1
00:00:08,560 --> 00:00:10,840
Speaker 1: We're told over and over again that Indiana is one

2
00:00:10,840 --> 00:00:13,040
Speaker 1: of the best places to buy a home because of

3
00:00:13,080 --> 00:00:18,400
Speaker 1: the affordability. However, you could say it's also a housing nightmare.

4
00:00:18,400 --> 00:00:21,880
Speaker 1: In America's best state to buy a house. Banks are

5
00:00:21,920 --> 00:00:27,800
Speaker 1: suddenly seizing thousands of properties across the state, and Indiana

6
00:00:27,960 --> 00:00:31,440
Speaker 1: has been among the states with the highest foreclosure rates.

7
00:00:31,560 --> 00:00:36,640
Speaker 1: I believe we're actually number one. Foreclosures rising in Indianapolis.

8
00:00:36,680 --> 00:00:40,640
Speaker 1: Also Marion County, you also have pre foreclosure filings. They've

9
00:00:40,680 --> 00:00:43,839
Speaker 1: climbed year over year, and this is showing an up

10
00:00:43,840 --> 00:00:48,199
Speaker 1: top uptick even after the pandemic drop has ended. So

11
00:00:48,240 --> 00:00:51,120
Speaker 1: you've got rising housing costs and you've got those rising

12
00:00:51,200 --> 00:00:54,320
Speaker 1: property taxes, and they are squeezing homeowners.

13
00:00:54,480 --> 00:00:58,560
Speaker 2: Yeah, so absolutely, Indianapolis. Actually, the state of Indiana had

14
00:00:58,560 --> 00:01:02,040
Speaker 2: the highest rate of foreclosures in February twenty twenty six,

15
00:01:02,160 --> 00:01:04,120
Speaker 2: higher than any other in the country. Now keep in

16
00:01:04,120 --> 00:01:06,800
Speaker 2: mind that's on a per capita basis. Obviously, you know,

17
00:01:06,840 --> 00:01:09,120
Speaker 2: California is the most populous state in the country, and

18
00:01:09,160 --> 00:01:11,840
Speaker 2: they're always going to have the most by sheer raw numbers.

19
00:01:11,880 --> 00:01:14,679
Speaker 2: But when you look at it as a per capita basis, Indiana,

20
00:01:14,760 --> 00:01:18,399
Speaker 2: Indiana was the number one housing market to have the

21
00:01:18,400 --> 00:01:21,080
Speaker 2: most foreclosures in February of twenty twenty six.

22
00:01:21,240 --> 00:01:24,640
Speaker 1: So you've got pandemic era Indiana homeowner assistance funds they

23
00:01:24,680 --> 00:01:27,400
Speaker 1: may have helped for a little bit, those programs are

24
00:01:27,480 --> 00:01:32,600
Speaker 1: since closed, so now that's just leaving fewer supports available.

25
00:01:32,840 --> 00:01:37,039
Speaker 1: And that is property taxes causing all of these foreclosures.

26
00:01:37,120 --> 00:01:39,160
Speaker 2: Yeah, and I that's certainly a big part of it.

27
00:01:39,200 --> 00:01:41,160
Speaker 2: Another big part of it, too, is that we've seen

28
00:01:41,360 --> 00:01:44,000
Speaker 2: just a very little wage growth here in the state

29
00:01:44,040 --> 00:01:45,640
Speaker 2: of Indiana. So if you've been here, if you're a

30
00:01:45,680 --> 00:01:48,440
Speaker 2: hoosier your whole life, and your wages really haven't gone

31
00:01:48,520 --> 00:01:50,480
Speaker 2: up in the last ten or fifteen years, but your

32
00:01:50,520 --> 00:01:53,840
Speaker 2: property taxes have gone up so much that puts you

33
00:01:53,880 --> 00:01:55,560
Speaker 2: in a position where you might not be able to

34
00:01:55,640 --> 00:01:57,680
Speaker 2: afford your home. I think that when they talk about

35
00:01:57,720 --> 00:02:00,800
Speaker 2: Indiana being so affordable, they're mostly talking to people that

36
00:02:00,880 --> 00:02:03,520
Speaker 2: live outside the state of Indiana, where housing may be

37
00:02:03,560 --> 00:02:05,760
Speaker 2: more expensive and your wages may be higher. And so

38
00:02:05,800 --> 00:02:07,600
Speaker 2: if you want to move to Indiana, it can be

39
00:02:07,680 --> 00:02:09,519
Speaker 2: cheaper option for you. But if you've been a Hoosier

40
00:02:09,560 --> 00:02:10,639
Speaker 2: your whole life.

