➡ Dan from I Allegedly talks about how a growing number of homeowners owe more on their mortgages than their houses are worth, a situation known as being “upside down.” This issue is particularly prevalent in southern states like Kentucky, West Virginia, and Oklahoma. The problem has been exacerbated by efforts to promote homeownership during the health crisis, which often involved providing loans and incentives that ultimately led to negative equity. Experts predict a disappointing summer for home sales, and the commercial real estate market is also struggling, with large buildings selling for a fraction of their original price due to changes in work habits and the move towards remote work.

➡ Dr. Amy discusses the pension crisis in California, where the largest pension fund, CalPERS, has billions in unpaid liabilities. This is causing financial strain for retirees, some of whom receive more in pension than their previous salaries. Additionally, California faces a job shortage and a deficit, with Governor Newsom choosing not to fill available state jobs. The state also faces issues with rising restaurant prices and the elimination of additional fees on checks, which could lead to further financial instability.➡ The speaker is expressing concern about the high cost of food, citing a $23 burger as an example. They believe these prices are unaffordable for most people, especially if they were to eat out daily. They encourage viewers to share their thoughts and to spread the video to others.

Hey, it’s Dan. Welcome back. This is IAllegedly. And I’ve got a good one for you today because a lot of people are upside down in their houses. We’ve got a lot to talk about. A lot to cover in the news. Just going to do a quick video for you this morning. But please don’t forget to like the video. Please don’t forget to subscribe. Comment. And today we have an email going out. So make sure you’re on the email list before it goes out. And today we have a sponsor, Dr. Amy, but let’s get right into it.

We have a trend in real estate right now that is a huge problem. And that is that people owe more on their houses than they’re actually worth. The mortgage is more than the value of their house. And right now, think about this figure. One in 37 houses are upside down in the mortgage, which is a growing trend in the wrong direction. And we’ve seen it higher throughout history. During the financial crisis, we saw it much worse than that. But it’s almost at 3% of the houses that are out there, which is terrible. Okay, it’s a real problem.

And what you’re seeing is that there are slots of areas with houses like in the south, you’ve got a bunch of areas in the in the south, you’ve got Kentucky, you’ve got West Virginia, Oklahoma, that are upside down. And you’ve got, you know, in right now in some of these states, like, for example, in Kentucky, it’s at 8.3% of the houses in Kentucky are upside down. Unbelievable. Okay, West Virginia, 6.4, Oklahoma, 5.3%, completely upside down. Okay, negative. Now, how can this be? Well, during, you know, the health crisis, got to get people into home ownership, got to spur interest, got to give them loans, got to give them free money.

And what it did was it made people upside down in a negative way, and get in for a little money, hey, get in for 3%, get in for 5%. And the problem with this is now you can’t sell your house, and you’re upside down. So think about this, you see so many people talk about real estate, and you see the problem areas, let’s just use Florida, you’ve thousands of houses upside down in Florida, and you’ve got a myriad of problems in Florida, you’ve got the HOA problems, you’ve got the problems with insurance, you’ve got the problems with houses that were overvalued, that people cannot buy.

Now, here’s the thing, there is a home buying season. And one guy that I followed, Drayton May, who is a real estate wholesaler. And to give you an idea, he is a very hard working guy, because he’ll go and knock on doors, and look for people to sell their houses and he’ll look for dilapidated old homes. And he will fix them up, and he will make them new, and he will make them, you know, the bell of the ball of the neighborhood. I mean, they’re the most beautiful things in the neighborhood when he gets done with it.

I’ve seen it, seen it multiple times, and they are just stunning homes when he gets done with it. But this guy does not like real estate agents, he does it on his own, you know, does it all himself, and believes that you can have a lawyer negotiate everything for you when it comes to this stuff. But this guy has been singing, you know, the praises of get out now, get out now, get out now while you still can. And people that can sell their houses right now, sell them now, because you’re going to see some negative, negative things happen in the coming months.

