WEBVTT - 12-10-25 America's Truckin' Network 0:00:03.840 --> 0:00:06.640 This is America's Trucking Network with Kevin Gordon. 0:00:08.480 --> 0:00:12.120 Welcome themar Thanks for tuning in on this Wednesday morning. 0:00:12.240 --> 0:00:15.480 Well later on this afternoon, we're gonna find out what 0:00:15.640 --> 0:00:18.479 Lion Jerry Powell and the Federal Reserve are going to 0:00:18.520 --> 0:00:21.599 do as far as interest rates are concerned. Lion Jerry 0:00:21.680 --> 0:00:24.600 Powell and the gang to see what they're going to do. 0:00:25.160 --> 0:00:29.080 We've got some interesting information that proves my point. And 0:00:29.880 --> 0:00:32.720 I know I talk about interest rates a lot. I 0:00:32.800 --> 0:00:35.600 know that I harp on Lion Jerry Powell. I do 0:00:35.760 --> 0:00:39.680 that for a reason. In my opinion, I look out 0:00:39.840 --> 0:00:43.559 over the landscape. I look out everybody talking about all 0:00:43.600 --> 0:00:47.800 of a sudden, the Democrats, the liberals, and the spoon 0:00:47.880 --> 0:00:54.120 Federi gurgitators in the mainstream media are suddenly concerned about affordability. 0:00:54.360 --> 0:00:57.800 This is the same crowd that lied to us for 0:00:57.840 --> 0:01:00.320 a year and a half at the beginning of the 0:01:00.360 --> 0:01:04.880 Biden administration in twenty twenty one, when when inflation was 0:01:05.000 --> 0:01:09.280 down at one point four percent when Biden took office, 0:01:09.680 --> 0:01:14.200 one point four percent hit a high of nine point 0:01:14.200 --> 0:01:19.560 one percent a year and a half later in June. 0:01:19.200 --> 0:01:20.800 Of twenty twenty two. 0:01:21.080 --> 0:01:22.960 So only it took him a year and a half 0:01:23.120 --> 0:01:26.880 to go from one point four percent inflation up to 0:01:27.040 --> 0:01:31.000 nine point one. And we were told all during that time, 0:01:31.319 --> 0:01:35.600 this is just a this is transitory. This is this temporary. 0:01:35.600 --> 0:01:38.920 It's only going to last, you know, for a little while. Well, 0:01:38.959 --> 0:01:41.800 we saw gas prices go up a dollar twenty five 0:01:41.959 --> 0:01:47.440 between the beginning of the Biden administration until February of 0:01:47.480 --> 0:01:51.720 twenty twenty two. Then at February twenty two, once Russia 0:01:51.800 --> 0:01:57.320 invaded Ukraine, gas prices shot up to another dollar twenty five, 0:01:57.360 --> 0:02:01.320 so two dolls fifty cents increase in a gallon of gasoline, 0:02:01.560 --> 0:02:03.919 to the point in June of that year. In twenty 0:02:03.960 --> 0:02:08.520 twenty two, gas prices hit a high of across the 0:02:08.520 --> 0:02:11.919 board national average of five dollars and two cents. 0:02:12.560 --> 0:02:16.000 And where was the talk about affordability? 0:02:16.360 --> 0:02:20.079 I saw reports talking about, well, you're saying that gas 0:02:20.120 --> 0:02:23.320 prices are high because of the Russian invasion and because 0:02:23.320 --> 0:02:26.400 we're supporting Ukraine, and that's putting a crimp on the 0:02:26.440 --> 0:02:29.160 oil flow and everything. How long do you expect people 0:02:29.160 --> 0:02:32.799 to pay that higher amount? And the representative for the 0:02:32.800 --> 0:02:36.360 White House said, as long as it takes, because. 0:02:36.000 --> 0:02:37.400 We are in this to win it. 0:02:37.600 --> 0:02:42.240 We are all behind Ukraine, all right, So where was 0:02:42.280 --> 0:02:44.520 the push for the piece, where was the push for NATO? 0:02:44.600 --> 0:02:47.160 Where was the push to end this conflict? All during 0:02:47.320 --> 0:02:51.040 the Biden administration, just like the invasion on the southern border, 0:02:51.200 --> 0:02:53.760 they just turned a blind eye to it. And now 0:02:53.800 --> 0:02:56.960 all of a sudden they're lecturing us on affordability. 