WEBVTT - 11-20-25 America's Truckin' Network 0:00:09.560 --> 0:00:12.800 This is America's Trucking Network with Kevin Gordon. 0:00:14.440 --> 0:00:15.120 Lulhame more. 0:00:15.480 --> 0:00:19.919 Thanks for tuning in on this Thursday morning atn the 0:00:20.040 --> 0:00:22.720 show that is the exception of the rule that nothing 0:00:22.840 --> 0:00:24.400 good happens after midnight. 0:00:24.760 --> 0:00:27.720 By the way, happy thaw Day. 0:00:28.280 --> 0:00:30.400 I'll let that sink in for a second. You may 0:00:30.440 --> 0:00:32.879 be asking Kevin, what the hell is slaw day? That 0:00:33.120 --> 0:00:36.600 is the day according to Butterball Turkey and some of 0:00:36.640 --> 0:00:39.279 the turkey experts that if you have a turkey and 0:00:39.320 --> 0:00:41.720 it's frozen, this is the day you take it out 0:00:41.720 --> 0:00:44.160 of the freezer put it in the refrigerator in order 0:00:44.200 --> 0:00:46.800 to get it to thaw. And they talk about in 0:00:46.880 --> 0:00:49.120 terms of rule of thumb. Now, you didn't expect to 0:00:49.120 --> 0:00:50.920 get on here and get a cooking show, but you 0:00:50.960 --> 0:00:55.000 know that just explains and shows the diversity of this 0:00:55.320 --> 0:00:59.080 show and how wide range of knowledge we have. You 0:00:59.160 --> 0:01:01.400 pull it out of the refri what is it every 0:01:01.520 --> 0:01:05.039 day for every four pounds of turkey? And so again 0:01:05.080 --> 0:01:07.560 you just have to back that off. Now, once the 0:01:07.600 --> 0:01:11.280 turkey is thawed, it can stay in the refrigerator for 0:01:11.400 --> 0:01:13.960 up the four days. So if it thaws out earlier 0:01:13.959 --> 0:01:17.360 than you know, the day of Thanksgiving or that Wednesday, 0:01:17.440 --> 0:01:20.200 or whenever you're going to prepare the meal, it will 0:01:20.200 --> 0:01:22.840 be good for four days in the refrigerator. So again, 0:01:22.959 --> 0:01:26.000 happy thaw a day, and thank you. You're welcome from 0:01:26.160 --> 0:01:30.120 America's Truck and Network. Got some interesting information here on 0:01:30.200 --> 0:01:33.399 the housing alarm. There's a well they're calling it a 0:01:33.400 --> 0:01:35.399 housing alarm. I would say it's just a kind of 0:01:35.400 --> 0:01:39.199 a blip on the radar screen. Housing alarm. As half 0:01:39.280 --> 0:01:43.640 of US homes fall in value, biggest drop since the 0:01:43.680 --> 0:01:47.199 Great Recession. Home values are falling for more than half 0:01:47.280 --> 0:01:50.720 of America, the biggest shares since the country was last 0:01:50.760 --> 0:01:53.680 clawing its way out of the Great Recession. Now, based 0:01:53.720 --> 0:01:56.640 on that headline, and based on that first sentence, you 0:01:56.680 --> 0:01:59.720 would think, oh my god, this guy's falling and housing 0:01:59.720 --> 0:02:02.400 market is going to hell in a handbasket. Things are 0:02:02.400 --> 0:02:04.800 not working out the way they should. However, we'll get 0:02:04.800 --> 0:02:08.200 into that here. New data from Zillo shows that fifty 0:02:08.200 --> 0:02:10.560 three percent of US homes have lost value over the 0:02:10.560 --> 0:02:13.360 past year, the highest level since twenty twelve, when the 0:02:13.400 --> 0:02:18.640 housing crash finally hit bottom. National market looks flat on paper, 0:02:19.000 --> 0:02:23.240 but the average masks huge differences in regions, cities, and 0:02:23.280 --> 0:02:26.400 even neighborhoods. Price have been slipping in much of the 0:02:26.440 --> 0:02:29.040 South and the West as more homes in the market 0:02:29.240 --> 0:02:30.760 and buyers stay on the sidelines. 