And there is a season to buy homes. And the season right now ends at the end of June. So basically, you’ve got a home buying season, you’ve got about seven weeks left of this home buying season. And then, you know, so many people, so many experts, including him, have said this is going to be the summer of disappointment, where people will not be able to sell their houses and get out of their houses during this time. Whether that’s true or not, we’re going to find out quickly, quickly, quickly, quickly. So much is happening around the country.

But do you know anybody that’s purchased a home that’s upside down? Now, you’re still seeing pockets where people, you know, they write me. The house down the street sold for $75,000 above asking prices. Good for them. Congratulations. I feel sorry for the people that bought it. But again, there are people that subscribe to this channel that have a lot of money. And I don’t care. I don’t care what my house is worth. I’m never going to sell it. It’s our final destination. This is the house that we’re going to retire in, that my grandkids are going to hang out in.

Okay, great. You’re seeing a lot of things happen around the country. And one thing that we’ve heard about is that you’re seeing things that are completely done for political reasons, like, hey, let’s pay off student loan debt. This is not fair. It really is not, you know, because I don’t have student loan debt. And give me a free $150,000. Just do it. And let the plumbers and everybody else that paid off their student loan debt, you know, give me the $150,000. That’s not fair. Think about how preposterous what I just said is. So there’s that.

The second thing is they want to cap late fees at $8 per late fee for your credit card. Great idea. But a judge in Fort Worth, Texas just blocked it. Judge Hicks, okay. And Raymond Hicks, I believe his name is. So Mr. Hicks blocked it and said this is not fair. It’s not, you know, the Consumer Financial Protection Bureau, we’ve talked about a lot, goes out and they protect consumers with certain rules. And this was done under them saying that they’re going to protect us by having $8, you know, maximum fees. Now, didn’t work, saying it’s unconstitutional and blocked it.

Now, here’s another Fort Worth, Texas story. Burnett Plaza, which is the largest and tallest building in Fort Worth, Texas. Okay. Just sold for 10% of what it sold for originally foreclosure sale. 40 story building, guys. Beautiful, tall building. Sold for $12.3 million. Now, again, foreclosure. There’s two stories below on this. It is a disaster. This is the beginning of the end of the commercial real estate space because nobody wants to go back to the office. Nobody wants to work in a conventional situation. You’re seeing it with Google. You’re seeing it with Facebook, Meta. You’re seeing it with Tesla.

Everybody’s laying people off and cutting people back. This is going to be a remote work festival going forward. But Burnett Plaza sold for $12.3 million. Now, these incredible smoking deals where you can buy a building for 90% off, 90% off. What do you do with it? Who’s going to go out? What are they going to do with Burnett Plaza? You know, you got to get rants. You got to pay the electric bill. You got to pay the insurance. You got to pay the maintenance guy. The janitor still has to clean the place. If you you’ve seen buildings that you’ve driven down the highway and nobody touches them, they fall apart, guys.

You have to maintain things or they will get destroyed. So let me know what you think about this stuff so far. But these houses that are upside down, this is the beginning of this. The real estate turning, this is about to turn. There’s not enough property. There’s not a place to live. If you listen to certain people, we’re going to see rents go through the roof in the next two years. Let me know what you think. Where do you think this is headed? Are we headed for a real estate crash? Will there be deals out there? Or is it just going to be pockets of real estate that are going to be deals? Are we going to see more buildings go for 90% off? Let me know.

Let us all know. Let’s talk about our sponsor, Dr. Amy. We live in a world with more medical advances than ever. But people are doing things that are very unhealthy. Dr. Amy is a board-certified physician and natural nutritionalist who is trying to get people away from eating certain foods that are basically very bad for you. There are health foods out there that we consume that people think that they’re doing the right thing by eating these and they’re actually bad for us. In fact, these three foods that she’s talking about are considered illegal in other countries, which is crazy.