0:02:57.840 --> 0:02:59.000 Yet we had all. 0:02:58.880 --> 0:03:03.840 These supply chain issues, We had uh situations where uh, 0:03:04.760 --> 0:03:07.799 you know, we had certain things certainly that we're out 0:03:07.800 --> 0:03:11.160 of that were beyond control, bird flew and so on. 0:03:11.680 --> 0:03:14.760 But the response to that and how quickly the Biden 0:03:14.800 --> 0:03:18.720 administration turned their attention to that was very slow. And 0:03:18.800 --> 0:03:22.800 yet they're lecturing us now on well with interest rates 0:03:22.800 --> 0:03:26.359 going up because the Federal Reserve raised interest rates up 0:03:26.360 --> 0:03:31.200 from basically nothing up to what five and a half 0:03:31.400 --> 0:03:34.880 almost six percent as far as that overnight rate was concerned. 0:03:35.640 --> 0:03:39.880 And so that started the spiral spiraling of increased cost 0:03:39.920 --> 0:03:42.760 on your credit cards, increased costs in your car loans, 0:03:42.840 --> 0:03:47.240 truck loans, expansion mortgages, and so on. Mortgages back when 0:03:47.240 --> 0:03:52.320 Trump left office were right, we're under three three percent, 0:03:52.800 --> 0:03:55.360 down around two point eight seven, two point sixty seven 0:03:55.440 --> 0:03:58.120 something in that range and then shot up to almost 0:03:58.200 --> 0:04:01.560 seven percent during the Biden administration, who was concerned about 0:04:01.560 --> 0:04:04.960 the affordability. Then now all of a sudden, I start 0:04:05.000 --> 0:04:09.040 hearing about in January, Well, egg prices are still high. Well, 0:04:09.200 --> 0:04:12.160 birds are still dying, chickens are still being killed. You 0:04:12.200 --> 0:04:14.080 want to have diseased eggs? Do you want to get 0:04:14.120 --> 0:04:17.159 sick there when you have less When you have less chickens, 0:04:17.200 --> 0:04:21.200 you're gonna have less eggs. Oh, what about beef prices? Well, 0:04:22.240 --> 0:04:28.800 with the green news steel and the constant braidmen of 0:04:29.279 --> 0:04:33.080 the cattlemen saying that, oh, there's too much land being 0:04:33.120 --> 0:04:36.080 occupied by raising cattle and we got to cut that out. 0:04:36.360 --> 0:04:39.920 We can't allow and cutting off water flows because you know, 0:04:40.839 --> 0:04:42.880 just too many grazing pastures and so on. 0:04:43.000 --> 0:04:44.520 We're eating too much beef. 0:04:44.279 --> 0:04:47.760 And we're not you know, we're not being conscious of 0:04:47.800 --> 0:04:52.080 the environment, and so we wind up with drought situations 0:04:52.240 --> 0:04:55.279 where then instead of being able to feed grass fed 0:04:55.520 --> 0:04:58.080 beef out of the range, they had to start feeding 0:04:58.120 --> 0:05:02.560 them and cattle feed up because again laws is applying demand, 0:05:02.839 --> 0:05:06.960 because of Biden administration environmental policy and so on, So 0:05:07.040 --> 0:05:10.279 those prices went up. People started cutting their herds, and 0:05:10.320 --> 0:05:12.479 we wind up with herds that are down in the 0:05:12.640 --> 0:05:14.040 range where they were. 0:05:13.960 --> 0:05:15.360 Back in the nineteen fifties. 0:05:15.560 --> 0:05:19.840 Our population has doubled, but the amount of cattle available 0:05:20.600 --> 0:05:24.360 is down around where it was in the nineteen fifties. So 0:05:24.880 --> 0:05:28.520 we've got double the population with that much with no 0:05:28.839 --> 0:05:31.839 additional cattle in fifty years in terms of the total herd. 0:05:32.440 --> 0:05:36.839 And so laws is supply and demand affect that. And 0:05:36.920 --> 0:05:40.680 yet now we're being lectured on affordability. 0:05:40.800 --> 0:05:42.440 You have a situation. 0:05:42.080 --> 0:05:46.400 Where you bring twenty million illegal aliens into the United States, 0:05:46.920 --> 0:05:50.279 which are then given free housing, free food, et cetera. 0:05:50.800 --> 0:05:54.279 And when you put them in certain houses, those houses 0:05:54.320 --> 0:05:58.200 are there. We're not building a super number of houses 0:05:58.240 --> 0:06:03.440 and stuff availability around the country. Imagine twenty million people 0:06:03.800 --> 0:06:07.240 into the country, and so what twenty million people, Let's 0:06:07.560 --> 0:06:10.320 just say on average maybe three people per household, So 0:06:10.440 --> 0:06:12.839 you're talking about seven million new homes that have to 0:06:12.880 --> 0:06:16.719 be created. Have seven million homes been created during the 0:06:16.760 --> 0:06:18.240 four years of the Biden administration? 