41
00:02:10,360 --> 00:02:11,760
Speaker 1: You don't have the wages keeping up.

42
00:02:11,840 --> 00:02:13,880
Speaker 2: You don't have the wages keeping up, and that's where

43
00:02:13,880 --> 00:02:16,720
Speaker 2: that affordability crunch and obviously is proving out because we

44
00:02:16,720 --> 00:02:19,320
Speaker 2: were number one in foreclosures last month, and.

45
00:02:19,360 --> 00:02:20,959
Speaker 1: It was a year ago that we had a little

46
00:02:21,040 --> 00:02:23,519
Speaker 1: rally at the state House. We were told that something

47
00:02:23,600 --> 00:02:26,320
Speaker 1: was going to be done for property taxes to get

48
00:02:26,360 --> 00:02:28,760
Speaker 1: those numbers down, and then there was an ASoP the

49
00:02:28,800 --> 00:02:33,880
Speaker 1: sleeve and then nothing happened. So foreclosures, they're not evenly

50
00:02:33,919 --> 00:02:38,200
Speaker 1: distributed across neighborhoods. You've got some lower income areas that

51
00:02:38,240 --> 00:02:41,600
Speaker 1: are seeing higher rates, and you've got other areas that

52
00:02:41,639 --> 00:02:45,760
Speaker 1: are doing okay. Many baby boomers choosing not to sell

53
00:02:45,800 --> 00:02:49,079
Speaker 1: their big homes even as they age and their children

54
00:02:49,200 --> 00:02:52,920
Speaker 1: are grown. Boomers now own a major share of US

55
00:02:52,960 --> 00:02:57,200
Speaker 1: housing stock. About sixty one percent of boomers say they

56
00:02:57,240 --> 00:02:59,960
Speaker 1: don't plan to sell their home anytime soon. It used

57
00:03:00,120 --> 00:03:03,040
Speaker 1: to be once you reached a certain age, you would downsize. Yeah,

58
00:03:03,080 --> 00:03:05,079
Speaker 1: of course, you get rid of that big house. You'd

59
00:03:05,120 --> 00:03:07,600
Speaker 1: sell off a lot of your stuff, and that was

60
00:03:07,600 --> 00:03:10,919
Speaker 1: to make life easier for you. But the trend now

61
00:03:11,080 --> 00:03:14,120
Speaker 1: is that baby boomers are staying in those big homes

62
00:03:14,280 --> 00:03:18,359
Speaker 1: and that is creating this lack of homes for younger buyers.

63
00:03:18,560 --> 00:03:20,280
Speaker 2: Well, we've seen this in a lot of other data

64
00:03:20,320 --> 00:03:23,120
Speaker 2: that Americans just aren't as mobile as we used to

65
00:03:23,200 --> 00:03:25,240
Speaker 2: be for a long time in this country. We would

66
00:03:25,240 --> 00:03:27,120
Speaker 2: move anywhere in the country, especially if you've got a

67
00:03:27,120 --> 00:03:29,640
Speaker 2: better job across the country, you pack up your family

68
00:03:29,680 --> 00:03:32,520
Speaker 2: and you move there. That is certainly changed dramatically. A

69
00:03:32,520 --> 00:03:35,360
Speaker 2: couple of other things. A lot of those boomers don't

70
00:03:35,400 --> 00:03:39,120
Speaker 2: have a mortgage, so they're probably sitting back and thinking, oh,

71
00:03:39,160 --> 00:03:41,640
Speaker 2: this is great. I don't have a mortgage. Why would

72
00:03:41,680 --> 00:03:43,880
Speaker 2: I sell my house? And if they do have a mortgage,

73
00:03:44,120 --> 00:03:47,360
Speaker 2: it's probably one of those dirt dirt cheap mortgages that

74
00:03:47,400 --> 00:03:49,480
Speaker 2: they were able to get before the pandemic, something around

75
00:03:49,480 --> 00:03:52,600
Speaker 2: three percent. So again, if you've got a three percent

76
00:03:52,640 --> 00:03:55,880
Speaker 2: mortgage right now, your prospect of moving at best. I'm

77
00:03:55,880 --> 00:03:58,120
Speaker 2: going to get a six percent mortgage. Oh and I'm

78
00:03:58,120 --> 00:03:59,640
Speaker 2: going to be paying a lot more for a house

79
00:03:59,680 --> 00:04:02,000
Speaker 2: than I THEYD just five or six years ago. I

80
00:04:02,040 --> 00:04:03,680
Speaker 2: think this is probably going to be a trend that

81
00:04:03,760 --> 00:04:05,520
Speaker 2: is not going to change anytime soon.

