In this video, I talk with author and economic analyst John Sneisen @theeconomictruth about the incredibly volatile and risky housing market in San Francisco.
Following a story out of San Francisco detailing a home selling for nearly 1 million dollars over asking price, we had to break this down. It's absolutely insane.
In July 2007 coming up on the massive housing crisis in the United States, the Southern California Median home price was $505,000. By September 2017, it ALSO reached $505,000. Last time it had lost more than half of its value. It's now cooling off and with vast amount of market manipulation in place, banks putting out CDOs and mortgage backed securities, the market looks unstable long term and risky to say the least.
Pending home sales and plunging in value and we see countless people repeating old mistakes. So many watch TV, see a home flipping show and without understanding the market at all, they gamble everything they have which is incredibly irresponsible.
A lot of this problem goes back to interest rates at the Federal Reserve but people need to take their own financial responsibilities seriously.
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The bubble in San Francisco is even more obscene than the one in Vancouver and Toronto.
Young Silicon Valley employees have to pay extortion-level rentals for single rooms because they can't even afford a condo with their 100k+ salaries. It's madness, and I hope that whole bubble bursts ASAP.
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Hi joshsigurdson,
Thanks for the great content
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It's amazing what you can accomplish with unlimited credit.
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The bubbles are everywhere and the FED will be directly responsible for this mess when it finally blows up.
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Great job bro thanks for sharing this post. you have my upvote & resteem @mannyfig1956
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It seems people never learn from history.
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In 2008, nearly 40% of all loans were adjustable. So when interest rates rose, it collapsed. Now its on the order of 6-8%. So that trigger is not likely to occur this time. So what will be the trigger for the collapse?
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