0:06:18.400 --> 0:06:18.840 Hell no. 0:06:19.160 --> 0:06:22.760 So what happens They are then taken and put into 0:06:23.160 --> 0:06:26.880 existing homes, which means that then people that want to 0:06:26.960 --> 0:06:29.640 move homes or move into a new location or something 0:06:29.720 --> 0:06:29.960 like that. 0:06:30.240 --> 0:06:31.479 The supply isn't there. 0:06:31.760 --> 0:06:34.520 So when the supply is low, then the housing prices 0:06:34.560 --> 0:06:39.159 go up. We have a median house median home price 0:06:39.320 --> 0:06:43.400 now above four hundred thousand dollars for just a regular house. 0:06:43.680 --> 0:06:45.920 And now they're talking to us about affordability. 0:06:46.160 --> 0:06:49.080 Unbelievable. And I hope lyon Jerry Powell. 0:06:48.880 --> 0:06:51.760 Or somebody close to him is listening to this program 0:06:51.839 --> 0:06:54.159 and tells him about this, because here's one of the 0:06:54.200 --> 0:06:57.600 statistics that they're not talking about. And nobody's talking giving 0:06:57.680 --> 0:07:01.040 much information and getting much discussion on home sellers are 0:07:01.040 --> 0:07:05.360 giving up at unusually high rate. According to realtor dot com, 0:07:05.640 --> 0:07:07.960 latefall tends to be the time when most homes come 0:07:08.000 --> 0:07:13.160 off the market so far unsuccessful. As so far unsuccessful 0:07:13.200 --> 0:07:17.040 sellers would rather not sit through the slowest winter months, 0:07:17.320 --> 0:07:20.400 so they don't want people tracing through the houses in 0:07:20.440 --> 0:07:23.240 the winter, and that's a not very popular time for 0:07:23.280 --> 0:07:27.120 people to go looking for homes. In October, however, d listings, 0:07:27.160 --> 0:07:30.680 which are reported with one month lag, were up forty 0:07:30.720 --> 0:07:34.160 five point five percent year to date and rose nearly 0:07:34.240 --> 0:07:38.000 thirty eight percent from October of twenty twenty four. According 0:07:38.040 --> 0:07:41.080 to a new report from realtor dot Com. The report 0:07:41.200 --> 0:07:44.840 calls it an unusually high rate. It is now the 0:07:44.920 --> 0:07:49.640 highest delisting year since Realtor dot Com started tracking these 0:07:49.720 --> 0:07:53.440 numbers back in twenty twenty two. Dlistings started with the 0:07:53.520 --> 0:07:55.720 rise in June and have remained elevated for. 0:07:55.680 --> 0:07:56.600 A five straight month. 0:07:56.800 --> 0:07:59.760 About six percent of active listings are coming off the 0:07:59.760 --> 0:08:03.160 mark Mart each month month, which is typically only seen 0:08:03.240 --> 0:08:06.040 in the debt of winter. People aren't moving the home, 0:08:06.240 --> 0:08:09.640 people aren't available that people can't afford the homes. People 0:08:09.680 --> 0:08:11.960 can't afford the interest rate that's being charged on that. 0:08:12.320 --> 0:08:15.120 And we've talked about that on this program several times. 0:08:15.200 --> 0:08:17.480 I've gone through the numbers. I said, here's what the 0:08:17.520 --> 0:08:20.040 interest rate, or here's what the payment would be if 0:08:20.080 --> 0:08:22.320 you had a three percent loan. Here's what it would 0:08:22.320 --> 0:08:24.400 be if you had a five percent loan. Here's what 0:08:24.440 --> 0:08:27.200 it would be if you had a six seven, six 0:08:27.280 --> 0:08:30.320 and a half percent loan. And the difference is almost 0:08:30.360 --> 0:08:33.600 from the three percent to the six percent is nearly 0:08:33.880 --> 0:08:38.120 seven hundred dollars a month for the same home. So 0:08:38.280 --> 0:08:42.160 imagine the home that you live in now, the mortgage 0:08:42.200 --> 0:08:45.800 that you have on that jumping seven hundred dollars per month? 