarter profit, on the backs of you the taxpayer. JP Morgan Chase, Citi, Bank of America, Wells Fargo are the five families of banking mob.

[awakenedlightworker]

Wow Prescottbill, you've definitely hit the nail on the head !!! Wish we could get the word out to the sheeple, so we can end this farce of an economy, and get on with the new and improved one!!

Great work, George and Daniel !! Love your vids! (George, you should talk Daniel into going to Detroit with you.)

Stay safe!

[carollou3]

The renter can faithfully pay his rent every month. If the owner is not making the payment on the loan. The tenant can find himself evicted as part of the foreclosure.

[JetMech72]

They've been doing this in the Bitterroot Valley of Montana for the past year. People came in and built $500K-$1M homes and then wanted to sell them, but can't. You can rent one for about $3000 per month...LOL. The housing market surely proved that there is a sucker born every minute.

[whiskerchild]

George/Daniel: what city is this in?

[visionvictory]

victorville

[psbyowner]

thats not going to help those property values bu letting them all go to renters.. they must be screwed.

g4; you escaped a real bad situation by not buying... grats

[p717]

No, but they're having issues with squatters doing more damage to the properties in the short term than renters in the long term. Property values are the last thing on overinvested developers minds at this point.

[tyronebiggums3]

The ponzi is collapsing!

[askmeif]

With all the wisdom and history of buying and selling houses, having a cracked windshield is not consistent with having money.

[turboredcart]

There is an angle to this.  AN empty house is NOT covered by fire insurance. Is that the santa ana winds? I wonder if they take section 8. That isnt one of the prettier parts of CA. I had a trailer that was going back. Every time a truck went by- I froze.

[jonah70757]

Hey George What are those flags they are flying? The New World Order Flag?

[skibee50]

Good job guys! Teamwork!

[DEMCAD]

Reality is hitting hard. This is proof that unemployment will only get worse.

[powermousey]

So True. Its like a vicious circle. Where a snake curls up and starts eating its own tail and then eventually dies consuming itself. Growing unemployments>more houses foreclosed>people spend less and even struggle to make ends meet>more businnesses closing> rising product prices>growing numbers of the poor and homeless> increased crimes and looting> new and the raising of existing taxes and fees-->peoples' inabilities to pay debts and taxes>people dropping out of the grid. Rinse and Repeat.

[magbigblock]

Unbeeelievable.....But we're bottomed out and coming around at the end of the year, right?? j/k Sickening....Great job to both you guys.

[StevenM818]

Sorry George. I rated this vid 2 stars on accident when I tried pausing on the DR Horton sign.

5 ***** is my official rating.

[qwertydj2003]

wow. eye-opening.