Graham Stephan
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Appearances Over Time
Podcast Appearances
Most of them had these toxic two-year balloons.
So what happened in that cycle is in 2008, mortgage payments tripled.
tripled.
So they became forced sellers.
And oh, by the way, if you want to talk economics, their shelter cost was $1,000 for two years.
Then it was $3,000 for the next 28.
But rent was $1,700.
So for the first two years, they were net positive.
After year two and the rate shot up, because this is a teaser rate, they were upside down.
And that's why everybody stopped paying.
They had jingle mail and people just started sending them in.
So motivated sellers.
But now ask yourself.
What was it like in 24, 22?
We had over 95% of loans fixed.
That is magic.
People don't understand why this K-shaped economy is happening.
We have 60 some odd percent of people with shelter costs that is artificially low.
Artificially, they lucked out with 2% mortgages and 3% mortgages.
Now guess what?