No One Can Afford a Home | I Allegedly

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Summary

➡ Dan from I Allegedly talks about how the real estate market is facing challenges with high cancellation rates of property transactions, high interest rates, and expensive insurance. In December 2024, 40,000 real estate transactions were cancelled, representing 16% of all transactions. The average housing price is $407,000, which is unaffordable for many, and the average interest rate is 7.22%. Additionally, insurance costs are causing problems, especially for condominiums and homeowners associations, with some seeing increases of $500 to $700 a month.

 

Transcript

Hey, it’s Dan. Welcome back. You’re watching IAllegedly. And I’ve got a good one for you today because real estate, in whole, is in real trouble right now. And no two ways about it. Please hit the like button. Please subscribe to the channel. And for those of you on the email list, make sure you check your spam filter because we just sent out the winners list. And you don’t want to miss that because you could be honest. Let’s get into it right away. Think about this. I love stats like this. I love the internet for things like this.

In the month of December 2024, there were 40,000 real estate transactions that were in escrow that were canceled. People under contract that canceled their contracts. That is staggering, guys. That is such a huge amount of real estate to be canceled and to be, you know, just, nah, not going to do it. Now, people like me that are sitting there looking at properties right now constantly, and it’s like, you know what, I’m going to wait. I’m going to sit back and wait because it’s too expensive. You’ve got the average interest rate at 7.22%. And, you know, it’s just, it’s too much.

16% of all the transactions were canceled. Now, here’s the thing about this. The thing that blows me away is the average housing price right now, $407,000. You cannot buy condos in Southern California for that. You cannot go to the war zone, crime zone, buy something burnt out for $407,000. I just don’t know where you live. Now, every time I say this, people point out different obscure cities and things like that. But there’s this thing called a job, and running your business or having employees be able to come to you that make it so that you need to have a place that is, you know, has an economic viability to it.

Oh, that, okay. Anyways, I have a friend, known since I was a kid, her and her husband decided to sell their house in North testing, California, and moved to Pahrump, Nevada, and she is the most miserable person I’ve ever met in my life because it’s Pahrump, Nevada. Okay. But their house is paid for. Isn’t that great? Good for her. Okay. Anyways. But there is a real problem with this. And here is the thing. You know, I did a bunch of research for you in regards to canceling contracts. You know, most of the time when you do this, you’re allowed a separate time to cancel.

Or if something happens, you do an inspection, you find out the roof is bad. Sometimes you’re allowed to get out of the contract. And sometimes they just put a timeframe on it and say after 14 days in the inspections, you know, the deposits ours. I had an attorney, and this was about two decades ago, that was selling a house in Huntington Beach. And this happened twice, where people made a $10,000 deposit on the house and wanted to cancel after the 14 day period that they put in the contract, and he did not give them their money back.

And neither one of them was like, hey, I’m going to sue you. They’re like, yeah, I guess we lost out on that money. Is that insane? It’s 10 grand, guys. It was 10 grand 20 years ago, so it was a lot of money. So with this, you’re seeing nothing but problems with this. So I found a great article for you about what happens when you cancel a transaction, so you can do the math on that and figure out if you have any liability at all. But the thing about this is the expense, the high interest rates, the problem with insurance.

The other thing that people are doing now with contracts that they didn’t do before is we will buy this house if we can get insurance within these parameters, this much to this much. And that’s canceling contracts, and people are getting other contracts because, yeah, we’re not going to show the house anymore. So it’s terrible, guys, absolutely terrible. But the amount of houses that were sold were just $4.06 million in 2024. That is down to almost a three decade low, 29 years, guys, since we’ve had that few houses sold. That’s existing houses that were sold, not talking new construction.

So, again, people are not following through. People are withholding these. Now, remember, there’s no inventory. You don’t understand. It’s just feverish out there. Okay, sure it is. They’re canceling left and right. I talked to a lot of real estate agents that go through and tell me the problems that they’re having. And you’ve got municipalities like the city of Los Angeles where you’ve got this $5 million tax, you know, 5% over $5 million to go to the homeless, even though it’s not going to the homeless. So how would you like to give that up? People are furious about this.

