Patrick Bet-David’s Multifamily Troll: The Truth About Housing Market Crash Fears

by Rachel Sadler

Recently, Patrick Bet-David (PBD), the entrepreneur and influencer behind Valuetainment, stirred the pot on social media by posting a chart showing 6.1 million Americans are behind on their mortgage payments. To his 1.4 million followers on X (formerly Twitter) and millions more across YouTube and Instagram, this post carried an ominous tone — suggesting a widespread housing crisis may be brewing.

But there’s just one problem: it wasn’t what it looked like.

The Real Story Behind the Chart

At first glance, many people assumed Bet-David was talking about homeowners and the single-family housing market — the type of homes most Americans live in and care about. The chart he shared lacked context and only noted the word “delinquencies,” without clearly labeling that it was multifamily commercial mortgage data, not residential.

This left many interpreting it as if 6.1 million American families were falling behind on their home mortgages — which simply isn't the case.

In reality, Bet-David was referencing data about the multifamily sector, which involves apartment buildings and commercial housing developments — not everyday homeowners. This is a crucial distinction because:

Multifamily commercial properties are facing strain due to high interest rates, construction cost overruns, and the overbuilding of rental units during the pandemic.
However, single-family homeowners are in a far stronger position, benefiting from low fixed-rate mortgages and record levels of equity.

Why This Feels Like Trolling

Some in the housing space — including veteran housing analyst Logan Mohtashami — called out this post as a form of trolling. Why? Because:

PBD likely understands the difference between commercial multifamily debt and the single-family residential market.
The chart’s framing left out crucial context, leading the average person to assume it applied to homeowners.
This tactic plays into fears of another 2008-style housing crash, which garners clicks, shares, and attention — but doesn't reflect the data.

In fact, Mohtashami has repeatedly pointed out that the residential housing market is nowhere near a crash, citing:

Record-low single-family mortgage delinquencies.
Strong household balance sheets.
A chronic shortage of inventory, which continues to hold up prices despite higher mortgage rates.

Commercial ≠ Residential

It’s worth reinforcing — commercial real estate (CRE) is under pressure. Office spaces, multifamily apartments, and some retail centers are seeing higher default rates due to:

Rate shocks on variable-rate commercial loans.
Overbuilding during 2020-2022.
Weak rental growth projections in some markets.

But this is not the same as the owner-occupied housing market, which is what actually drives the broader U.S. economy and household financial stability.

Residential distress is a true recessionary indicator. Commercial defaults? Not so much. They happen in cycles and, while painful for investors, don't carry the same systemic risk unless they spill over — which they haven’t.

The Bottom Line

While influencers like PBD have every right to post charts and opinions, it's important for the public — and especially buyers and sellers — to check the facts. The U.S. housing market is not showing signs of collapse. If anything, it's constrained by a lack of supply, not excess distress.

Don't let viral posts make you think we're heading for another 2008. We're not.