0:08:45.960 --> 0:08:48.040 What would that do to your What would that do 0:08:48.160 --> 0:08:50.880 to your budget? So the fact that people are looking 0:08:50.920 --> 0:08:53.160 at that saying, well, I would have to pay seven 0:08:53.240 --> 0:08:56.400 hundred dollars more than what at three percent loan I 0:08:56.440 --> 0:08:58.559 can't afford to move into that house. And then when 0:08:58.600 --> 0:09:00.920 you take into consideration that if you look at the 0:09:00.920 --> 0:09:03.480 interest rate based on the cost of the size of 0:09:03.520 --> 0:09:06.200 the house, you can only afford a certain amount. They 0:09:06.240 --> 0:09:08.720 look at your income, They look at how much money 0:09:08.720 --> 0:09:11.160 and disposable income you have, and how much helm you 0:09:11.200 --> 0:09:14.280 can afford. Then factor in the rate the interest rate 0:09:14.320 --> 0:09:16.680 on that, and then that dictates the size of the 0:09:16.679 --> 0:09:20.040 house you can you can afford. So at whatever income 0:09:20.120 --> 0:09:22.280 level you are. The example I had, was it one 0:09:22.360 --> 0:09:24.800 hundred and ten thousand dollars? At one hundred and ten 0:09:24.840 --> 0:09:28.120 thousand dollars based on a three percent interest rate, you 0:09:28.160 --> 0:09:31.400 can afford a house that's about what was it five 0:09:31.480 --> 0:09:34.960 hundred or four hundred and fifty some thousand, Whereas at 0:09:35.000 --> 0:09:38.000 the six percent interest rate, you can afford a house 0:09:38.160 --> 0:09:41.480 one hundred and sixty seven thousand dollars less than that. So, 0:09:41.679 --> 0:09:44.200 just a mere fact of three percent change in interest 0:09:44.280 --> 0:09:46.679 rates changes the amount of house that you can buy 0:09:46.920 --> 0:09:50.040 by almost one hundred and seventy thousand dollars. And this 0:09:50.200 --> 0:09:52.200 is the thing that we look at in terms of 0:09:52.240 --> 0:09:55.720 the real estate landscape, in terms of what where people 0:09:55.720 --> 0:09:58.200 can afford and what they can afford. We'll talk about 0:09:58.200 --> 0:10:00.320 a little bit more about this coming up. I'm Kevin Gordon, 0:10:00.320 --> 0:10:03.760 America's Truck at Network seven hundred WLW. 0:10:05.320 --> 0:10:08.360 I need This is the breathing repoard on America's Truck 0:10:08.400 --> 0:10:10.880 and Network on seven hundred WLW. 0:10:11.640 --> 0:10:14.199 Marcus Erickson will make his third start of the Rolex 0:10:14.240 --> 0:10:17.560 twenty four at Daytona in January, driving the number forty 0:10:17.559 --> 0:10:22.880 five Wayne Taylor Lamborghini in the GTD Class NTT IndyCar Series. 0:10:22.960 --> 0:10:26.680 Driver Callum Ilott has joined at Wright Motorsports as a 0:10:26.720 --> 0:10:30.160 full time driver for the twenty twenty six IMSO Weathers 0:10:30.200 --> 0:10:35.840 Tech Sports Car Championship. Red Bull Motorsports advisor doctor Helmut 0:10:35.840 --> 0:10:38.840 Marco has decided to leave the F one team, bringing 0:10:38.880 --> 0:10:41.680 an end to two decades of influence as part of 0:10:41.800 --> 0:10:43.840 multiple championship winning setup. 0:10:44.520 --> 0:10:44.920 I Love. 0:10:45.000 --> 0:10:48.079 This is the briefing repoard on America's Truck and Network 0:10:48.280 --> 0:10:51.839 on seven hundred WLW, SAG Dennison. 0:10:51.520 --> 0:10:58.360 At N Progressive Commercial Insurance protext truck Owners with specialized 0:10:58.360 --> 0:10:59.120 coverage a sport. 0:11:00.160 --> 0:11:03.760 I'm Kevin Gordon, America struck In Network seven hundred WLW. 0:11:03.920 --> 0:11:06.320 Getting back to this story, home sellers are giving up 0:11:06.360 --> 0:11:10.600 at an unusually high rate. According to realtor dot Com, 0:11:10.800 --> 0:11:14.840 they're talking about the highest dlisting year since they began 0:11:15.000 --> 0:11:17.960 starting tracking this. I guess they started tracking the dlisting 0:11:18.080 --> 0:11:22.120 back in twenty twenty two when interest rates started creeping 0:11:22.240 --> 0:11:23.840 up and they wanted to take a look at that. 0:11:23.920 --> 0:11:26.160 I don't know why they have been tracking this all along, 0:11:26.280 --> 0:11:29.200 but maybe it wasn't a problem before. Of course, if 0:11:29.240 --> 0:11:33.360 you've got three percent interest rate and booming economy, then 0:11:34.000 --> 0:11:36.560 houses on the market and the affordability is going to 0:11:36.600 --> 0:11:39.480 be there. It's only during the Biden administration when that 0:11:39.559 --> 0:11:42.520 all went to hell. In addition to most potential buyers 0:11:42.520 --> 0:11:46.400 are heading to what realtor dot Com calls refuge markets. 