0:02:30.760 --> 0:02:32.120 Well, let's just cut through the crap here. 0:02:32.160 --> 0:02:34.919 They go through all these these sentences here and makes 0:02:35.000 --> 0:02:37.880 it seems alarming and all that, But the bottom line 0:02:37.880 --> 0:02:40.919 here is we'll talk about it is what we saw 0:02:41.080 --> 0:02:45.200 as far as the pandemic. A lot of home values 0:02:45.600 --> 0:02:49.760 soared during that period of time, and we're hitting record peaks, 0:02:49.919 --> 0:02:53.120 and there was rampant well if you want to call 0:02:53.160 --> 0:02:56.240 it inflation in terms of the prices, in terms of 0:02:56.440 --> 0:02:58.280 when you look at the value of the homes, how 0:02:58.320 --> 0:03:01.040 fast these homes were rising. There were areas in the 0:03:01.080 --> 0:03:05.640 country where we were seeing fifteen sixteen percent increases in 0:03:05.680 --> 0:03:08.600 home values just in a one year period of time. 0:03:08.960 --> 0:03:11.360 And at some point in time you get to the 0:03:11.400 --> 0:03:14.400 point where that has to kind of pull back a 0:03:14.400 --> 0:03:17.359 little bit and get back to some sort of normalization. 0:03:17.520 --> 0:03:20.679 And this is what it is. But the fifty three 0:03:20.760 --> 0:03:24.440 percent number has to do with some of the locations 0:03:24.600 --> 0:03:27.519 when you talk about some of the more populous parts 0:03:27.560 --> 0:03:30.160 of the country and some of the country, some of 0:03:30.200 --> 0:03:36.160 the cities within these particular states where people were flocking 0:03:36.160 --> 0:03:39.720 to because during the whole you know, again getting back 0:03:39.760 --> 0:03:43.000 to the pandemic, when people realize that they can work 0:03:43.040 --> 0:03:46.680 from home, or we saw stories about people who just said, well, 0:03:46.720 --> 0:03:48.520 you know what, I don't you know if i'm you know, 0:03:48.520 --> 0:03:50.440 if I'm in the Midwest or I'm up north or 0:03:50.480 --> 0:03:53.360 something like that, if I'm doing remote shoot, I could 0:03:53.400 --> 0:03:55.280 be down in Florida, I can be in the Bahamas, 0:03:55.280 --> 0:03:58.160 I can be wherever it is. And so I'll rent 0:03:58.160 --> 0:04:00.480 a place down there or buy a place down there. 0:04:00.920 --> 0:04:04.240 Then they had a little conundrum once this company said 0:04:04.240 --> 0:04:06.680 you know what, this ain't working. We're going to bring 0:04:06.720 --> 0:04:08.720 people back in the office. And they're saying, well, wait 0:04:08.760 --> 0:04:10.600 a minute, I've already moved down here. Well that's not 0:04:10.760 --> 0:04:15.000 the company's problem, that's your problem. And so anyway, with 0:04:15.160 --> 0:04:19.400 people moving to these you know, hotspots and stuff, of course, 0:04:19.440 --> 0:04:21.520 when you have an influx of people, when you have 0:04:21.560 --> 0:04:23.880 a limited supply, those prices are going to go up. 0:04:24.080 --> 0:04:26.320 When you look at and here on the map, it 0:04:26.360 --> 0:04:32.039 looks like well, Portland, San Francisco, Sacramento, Las Vegas, Phoenix, Denver, Dallas, 0:04:32.080 --> 0:04:35.560 San Antonio, Austin, Tampa, Jacksonville and Orlando. 0:04:35.880 --> 0:04:37.359 Most of these countries, most of. 0:04:37.360 --> 0:04:41.200 These cities are in either resort areas or in very 0:04:41.320 --> 0:04:44.200 areas where it's sunny in the south and where the 0:04:44.360 --> 0:04:47.080 weather is more pleasant than up north where you deal 0:04:47.120 --> 0:04:50.359 with the snow. So again the map breaks down using houses, 0:04:50.640 --> 0:04:53.560 and of course again with the people in those areas. 0:04:53.600 --> 0:04:57.120 When you take the large metropolitan groups in the metropolitan areas, 0:04:57.320 --> 0:04:59.960 of course that's going to be a bulk of the houses, 0:05:00.360 --> 0:05:03.160 and that's why that fifty three percent number is there. 