Speaker 1: This is America's Trucking Network with Kevin Gordon.
Speaker 2: Welcome aboard.
Speaker 3: Thanks for tuning in on this Friday morning. Who says
Speaker 3: nothing good happens after midnight? Obviously they've not been listening
Speaker 3: to America's Trucking Network. Triple A is out with their
Speaker 3: predictions for the holiday travel time. Triple A projects at
Speaker 3: eighty one point eight million people will travel at least
Speaker 3: fifty miles from home over the Thanksgiving holiday period, which
Speaker 3: runs from Tuesday November twenty fifth to Monday, December the first.
Speaker 3: This year's domestic travel forecast includes an additional one point
Speaker 3: six million travelers compared to last Thanksgiving. That's up two percent,
Speaker 3: So apparently the economy isn't doing as rotten as the
Speaker 3: spoon federcgurgitators and mainstream media would like us to believe.
Speaker 3: Setting a new overall record, Thanksgiving is the single biggest
Speaker 3: holiday for travel compared to other others like Memorial Day
Speaker 3: or July fourth. According to Stacy Barber, vice president of
Speaker 3: Triple A Travel, Thanksgiving travel numbers are always impressive because
Speaker 3: this holiday has become synonymous with heading out of town
Speaker 3: to spend time with loved ones. People are willing to
Speaker 3: brave the crowds and make last minute adjustments to their
Speaker 3: plans to make lifelong memories, whether it's visiting extended family
Speaker 3: or meeting up with friends.
Speaker 2: Now, Hollywood and.
Speaker 3: The people there and some of the shows are always
Speaker 3: trying to make it seem that this is a time
Speaker 3: of confrontation, this is the time of where families don't
Speaker 3: get along. There's a commercial running that just absolutely bugs me.
Speaker 3: And it's a scene of this young girl poking her
Speaker 3: head in the door, opening the door and she hears
Speaker 3: the family members. I wonder who Jackie or whatever her
Speaker 3: name is, is dating now, And she gets this look
Speaker 3: on her face. She shuts the door behind her, and
Speaker 3: then she texts her mom, sorry, flight delayed? Can you
Speaker 3: set aside a plate for me?
Speaker 2: So she would.
Speaker 3: Rather not spend time or bond memories with family members
Speaker 3: simply because somebody may ask her if she's dating anybody.
Speaker 2: I mean, it is a.
Speaker 3: Horrible commercial and a terrible precedent. And then I don't
Speaker 3: even quite honestly, I don't even know what the commercial
Speaker 3: is trying to sell. It's just so irritating to see that.
Speaker 3: And when you see these commercials where just you know,
Speaker 3: in any type of a show they're trying to show
Speaker 3: you put Now. Of course, over the last couple of years,
Speaker 3: we have heard people say, and especially the people with
Speaker 3: Trump derangement syndrome, they say, I can't even deal with
Speaker 3: my family members. I just am so irritated if I
Speaker 3: find out that they voted for Trump and so on.
Speaker 3: What You're the one with the problem, not the other
Speaker 3: family members. Most people don't live in this bubble of
Speaker 3: irritation they deal with. You don't see us on the
Speaker 3: conservative side saying during the Biden administration and during the
Speaker 3: Obama administration that anybody that voted for them, I'm not
Speaker 3: going to associate with them and so on. It's just,
Speaker 3: you know, let it go for a twenty four hour
Speaker 3: period of time, spend time. These are the people that
Speaker 3: are relatives, they're supposed to be your family. Let it
Speaker 3: go for a couple and you know, all these this
Speaker 3: bickering and stuff that you hear that people talk about
Speaker 3: over Thanksgiving is just absolutely ridiculous. It just basically shows
Speaker 3: sometimes the immaturity level of certain people, and the people
Speaker 3: that participate in that or the people that started those
Speaker 3: are the people with the problem. Thanksgiving Travelers by mode
Speaker 3: of transportation by car. TRIPAA projection at least seventy three
Speaker 3: million people will travel by car. That's nearly nine twenty
Speaker 3: percent of the Thanksgiving travelers. An additional one point three
Speaker 3: million people on the road compared to last year. Now
Speaker 3: again that's up two percent. Again, overall travel is up,
Speaker 3: a number of people traveling is up two percent, and
Speaker 3: buy car is going to be up by two percent.
Speaker 3: A warning to all you four wheelers out there that
Speaker 3: are going to be on the highway, remember that when
Speaker 3: you're out driving and you see eighteen wheelers out on
Speaker 3: the road as you are traveling between November twenty fifth
Speaker 3: and December the first when you see these trucks out
Speaker 3: on the road and if they're passing somebody, you know,
Speaker 3: if they're passing another truck and it takes maybe a
Speaker 3: mile or so before you can get around them. Have
Speaker 3: some patients realize the fact that you're out having fun,
Speaker 3: You're on.
Speaker 2: Your way to visit relatives. They are on the job.
Speaker 3: They are on their way to the stores delivering the
Speaker 3: stuff so that you can have your Thanksgiving celebration, and
Speaker 3: so that on Black Friday, the Storre's shelves will be
Speaker 3: full and the stuff that you can buy. Also, they
Speaker 3: are in the process of transporting the various goods and
Speaker 3: services for everything, the goods that are going to be
Speaker 3: there for Cyber Monday, that Monday after Thanksgiving. So realize
Speaker 3: that they are not home with their families, they are
Speaker 3: not enjoying the Thanksgiving holidays because they're out on the
Speaker 3: road making your Thanksgiving and your holiday possible.
Speaker 2: Again.