0:11:47.080 --> 0:11:50.320 It's almost like you should call it refugee markets. These 0:11:50.360 --> 0:11:53.000 are areas where home prices are much more affordable and 0:11:53.160 --> 0:11:55.880 didn't see the run up in prices during the first 0:11:56.040 --> 0:11:57.479 years of the pandemic. 0:11:58.320 --> 0:12:01.120 They say pandemic I call it. Now. 0:12:01.320 --> 0:12:04.120 What is also driving this up is that when people 0:12:04.160 --> 0:12:08.360 were cut out of work or you know, eliminated, jobs 0:12:08.400 --> 0:12:11.880 were eliminated. Of course, a lot of people hung on 0:12:12.160 --> 0:12:16.439 based on either unemployment and subsidies from the federal government. 0:12:16.840 --> 0:12:19.439 But then the people that still had a job and 0:12:19.480 --> 0:12:22.679 could work from home, they were taking that money. They 0:12:22.679 --> 0:12:25.280 were saving money because they weren't commuting, they weren't having 0:12:25.320 --> 0:12:28.840 that expense. They were improving their homes, they were making offices, 0:12:28.880 --> 0:12:31.360 they were building on they were going out and possibly 0:12:32.040 --> 0:12:34.920 not possibly, but they were going out and buying other homes, 0:12:35.240 --> 0:12:38.560 a larger home so that they'd accommodate both people working 0:12:38.559 --> 0:12:41.760 from home to have their own offices so that they 0:12:41.800 --> 0:12:45.720 could actually work from home productively. Then after and then 0:12:46.000 --> 0:12:49.000 people's thoughts started thinking in terms of, well, if I'm 0:12:49.000 --> 0:12:51.560 working from home and it doesn't look like I'm going 0:12:51.600 --> 0:12:54.360 back to the office anytime soon, why do I want 0:12:54.400 --> 0:12:58.000 to stay in Detroit, Michigan, or you know, a cold 0:12:58.040 --> 0:13:00.480 weather area. I could move to Florida, I can move 0:13:00.520 --> 0:13:02.800 to Texas, I can move to Arizona. I could move 0:13:02.880 --> 0:13:06.120 someplace that's more pleasant or an area that's kind of 0:13:06.120 --> 0:13:08.520 more of a resort area, I can work from anywhere, 0:13:08.920 --> 0:13:12.240 and so they moved to these hot spot areas. And 0:13:12.320 --> 0:13:14.920 of course, when you have more people moving in and 0:13:14.960 --> 0:13:18.040 you still have the limited amount of homes, build that 0:13:18.120 --> 0:13:21.839 many more homes during that period of time, so you 0:13:21.960 --> 0:13:27.040 had more people, higher demand, less supplied, those prices went up. 0:13:27.400 --> 0:13:30.120 Now we're seeing those prices kind of coming back down 0:13:30.160 --> 0:13:33.800 because again in those boom cities, some of the companies 0:13:33.840 --> 0:13:35.720 have said, hey, we want you back to work, we 0:13:35.760 --> 0:13:37.160 want you back in the office. 0:13:37.280 --> 0:13:39.599 And now you're you know, five hundred. 0:13:39.360 --> 0:13:42.840 Well thousands of miles away from your original home or 0:13:42.880 --> 0:13:46.840 your home office, you know, the company's office, and people 0:13:46.880 --> 0:13:49.160 had to make the determination do I quit my job 0:13:49.320 --> 0:13:51.719 or do I move back to that particular area. So 0:13:51.760 --> 0:13:54.679 that's some of the gyrations that are going on. And again, 0:13:55.040 --> 0:13:59.040 when you have high interest rates and you're forced to move, 0:13:59.280 --> 0:14:02.040 you're forced to buy, then those prices are going to 0:14:02.080 --> 0:14:05.160 go up. So they're talking about these things. Pre pandemic. 