82
00:04:05,760 --> 00:04:09,120
Speaker 1: Some older homeowners, they fear that that old capital gains

83
00:04:09,200 --> 00:04:13,120
Speaker 1: tax as well so if they were to sell, I mean,

84
00:04:13,200 --> 00:04:16,760
Speaker 1: that's just gonna discourage them from downsizing, because if they

85
00:04:16,800 --> 00:04:19,960
Speaker 1: do sell, they've got that huge capital gains tax as well.

86
00:04:20,520 --> 00:04:22,760
Speaker 2: Yeah, and part of this is, you know, I think

87
00:04:23,160 --> 00:04:25,880
Speaker 2: one of the reasons why there's such low inventory in

88
00:04:25,920 --> 00:04:28,359
Speaker 2: so many markets across the country. You don't have that,

89
00:04:28,440 --> 00:04:31,120
Speaker 2: as you said before, boomers downsizing. They get to that

90
00:04:31,200 --> 00:04:33,719
Speaker 2: stage of life they want a smaller home they're gonna move.

91
00:04:33,960 --> 00:04:35,960
Speaker 2: That opens up this home for maybe a first time

92
00:04:36,000 --> 00:04:38,000
Speaker 2: home buyer or a second time home buyer that can

93
00:04:38,040 --> 00:04:40,000
Speaker 2: go in there. But because we've got and keep in

94
00:04:40,080 --> 00:04:43,120
Speaker 2: mind as always, baby boomers are the largest chunk of

95
00:04:43,160 --> 00:04:46,120
Speaker 2: population in the entire country. They're more baby Boomers than

96
00:04:46,160 --> 00:04:49,280
Speaker 2: anything else out there, and so they're holding an incredible

97
00:04:49,320 --> 00:04:51,479
Speaker 2: amount of pieces of real estate and have no interest

98
00:04:51,560 --> 00:04:52,920
Speaker 2: in moving out of them anytime soon.

99
00:04:53,000 --> 00:04:55,640
Speaker 1: Even if they do sell their forever home, sometimes they

100
00:04:55,640 --> 00:04:58,120
Speaker 1: sit empty because they're not the type or location of

101
00:04:58,160 --> 00:05:01,320
Speaker 1: home that a younger buyer might I want. It doesn't

102
00:05:01,360 --> 00:05:05,120
Speaker 1: match what younger buyers are wanting well in regards to

103
00:05:05,200 --> 00:05:06,320
Speaker 1: size or location.

104
00:05:06,440 --> 00:05:09,360
Speaker 2: And homeowners have more options because of technology than they

105
00:05:09,400 --> 00:05:11,880
Speaker 2: ever had before. I can turn my home into I

106
00:05:11,960 --> 00:05:13,680
Speaker 2: may buy a new home and keep this one and

107
00:05:13,680 --> 00:05:16,680
Speaker 2: rent it out as an Airbnb, or I may hire

108
00:05:16,920 --> 00:05:19,040
Speaker 2: a real estate management company and just rent it out

109
00:05:19,040 --> 00:05:21,200
Speaker 2: to the general population. So I think a lot of

110
00:05:21,320 --> 00:05:23,520
Speaker 2: consumers and a lot of people are much more willing

111
00:05:23,880 --> 00:05:27,440
Speaker 2: to be a landlord and rent out their old home

112
00:05:27,480 --> 00:05:29,200
Speaker 2: while they move into a new home, and again that

113
00:05:29,320 --> 00:05:31,440
Speaker 2: keeps it off the market for a family to purchase.

114
00:05:31,560 --> 00:05:35,480
Speaker 1: America's most expensive zip codes have been revealed. You've got

115
00:05:35,720 --> 00:05:39,680
Speaker 1: coastal areas in California and in New York they dominate

116
00:05:39,720 --> 00:05:43,640
Speaker 1: the top ten list. Also places in Silicon Valley they're

117
00:05:43,720 --> 00:05:47,760
Speaker 1: ranking very high, with the medium home price being nine

118
00:05:48,200 --> 00:05:52,559
Speaker 1: million dollars. So what is the most expensive zip code

119
00:05:52,560 --> 00:05:56,919
Speaker 1: in the country. Beverly Hills, California, the average home is

120
00:05:57,000 --> 00:06:02,120
Speaker 1: ten point five million dollars. We have Bridgehampton, New York,

121
00:06:02,400 --> 00:06:05,120
Speaker 1: where the average home is eight point eight million dollars.

