Foreclosures are rising faster than your last attempt at a DIY project gone wrong! Eric G dives into the alarming stats showing foreclosures hitting a seven-year high, and boy, the reasons are as complicated as my Aunt Sally’s lasagna recipe. With pandemic relief fading into the rearview, the financial pressures are mounting. We’re talking about skyrocketing costs for everything from groceries to gas, and don’t even get me started on insurance premiums! The reality is hitting hard for many homeowners, especially those who thought they could ride out the storm. As Eric breaks it down, it’s not just about the numbers; it’s about real families facing the very real threat of losing their homes. But wait, there’s more! He also touches on areas where foreclosures are ripping through the market like a hot knife through butter, with places like Lake Charles, Louisiana, seeing a staggering 10% of listings being foreclosures. Is this just the tip of the iceberg, or are we looking at the beginnings of a housing crisis? Stick around as we unravel these complex issues, and keep your ears peeled for some practical advice on navigating the current market. And just when you thought it couldn’t get more riveting, Eric shifts gears to a near disaster in the Big Apple! We’re talking about a building collapse—yikes! The Pfizer building, which is undergoing a transformation from commercial to residential, has been making headlines for all the wrong reasons. With beams buckling under the pressure, it’s a wild ride through the challenges of repurposing old structures. Eric shares insights on why this might not be a one-off incident as many cities grapple with similar issues. The complexities of structural integrity and building codes come into play, and trust me, it’s not just a matter of throwing some paint on the walls and calling it a day. The engineering challenges are real, and Eric’s no-nonsense analysis will have you pondering the future of urban development. Lastly, let’s not forget some eye-opening recalls that you absolutely need to know about! Eric runs through the latest recalls, from fire hazards in LED light fixtures to potentially dangerous cordless vacuums. It’s a reminder that while we love our gadgets, we must stay vigilant about safety. Tune in as Eric gives us the lowdown on what to watch out for, particularly if you’ve got little ones running around. This episode isn’t just a casual listen; it’s packed with knowledge that could help you make informed decisions about your home and safety. So grab a comfy seat, kick back, and let’s navigate the wild world of real estate, building safety, and product recalls together!
Takeaways:
- Foreclosures have soared to a seven-year peak as pandemic relief measures fade away, impacting countless homeowners.
- The recent near-collapse of a building in NYC highlights the potential dangers of converting commercial spaces to residential living.
- Rising insurance and energy costs are squeezing homeowners, contributing to the alarming foreclosure rates we’re witnessing.
- Keep your eyes peeled for recalls on products like LED light fixtures and cordless vacuums—safety first, folks!
- The NYC building incident serves as a wake-up call about the complexities of urban redevelopment and structural integrity.
- Understanding the varying foreclosure rates in different cities can provide insight into the broader housing market trends.
Companies mentioned in this episode:
- realtor.com
- Cooper
- Dakin
- Dyson
- Rowenta
- Conair
- Cuisinart
- Pfizer
Transcript
Foreign.
Speaker B:The House with Eric G. Your go to source for everything home improvement.
Speaker B:Whether you're a DIY enthusiast or just looking to make your space shine, Eric.
Speaker C:G. Is here to guide you through.
Speaker B:The latest tips, tricks and trends.
Speaker B:So grab your toolbox, put on your thinking cap, and let's get to work right here on around the House with.
Speaker C:Eric G. Welcome to the around the House show, your trusted source for everything about your home.
Speaker C:Thanks for tuning in.
Speaker C:I'm Eric.
Speaker C:Rick G. Happy midweek, everybody.
Speaker C:Man, this week's going by fast.
Speaker C:I got a lot going on here at the shop this week and just wanted to reach out and say hello and happy summertime.
Speaker C:I know for us here in the Pacific Northwest, where I'm located, once we get into 4th of July is really when the rains completely stop, we go into the next 90 days of dry, which is pretty nice, except that also means fire season for us, which it's already rip roaring in many places out there.
Speaker C:So be careful.
Speaker C:This is our time of year, kind of like hurricane season gets to be in the, in the Southeast.
Speaker C:This is one of those things that kind of happens in our area as well.
Speaker C:One thing I wanted to talk about here real quick today, something interesting that just came out.
Speaker C:Foreclosures out there.
Speaker C:And this is getting interesting.
Speaker C:I always watch these because this is where we can see how people across the country are doing.
Speaker C:Foreclosures are hitting a seven year high as pandemic relief ends.
Speaker C:Really?
Speaker C:I thought pandemic relief ended a long time ago.
