➡ The current housing market is similar to the 2008 bubble with high prices and a large number of unsold houses. Interest rates have doubled since 2020, making mortgages unaffordable for many. Buying a house comes with many responsibilities and unexpected costs, and it’s important to only buy if you can truly afford it. Also, business owners are now required to report their personal information to the Financial Crimes Bureau, following a recent court ruling.
➡ Alaska has the highest average credit card debt in the U.S. at $7,300, while Wisconsin has the lowest at $4,300. An In-N-Out burger joint in Oakland had to close due to high crime rates, including 1,900 incidents and 1,400 car robberies. The company offered employees severance packages or relocation options. Meanwhile, a Times Square office building sold for $98 million less than its 2014 price, indicating a potential downturn in the real estate market.

Hey, welcome back to I Allegedly. I’m Dan, and I’ve got a good one for you today. Because I talk housing right now, and how this is mirroring the 2008 bubble that we experienced. And I’ve got a lot to talk about. Please like the video. Please subscribe to the channel. But think about this, guys. As I walk by this new housing track, Stonewater, these things start at, yes. Maybe you saw the sign. $1.3 million. Now, wow, $1.3 million for these three-story monstrosities built right next to each other. Look at that. Crazy, guys. Okay. Oh, you want tile? Oh, you want faucets? Oh, you want granite? Ooh.

Okay. That’s going to cost you. So the upgrade’s basically about $200g to add that. So about $1.5 million to start. But you are literally on top of each other. I hate houses that I could lean and touch my neighbor. Okay? Because that’s exactly what you got here, guys. Okay? So look at that, guys. Maybe they’re four-stories. Whatever. The point is that they’re right on top of each other. And what we have right now is we have a glut of houses, spec houses. The first time that we’ve had it hit this number, and since 2008, this is the second highest number.

In 2008, we had 199,000 spec houses that were completed that were not sold. Right now, we have 149,000 spec houses that are completed that are not sold, which is huge, guys. It’s a huge, huge number. Now, what are the numbers of houses that are for sale right now? Right now, the number is staggering. It’s 1.7 million houses are for sale right now across the country. Well, Dan, there’s no houses available. There’s no inventory. Prices are going to stay high. You wish. You hope so. It is funny. In Southern California, you have a tremendous amount of houses that are sitting on the market longer.

They’re starting to have to throw incentives in. We are seeing things, and I get a kick out of this. I can go to Zillow and price reduction, price reduction, price reduction. And then what the scam is with Zillow is that someone will have a house, and they will take a new picture of the front of the house, take the listing down, relist the house as a brand new listing on the market one day. Wow, here’s a new one. Oh, my gosh, I just saw this one two months ago that hasn’t sold. Now, you’re seeing that more and more.

The other thing is that you have to look at the interest rate problem right now, and that is prices have gone up since 2020. They basically doubled during this time. And with the inventory glut, the biggest problem is the interest rates. People cannot afford a 7% mortgage. Oh, Dan, they’re in the sixes. You don’t understand. The people that have great credit, a great job, a huge down payment, those people are not worried about their payment. Those people will only buy if they absolutely have to. So the problem that you have right now is with 7% mortgages, not everybody can afford that right now.

It’s just it’s that simple. And I have seen lenders write me and say, oh, the person self-employed, 8.3%. Just crazy. Now, here’s what’s bad, is that you get new construction like this and you buy the house and the interest rates are here today. But here’s the thing that, like Sabina, my lender, has talked to me about is that they’re going to check your credit again. They’re going to check to make sure, you know, see what your financial situation. They’re going to check your bank account. Sometimes they do it twice, three times during the life of a loan.

And if things change, you can expect a bump in the rate for your interest rate, which is terrible right now. But the big problem is the glut of these houses that are available right now. There’s a tremendous amount of houses available. You’re seeing the prices go sky high. But here is the detriment. Read the articles below because they’re great. People don’t realize what’s involved with buying a home right now. Well, what do you mean, Dan? Think about it. Every single responsibility is now yours, from the light bulbs on the outside of the house, to the lawn, to the water, to the electrical bill, to the gas, to absolutely everything.

People are, you know, buying older houses and then having a mainline sewer problem to the tune of $18,000. Who pays that? That’s not covered by insurance. Uh-oh. And then you go to insurance right now. Insurance is such a wild card right now that the houses I’ve looked at, every single one of them, I demand a quote from the insurance company, will the existing insurance company maintain the insurance on the house? Not necessarily. And here’s the thing. What do you do for a job? What does that have to do with this house? Seriously.

So they’re starting to crack down on every single thing. And the one thing that people are routing me about around the country, and you look at states like Illinois, cities like Chicago, where you have bad government, bad management, so what do they do? They raise your property taxes. And if you are on a fixed income right now, you’re screwed. You absolutely have nothing you can do about this. So I’m telling you guys, it’s a wild card. Buy a house if you can afford it. If you can afford it. You know, it’s funny. When somebody starts a business, I always tell them, if you have extra money for the incidentals that are going to come up, what’s going to come up? The biggest failure of restaurants, I’m telling you, what if nobody eats here? What if it’s snowed? What if it rained? What if nobody could get to your restaurant? And you know, it’s crazy when you think about this, but nobody plans on that.

We’re going to sell a ton. The food’s the best. Our service is the best. We’re the best auto body shop in the world. Are you really? Okay. So nobody plans on that. If you plan on that, maybe you have a chance of survival. But nobody plans on the expensive to run in a house. And man, oh man, I’m telling you, it is so expensive to own a home and nobody puts pen to paper to that ever. So that’s the big problem with this. But as we enter 2025, you’re going to see a real problem. You’re going to see people like me that have sat in the sideline waiting for the opportunity to buy something right.