Speaker 3: Seventy two percent of everything out on the shelves is
Speaker 3: brought to you by a truck. And when you add
Speaker 3: into consideration that all the other items that may not
Speaker 3: necessarily be delivered by a truck, somewhere along the line,
Speaker 3: almost one hundred percent of everything you touch has been
Speaker 3: has touched a truck. And when you take into consideration,
Speaker 3: as was pointed out to me at match this past March,
Speaker 3: that you don't realize the number of other things other
Speaker 3: than what's on the shelf. The sheets, the medicine, the
Speaker 3: stuff that's all at the hospital are there are brought
Speaker 3: by a truck. When you look at the supplies, the
Speaker 3: cleaning supplies and stuff, the janitorial stuff for office buildings,
Speaker 3: for that kind of stuff that's not on the retail shelves,
Speaker 3: but that has been brought to the location or to
Speaker 3: the warehouse the wholesaler buy a truck. So when you
Speaker 3: add all that in, there is a ton of stuff
Speaker 3: mop more than tons and tons of stuff that has
Speaker 3: brought to you by a truck. So have a little
Speaker 3: bit of respect. Realize that a truck has a longer
Speaker 3: stopping capability or capacity than what you have. You can
Speaker 3: on in a car can pretty much stop on a
Speaker 3: drunk dime. A truck hauling a large load takes a
Speaker 3: long period of time for them to stop. And if
Speaker 3: you notice out on the highways that you're in traffic
Speaker 3: and things are slowed down, there's generally a lot of
Speaker 3: space between the truck and the car in front of them,
Speaker 3: and people have a tendency of cutting in there. I'm
Speaker 3: kind of a mixed on this because if you're at
Speaker 3: a slow speed, that's not a big deal. But if
Speaker 3: you're on the highway and you're traveling at sixty miles
Speaker 3: an hour and there's not much room between the truck
Speaker 3: and you're trying to cut in between them, you're asking
Speaker 3: for trouble because if something slows down, the truck is
Speaker 3: not going to have enough space to stop.
Speaker 2: And stay out of their blind spots.
Speaker 3: Just kind of a little bit of word of caution
Speaker 3: there again, looking at this travel survey from TRIPAA and
Speaker 3: some of the stuff that they're talking about.
Speaker 2: Let's see, let's go through some of this stuff.
Speaker 3: Here a warning in here that thirty five percent of
Speaker 3: all fatalities in crashes involving alcohol or all other fatalities
Speaker 3: occur over the Thanksgiving week, So thirty five percent of
Speaker 3: all traffic fatalities in the United States happened during that period.
Speaker 3: Take your time, be cautious, take it a little slower.
Speaker 3: You don't have to set the land speed record from
Speaker 3: one destination to another. Be safe out on the highway
Speaker 3: and get there safely. You don't want that as part
Speaker 3: of the people thinking about Thanksgiving for the rest of
Speaker 3: their lives. Oh that's the week that so and so
Speaker 3: died because they were out on the highway. Airfare they're
Speaker 3: talking about six million people will be traveling.
Speaker 2: Now.
Speaker 3: My rule of thumb is that if your travel destination
Speaker 3: is more or less than five hours by car, in
Speaker 3: my opinion, I would much rather drive because by the
Speaker 3: time you take into consideration, you have to factor this in,
Speaker 3: you know, just add it up however long it takes
Speaker 3: you to drive from your house to the airport. They
Speaker 3: suggest you get to the airport two hours ahead of time,
Speaker 3: which gives you time to check your bags, get into
Speaker 3: the terminal, do your boarding pass, and of course you
Speaker 3: can do your boarding pass ahead of time. You can
Speaker 3: actually print that out at home and hopefully it will
Speaker 3: work there at the airport. But then, of course, the
Speaker 3: flight time, depending upon where you're going. Flight times to Chicago,
Speaker 3: I think from Cincinnati is something like an hour and
Speaker 3: fifteen minutes. Down in Nashville's about an hour, So you
Speaker 3: got to figure the in your factor in the flight time.
Speaker 3: Then once you get to the airport, getting your bags,
Speaker 3: getting off the plane, finding an uber or getting to
Speaker 3: where you've got your car rental, and then getting in
Speaker 3: the car, and then the travel time from the airport
Speaker 3: to your actual destination.
Speaker 2: Plus you have the flexibility.
Speaker 3: Once you're there is that you have a car at
Speaker 3: your disposal if you want to go make some trips
Speaker 3: and do a road trip or drive around the area
Speaker 3: and see the sights and that type of thing.
Speaker 2: So rule the thumb.
Speaker 3: If it's less than five hours, I'd much prefer to drive.
Speaker 3: So that's my two cents worth. Oh, I can't do
Speaker 3: that anymore because we're running out of pennies. I'm Kevin Gordon,
Speaker 3: America's truck In Network, seven hundred WLW.
Speaker 4: I love.
Speaker 1: This is the reathing report on America's Trucking Network on
Speaker 1: seven hundred WLW.
Speaker 4: Looking at head to the racing weekend, Formula One holds
Speaker 4: the Las Vegas Grand Prix on Sunday, Lando Norris has
Speaker 4: three hundred and ninety points and leads the battle for
Speaker 4: the world championship with three races to go.
Speaker 5: Obviously, always trying to win. It's always sweeter when you
Speaker 5: end up on the podium where you can win the race.