Speaker C:And this is coming from realtor.com and they're, they're saying that there's a lot of, a lot of homes that are back going out there that are on the market from foreclosures, which I get that we're seeing this across the country in certain areas now.
Speaker C:One thing that I see contributing it to it is, well, one, everything is more expensive.
Speaker C:That and we're not talking politics here.
Speaker C:I don't have to tell you that everything from gas to food to doing anything out there is much more expensive.
Speaker C:But what I'm seeing is insurance costs in many places, those rising premiums, whether you're in California for wildfires or for hurricanes or anywhere else, those have really gone up.
Speaker C:And that is getting to be more and more of a problem.
Speaker C:Another thing, energy costs have gone way up.
Speaker C:I think one of the biggest problems we're seeing with electricity out there is we have so many electricity providers across the country that had inexpensive ways to produce energy like coal, natural gas.
Speaker C:We've been shutting those down and putting in way more expensive ones, from solar to wind to all these other less, less expensive things have gotten pushed out the door.
Speaker C:So we're seeing that.
Speaker C:And so with many people across the country seeing their electricity rates double over a handful of years in the name of being green, we're seeing people lose their homes.
Speaker C:Now that is a huge problem.
Speaker C:The other problem we're seeing is there's another group of buyers out there that are just completely underwater of their homes, which means that they owe more on their home than it's worth.
Speaker C:Now that's a big issue.
Speaker C:And you're seeing certain areas in the country where housing is ripping and roaring.
Speaker C:In other places that it's not.
Speaker C:You know, you're looking down at Lake Charles, Louisiana, foreclosure share of listings 10.2%.
Speaker B:Ouch.
Speaker C:You come across to this side of the United States Reading, California, 5.4%.
Speaker C:Pittsburgh, 5.3.
Speaker C:Baltimore, 5.2.
Speaker C:Tuscalooska, Alabama, 7.7.
Speaker C:Dayton, Ohio, 6.0.
Speaker C:You see where I'm going with this?
Speaker C:So we're seeing some serious issues out there.
Speaker C:Is this a housing crash or even a, a leveling out?
Speaker C:Now this is what this is.
Speaker C:This is just people that are in over their heads in their homes.
Speaker C:They thought they could power through.
Speaker C:These are families.
Speaker C:These are people.
Speaker C:These are people that have maybe lost their job or just can't make the math work.
Speaker C:And that's unfortunate.
Speaker C:So that's going to lend to people going in there and buying stuff and seeing what happens in those markets.
Speaker C:I can say here, my market in, I am so happy that I sold my house last fall and what was it, October, November.
Speaker C:I came out great.
Speaker C:If I was doing that today, I'd be in serious trouble in my marketplace here in the Pacific Northwest, there are homes sitting on the marketplace.
Speaker C:They're sitting there three, six months.
Speaker C:If you're not being aggressive, if you're buying, it's a great time out there.
Speaker C:Cause I tell you what, you can pick up some homes, but that is what we're seeing out there.
Speaker C:I think that's gonna be a pretty good issue going forward that we're gonna have to keep an eye on.
Speaker C:How are people doing out there with the foreclosures?
Speaker C:And that's gonna be a big one.
Speaker C:Now, looking across the recalls out there real quick, Cooper letting is recalled the Metalux optimized High Bay LED light fixtures due to fire hazard.
Speaker C:About 42,000 of those.
Speaker C:Take a look@cpsc.gov we talked last week about the Dakin Air Conditioners that were on last week.
Speaker C:And now keep in mind, if you're a.
Speaker C:If you've got kids around, there's always tons of kids products.
Speaker C:We don't go through all those because that would take us forever.
Speaker C:Now there is a knockoff vacuum, or as I call it, a knockoff vacuum that looks like a Dyson Rowenta recalls cordless vacuum cleaners due to risk of serious injury from fire and burn hazards.
Speaker C:Yup, it's the lithium ion battery.
Speaker C:So there's about 3,600 of these out there.
Speaker C:Watch out for those.
Speaker C:That's a big issue.
Speaker C:So Conair recalls, they're Cuisinart grill brushes.
Speaker C:Same kind of thing.
Speaker C:There's about 1.7 million of those.
Speaker C:These are the cheapy ones.
Speaker C:These are the little plaque plastic ones with the wire bristles and the little scraper at the head that we've seen for decades.
Speaker C:So that's another one right there.
Speaker C:And then really, the rest of the stuff I'm seeing out there is just kid stuff or, or batteries that didn't meet specifications.
Speaker C:There's a lot of that stuff.