0:05:03.400 --> 0:05:05.840 But when you look at individual neighborhoods, when you look 0:05:05.880 --> 0:05:10.120 at areas like my area, here, my area, and there 0:05:10.680 --> 0:05:14.200 here in Greater since Northern Kentucky area, our prices are 0:05:14.200 --> 0:05:17.040 pretty stable. As a matter of fact, during the plant 0:05:17.120 --> 0:05:20.839 or during the housing crisis back in twenty two thousand 0:05:20.839 --> 0:05:23.719 and eight two thousand and nine, we did see in 0:05:23.800 --> 0:05:27.479 certain areas about a forty percent decrease in the value 0:05:27.480 --> 0:05:31.359 of homes as a result of that housing crisis, But 0:05:31.440 --> 0:05:34.440 there were certain neighborhoods where that wasn't even affected at all. 0:05:34.480 --> 0:05:37.599 There's a couple of neighborhoods in Northern Kentucky near me 0:05:37.760 --> 0:05:41.640 which basically saw no decrease in terms of the value, 0:05:41.760 --> 0:05:44.320 but again it depends on the individual pocket of the 0:05:44.360 --> 0:05:47.600 area and so on. Now Tampa is seeing one of 0:05:47.640 --> 0:05:51.080 the sharpest reversals in Florida, with over eighty percent of 0:05:51.080 --> 0:05:54.760 the homes now worth less than a year ago. The 0:05:54.800 --> 0:05:58.159 city's rapid run up in prices has given way to 0:05:58.200 --> 0:06:02.800 steep corrections across much of the metro area. According to 0:06:03.480 --> 0:06:09.000 Trey men Hurtz, senior economic researcher at Zillo, says, the 0:06:09.040 --> 0:06:14.280 downturn is a normalization, not a crash. Now we have 0:06:14.360 --> 0:06:17.960 to get to that phrase, a normalization instead of a crash. 0:06:18.240 --> 0:06:20.600 On the second page of the story, I mean, if 0:06:20.640 --> 0:06:22.880 you just look at the headline, and again this gets 0:06:22.880 --> 0:06:24.320 back to a lot of the stuff that I've been 0:06:24.320 --> 0:06:27.080 talking about. If you're the type of person that are 0:06:27.160 --> 0:06:29.599 just looking at the headlines, if you're a younger person, 0:06:29.640 --> 0:06:31.800 which they ought with a lot of the younger people do. 0:06:32.360 --> 0:06:34.000 All they do is they flash through their. 0:06:33.880 --> 0:06:36.359 Phones, they look through the headlines, and that's what develops 0:06:36.440 --> 0:06:39.800 their impression of what's going on in not only in 0:06:39.839 --> 0:06:42.680 the country, the world or the economy. And so if 0:06:42.720 --> 0:06:46.960 you see something housing alarm, as half of all us 0:06:46.960 --> 0:06:51.320 homes fall and value biggest drop since the Great Recession. 0:06:51.600 --> 0:06:52.919 That would scare the hell out of you. 0:06:53.360 --> 0:06:56.000 But when you get to the second page and it 0:06:56.000 --> 0:06:59.760 looks at and they get into it and say that, well. 0:06:59.520 --> 0:07:01.080 It's based a correction. 0:07:01.560 --> 0:07:05.159 It's not a panic type of thing. 0:07:05.560 --> 0:07:08.080 It's just a normal return to normalization. 0:07:08.480 --> 0:07:12.760 Despite the widespread decline, their few homeowners are really underwater. Naturally, 0:07:12.840 --> 0:07:16.760 the median gain and since the house was last sold 0:07:17.080 --> 0:07:20.880 is sixty seven percent, So people that bought their homes 0:07:20.880 --> 0:07:24.160 whenever whenever, it is the average across the board is 0:07:24.200 --> 0:07:28.000 that house is now worth sixty seven percent more than 0:07:28.000 --> 0:07:30.320 what it was when you first bought it, you know, 0:07:31.240 --> 0:07:33.520 clicking dirty math, if you bought the house for one 0:07:33.560 --> 0:07:35.840 hundred thousand dollars, it's now worth one hundred and sixty 0:07:35.840 --> 0:07:38.720 seven thousand dollars. So if it comes down a little 0:07:38.760 --> 0:07:42.000 bit in value of five percent, six percent, they'reabout range. 0:07:42.120 --> 0:07:46.120 You're still well above that one. You know, a sixty 0:07:46.120 --> 0:07:49.280 percent range increase in the terms as far as your 0:07:49.280 --> 0:07:53.360 house is concerned. Nationally, a median gain since a home 0:07:53.600 --> 0:07:56.760 was last sold to sixty seven percent. Mentioned that overall, 0:07:56.880 --> 0:07:59.280 very few Americans are in the home worse than what 0:07:59.320 --> 0:08:02.720 they less than what they paid for. Only four point 0:08:02.800 --> 0:08:06.120 one percent of the US homes are now valued below 0:08:06.160 --> 0:08:10.680 their last sale price, a smaller share than before the pandemic. 