Speaker 5: It's it's always a better feeling because that's what that's
Speaker 5: what we'll want. So it's been a good few races
Speaker 5: recently and it's it is hard at times, I think
Speaker 5: when when you're fighting and you're in the position that
Speaker 5: we're in at the moment as a team, you know,
Speaker 5: between Oscar and myself to sometimes like step back and
Speaker 5: realize what you're you're doing.
Speaker 4: In second place in the standings as Norris as McLaren
Speaker 4: teammate Oscar Piastre, he is twenty four points back.
Speaker 5: You know my expectation and for myself is to try
Speaker 5: and perform at the same level, but that's not always
Speaker 5: a guarantee, and I know that it can also just
Speaker 5: change very quickly. You know, whether it's because you get
Speaker 5: unlucky or whether you're not performing at the perfect level
Speaker 5: and the guys I'm up against can perform at the
Speaker 5: high level. Things can change for eas at least, never
Speaker 5: the nicest feeling to see your lead disappear.
Speaker 4: Reigning world champion Max vers staff and trails Norris by
Speaker 4: forty nine points in third place in a situation he
Speaker 4: is not used to.
Speaker 5: I mean, it's a lot of points, so I'm not
Speaker 5: really thinking about it too much because there's also not
Speaker 5: much that I can do.
Speaker 6: We need a lot of luck now till the end.
Speaker 5: To even have an opportunity, so I personally, I don't
Speaker 5: think about that.
Speaker 2: I do this.
Speaker 1: He is the breathing reward on America's Druging Network on
Speaker 1: seven hundred WLW, Everybody have a Safe and Happy Weekend.
Speaker 2: Sag Dennison a t N.
Speaker 7: A decade ago, I was on the trail of one
Speaker 7: of the country's most elusive serial killers, but it wasn't
Speaker 7: until twenty twenty three when he was finally caught WLW.
Speaker 2: Well, now that the government shutdown, this is over.
Speaker 3: The Bureau of Labor Statistics are out with their initial
Speaker 3: jobless claims. This is the first time in what about
Speaker 3: six seven weeks, But anyway, during the period of the shutdown,
Speaker 3: the forty three days shutdown, so divide that, well, it's
Speaker 3: about seven weeks, isn't it.
Speaker 2: Okay?
Speaker 3: So the seven weeks we've been out with this out,
Speaker 3: we have not had this report, is what I am
Speaker 3: trying to say. Number of Americans finally for new applications
Speaker 3: for unemployment benefits fell last week, but more out of
Speaker 3: the work. Wait a minute, but more out of work.
Speaker 3: People are struggling to find new opportunities amid a week hiring. Again,
Speaker 3: we're still in that phase of no hire, no fire situation,
Speaker 3: so people aren't getting fired at a regular basis, and
Speaker 3: they're not hiring employees again because Lion Jerry Powell and
Speaker 3: the Federal Reserve are not really lowering interest rates and
Speaker 3: it's cost too much to expand businesses, and people are
Speaker 3: in a wait and see situation to see how things
Speaker 3: are going to be going. As far as you know,
Speaker 3: any type of expansion. The sales numbers are good, the
Speaker 3: traffic flow is good, all the other economic numbers are good.
Speaker 3: It's just this wait and see situation and businesses wanting
Speaker 3: to expand and wanting to get their business stronger. Initial
Speaker 3: claims for state unemployment benefits dropped eight thousand to a
Speaker 3: seasonally adjusted two hundred and twenty thousand for the week
Speaker 3: ended November fifteenth, Labor Department set on Thursday. The Labor
Speaker 3: Department resumed publishing the weekly claims reporting following the end
Speaker 3: of the forty three day record setting government shutdown. Economists
Speaker 3: polled by Reuters had forecasts that the unemployment rate would
Speaker 3: be two hundred and thirty thousand, so they missed that
Speaker 3: by about ten thousand. And you know, every time I
Speaker 3: hear the phrase economists always reminds me an economist is
Speaker 3: an expert who will know tomorrow why the things he
Speaker 3: predicted yesterday didn't happen today.
Speaker 2: And that's so true when.
Speaker 3: We see some of these reports coming out of some
Speaker 3: of the reports from economists that are so far off.
Speaker 3: But again, Bureau of Labor Statistics said on Wednesday, the
Speaker 3: data collected period established and household surveys would be extended.
Speaker 3: The extra processing time added BLS canceled the October unemployment number.
Speaker 3: So whether the unemployment number went up from four point
Speaker 3: three or four point two percent, where that unemployment number is,
Speaker 3: we don't know that for October, and we won't know
Speaker 3: that until next month. Let's see the longest let me
Speaker 3: see where.
Speaker 2: Was I here?
Speaker 3: Bureau Labor Statistics said on Wednesday, repeat that comment that
Speaker 3: the data collection period for the establishment of the household
Speaker 3: surveys would be extended the extra processing time added. BLS
Speaker 3: canceled October's unemployment report because the longest shutdown in history
Speaker 3: prevented data collection for the household survey from which the
Speaker 3: unemployment rate is calculated. October's non FORIGM payroll data will
Speaker 3: be released together with November's employment report on December sixteenth.
Speaker 3: The unemployed a rate for October will.
Speaker 2: Never be known.
Speaker 3: Okay, you know what it was in September, You're gonna
Speaker 3: know what it was in November. So October, there were
Speaker 3: predictions from various organizations that I think it was the
Speaker 3: Saint Louis FED came up with a number some of
Speaker 3: these other economists with the either Goldman Sachs or JP
Speaker 3: Morgan or some of these other companies have come up
Speaker 3: with they thought was the unemployment rate, and they said
Speaker 3: it was around four point three. I saw one that
Speaker 3: said it may have been four point four. But you know,
Speaker 3: you look at the weekly jobless rate and the weekly
Speaker 3: job weekly jobless claims have not gone up considerably. They
Speaker 3: have actually willed this past week actually fell So if
Speaker 3: you're not having large swaths of unemployment on a weekly basis,
Speaker 3: chances are you're not going to have a large unemployment
Speaker 3: number over a period of time or for that particular month.