Josh Altman, who I’m going to get on this show sooner or later, was talking about that one. And Josh is the one that’s talking about how you could see 75% to 80% of these people not follow through with rebuilding their houses. It’s staggering. Terrible, guys. Terrible. Everybody loves doing this. But the other thing is, well, buy a condo. That’s the way to go. Here’s the thing right now. What is the number one sector of real estate where they’re canceling insurance? Oh, it’s got to be auto, right, Dan? No. Is it single family houses? No. It’s condos.

And it’s master associations. It’s the master insurance plan that you have for the entire association. These people are getting hit with such huge bills right now. And I have lived in good associations and bad associations. Basically 5% of the country has an association that they have to answer to. The problem with these fees, guys, is that here in California, you cannot raise, that’s 2025, you cannot raise rent to an existing tenant by more than 10%. What do you do if your insurance for your HOA, if it goes up by $1,000 a month? Let’s talk about our sponsor, Patriot Gold Group.

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Do it now before it’s too late. So what do you do? Seriously, what do you do? There is a condo complex in Lakeview, Minnesota that the premiums have gone up to $236,000 a year for the insurance for the HOA. Now, 84 units, it’s basically $228 a month per unit for just the insurance. That’s the master planters. That’s not your homeowners insurance. That’s for the insurance outside. That’s for people walking around. That’s for the gardener, you know, that runs over somebody. You know what I mean? That’s what that’s for. So this is staggering, guys. The average person that has a homework association in the last two years has seen a minimum of $100 increase.

Those people are lucky. $500 to $700 a month is very common. Now, once again, here in California, you can only raise the rent 10%. So what do you do if you get to sit with a $700 premium, raise it by, you know, $700? You can’t. You can’t do it unless they’re paying $7,000 a month in rent. See what I’m saying? See where this is going? It’s going to be a real problem, and you’re going to start to see people ditch these houses. In Florida, you know, we’ve talked about this over and over and over again, where you have so many people that have these condos that they cannot sell because they cannot get insurance.

And this is going to be a huge, huge problem. One thing that we talk a lot about is saving money and putting money away. I found a great CNBC article for you where 62% of the people that are in a married relationship or committed relationship hide money from their partner or spouse. 62%. Wow, that’s really good. That’s being on the same page. Isn’t that wild? So needless to say, you know, it was crazy. They interviewed, I thought, okay, would they interview five people? No, they interviewed 2,700 people for this. And, you know, 38% have joint accounts, and the other ones are just putting money away, you know.

No, and 34% of those people also have a combination joint and a separate account. But people hide stuff all the time. So are you hiding? Let me know. Let us all know. Your name and your city, let us know, okay? Put it in the comments below. I’m telling you, one problem that I have seen with couples, and as the economy goes down, and this happened last time, I knew a lot of people that got divorced, it was that they were not on the same page financially, where the husband was just a spend hound, debt hound, and would go out and buy boats and motorcycles and stuff, and just, what’s the payment? Yeah, we can do this.

And it was not fair to the wife. So let me know if you experienced that as well. Now, a little more real estate news, and that is, what state has the highest amount of foreclosures right now? California, right? Texas, right? Florida. Florida is tied with New Jersey right now. On an average, every one in 267 houses are in foreclosure right now. Wow, and they say it’s only growing up. The number keeps increasing month after month after month. But, again, it goes to the insurance problems that these people are having, and that the fact that they cannot get insurance.

The next thing is the number of food banks across the country that are dealing with middle class people, middle America, has grown exponentially. We’ve talked a lot about, you know, Frank Glover with Joseph Dreamhouse, and we’ve given a lot to them, and a great organization. If you ever want to donate money, that’s a great place to go to. So, what they’re experiencing is that they’re having more and more families come aboard, because their people are working, they’re not unemployed, they’re not working, they don’t have the ability to make ends meet. Isn’t that terrible? That’s awful.

Near Cleveland, Ohio, Dr. Marvin sent me this and a few other stories today that are fantastic. But, near Cleveland, Ohio, think about this, people went and went to the Circle K convenience marten gas station, and drove away and put diesel fuel in their unleaded car. Again, the article below, diesel fuel can do significant damage to your vehicle if you put it in a conventional car and not a diesel truck. Yeah, I bet. So, the company is trying to deal with all the different insurance claims that they’re having right now. We talked about this two months ago, where this happened, the average repair, $5,300 to fix that.