Speaker C:And you're seeing more and more of this on the recalls.
Speaker C:We're seeing more of this stuff that was maybe thrown up on Amazon.
Speaker C:That was taken care of like that.
Speaker C:And guess what happens?
Speaker C:It doesn't meet our regulations and then it gets recalled.
Speaker C:So these are things that we're seeing out there, pretty commonplace, especially with the kids in the furniture stuff.
Speaker C:We're seeing a ton of that stuff.
Speaker C:Now.
Speaker C:I wanted to make a quick comment on the building issues in New York City.
Speaker C:We've been talking about the Pfizer building last couple days.
Speaker C:That is a building that they are converting into residential.
Speaker C:That's a commercial tower going into a residential tower, going from office to residential.
Speaker C:And of course, we've all seen in the news the buckling of the beams.
Speaker C:And I think we're going to see more and more of these issues as we see interiors of cities where people are like, hey, we got an empty tower.
Speaker C:Let's make it.
Speaker C:Let's convert it and do something with it.
Speaker C:Because we're seeing that in New York.
Speaker C:Portland, Oregon has a ton of empty.
Speaker C:I mean, we're the leader in, in empty real estate downtown as far as commercial real estate.
Speaker C:And when you design a building for offices and then have to turn around and modify it for residences, you get into a bunch of issues here.
Speaker C:And this is one of them.
Speaker C:Now, they were adding on top of the existing building.
Speaker C:So obviously there was some engineering mistakes there or some Construction mistakes there.
Speaker C:Because if you're going to add more up on that building, you can see that that corner of the building was not supported correctly and that the beams below it were collapsing.
Speaker C:And you've got a whole issue there.
Speaker C:Now, the hardest point of that is when they're building, you've got all these materials, you've got wet concrete, you got all these things going up there.
Speaker C:And when you're adding onto an existing building, these are some of the issues that can come up.
Speaker C:I am so surprised that that building is still standing.
Speaker C:And that's due to probably because of building code when it was originally built.
Speaker C:Usually you see collapses, not this level of structural bending.
Speaker C:Can they save it?
Speaker C:Maybe.
Speaker C:I'm not sure how you're going to get into the middle of that span, lift up that other 12 or 14 floors or whatever.
Speaker C:I didn't count to get that leveled out.
Speaker C:Can it be done?
Speaker C:Sure.
Speaker C:Is it dangerous?
Speaker C:Yeah, really dangerous.
Speaker C:Because you're going to have to support that building from the.
Speaker B:From the.
Speaker C:From the basement all the way up and then lift from there.
Speaker C:And I'm not sure if they're gonna be able to do that or not.
Speaker C:That's where the engineers get paid really well for this kind of project.
Speaker C:So we'll have to take a look and see what happens there.
Speaker C:But keep an eye on that.
Speaker C:We're gonna see more of these issues.
Speaker C:When we see these kind of things happen when we're converting office towers is into residential, there is completely two different loads.
Speaker C:When you're putting in kitchen counters and granite, all this other stuff.
Speaker C:Most office stuff is pretty, pretty light.
Speaker C:You have big open spaces.
Speaker C:There's not a lot going on there.
Speaker C:You've got office furniture, but really it's not that heavy compared to putting in bathtubs that are filled with water and shower systems and tile.
Speaker C:And a lot of these things really add to that structure.
Speaker C:So they have to make sure that these buildings are built for that, and many are.
Speaker C:But as we're seeing right now, when you're adding on top of that, that can cause a whole other issue.
Speaker C:So I'm curious to see.
Speaker C:Curious to read the reports on that.
Speaker C:Obviously, either an engineer missed a calculation or a contractor is not building to what the engineer had requested or required for that building.
Speaker C:So keep an eye on that one.
Speaker C:We'll see what happens.
Speaker C:All right, guys, we got a great show coming up this weekend.
Speaker C:I'm really excited for it.
Speaker C:Make sure you're checking us out over there on YouTube.
Speaker C:We've got new videos coming up.
Speaker C:I just did my first one on RVing out there, which translates to into your home as well.
Speaker C:So take a look at that one.
Speaker C:We actually went and had a custom mattress made and it's kind of easy so you'll be surprised.
Speaker C:Check that out on the at around the House YouTube page and you can find that all on our website@aroundthenline.com all right everybody, have a great rest of the week.
Speaker C:Happy Wednesday.
Speaker C:We'll talk to you on Saturday.
Speaker C:Thanks for tuning in to around the House.
Speaker C:We'll see you soon.
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