Speaker 3: There have been no large scale layoffs, especially reflected in there.
Speaker 3: And remember the story we were talking about the other day,
Speaker 3: and there was a key paragraph in there. They said,
Speaker 3: when you look at some of these reports from so
Speaker 3: called experts, they are not shown over the years to
Speaker 3: be very reliable. Concentrate on the current month, current data available,
Speaker 3: and that will be a better gauge. And again, if
Speaker 3: you look at the unemployment of the initial jobless claims,
Speaker 3: which have been between two hundred and ten thousand and
Speaker 3: up to two hundred and fifty thousand over a couple
Speaker 3: of years now actually the last year and a half thereabouts,
Speaker 3: at two hundred and twenty thousand. We are right smack
Speaker 3: dab in the middle of that good range there, two
Speaker 3: hundred and ten actually to the lower end two hundred
Speaker 3: ten to two hundred and fifty thousand, so where people
Speaker 3: are thinking, oh, well, you know, we will never know
Speaker 3: what the unemployment rate for October was. The number of
Speaker 3: people receiving unemployment benefits after an initial a week of
Speaker 3: aid by a proxy for hiring increase twenty eight thousand
Speaker 3: to a seasonally adjusted one point nine seven four million
Speaker 3: during the week, again not up very high. What will
Speaker 3: matter then is the labor participation rate. How many people
Speaker 3: have dropped out of the market. There are some people
Speaker 3: people in middle aged that may be retiring, so they
Speaker 3: are not part of the unemployment figures. Other people that
Speaker 3: just stop looking for whatever reason. I don't know what
Speaker 3: they're living off of. But again, it's a situation where
Speaker 3: you're not seeing these major fluctuations, so you shouldn't expect
Speaker 3: to see that unemployment go up very substantially, and so
Speaker 3: this handwringing that we won't know what that number is
Speaker 3: for October is kind of ridiculous. October existing home sales
Speaker 3: see a small gain, but supply is dropping that's kind
Speaker 3: of interesting. Improving mortgage rates at the end of the
Speaker 3: summer boosted home sales, but that gain, like may be
Speaker 3: short lived. Sales of previous previously owned homes in October
Speaker 3: rose one point two percent from September to four point
Speaker 3: one million units on a seasonally adjusted annualized basis.
Speaker 2: According to the National.
Speaker 3: Association Realtors, sales year over a year aren't up one
Speaker 3: point seven percent year over year. Now, we had that
Speaker 3: story yesterday, and remember I was talking about that that
Speaker 3: you know that what is the story was like fifty
Speaker 3: three percent of homes in the United States have lost
Speaker 3: value over the last year, and you know, it made
Speaker 3: it seem like this was something drastic, that we were
Speaker 3: in some sort of a housing crisis like we were
Speaker 3: back in two thousand and eight that really didn't resolve
Speaker 3: itself during the Great Recession until about twenty twelve. But
Speaker 3: this is a correction, as they've been talking about, a
Speaker 3: return to normalization. Because when you're in these hot markets
Speaker 3: like Orlando, Tampa, a lot of cities in the South
Speaker 3: and in some of the more resort areas, that's where
Speaker 3: a lot of people flock to during the pandemic. Because
Speaker 3: if they were working from home again, still getting a paycheck. Basically,
Speaker 3: if you're allowed to work from home and you're not
Speaker 3: going to be called back in the office, you can
Speaker 3: work from anywhere. And so people were choosing to move
Speaker 3: and to buy homes in these areas, which when you
Speaker 3: flock to a particular area, when a lot of people
Speaker 3: go in, the demand goes up and the supply may
Speaker 3: not be there, so that would increase those home prices.
Speaker 3: And so now what we're seeing is kind of a
Speaker 3: leveling off of that and kind of pulling back down.
Speaker 3: But the number of people in that report that they
Speaker 3: talked what we talked about yesterday and covered very well
Speaker 3: on this program, I might add, is the fact that
Speaker 3: very few people are actually underwater, that their home is
Speaker 3: now value less than what their mortgage was is. And
Speaker 3: that's one of the problems we saw during the Great Recession,
Speaker 3: where home values in some areas, even in my area
Speaker 3: in northern Kentucky actually dropped, of course the board about
Speaker 3: forty percent. So people that had bought homes within the
Speaker 3: last for the couple of years before that actually found
Speaker 3: themselves underwater. Fortunately, the banks looked at that and said, well,
Speaker 3: you know, normally what we'd have to do is we'd
Speaker 3: have to ask for more equity or pay more down
Speaker 3: and people would not be able to stay in that house.
Speaker 3: But so many people were in that situation, so I
Speaker 3: think they well pretty much at the time, they did
Speaker 3: it on a case by case basis. If people were
Speaker 3: making their mortgages, they weren't likely to ask for more money,
Speaker 3: realizing that the thing would eventually turn around and the
Speaker 3: values would come back. So again, there's very few homes
Speaker 3: at this point in time that are underwater, and so
Speaker 3: people you know, just you know. And in that report
Speaker 3: also yesterday, we talked about that from the last time,
Speaker 3: on average, the number when homes were previously sold to
Speaker 3: today are up about sixty seven percent. So what they
Speaker 3: pointed out is that if the prices came down two
Speaker 3: three four percent, you're still way ahead. If your home
Speaker 3: value went up sixty seven percent over that period of time.
