Josh Sigurdson talks with author and economic analyst John Sneisen 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 reach $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.
Stay tuned for more from WAM on this subject!
Video edited by Josh Sigurdson
John Thore Stub Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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