And when I go into a house and you offer a quarter of a million dollars less than they’re asking, and then they call you back on Christmas Eve. Hey, you know, maybe we got off on the wrong foot. Yeah, when you swore at me, yeah. Maybe. Okay. And, you know, anyways, you’re going to see a lot of prices drop and you’re going to see a lot of deals out there. So be patient, but only buy a house if you can afford it, guys. I’m telling you, the incidentals and all this stuff with the interest rates right now, you’re going to see interest rates stay where they’re at right now in 2025.

Are you prepared for that? What if your own pal doesn’t lower interest rates? Okay. Now, Trump said he’s going to get rid of him. He’s not going to get rid of him. He’s going to get rid of him. He wants negative rates. La, la, la, la, la. Okay. We’ll see. We will see. But it’s going to be very, very interesting in the housing market. Now, one thing that was talked about and had people write me about this is if you own a business and you have to report to the Financial Crimes Bureau, FinCEN, about the ownership of your business.

Well, this was, they had a appellate court in Texas say that this was not legal. It was unconstitutional. You have to report everybody that owns your business and all their personal information from your driver’s license, socials, everything. Now, if you are a degenerate criminal, you don’t want people to know who owns this company, and people set up shell companies and things like that all the time. Well, not anymore. This was just overturned right before Christmas. So, if you own a business and it was formed before 2024, you better get ready to report this because this, you’re going to find you and you have basically five days to get this going.

Now, my accountant said to me, Dan, just report it. Right now, you don’t have to. I’m telling you, just report it in case it gets overturned. So, now, I’m sure Brian is the smartest guy in the world right now and is going to call me tomorrow and remind me of that, but go out and fill this thing out because they’re going to find you and they will find you. It’s catastrophic how big the fines are. So, if you know anybody that owns a business right now, make sure that they report that and sign up for that.

And I will leave the link below if you own a business or an LLC and you’re required to file, please make sure that you do that. So, yeah, millions of companies must register and the average credit card debt per state, who’s got the highest credit card debt? This floored me. Alaska. Alaska is a bunch of spend towns and they have, Alaska’s got $7,300 in credit card debt and an average and the lowest is Wisconsin with $4,300 worth of debt. Wisconsin also pays off their debt faster. Alaska takes a lot longer to pay off their debt, which that I always find fascinating.

Now, the In-N-Out heiress, Lindsay Snyder, she’s 42 years old and her grandparents started In-N-Out hamburgers and it’s a West Coast burger chain, movie niche, but great story below talking about the crime in Oakland and how they had to shut down the In-N-Out location in Oakland because it was, quote, dangerous. And they had, think about this, at the restaurant, they had 1,900 incidents of crime in and around the restaurant. The restaurant was a hub because when you drive from here to the airport, in and out, let’s go there. Well, they had over 1,400 robberies out of the cars.

They had, you know, shootings. They had a bullet that went through the restaurant and she just said, no, this is crazy. Nobody needs to live like this and they have the location for sale and it will be for sale forever because of this and it’s $4 million for that In-N-Out location. That was incredibly profitable, one of their top ten locations and no, done, done guys, done. So, think about this, they lost all four major league sports franchises from baseball, basketball, you know, everything, football, lost it all. I don’t know what the fourth one was, now think about it, but who cares? Oakland is a hellhole.

Oakland is a dump. These governments that allow people just to, you know, freely steal and shoot people and rob people in line, think about this. You’re in line to get food and you’re a sitting duck as far as these criminals were concerned and she knew it and she was like, I can’t jeopardize this. So, what did they do? They offered these people jobs. Think about it, you work for a hamburger stand, okay? You get a severance package, which is absolutely unheard of in that industry or you get to be relocated to the new location.

Write me a check, baby, come on. I mean, that’s crazy. But again, Oakland, management, crime, cities, done, okay? Now, think of all the other businesses that we’ve talked about from the stores and the restaurants and Denny’s and everything else that has gone out of business. I am blown away at how bad crime has been lately on everything. It’s just been, it’s finally catching up because here in California, what you have is you have people that are absolutely sick of it and they’re moving out of all these areas. You’re seeing a mass exodus for crime as the biggest problem.

And again, another glut, single family homes that are completed. They can’t sell. It’s exciting times, guys, right now. And just a quick video today to get back to the good stuff. And there’s an office building at 9 Times Square. Think about this. It just sold for $98 million less than it sold for in 2014. You haven’t seen nothing yet. Wait till 2025 comes out, wait till the new administration comes out. It’s going to be big changes. There’s going to be a wish list of things. But one thing that’s not going to happen is people don’t have any money right now.

I’ve asked my son, can you please come on camera with me and tell your story. And he’s going to do that in the next video. But guys, people are fed up with this. People have no money. You’re seeing office buildings go for $98,000 less than it sold 10 years ago. What is it, a dump? Did it get run down? No, they’ve renovated the building. So again, guys, please hit the like button. Please subscribe to the channel. And you want to get a hold of me, it’s HelloWhatIAllegedly.com. And onward and upward. We have so many videos that I’ve got ready and going to film for the end of the year.

So you’re going to get a lot of stuff between now and the end of the year. And you’re going to be sicker of Dan than you’ve been in a long time. Okay? I’ll see you soon. [tr:trw].

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