Speaker 3: Talk a little bit more about this story October. Existing
Speaker 3: home sales will see a small gain, but the supply
Speaker 3: is dropping. I'm Kevin Gordon. America's truck neckwork seven hundred WLW.
Speaker 6: Forecast for the Try State and the rest of the country.
Speaker 6: In the Try State, overnight Claudie with rain the low
Speaker 6: down to forty seven rain continuing Friday, a high fifty eight. Saturday,
Speaker 6: mostly claude skies to begin, then gradually becoming sunny, a
Speaker 6: high a fifty three sunshine Sunday highs into the upper fifties. Nationally,
Speaker 6: heavy rain moving out of the southern plains overnight through Saturday.
Speaker 6: Additional heavy rainfall and a thread of flash flooding will
Speaker 6: be seen for southern California, western Arizona, and southern Nevada,
Speaker 6: along the Gulf Coast, across the over Mississippi Valley and
Speaker 6: into the southeast. Record warm temperatures continuing.
Speaker 3: Seven hundred wlw IM Kevin Gordon. This is America struck
Speaker 3: In Network. We're talking about this story. October. Existing home
Speaker 3: sales seed small gain, but supply is dropping. We were
Speaker 3: talking about how the home prices are. Sales were up
Speaker 3: one point seven percent year over year. The count is
Speaker 3: based on home closing, so contracts likely signed in August
Speaker 3: and September. While contract signings would not be impacted by
Speaker 3: the government shutdown blah blah blah, they go into that
Speaker 3: and how it's calculated and so on. During that contract
Speaker 3: signing period the average rate on a thirty year fixed
Speaker 3: mortgage came down a little bit, but then moved up again.
Speaker 3: The popular thirty thirty year rate started August at six
Speaker 3: point sixty three percent, fell steadily to six point one
Speaker 3: three percent, so a half a percent dropped by mid September,
Speaker 3: and then came back up to six point three seven
Speaker 3: by the end of the month. According to Mortgage News Daily,
Speaker 3: it now stands at three point three six percent. Now,
Speaker 3: we've talked about on this program the difference in terms
Speaker 3: of a home price if you had a back before
Speaker 3: the pandemic, if you had an interest rate below three percent,
Speaker 3: what your rate on that would be, what your monthly
Speaker 3: payment would be, how much home you could afford that
Speaker 3: is changed dramatically by a difference between three percent and
Speaker 3: six percent. We've had those numbers on this program. I'll
Speaker 3: probably bring that up in the next couple of weeks
Speaker 3: again just to remind you. But it is a drastic amount.
Speaker 3: And so you know, somebody that's earning a certain level
Speaker 3: of money that based on the house that they could
Speaker 3: they can buy based on these current interest rates, is
Speaker 3: far less than what they could possibly afford. Now, just
Speaker 3: I'm just going to off the top of my head,
Speaker 3: I think the number was, if you were a right
Speaker 3: one hundred and ten thousand dollars earning one hundred and
Speaker 3: ten thousand dollars. Based on this statistic that they were
Speaker 3: talking about, you could afford a house somewhere in the
Speaker 3: neighborhood of three hundred and some thousand dollars. If the
Speaker 3: interest rate was down around three percent, you could afford
Speaker 3: a house one hundred and sixty seven thousand dollars more.
Speaker 3: One hundred and sixty seven thousand more. Plus if you
Speaker 3: look at the interest rate on that home of the
Speaker 3: average home being sold is around three hundred and fifty
Speaker 3: They say that the low end is three hundred thousand
Speaker 3: to four hundred thousand, so you pick three hundred and
Speaker 3: fifty thousand.
Speaker 2: The rate on that.
Speaker 3: Difference between a three percent loan and the current rate
Speaker 3: at three point sixty seven percent is about a seven
Speaker 3: hundred dollars a month difference in what your mortgage would be. Now,
Speaker 3: those are off the top of my head because what
Speaker 3: I remember, But you think about how much more you
Speaker 3: can do with seven hundred dollars more per month than
Speaker 3: paying a mortgage. So when you we see first time
Speaker 3: home buyers standing on the sidelines and thinking, gosh, the
Speaker 3: affordability isn't there. We can't jump in. All you gotta
Speaker 3: do is point to lieon Jerry Powell and the interest
Speaker 3: rates that people are paying on mortgages, because when you're
Speaker 3: down up there in the six percent range as opposed
Speaker 3: to even a five percent, four percent thereabout, the numbers
Speaker 3: are asked are just phenomenal. And you can go to
Speaker 3: these mortgage calculators, you can go online. There are different plates.
Speaker 3: I think bank rate does one, and some of these
Speaker 3: other investing tools. You can just go in into a
Speaker 3: mortgage calculator and plug in different income levels, how much
Speaker 3: percentage down, how much house you can afford, and that,
Speaker 3: so you can do that numbers yourself. But it is
Speaker 3: it is astonishing. I was shocked when I saw it.
Speaker 3: Let's see the inventory for homesale for homes for sale
Speaker 3: has also come down after gaining for much of the
Speaker 3: year's supply fell one point five to two million units,
Speaker 3: down point seven percent from September, although still nearly eleven
Speaker 3: percent higher than the year ago. At the current sales pace,
Speaker 3: there would be four point four month supplies still on
Speaker 3: the market, which probably isn't too bad. That's why sale
Speaker 3: prices are still gaining. Medium price on a home sold
Speaker 3: in October was four hundred and fifteen two hundred dollars,
Speaker 3: an increase of two point one from October of twenty
Speaker 3: twenty four and the twenty eighth consecutive month of annual gains.