If you go to 3harmfulfoods.com, forward to 3harmfulfoods.com, forward slash Dan, you can see her video and have her explain this to you. It’s the number 3harmfulfoods.com forward slash Dan. But let’s face it, bloating, joint pain, getting old. We think that all this is part of our health and there’s something you can do about it. Your gut health is important and your brain health is important too. Take a look at Dr. Amy’s site. Use the link below. It’s the easiest way to get there. 3harmfulfoods.com forward slash Dan. Check it out today. And take a look at what Dr.

Amy’s got to talk about. One thing that we’ve talked about over the last couple of years here and there have been pension problems. And we’ve seen people in the UK that woke up one morning, get a letter in the mail and find out that their pension’s been cut by 10%. And some of these people, that’s all the money in the world. It’s just completely destroyed them. Well, CalPERS is the biggest pension fund in California. It’s the biggest pension fund in the world. They’ve got certain areas that are completely upside down and they have unfunded liabilities. For example, $4 billion in unfunded pension and healthcare liabilities in San Jose alone.

San Francisco is $7 billion. But when you add up all of California, it’s $250 billion shortfall. Of unfunded liabilities. These are bills that are not paid right now, guys. And this whole thing is that people were offered the moon when they got to retire. And some of these places, for example, you’ve got San Jose where people made $85,000 here in salary, which is a great salary. But their pensions are $95,000 a year. Well, that’s a great gig if you can get it. You’re not working. And some of these people, you know, I have a friend who’s my age, who God love him, having dinner with him early this week.

And this guy is in his late fifties and he can work fully retired, fully retired on our dime. Okay. And if you can get a gig like that, great. But this guy literally is sitting on a beach, doing nothing in his late fifties and could totally be working. This is a huge problem. Now, California’s got a couple other problems that are kind of funny is that there are tens of thousands of jobs for the state that are available. You could go get a job working for the state of California right now. There’s over 10,000 job listings right now.

Well, Governor Newsom has a shortfall in this state. So what he wants to do is not hire those people. So if we don’t hire those people for those jobs, somehow this is going to fix our deficit, which is well above 50, $60 billion in this state. It doesn’t work that way. You need more revenue. And, you know, the old, let’s raise taxes thing, you can tax people to oblivion to where they will not be able to survive. That’s what’s going to happen here in California. And it’s not the model for the rest of the country.

It’s a problem because you have to cut expenses and these unfunded pensions. You just can’t keep giving people, you know, everything and have it be that they’re, you know, we’re just going to pay for it somehow because we won’t be able to pay for it. The other thing that happens on July 1st here in California, is junk fees. There are no more junk fees that they can add to a check. Like if you go to a restaurant or if you have little hardware store, you do anything. They cannot add those fees to your check anymore.

I have had, I’m not kidding you. Two dozen waiters, waitresses, managers of restaurants come up to me and say, Dan, you got to talk about this more because people get furious with us. And they think, you know, the waiter gives the bill and there’ll be a 4% surcharge and they’re like, well, we’re not going to tip you now. I’m not paying 4% more on my $200 check. Why do you get $9 added onto the check? You know, it’s for the healthcare. The owner did that. Well, I’m not giving, I’m not paying. I don’t want to pay your healthcare.

Giada De Laurentiis has the venue fee. All the stuff that we’ve had from around the country in California, that’s going to be illegal as of July 1st. But the restaurant owners and read the story below have all said the same thing. Get ready for higher prices. You’re going to see the prices at these restaurants go up more and more and more. And again, how do you, how do you make it work guys? How do you make it work? I am, I’m telling you the same thing. I tell my friends, my family members, my children, everybody cut your expenses.

It’s this is the old thing. How do you lose weight? Well, you know, my doctor said it’s very simple. Move more. And, and consume less calories, Dan. And you know what? You will lose weight. Oh, don’t I just take Osempic or one of those things and I’m done? Yeah, sure. If you’re morbidly obese, you take that. But for someone like you, you don’t take that. It’s going to have ramifications to your health that we have no idea about. So there’s no quick fix to anything, including your finances, guys. So have an ounce of responsibility with this stuff.