0:08:11.240 --> 0:08:14.880 Even among new listings, just three point four percent are 0:08:15.000 --> 0:08:16.160 priced below. 0:08:16.000 --> 0:08:16.960 The seller origin. 0:08:18.120 --> 0:08:22.560 The sellers originally paid roughly half the rate since seen 0:08:22.600 --> 0:08:26.640 in twenty nineteen. So again you're talking about a small 0:08:26.720 --> 0:08:30.320 percentage now from some of the stuff that I've observed 0:08:30.360 --> 0:08:34.679 over the years, especially where I live, the condo complex 0:08:34.720 --> 0:08:38.160 I live in, there have been situations where you look 0:08:38.200 --> 0:08:41.600 at the value overall value of some of the properties. 0:08:41.920 --> 0:08:45.440 And there was a year in which one couple that 0:08:45.640 --> 0:08:48.400 was living there, their son bought a home down in 0:08:48.679 --> 0:08:51.320 I think it was North Carolina and built on an 0:08:51.360 --> 0:08:54.200 in law suite or an area for them to live, 0:08:54.679 --> 0:08:57.520 and so they said, hey, mom and dad, come down 0:08:57.559 --> 0:09:01.240 here and live with us. They price their condo at 0:09:01.280 --> 0:09:04.360 a fire sale, which was they had been in that 0:09:04.480 --> 0:09:07.679 unit for about twelve years. They priced it at what 0:09:07.720 --> 0:09:10.920 they had paid for it then. So when they sold 0:09:10.960 --> 0:09:14.080 that like right away, that pretty much, you know, in 0:09:14.160 --> 0:09:16.800 terms of your comps, dropped the value of a lot 0:09:16.880 --> 0:09:20.240 of the homes around the area. In the area, person 0:09:20.320 --> 0:09:22.880 next door in a condo. He and his wife got married. 0:09:23.080 --> 0:09:26.199 They had been talking in terms of and this all 0:09:26.200 --> 0:09:28.839 happened in one year. This is probably about well, probably 0:09:28.880 --> 0:09:31.160 about ten years ago. But these are some of the 0:09:31.200 --> 0:09:33.600 things you have to look into the individual numbers to 0:09:33.600 --> 0:09:37.400 see where they are actually at. So the couple got married, 0:09:37.559 --> 0:09:39.959 they were talking about moving and they said, well, we're 0:09:39.960 --> 0:09:41.880 going to be very slow about doing that. We want 0:09:41.880 --> 0:09:43.600 to find the right house. We're not going to buy 0:09:43.640 --> 0:09:46.120 a house and then have to sell our house or 0:09:46.160 --> 0:09:49.120 sell the condo here in order to move in. Well, 0:09:49.160 --> 0:09:51.360 as it turned out, they found a home that they loved, 0:09:51.679 --> 0:09:53.640 and they had been looking for about a year year 0:09:53.679 --> 0:09:55.800 and a half. They found a home that they loved, 0:09:56.000 --> 0:09:58.480 they went ahead and bought it. And then their condo 0:09:58.679 --> 0:10:00.920 they actually sold it for a a little bit right 0:10:00.960 --> 0:10:02.800 around what they had paid for it, like six seven, 0:10:02.840 --> 0:10:05.679 eight years before that. So when you have some of 0:10:05.679 --> 0:10:09.079 these type of situations going in there, that will affect 0:10:09.080 --> 0:10:12.199 the overall price and may may give some of the 0:10:12.280 --> 0:10:15.000 reason why some of these homes are on the market. 0:10:15.040 --> 0:10:17.840 Three point four percent of the houses are less than 0:10:17.880 --> 0:10:20.120 what they paid for. Coming on, we'll talk a little 0:10:20.120 --> 0:10:23.000 bit more about this. I'm Kevin Gordon, America's Trucking Network 0:10:23.160 --> 0:10:25.240 seven hundred WLW. 0:10:26.440 --> 0:10:26.839 I love. 0:10:26.960 --> 0:10:30.320 This is the raething reboard on America's Trucking Network on 0:10:30.480 --> 0:10:32.000 seven hundred WLW. 0:10:32.640 --> 0:10:35.080 The Las Vegas Grand Prix, set for Sunday, the third 0:10:35.160 --> 0:10:38.160 last race in the twenty twenty five season. Las Vegas 0:10:38.200 --> 0:10:40.640 is becoming a halo event, not just for the city 0:10:40.640 --> 0:10:43.800 of Las Vegas, but also for Formula One as a business. 