122
00:06:05,520 --> 00:06:09,440
Speaker 1: It goes down to a place in Arizona Paradise Valley.

123
00:06:09,480 --> 00:06:14,480
Speaker 1: The average home there is five point five million dollars. Okay,

124
00:06:14,480 --> 00:06:17,680
Speaker 1: there's a new design for the dime coming out. The

125
00:06:17,760 --> 00:06:20,640
Speaker 1: US Mint recently redesigned the dime and that's to mark

126
00:06:20,680 --> 00:06:25,200
Speaker 1: the two hundred and fiftieth anniversary the semi quincentennial, And

127
00:06:25,279 --> 00:06:28,720
Speaker 1: unlike the traditional Roosevelt dime, the new version does not

128
00:06:28,880 --> 00:06:31,880
Speaker 1: include the olive branch on the back.

129
00:06:32,160 --> 00:06:36,040
Speaker 2: Interesting, now, this design is completely different. I remember when

130
00:06:36,080 --> 00:06:38,080
Speaker 2: they came out with the quarters. Remember when they did

131
00:06:38,080 --> 00:06:40,560
Speaker 2: the quarters, and every the back of the quarter was

132
00:06:40,560 --> 00:06:42,839
Speaker 2: different for each state, and each state had a different

133
00:06:42,880 --> 00:06:44,480
Speaker 2: back on it, and they would roll them out every

134
00:06:44,520 --> 00:06:47,239
Speaker 2: couple of years, and you could collect all fifty quarters.

135
00:06:47,320 --> 00:06:50,320
Speaker 2: I think that whenever the Mint does specialty things like that,

136
00:06:50,400 --> 00:06:53,520
Speaker 2: it does get people interested in coin collecting, which is

137
00:06:53,600 --> 00:06:55,240
Speaker 2: kind of a lost hobby that's been gone for a

138
00:06:55,279 --> 00:06:55,720
Speaker 2: long time.

139
00:06:55,839 --> 00:06:58,560
Speaker 1: So historically US coins they've shown an eagle holding both

140
00:06:58,640 --> 00:07:01,440
Speaker 1: arrows for military strength and an olive branch for peace,

141
00:07:01,680 --> 00:07:04,760
Speaker 1: and on the new dime, the eagle is shown in

142
00:07:04,920 --> 00:07:09,240
Speaker 1: flight carrying only arrows and nothing in the talent. Now,

143
00:07:09,320 --> 00:07:11,560
Speaker 1: some people are saying, well, this is because of Operation

144
00:07:11,720 --> 00:07:14,960
Speaker 1: Epic Fury, and that's not the case. The design was

145
00:07:15,000 --> 00:07:18,560
Speaker 1: created long before that operation ever began.

146
00:07:18,840 --> 00:07:20,400
Speaker 2: Now are they messing with the front of the dime.

147
00:07:20,440 --> 00:07:22,040
Speaker 2: We still got FDR on the front of the dime,

148
00:07:22,120 --> 00:07:23,120
Speaker 2: or are they changing that too.

149
00:07:23,240 --> 00:07:24,360
Speaker 1: No, they're changing that too.

150
00:07:24,680 --> 00:07:26,640
Speaker 2: Oh so we're not going to have FDR on the

151
00:07:26,640 --> 00:07:27,240
Speaker 2: front of the dial.

152
00:07:27,440 --> 00:07:29,800
Speaker 1: The dime is looking completely different now.

153
00:07:29,840 --> 00:07:32,000
Speaker 2: That is different because even when they've changed and done

154
00:07:32,040 --> 00:07:34,239
Speaker 2: these special things, either with the nickels or the quarters

155
00:07:34,240 --> 00:07:36,840
Speaker 2: in the past, the front has normally stayed the same.

156
00:07:37,240 --> 00:07:39,400
Speaker 2: So this is obviously a changing pace for the mint

157
00:07:39,400 --> 00:07:40,400
Speaker 2: and what they've done in the past.

158
00:07:40,480 --> 00:07:43,120
Speaker 1: So the redesign of the dime, it's going to revert

159
00:07:43,160 --> 00:07:47,880
Speaker 1: back to its previous design after this anniversary year, after

160
00:07:47,920 --> 00:07:49,560
Speaker 1: the semi quincentennial