0:14:05.320 --> 0:14:09.200 Danielle Hale, chief economist at realtor dot Com, said rising 0:14:09.280 --> 0:14:12.800 delisting and the growing of refuge markets captured the push 0:14:12.840 --> 0:14:16.920 and pull defining today's housing market. Hall does forecast at 0:14:16.920 --> 0:14:21.600 gradual improvement next year with potentially lower mortgage rates. Big 0:14:21.640 --> 0:14:24.720 surprise there, who's been talking about that on this program. 0:14:24.920 --> 0:14:29.400 More consistent supply, creating an increasingly balanced market between buyer 0:14:29.440 --> 0:14:31.760 and seller. Some of the cities that saw the most 0:14:31.800 --> 0:14:34.960 price growth over the past five years are now seeing 0:14:35.360 --> 0:14:38.720 large share of frustrated sellers. We had that story a 0:14:38.720 --> 0:14:41.480 couple of weeks ago where it talked about how the 0:14:41.560 --> 0:14:44.320 home prices in some of these hot cities back during 0:14:44.360 --> 0:14:47.400 the pandemic where people moved because they were working from 0:14:47.440 --> 0:14:49.520 home and they made the determination while hell, I can 0:14:49.600 --> 0:14:52.840 work from anywhere, those prices went up tremendously. In fact, 0:14:52.880 --> 0:14:55.320 they were saying in that particular story, if memory serves me, 0:14:55.360 --> 0:14:57.880 correct that from the time of the pandemic up to 0:14:57.920 --> 0:15:02.600 this point they had increased in value about sixty seven percent. Now, 0:15:02.960 --> 0:15:06.240 actually the terminology was from the last time the home 0:15:06.360 --> 0:15:09.920 was sold to the time now that home has come up. 0:15:09.840 --> 0:15:11.760 In sixty seven percent. 0:15:12.000 --> 0:15:14.200 Now, that may have include people that bought these homes 0:15:14.240 --> 0:15:17.360 prior to the plandemic, but during the plandemic, when prices 0:15:17.360 --> 0:15:20.080 were going up in these hot markets by ten fifteen 0:15:20.080 --> 0:15:23.320 percent on a periodic basis, that would account for some 0:15:23.400 --> 0:15:25.680 of that increase, But they had the story a few 0:15:25.680 --> 0:15:29.040 weeks ago that talked about in those markets prices could 0:15:29.120 --> 0:15:33.000 come down about seven percent. Well, if you're up sixty 0:15:33.080 --> 0:15:36.360 seven percent and your price value comes down seven percent, 0:15:36.600 --> 0:15:39.040 you're still sixty percent ahead. 0:15:38.680 --> 0:15:39.920 So you're not doing too bad. 0:15:39.960 --> 0:15:42.760 It's not like during the housing crisis back in two 0:15:42.760 --> 0:15:45.440 thousand and eight, two thousand and nine, where your house 0:15:45.560 --> 0:15:48.600 and the amount of home you had took a forty 0:15:48.640 --> 0:15:54.080 percent haircut, where the value of your property almost overnight 0:15:54.120 --> 0:15:58.400 went down forty percent because of that housing crisis. So again, 0:15:58.920 --> 0:16:01.000 you're not having that kind of panic. You're not having 0:16:01.080 --> 0:16:04.360 that kind of a situation. You're having basically a market correction. 0:16:04.840 --> 0:16:07.880 So anyway, as she points out, some of the cities 0:16:07.880 --> 0:16:10.080 that saw the most priced growth over the past five 0:16:10.160 --> 0:16:14.960 years are now seeing the largest share of frustrated sellers. Miami, Denver, 0:16:15.320 --> 0:16:18.840 Houston saw the highest ratio of homes delisted compared to 0:16:18.880 --> 0:16:22.960 the new to With newly listed the medium price list 0:16:23.000 --> 0:16:26.640 price in November nationally was zero point four percent, four 0:16:26.720 --> 0:16:29.680 tens to one percent lower than in November of twenty 0:16:29.720 --> 0:16:30.280 twenty four. 0:16:30.520 --> 0:16:32.120 According to realtor dot com. 0:16:32.240 --> 0:16:37.080 It is still however, thirty six percent higher than November 0:16:37.200 --> 0:16:43.080 of twenty nineteen. Pre pandemic new listings were up just 0:16:43.160 --> 0:16:47.560 one point seven percent year over year. So again Del 0:16:47.640 --> 0:16:51.200 and Jerry Powell get those interest rates down so that 0:16:51.240 --> 0:16:55.440 people can afford, you know, affordability in terms of homes. 