0:10:43.960 --> 0:10:47.240 Las Vegas joined the calendar in twenty twenty three. Lando 0:10:47.320 --> 0:10:50.280 Norris retook the lead in the drivers' championship ranks in 0:10:50.320 --> 0:10:53.679 the Formula One with his commanding victory in Mexico bolstering 0:10:53.720 --> 0:10:57.000 his position atop the leader board. With three races remaining 0:10:57.000 --> 0:11:00.080 in the f one season, Norris's tally stands at one 0:11:00.120 --> 0:11:02.920 hundred and ninety, giving him a twenty four point advantage 0:11:02.960 --> 0:11:06.760 over his McLaren teammate Oscar Pastre, while Red Bulls Max 0:11:06.840 --> 0:11:10.160 or Staffen stands third, forty nine points behind. 0:11:11.520 --> 0:11:14.840 This is the racing reboard on America's Drugging Network on 0:11:15.040 --> 0:11:16.520 seven hundred WLW. 0:11:17.160 --> 0:11:21.160 Say Dennison, a t N, you know what your customers 0:11:21.160 --> 0:11:23.679 are doing right this second? The exact same thing you 0:11:23.760 --> 0:11:27.120 are listening to me, which, let's be honest, is kind 0:11:27.120 --> 0:11:30.880 of flattering. But my point is, adds on iHeartRadio actually 0:11:30.960 --> 0:11:33.320 get heard in the car, at the gym, on the 0:11:33.360 --> 0:11:35.439 couch while people are walking their dogs. 0:11:35.640 --> 0:11:36.440 Who's a good boy? 0:11:36.640 --> 0:11:37.480 Who's a good boy? 0:11:37.760 --> 0:11:39.640 You're a good boy. That's right, You're a good boy. 0:11:39.880 --> 0:11:41.960 So why not make the next ad about you? Get 0:11:42.000 --> 0:11:42.640 started today? 0:11:42.800 --> 0:11:45.000 Call eight four four eight four four iHeart or go 0:11:45.080 --> 0:11:47.880 to Iheardadvertising dot Com. That's eight four four eight four 0:11:47.920 --> 0:11:50.400 four iHeart or Iheardadvertising dot com. 0:11:50.440 --> 0:11:53.839 A message from DAV to all returning veterans. 0:11:54.640 --> 0:11:59.240 Thank you. Thank you for doing your duty. Thank you 0:11:59.280 --> 0:12:02.800 for doing our bidding. Thank you for laying it all 0:12:02.840 --> 0:12:06.640 on the line. Thank you for stepping up and not 0:12:06.800 --> 0:12:10.560 backing down. Thank you for putting your future on hold 0:12:10.840 --> 0:12:14.280 to put our enemies on notice. Thank you for putting 0:12:14.280 --> 0:12:17.520 your buddies' lives ahead of your own. Thank you for 0:12:17.559 --> 0:12:23.079 putting yourself in harm's way. Thank you for defending our freedom, 0:12:23.320 --> 0:12:27.440 for displaying your honor, for being a hero even though 0:12:27.440 --> 0:12:28.240 you don't want to. 0:12:28.160 --> 0:12:29.680 Be called one. 0:12:29.720 --> 0:12:33.480 For all this and more, DAV thanks you, and we're 0:12:33.480 --> 0:12:37.440 here to help you. Expert Dav advisors will make sure 0:12:37.480 --> 0:12:40.760 you get the health, disability and financial benefits you are 0:12:40.840 --> 0:12:44.880 promised and earned. If you're a veteran, visit dav dot 0:12:45.000 --> 0:12:48.560 org for free health and again thank you. 0:12:49.480 --> 0:12:51.600 A decade ago, I was on the trail of one 0:12:51.640 --> 0:12:54.600 of the country's most elusive serial killers, but it wasn't 0:12:54.679 --> 0:12:57.400 until twenty twenty three when he was finally caught. 