Speaker 3: Daniel Danielle Hale, chief economists at realtor dot com looking ahead,
Speaker 3: Home shoppers in today's market face some advantages from following
Speaker 3: mortgage rates and seasonally slower competition. At the same time,
Speaker 3: the lack of housing affordability continues to be a challenge
Speaker 3: keeping home sales at their historically low levels. Homes are
Speaker 3: staying on the market longer, at an average of thirty
Speaker 3: four days last month compared with twenty nine days in October. Now,
Speaker 3: that is not such a bad thing from a buyer's standpoint, obviously,
Speaker 3: from a seller standpoint, and in a case where you
Speaker 3: have a seller where you see so many times that
Speaker 3: they will actually find a home that they want to
Speaker 3: buy and they'll go ahead and did on that, or
Speaker 3: actually buy the house if they can afford it, and
Speaker 3: they still have to sell their house now if they
Speaker 3: can't put that in as a contingency that I have
Speaker 3: to sell my home first before this loan closes. If
Speaker 3: the seller isn't interested in that, then they could be
Speaker 3: possibly stuck with two mortgages. But from a buyer's standpoint,
Speaker 3: when you get into and I don't know if you
Speaker 3: watch any of these shows, but there's all these different
Speaker 3: I think it's on HGTV and some of these other shows,
Speaker 3: million dollar listings and there's a Beachfront, bargain Hunt and
Speaker 3: these type of things. When they start talking about a
Speaker 3: tight market, people, you know, the realtor is saying, well,
Speaker 3: you know, these homes down here are moving really quick.
Speaker 3: You can't wait, you can't hold back and make a decision.
Speaker 3: So when somebody is looking at a home, that's when
Speaker 3: they go in and they buy something in a hurry
Speaker 3: because they're afraid of losing that home to another person
Speaker 3: that comes in and puts in a bid on it.
Speaker 3: That's bad from the seller stand or from the buyer's standpoint,
Speaker 3: because if there's a large competition for there, you may
Speaker 3: be hurrying into a decision that may not be right
Speaker 3: for you. And if you're paying more for that house,
Speaker 3: obviously your mortgage is going to go up. So being
Speaker 3: in a situation where homes are on the market for
Speaker 3: about a month at least gives you a time to
Speaker 3: look at that, look at a couple of other properties,
Speaker 3: make the determination which suits better, which better is suited
Speaker 3: for your family. So now again from a seller standpoint,
Speaker 3: that's not so good. So you know, in any type
Speaker 3: of a situation, you know, if you're a buyer or
Speaker 3: a seller, it depends on the market. If supply is
Speaker 3: low and you're a buyer, then price is going to
Speaker 3: be higher than what you expect. But if the demand
Speaker 3: is low, then the supply is higher and those prices
Speaker 3: will come down and fluctuate. So it depends on what
Speaker 3: side of the transaction you're on. First time home buyers
Speaker 3: made a comeback in the market, representing thirty two percent
Speaker 3: of sales, up from twenty seven percent a year ago,
Speaker 3: but not all regions aren't equal, and of course we
Speaker 3: see that across the board. Lawrence Yun, a chief economist
Speaker 3: for the Realtors, first time home buyers are facing headwinds
Speaker 3: in the Northeast due to lack of supply, in the
Speaker 3: West because of high home prices, and so again, you know,
Speaker 3: it depends on where you live. Sales growth continues to
Speaker 3: be strongest in the high end of the market. Homes
Speaker 3: priced above one million dollars saw sales up by more
Speaker 3: than sixteen percent from a year ago. Those price between
Speaker 3: seven hundred and fifty and one million saw a gain
Speaker 3: of ten percent. Meanwhile, sales of homes priced between one
Speaker 3: hundred thousand and two hundred and fifty thousand were up
Speaker 3: just one percent, and homes below one hundred thousand saw
Speaker 3: a drop in sales actually of nearly three percent. So
Speaker 3: interesting news there from the Home National Association of Realtors
Speaker 3: and realtor dot com in the various people that put
Speaker 3: into this particular report. There's been there's a lot of
Speaker 3: bills now that Congress is back in session. There's a
Speaker 3: whole legislative agenda. The Hill Transportation leaders I the Highway
Speaker 3: bill that needs to be passed, and we'll get into
Speaker 3: that coming up, because there's a lot of stuff that
Speaker 3: needs to be done. There's a lot of stuff that's
Speaker 3: been sitting out there for a long period of time
Speaker 3: that needs to be corrected and needs to be enforced,
Speaker 3: and they need to get off their butts and pass it.
Speaker 3: We'll be talking about that coming up. I'm Kevin Gordon,
Speaker 3: America's truck and Network seven hundred WLW.
Speaker 4: You know what your customers are doing right this second,
Speaker 4: the exact same thing you are listening to me, which
Speaker 4: let's be up.
Speaker 3: This is america Struck a Network seven hundred w W.
Speaker 2: I'm and Kevin Gordon.
Speaker 3: The Hill and transportation leaders are eyeing this highway bill,
Speaker 3: and this is some of the stuff that's been delayed
Speaker 3: to the government shutdown. I don't know why with the
Speaker 3: government shutdown that the legislators still weren't on the job
Speaker 3: passing certain pieces of legislation. Okay, they can't agree on
Speaker 3: the budget and so on, but some of the other
Speaker 3: bills that needed to be passed, why didn't they work
Speaker 3: on those? Why weren't they meeting in sessions. Why weren't
Speaker 3: they breaking up in the individual groups trying to get
Speaker 3: some consensus on some of this stuff.