0:16:55.760 --> 0:16:59.520 Price gains are much stronger in refuge markets like Grand Rapids, Michigan, 0:16:59.720 --> 0:17:02.640 where they're up five point five percent year over year. 0:17:02.920 --> 0:17:06.359 Saint Louis where they're up five percent. Cleveland, Milwaukee, and 0:17:06.400 --> 0:17:10.280 Pittsburgh round out the top performing refuge markets according to 0:17:10.320 --> 0:17:14.959 the report. The report, prices in these markets are still 0:17:15.200 --> 0:17:19.399 twenty to thirty percent lower than the national media average. 0:17:19.560 --> 0:17:24.040 Another troubling trend this vault canceled contracts. Roughly fifteen percent 0:17:24.080 --> 0:17:27.640 of home mortgage agreements were canceled in October. People get 0:17:27.640 --> 0:17:29.880 in there, they make the offer, they take a look 0:17:29.920 --> 0:17:32.719 at it, they say, okay, yeah, I think I can 0:17:32.800 --> 0:17:33.280 afford that. 0:17:33.440 --> 0:17:35.200 And the bank has given them the approval. 0:17:35.440 --> 0:17:37.120 But at some point in time they take a look 0:17:37.160 --> 0:17:38.720 at that and say, do I really want to take 0:17:38.760 --> 0:17:40.879 on that debt? Do I really want to take and 0:17:40.880 --> 0:17:43.600 commit myself to that. Do I think my job is 0:17:43.640 --> 0:17:45.960 strong enough? Do I think the industry that I'm working 0:17:46.000 --> 0:17:48.400 in is strong enough based on what I'm hearing from 0:17:48.400 --> 0:17:51.280 the spoon fed regurgitators of the mainstream media, so they 0:17:51.320 --> 0:17:54.960 hit the panic button. One person, I read an article 0:17:55.000 --> 0:17:57.680 where they were talking about that this person was actually 0:17:57.720 --> 0:18:01.719 talked out. Had a very strong job, stable job, upward 0:18:01.760 --> 0:18:04.880 mobility and so on, but a friend talked her out 0:18:04.920 --> 0:18:07.600 of buying the home because why do you want to 0:18:07.600 --> 0:18:10.960 be tied down to a mortgage, Which really doesn't make 0:18:11.040 --> 0:18:13.240 much sense to me, But that's some of the stuff 0:18:13.280 --> 0:18:16.280 going on. Regionally, San Antonio saw the most canceled deal 0:18:16.320 --> 0:18:18.240 with more than that was one of the hot markets 0:18:18.240 --> 0:18:21.720 where people moved to more than one in five twenty 0:18:21.760 --> 0:18:25.439 one percent pending home sales falling through in October. It 0:18:25.520 --> 0:18:28.919 was followed by Fort Lauderdale at twenty percent, fort Worth 0:18:28.920 --> 0:18:33.200 at nineteen percent, and so on down to Jacksonville, Florida 0:18:33.200 --> 0:18:36.600 at nineteen point two percent. Now, so when you look 0:18:36.640 --> 0:18:40.080 at these situations, and we look at these mortgage rates 0:18:40.119 --> 0:18:42.800 and the fact that people are backing out of contracts, 0:18:43.040 --> 0:18:46.239 the fact that people they are trying to sell her 0:18:46.280 --> 0:18:48.360 home and it's on the market and it's sitting there 0:18:48.400 --> 0:18:50.720 for a long period of time. They want to delist 0:18:50.760 --> 0:18:53.840 that because you know, they just want hopefully that the 0:18:53.880 --> 0:18:57.400 situation will improve. Now I've dug into this a little 0:18:57.440 --> 0:18:58.919 bit further, and I thought, you know, I got to 0:18:58.960 --> 0:19:02.160 thinking about, all right, I've been hearing things about how 0:19:02.359 --> 0:19:04.960 interest rates have been in other countries and how they 0:19:04.960 --> 0:19:08.960 are compared to the United States. Now I went through 0:19:08.960 --> 0:19:15.000 and I found this particular comparison United States. We have 0:19:15.240 --> 0:19:21.280 right now an average of where is that United States 0:19:21.680 --> 0:19:26.760 is at on average six point three three percent for 0:19:26.880 --> 0:19:29.840 a thirty year fixed mortgage. All right, go