0:12:57.920 --> 0:12:59.600 The answers were they wrapping this up? 0:13:00.080 --> 0:13:03.280 The headline housing alarm as half of the US homes 0:13:03.440 --> 0:13:07.240 fall in value, biggest drop since the Great Recession. Now, 0:13:07.360 --> 0:13:10.439 I love that phrase great recession because you know, my 0:13:10.480 --> 0:13:14.000 memory is pretty clear that wasn't so great. I don't 0:13:14.040 --> 0:13:16.640 know why you'd I mean, obviously I know why it's 0:13:16.679 --> 0:13:18.719 a great recession because it is, you know, because they 0:13:18.720 --> 0:13:21.839 call it the Great Depression back in the thirties. But 0:13:21.960 --> 0:13:24.800 still great has to do with how large it is, 0:13:25.000 --> 0:13:27.559 not how wonderful it was. I can assure you of that. 0:13:28.280 --> 0:13:31.079 The Market Seeing, and we talked about in the previous segment, 0:13:31.200 --> 0:13:34.120 as we ended up there even among new listings just 0:13:34.200 --> 0:13:37.360 three point four percent our price below, with the seller 0:13:37.440 --> 0:13:41.080 originally paid roughly half the rate scene in twenty nineteen, 0:13:41.559 --> 0:13:45.800 Market Seeing the most listings priced below previously sale prices 0:13:45.920 --> 0:13:50.800 were ones that surged fastest during the plandemic I mean pandemic, 0:13:51.640 --> 0:13:55.800 including San Francisco, Austin, and San Jose. But in many 0:13:55.840 --> 0:13:59.960 metros across the Northeast, Midwest and Great Lakes region, less 0:14:00.160 --> 0:14:03.680 then two percent of sellers are taking a loss. So again, 0:14:04.360 --> 0:14:07.640 kind of a more of a stable area and an 0:14:07.720 --> 0:14:12.280 area that is not necessarily subject to the large fluctuations 0:14:12.800 --> 0:14:15.079 up or large fluctuations down. 0:14:15.400 --> 0:14:17.320 So kind of that steady stream. 0:14:17.440 --> 0:14:19.720 You know, one of the advantages of having kind of 0:14:19.720 --> 0:14:23.760 a steady market in terms of home prices or where 0:14:23.760 --> 0:14:27.040 you live, or even in investments. When you go in 0:14:27.080 --> 0:14:30.160 that rate, you're going to be getting the normal gains. 0:14:30.160 --> 0:14:32.040 You're going to get the small gains. You're not going 0:14:32.080 --> 0:14:33.600 to get the peaks, you're not going to get the 0:14:33.680 --> 0:14:36.120 values you're just or valleys. You're going to get kind 0:14:36.120 --> 0:14:40.200 of an overall upward trend. So I mean, it depends 0:14:40.280 --> 0:14:41.640 on where you want to go. If you want to 0:14:41.680 --> 0:14:45.520 go into a high area where the market is on fire, 0:14:46.000 --> 0:14:48.200 you're also going to be suffering when you come back 0:14:48.240 --> 0:14:49.560 and those prices drop. 0:14:49.680 --> 0:14:51.080 So again it depends. 0:14:51.120 --> 0:14:55.760 But the West, Northeast Midwest and Great Lakes region, less 0:14:55.800 --> 0:14:58.480 than two percent of the sellers are taking loss. Denver 0:14:58.600 --> 0:15:01.560 seeing the steepest slide in country, with ninety one percent 0:15:01.600 --> 0:15:05.200 of homes falling from their peak value. The Mile High 0:15:05.320 --> 0:15:10.560 City was once a pandemic boomtown boomtown, but rising supply 0:15:10.680 --> 0:15:12.200 and weaker demand have now. 0:15:12.040 --> 0:15:13.560 Pushed prices sharply lower. 0:15:13.760 --> 0:15:17.160 Dallas Long Long, one of the strongest housing markets in 0:15:17.200 --> 0:15:20.400 the South, has not escaped the cool down. About eighty 0:15:20.400 --> 0:15:22.880 seven percent of the homes have dropped from the peak 0:15:23.560 --> 0:15:27.240 value as a flood of new supply of higher borrowing 0:15:27.400 --> 0:15:31.000 costs way on the mark on the demand, new supply 0:15:31.160 --> 0:15:35.400 and borrowing cost way on demand. Austin's red hot housing 0:15:35.440 --> 0:15:38.800 market has cooled dramatically, with eighty nine percent of the 0:15:38.840 --> 0:15:41.560 homes now worth less than what they were at their peak. 0:15:42.000 --> 0:15:45.440 Texas Capital was one of the nation's fastest growing metros 0:15:45.720 --> 0:15:49.720 during the pandemic, but is now wrestling with oversupply and 0:15:49.840 --> 0:15:55.000 falling buyer demand surgeon. The surgeon sales signs haven't brought 0:15:55.040 --> 0:15:57.760 buyers back, and prices are now dropping in most of 0:15:57.800 --> 0:16:02.080 the country again, getting