Speaker 2: It absolutely infuriates me the way they do, the way.
Speaker 3: Congress and the Senate act and so let's just get
Speaker 3: into this key takeaways in this story. Republicans intend to
Speaker 3: wrap up consideration a National Defense Authorization Act before the
Speaker 3: end of the year. Yeah, you would think that would
Speaker 3: be something that they would want to do by the
Speaker 3: end of the year. In fact, probably should have been
Speaker 3: done way before this. Transportation Infrastructure Committee Chairman Sam Graves
Speaker 3: stresses a highway bill that addresses autonomous technology. Again, with
Speaker 3: the movement towards autonomous cars, autonomous trucks, even autonomous planes,
Speaker 3: for God's sake, the legislation that needs to be put
Speaker 3: in a place to kind of catch up with that
Speaker 3: technology and regulate that technology is something that shouldn't be
Speaker 3: played with and should be dealt with considerably. The House
Speaker 3: Transportation Appropriations Bill would also try to provide two hundred
Speaker 3: million dollars for truck parking expansion projects. Two hundred million.
Speaker 3: There's far more of a need than that than anything else.
Speaker 3: And the thing that I keep bringing up is the
Speaker 3: fact that you know, back in the day, let's not
Speaker 3: forget in nineteen fifty six when Dwight Eisenhower put forth
Speaker 3: the Highway trans basically the Highway Bill. At that point
Speaker 3: in time, this was based. Okay, let's give you a
Speaker 3: little bit of history lesson here. Dwight Eisenhower was the
Speaker 3: Commander in Chief or the Allied commander of the Allied
Speaker 3: Forces in Europe during World War Two. Okay, he saw
Speaker 3: in Germany how the Audubon worked, how the German troops
Speaker 3: were able to go across this basically what they called
Speaker 3: the Audubon, but which is basically a freeway from one
Speaker 3: end of the country to the other in a matter
Speaker 3: of hours and in terms of days. Going back in
Speaker 3: Dwight Eisenhower's history, back when he was a lieutenant colonel,
Speaker 3: I believe, back after World War One, back in nineteen
Speaker 3: twenty twenty one, just to test to see, because that
Speaker 3: was when transportation was coming into full force with cars, automobiles, trucks,
Speaker 3: and so on. They wanted to see how long it
Speaker 3: would take for a convoy to get from Washington, d c.
Speaker 3: All the way to the other side of the country
Speaker 3: and over that because there were no roads, there were
Speaker 3: dirt roads, gravel roads, all kinds of horrible conditions. It
Speaker 3: took them, I believe, if memory serves me correct, almost
Speaker 3: a month to get there. A month to get from
Speaker 3: one end of the country to the other. When he
Speaker 3: became president, recognizing the need during the Cold War to
Speaker 3: be able to move troops from one end of the
Speaker 3: country to the other, he developed this nineteen fifty six
Speaker 3: National Highway Transportation and Defense Defense Highway Act. So as
Speaker 3: part of the defense budget, ninety percent of what was
Speaker 3: spent or what was the cost of building the interstate
Speaker 3: highway system, ninety percent of that was paid for by
Speaker 3: the federal government recognizing the need of this for defense purposes. Now,
Speaker 3: of course, they didn't want to freak everybody out and said, well,
Speaker 3: you know, we've got to be able to move troops
Speaker 3: because we're going to go to war with with you know,
Speaker 3: with Russia, the uss R and all this sort of stuff. No,
Speaker 3: they said, you know, they passed it off as a
Speaker 3: highway transportation. But the byproduct of that is is the
Speaker 3: fact that we're able to as tourists, as going on vacation,
Speaker 3: able to travel to distant places over a matter of
Speaker 3: a couple of days instead of taking the entire week
Speaker 3: to get there, spend a week and then or spend
Speaker 3: a couple of days and then come back. So, plus
Speaker 3: the fact that's the result of that, we now have
Speaker 3: you know, fresh seafood into the middle of the country.
Speaker 3: We have citrus coming up from Florida and from other
Speaker 3: places that don't rot on the way. And so the
Speaker 3: benefits of this, and the government saw this as you know,
Speaker 3: a necessity, and so as a part of that, they
Speaker 3: paid ninety percent of that. Now, why the Transportation Highway
Speaker 3: Act and some of the Infrastructure Bill isn't part of
Speaker 3: the defense budget so to speak. Why that hasn't been
Speaker 3: kept in the place is beyond beyond my comprehension. Because
Speaker 3: it is still a vital importance to the movement of troops,
Speaker 3: and so if it is still important for troops, then
Speaker 3: some of the money out of that should come into
Speaker 3: the infrastructure for that. So again giving me a little
Speaker 3: bit of a history lesson there, But the Transportation Infrastructure Committee,
Speaker 3: and when they're talking about two hundred million dollars for
Speaker 3: rest areas, that's.
Speaker 2: Not going to do much.
Speaker 3: I mean, I think typical cost of some of these
Speaker 3: rest areas and stuff along the highways. I know Ohio
Speaker 3: has been amping up some of their and remodeling. They're
Speaker 3: not adding it. Well, they're adding some truck spaces, they're
Speaker 3: truck parking, but they're upgrading their systems or their travel
Speaker 3: centers for tourists and stuff. But I think most of
Speaker 3: those projects, each one of those is about six million apiece,
Speaker 3: So you can eat up two hundred million dollars in
Speaker 3: the transportation budget. Nothing flat in terms of trying to
Speaker 3: build and to expand these different rest areas.