I almost think you have to get a new car during this time, but that’s what I would ask for. I’d ask for my car to be replaced. Danny would sit, okay? Let me know what you would do. Now, I love predictions. I love when somebody is bold enough to say, hey, it’s going to be on this date. Harry Dent, who people have said, things like, follow him at your own peril. I love stuff like that. He’ll be right someday. Okay, well, he’s talking about how even the post bump from Trump’s exuberance is going to end, it’s going to end soon, but the guy that stepped forward and did the wild prediction is the one and only Robert Kiyosaki.

Robert Kiyosaki steps forward and says we’re going to have a stock market crash in February of 2025. You know how bold this is, okay? First of all, he didn’t call it the biggest crash, he’s the buggiest crash, he misspelled a word in his tweet, but he is saying this is it. If you’re prepared and you have money, everything’s going to go on sale and you’re going to be able to make a tremendous amount of money. Cars are going to go on sale, you’re going to see everything, cars, houses, everything, but the stock market’s going to crash.

That’s awesome, man. Let’s see this. But Bitcoin and cryptos are going to go through the roof. They’re going to take off and be bigger than ever. Again, that’s what these people want. I mean, these people want the crypto world, and whatever you own is what you want to see go up. So if you’re of Mr. Silver, you want to see it go to silver. If it’s gold, it’s gold. If it’s Bitcoin, it’s Bitcoin. But do you believe Robert Kiyosaki? Eventually, he’s going to be right. But again, we get to follow this guy. We get to sit there and see if he’s right.

I know people that believe everything this guy says. The one thing that I follow this guy is, have a measured financial plan. Don’t just piss money away. Look at what successful rich people do. They don’t drive the flashiest cars. They don’t live in the biggest houses. They live comfortably, and they don’t have to worry. That’s what is a great thing. Dave Ramsey, get out of debt. Again, a great message, fantastic message. But to sit there and say, February 2025, what happens in March if it doesn’t hit? Can we finally say Robert’s full of it? Because I’m going to remind you guys.

Let’s put it that way. I was going to title the video with this, and I thought, no, this guy’s done this so many times that we’ve just seen it. So let me know what you think about this. Is Robert Kiyosaki going to be finally right in this millennium? OK, let me know. I’m going to finish this video with these last couple things, and I want to remind you guys that we have a private channel called iAllegedly Live, and you can sign up at iAllegedly.tv, and it is private, it’s uncensored, it’s everything we can’t talk about in other places, and check it out.

But I want to thank Don for these last two stories, because they’re awesome. The biggest fraud, COVID fraud, was just filed last week, and it’s seven individuals that were trying to steal, and they did steal $600 million from the federal government by filing 8,000 bogus tax returns. Isn’t that terrible, guys? I mean, 8,000. You know, not two, not 100, 8,000 bogus tax returns. And again, guys, I’m telling you, the federal government’s got a lot of time on its hands right now to look at certain things. They’re going to review everything.

If you did any shenanigans with COVID, it’s better to come clean now and say there may be an issue and try to fix it before you get charged and indicted like these seven fools did, okay? Final, final story, and I’m not buying this. Could Apple go out of business? I love my iPhones, guys. I absolutely think that they’re fantastic, and they’re just so great. But Apple’s off to a horrible start this year. Shipping product, manufacturing, sales are off. Everything is off right now. So with that, you’re going to see, you know, this could be the worst year Apple in its existence, especially since Tim Cook cooked over.

So it’ll be interesting to see what happens with all that. But I don’t see Apple going out of business any time soon. You know, let me know what you think about this. Please don’t forget to hit the Like button. Please don’t forget to subscribe to the channel. And, you know, if you want to get ahold of me, it’s hello at iallegedly.com. And don’t commit COVID fraud, guys. Okay? I’ll see you very soon. [tr:trw].

See more of I Allegedly on their Public Channel and the MPN I Allegedly channel.

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