back to a normalization, not a panic, 0:16:02.240 --> 0:16:05.320 not the bottom dropping out of the market. It's just things, 0:16:05.560 --> 0:16:08.480 you know, things off in the stratosphere, just kind of 0:16:08.520 --> 0:16:11.160 coming back down to earth a little bit. So nothing 0:16:11.200 --> 0:16:13.640 to be a panic's about. But I saw the story, 0:16:13.640 --> 0:16:15.520 and I'm sure people are going to be talking about 0:16:15.560 --> 0:16:19.200 that and spoon Federick urgitators in mainstream media will run 0:16:19.240 --> 0:16:20.880 with that and try to make ky out of it. 0:16:21.160 --> 0:16:23.640 But you know the story here and you know the facts. 0:16:23.800 --> 0:16:26.600 Yesterday this was weird because I went on a couple 0:16:26.640 --> 0:16:29.200 of websites early in the morning yesterday. I didn't have 0:16:29.200 --> 0:16:31.680 a chance to talk about this. Yesterday we interviewed, we 0:16:31.720 --> 0:16:33.880 had the interview with Phil Flynn that we were running, 0:16:34.080 --> 0:16:35.880 and then we had some other stories that I wanted 0:16:35.880 --> 0:16:39.360 to get to. But during the day I went online 0:16:39.400 --> 0:16:42.720 to try to go on a couple of websites. And 0:16:42.760 --> 0:16:45.360 you know, when I don't know about you, but me, 0:16:46.000 --> 0:16:48.920 when I go to a website and all of a sudden, 0:16:48.920 --> 0:16:50.840 they're saying, well, you know you've got to do this, 0:16:51.000 --> 0:16:52.800 you got to do that because or you've got to 0:16:53.000 --> 0:16:55.160 verify there to your hum And I'm thinking, wait a minute, 0:16:55.160 --> 0:16:57.720 I'm going to this website every day now for the 0:16:57.800 --> 0:17:00.440 last year. Why are they suddenly now asking if I'm 0:17:00.440 --> 0:17:02.760 a human or whatever, what the hell is going on? 0:17:03.640 --> 0:17:05.600 You know, you get out of the website, and you 0:17:05.640 --> 0:17:07.840 go back in and you get some other weird message, 0:17:07.920 --> 0:17:09.960 and I keep thinking, what am I doing wrong? 0:17:10.520 --> 0:17:10.560 Was? 0:17:10.600 --> 0:17:15.879 It turned out cloud Flare outage disrupts x chat, GPT 0:17:15.920 --> 0:17:19.680 and other parts of the Internet. Cloud Flare, a company 0:17:19.680 --> 0:17:23.640 that helps websites secure and manage their Internet traffic. Well, 0:17:23.680 --> 0:17:27.960 apparently not so well if the websites went down experienced 0:17:28.000 --> 0:17:31.240 an issue with a global network, the company said early Tuesday, 0:17:31.320 --> 0:17:34.639 disrupting service for many websites and apps. Companies said it 0:17:34.640 --> 0:17:38.119 believed the problem was resolved around nine to thirty a m. 0:17:38.400 --> 0:17:43.480 Eastern through, roughly four hours after the first reported issue. 0:17:43.640 --> 0:17:45.960 It said that it was continuing to monitor the situation, 0:17:46.160 --> 0:17:49.520 and then it still had reports of intermittent errors. I'm 0:17:49.520 --> 0:17:53.560 telling you what, at nine o'clock nine thirty, the websites, 0:17:53.680 --> 0:17:57.080 that's when I discovered that the stuff was down. Because 0:17:57.080 --> 0:17:59.560 I was looking at some other things and looking at 0:17:59.600 --> 0:18:01.760 some of the stores hadn't gotten to the previous day 0:18:02.040 --> 0:18:04.680 try to determine what I was going to do as far. 0:18:04.640 --> 0:18:07.359 As the show during some early prep if you will. 0:18:07.600 --> 0:18:10.040 But when I got on the websites at nine point thirty, 0:18:10.240 --> 0:18:12.240 A lot of them were still down, and I'm thinking, 0:18:12.280 --> 0:18:15.119 oh my god, what's going on. Well, a couple minutes 0:18:15.240 --> 0:18:18.800 and by about ten o'clock later that morning, they were 0:18:18.840 --> 0:18:21.280 all up and running. Usually began reporting problems with the 0:18:21.320 --> 0:18:27.040 website apps that used cloud Flare. Before seven am, the 0:18:27.119 --> 0:18:31.679 company acknowledged on the website issue to potentially impact multiple customers. 