to one 0:19:29.880 --> 0:19:33.920 of the lowest in the world. Switzerland one point nine 0:19:34.080 --> 0:19:38.640 seven percent, the Euro Area all of Europe basically two 0:19:38.680 --> 0:19:41.800 point four to two percent, the Netherlands two point six 0:19:41.920 --> 0:19:46.760 eight percent, Italy two point seventy nine, Croatia three percent, 0:19:46.880 --> 0:19:50.679 Spain three point one point five one three, rather, France 0:19:50.720 --> 0:19:52.800 at three point four to three, Ireland at three and 0:19:52.800 --> 0:19:55.720 a half percent. Maybe that's why Rosie O'Donnell moved over there. 0:19:55.720 --> 0:19:58.800 It was cheaper mortgage. Germany at three point six percent, 0:19:59.160 --> 0:20:03.679 All these countries that are below four percent, and the 0:20:03.760 --> 0:20:08.200 United States is at six point what did I say, 0:20:08.320 --> 0:20:14.400 six point three to three we are down there near Romania, Moldava, Australia, 0:20:14.520 --> 0:20:18.520 Promote Peru, Jamaica and thereabouts. So we are let me see, 0:20:18.560 --> 0:20:22.719 on the list we are thirty six, So of the 0:20:22.760 --> 0:20:26.439 top of the lowest interest rates in the world, we 0:20:26.480 --> 0:20:29.480 are at thirty six as opposed to number one. So 0:20:30.480 --> 0:20:34.560 the affordability factor comes into play. What I was talking 0:20:34.600 --> 0:20:36.920 about earlier, the type of house that you can afford, 0:20:37.040 --> 0:20:39.320 the size house you can afford at three percent loan 0:20:39.560 --> 0:20:43.160 versus six point three percent is dramatic. And the fact 0:20:43.160 --> 0:20:46.280 that Lion Jerry Powell keeping these prices high. Hopefully we'll 0:20:46.280 --> 0:20:50.040 get some a little bit of a rate cut from him. 0:20:50.119 --> 0:20:53.159 I think it should be a half a percentage point, 0:20:53.160 --> 0:20:56.840 but more than likely it'll be a quarter percentage point anyway. 0:20:57.240 --> 0:21:00.480 Coming up, we've got information from the National Iteration of 0:21:00.520 --> 0:21:04.320 Independent Business, their survey. I'm Kevin Gordon, America's struck In 0:21:04.359 --> 0:21:06.480 Network seven hundred w LW. 0:21:08.240 --> 0:21:10.600 Here's your trucking forecast for the Try State and the 0:21:10.600 --> 0:21:13.000 rest of the country and the Try State over nightclouds 0:21:13.040 --> 0:21:15.360 increasing with rain lightly near day break, the low down 0:21:15.400 --> 0:21:17.760 to thirty seven rain Wednesday, then a chance of rain 0:21:17.800 --> 0:21:20.920 and snow showers by late afternoon, hies into the mid forties, 0:21:21.040 --> 0:21:24.000 mostly Claudi Thursday and colder, a high of thirty three, 0:21:24.280 --> 0:21:26.399 mostly Claude Friday, with a chance of snow, then a 0:21:26.480 --> 0:21:28.880 chance of rain and snow in the afternoon a high 0:21:28.920 --> 0:21:32.200 of thirty seven. Nationally, several days of heavy rain seen 0:21:32.240 --> 0:21:35.040 in the Pacific Northwest and northern Rockies, as snow will 0:21:35.080 --> 0:21:38.720 fall on higher mountain elevations. A strong clipper system bringing 0:21:38.720 --> 0:21:40.399 a thread of heavy snow and high winds across the 0:21:40.480 --> 0:21:43.520 upper Midwestern Great Lakes region, as well as portions of 0:21:43.560 --> 0:21:46.560 the interior, Northeast and Appalachians. 0:21:49.359 --> 0:21:52.919 Seven hundred w l W I Kevin Gordon, is America 0:21:53.000 --> 0:21:55.480 struck in network. I gotta apologze. I've got a little 0:21:55.480 --> 0:21:59.720 bit of stuffy nose today. Earlier, well this afternoon, I 0:21:59.840 --> 0:22:02.640 just to well, we had some plants that were, you know, 0:22:02.880 --> 0:22:05.840 on the deck and they've pretty much died off as 0:22:05.880 --> 0:22:07.920 the result of the frost and everything, and I thought, 0:22:08.200 --> 0:22:09.640 you know, this would be a good time to take 0:22:09.640 --> 0:22:11.439 those up to the dumpster and get rid of them 0:22:11.480 --> 0:22:12.520 and all that sort of stuff. 0:22:12.640 --> 0:22:14.400