Speaker 2: Transformation Appreciation Bill.
Speaker 3: Again would provide two hundred million for truck parking and
Speaker 3: expansion projects. Now one of the things and it still
Speaker 3: bothers me that this is still hanging out there. This
Speaker 3: is now we have talked about this.
Speaker 2: Well.
Speaker 3: I'm into my fourth year of doing America's truck and network,
Speaker 3: and right off the bat, one of the things that
Speaker 3: we were talking about were not only the speed liminers
Speaker 3: and stuff along those lines, but there's they were.
Speaker 2: The attempt was to.
Speaker 3: Eliminate AM radios out of cars, and a lot of
Speaker 3: that had to do with the electric vehicles that were
Speaker 3: being manufactured, the fact that the radio waves of the
Speaker 3: radio interfered with the operation and the clean operation of
Speaker 3: the battery. Also the battery added a little bit of
Speaker 3: problem to the static of the of the vehicle or
Speaker 3: to the radio. And so rather than doing the quick
Speaker 3: fix and it was a very cheap fix that could
Speaker 3: be done and can do that, rather than doing it,
Speaker 3: just started eliminating it out of the cars, and a
Speaker 3: bill before Congress, and this has been there for a
Speaker 3: couple of years now AM radio for every car. New
Speaker 3: nationwide study Critical Mass Insights showed overwhelming consumer support for
Speaker 3: keeping AMFM radio built into vehicles, reinforcing radio's continued role
Speaker 3: as a core in car feature. The research finds that
Speaker 3: ninety six percent of Americans consider AMFM access important when
Speaker 3: purchasing a new car, while ninety eight percent says it's
Speaker 3: important that the radio be easy to locate on a
Speaker 3: vehicle's dashboard for infertainment system. Now, during times of emergency,
Speaker 3: when the electric goes down, one of the best way
Speaker 3: of transporting or transmitting the actual emergency alerts and so
Speaker 3: on is by is via AM radio, and so if
Speaker 3: that's not available, then critical information having to do with
Speaker 3: emergencies is not going to be transmitted, and so the
Speaker 3: importance of having this in vehicles is extremely important. Findings
Speaker 3: cut across all demographics, with adults eighteen to seventy four
Speaker 3: broadly agreeing on radio's relevance. Even among those who don't
Speaker 3: regularly listen to amr FM, roughly nine and ten say
Speaker 3: radio access is crucial in situations where they may need
Speaker 3: it the most. That includes severe weather, natural disasters, major emergencies,
Speaker 3: or man made tragedies scenarios where ninety seven percent say
Speaker 3: having live local radio available is vital.
Speaker 2: So this has been part of the well.
Speaker 3: These the bills that are involved here, there is a
Speaker 3: bill in the Senate and in the House. The Senate
Speaker 3: bill is three three fifteen and the House bill is
Speaker 3: three something and whereas that House built nine seventy four,
Speaker 3: So you got a Senate bill three fifteen and a
Speaker 3: House resolution in nine seventy four. And I would encourage
Speaker 3: you that if this is important to you, and it
Speaker 3: should be, call your congressman. Call and it's very easy
Speaker 3: to do. You can call that switchboard, the Congressional Hotline
Speaker 3: or Congressional switchboard, and they're very friendly. It's not going
Speaker 3: to put you on anybody's radar screen. They're not going
Speaker 3: to be haranguing you for you know, talking to the
Speaker 3: government or something along those lines. You can leave a
Speaker 3: message for your senator or congressman and it's very easy.
Speaker 2: You call the phone number.
Speaker 3: You tell them where you live, tell them what area
Speaker 3: you live in, because that'll tell them who your congressman in.
Speaker 3: Just by the state you're in, they'll know which two
Speaker 3: senators are your senators, and then they can tell you
Speaker 3: who your congressman is, and then very politely, you can
Speaker 3: leave a message for all three and say I would
Speaker 3: like them to push this bill, these two bills, the
Speaker 3: bill before the House and the House and build before
Speaker 3: the Senate and basically talk about what it is is
Speaker 3: the AM rate radio for every car. That's basically the
Speaker 3: terminology for those bill and the phone number is two
Speaker 3: zero two two two four three one two one. Again,
Speaker 3: that's two zero two two two four three one two one.
Speaker 3: Let them know what you think about this, tell them
Speaker 3: that you find it important that radios stay in cars
Speaker 3: and that it be mandated and that it is available
Speaker 3: again because of national emergencies or not. The House again,
Speaker 3: the House bill is nine seventy nine and the Senate
Speaker 3: bill is three fifteen. So just call that number. They're
Speaker 3: very friendly. It's perhaps actually I've used it several times
Speaker 3: and quite honestly, it's one of the few things that's
Speaker 3: enjoyable and when dealing with the federal government, they're very polite,
Speaker 3: very friendly, and it'll get your message into the mailbox
Speaker 3: or the voicemail of your particular congressman or senators.
Speaker 2: Well, folks, that does it for us.
Speaker 3: We're up against clock here stay two un for red
Speaker 3: Eye Radio a top the hour. And by the way,
Speaker 3: if you miss any part of our program, make sure
Speaker 3: you hit up that iHeartRadio app brought to you buyer
Speaker 3: friends at Rush Truck Centers. I'm Kevin Gordon, America's Trucking
Speaker 3: Network seven hundred WLW