0:18:31.920 --> 0:18:34.240 By eight p fifteen, the company set at the error 0:18:34.359 --> 0:18:35.160 levels and so on. 0:18:35.640 --> 0:18:35.960 Again. 0:18:36.520 --> 0:18:39.240 I kind of wonder about that, and if this is 0:18:39.280 --> 0:18:42.320 a company that handles and tries to smooth out the 0:18:42.359 --> 0:18:45.399 Internet traffic so that you don't have these outages, and 0:18:45.480 --> 0:18:48.280 suddenly you have these outages, You'll wonder if there's a 0:18:48.320 --> 0:18:51.600 glitch in their system, if they were hacked. Certainly they 0:18:51.600 --> 0:18:53.920 don't want to admit to being hacked, because if they're 0:18:54.359 --> 0:18:57.520 providing services to companies to make sure that their flow 0:18:57.600 --> 0:18:59.880 is even, you certainly don't want to know that you're 0:19:00.560 --> 0:19:03.440 You certainly don't want your customers to know that your 0:19:03.480 --> 0:19:06.480 company was hacked, which means that they could probably get 0:19:06.480 --> 0:19:09.639 in there and hack these other companies through the portal 0:19:09.680 --> 0:19:11.960 that you're opening. As far as some of the services 0:19:11.960 --> 0:19:14.760 you're providing, So I guess we'll see one of these 0:19:14.840 --> 0:19:18.720 days how that shook out. Multiple online services appeared to 0:19:18.800 --> 0:19:24.600 have been affected by the issue at cloud Flare, including Spotify, Amazon, 0:19:24.800 --> 0:19:29.960 Open Ai. According to down Detector and Online Outage Tractor 0:19:30.200 --> 0:19:35.200 Tractor Tracker, the outage is a reminder that certain companies 0:19:35.280 --> 0:19:39.040 have an outsized role in making the global Internet work. 0:19:39.560 --> 0:19:43.760 Last month, Amazon Web Services experienced problems with its service, 0:19:43.840 --> 0:19:47.800 disrupting a wide range of online services for hours. 0:19:48.160 --> 0:19:50.520 Days later, Azure. 0:19:50.960 --> 0:19:55.480 Microsoft's cloud service system, also experienced an outage. Last year, 0:19:55.520 --> 0:19:59.719 you may recall that cybersecurity firm cloud Strike experienced a 0:20:00.000 --> 0:20:05.280 bigger outage that cause global it meltdown and hit airlines, hospitals, 0:20:05.480 --> 0:20:09.400 and other online services. This just shows you how dependent 0:20:09.480 --> 0:20:12.560 we are on the Internet and on some of these companies. 0:20:13.240 --> 0:20:19.800 According to David Choffness. Choffness, a professor of computer science 0:20:19.800 --> 0:20:25.199 at Northwestern University, we now have aws Asure and cloud 0:20:25.200 --> 0:20:28.399 Flare outages in the span of a month. That's a 0:20:28.520 --> 0:20:32.320 very large portion of the biggest cloud providers in the world. 0:20:32.800 --> 0:20:35.200 It's not been the case that we have had seen 0:20:35.400 --> 0:20:38.320 major outages like this in a short period of time. 0:20:38.359 --> 0:20:41.880 He said, companies have had outages before, but they tend 0:20:41.880 --> 0:20:44.919 to be pretty rare. These companies are supposed to be really, 0:20:45.119 --> 0:20:48.920 really good at keeping things up. And so with these 0:20:48.960 --> 0:20:52.840 different companies being hit, you know, when one has a problem, 0:20:53.400 --> 0:20:55.240 you can call it maybe a glitch. 0:20:55.640 --> 0:20:57.320 When another one has. 0:20:57.160 --> 0:21:00.520 A problem, you start getting a little suspens But when 0:21:00.560 --> 0:21:03.359 three within a month happened, you got to figure that 0:21:03.400 --> 0:21:05.919 there's some sort of hacking going on, and there's some 0:21:06.000 --> 0:21:09.479 other nefarious things possibly happening, So you got to keep 0:21:09.520 --> 0:21:12.600 an eye on that. And again, as far as cybersecurity, 0:21:12.640 --> 0:21:15.720 you want to make sure that yours internet and the 0:21:15.760 --> 0:21:18.639