Comments by "worn down" (@worndown8280) on "2021 Housing Crash in YOUR CITY? Look at these 3 Metrics..." video.

I live here. Most prices have at least doubled since 2018. If thats reasonable for you, well... Problem is that cash buyers are driving up the prices but local incomes will not support those prices, eventually you reach an inflection point. Once other markets collapse and those cash buyers evaporate what will happen to house prices here without that upward pressure? Add rising interest rates between now and at the latest 2023 it becomes a bit bubbly itself. On the bright side there are properties that are starting to sit and that have had price reductions. Thats recent in the last two months though.
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they gave anyone a mortgage. no income verification, reverse am loans. Had a family two brothers and a sister who lived across the street from us who were from Mexico, here illegally. They worked themselves to death for three years saved every penny, they had a mortgage from BofA, it was a 420k house. it was a 3 year reverse am loan and their mortgage was 200 bucks a month. At the end of those three years they walked away from the house. This happened in mass in California. Add to that all the investment flippers, well you see how that happens. For three years they pocketed the money from their hard work. Then when their three years were up they self deported with all their cash and bough a massive spread in central Mexico. This is just one story, there are millions.
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