One of our most recent video reports!
See the original article below:
Josh Sigurdson talks with author and economic analyst John Sneisen about the top 10 worst housing bubbles in the United States according to a study released by 'Global Banking Rates' and reported on by Forbes.
This study analyzed stats from Zillow and looked at:
*Percentage of homes with mortgages in negative equity
*Total number of homes in negative equity
*Total Number of homes at least 90 days late on their mortgage payment
*Negative equity delinquency rate
*And homeowner vacancy rate and rental vacancy rate.
The study doesn't include a few major cities where housing bubbles are at catastrophic levels, but you may be surprised by the cities that are on the list.
We are seeing the return of collateralized debt obligations, mortgage backed securities, reverse mortgages, credit default swaps, all of the usual suspects that we saw leading to the 2007 housing bubble burst in places like Detroit.
As the bubble expands once more, it looks like history will simply repeat itself. The banks are insolvent, the derivatives bubble is at a multi-quadrillion dollar level, the pension bubble is reaching enormous shortfalls, the auto bubble continues to get worse, the entire fiat system is on the brink of failure as we reach another recession and of course due to interest rate hikes and massive loans and derivatives, the housing market in countless cities is on the verge of bursting. Who would have thought? Well, everyone that's been paying attention.
Your house is not an asset. Individuals must learn to be self sustainable, financially responsible and independent and protect their purchasing power instead of falling into the trap of collective debt compliance.
Stay tuned as we continue to cover this issue closely!