But look at the environment because we’re in a we’re at upside down right now. Financially, this is a complete disaster right now. And nobody wants to look at this. Nobody wants to be responsible for this. Nobody wants to assume that this is all going to be, you know, this is a problem. And we’re heading towards, you know, the end of Niagara Falls right now. So let me know what you think about this. And what do you think about these pensions? We all know somebody that has a pension right now. And there are people that thrive during this time.

And there are people that are scraping by right now. They just issued a new bogus story about Social Security. And they said, hey, we’ve got great new Social Security is going to last longer. No, it’s not. It’s still 2032, where it could technically run out of money. But people my age, if you know of anybody in their late 50s, don’t plan on it, guys. What are you going to do? What are you going to do? And again, if you got $1600 a month, would that be the thing? For you? Would that make it so you could live on that? It’s not going to make it so you can eat and live a life of any leisure at all.

So let me know what you think about all this so far. I’m going to finish this video with these last few stories. When I read the first story, I kind of lost my mind a little bit at first, then I realized it wasn’t what they said. It was the Miami Beach Police Department has a new recruiting tool, and it’s a $250,000 tricked out Rolls Royce. Hey, come join the elite police department, you know, Miami Beach. And they have a Rolls Royce to do this. And I’m thinking that’s what a waste of money. But one of the local car dealers donated it and paid for it.

So Brana Motors gave it to them. And I as a recruiting tool and tricked it out and paid for it. I thought, okay, that’s cool. That’s fine. But still $250,000 Rolls Royce to get you to become a cop. Jamie sent me a letter from a good old Kaiser talking about how there was a data breach. And another day, another data breach. But this is awful, because the people that have Kaiser Permanente, basically at the end of last year, there was a data breach that you should know about. And the problem with this is that people’s personal information was given, they used cookies to get it, and it was awful.

Okay, so protect yourself, guys, make sure that you know about this. My late girlfriend, I still get her mail, and I still have her accounts and certain things that I’m dealing with right now. And AT&T just notified her that she was part of the hacking. And if you’ve noticed anything, you know, with your AT&T phone, because your information was compromised, how awful is that? Okay, hey, dead person. You know what I mean? Come on. It just gets ridiculous at this point. Jay Bushell is the CEO of Whole Paycheck. I mean, Whole Foods. And he says his whole message moving forward is it’s going to be, you know, affordability.

He’s going to lower the price. Have you ever been to a Whole Foods? It is a fantastic store. It is my favorite store. There is one in Tustin, California. That is the district that has a smoker there. They have a cheese professional there. They have an olive bar. They have like six restaurants in this place. And it is insane. And it’s anything but reasonable. I don’t know how you take that store and make it reasonable. I think it’s kind of funny to sit there and say, Oh, it’s going to be inexpensive. Now, it’s not never going to be inexpensive.

So what do you think about that? Is he just wishful thinking? Is this just press? Let me know. Final, final story. McDonald’s McDonald’s is losing customers hand over fist that they want to bring back a $5 discount meal. It’s going to either be the McChicken fries and a small beverage, which will be the size of a thimble. But that will be $5. Or it will be the McDouble, which is basically a cheeseburger with an extra patty thrown on it. And you’ll get that for five bucks. And again, could feed your kids with that. But it’s gotten out of out of hand.

It’s gotten out of control and nobody can afford this stuff. I showed you guys a $23 burger this week. That was good. But who could afford that? Who could afford to go out to lunch every day for $23? So let me know, guys. Let me know. If you want to get a hold of me, hello at Iallegedly.com. Onward and upward, guys. I will see you guys very soon. Don’t forget to like, hit the subscribe button, and share this video with your friends, family, and all your foes in your life. Everybody you can’t stand, send them my way.

Okay? Thank you. [tr:trw].

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