WEBVTT - Does It Still Make Sense to Buy a Home?

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:00:03.680 --> 0:00:07.480
<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:00:07.720 --> 0:00:11.840
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:00:11.920 --> 0:00:15.840
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:00:15.920 --> 0:00:19.680
<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

0:00:23.320 --> 0:00:28.120
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:00:28.160 --> 0:00:31.680
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:00:31.760 --> 0:00:34.960
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

0:00:35.040 --> 0:00:38.920
<v Speaker 1>are here illegally, your next you will be fined nearly

0:00:39.000 --> 0:00:43.000
<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

0:00:43.040 --> 0:00:46.680
<v Speaker 1>never return. But if you register using our CBP home

0:00:46.720 --> 0:00:50.120
<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

0:00:55.400 --> 0:00:57.840
<v Speaker 1>border and families will be protected.

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<v Speaker 2>Sponsored by the United States Department of Homeland Security.

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<v Speaker 3>Real estate is something that everybody has been talking about

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<v Speaker 3>for a long time, and obviously we know that that's

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<v Speaker 3>something that's extremely important as far as you know, building

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<v Speaker 3>wealth and you know, bridging the wealth gap, and you know,

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<v Speaker 3>home equity, and it's a variety. Everybody knows why real

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<v Speaker 3>estate is good at this point, right, or can be good,

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<v Speaker 3>but it's some disturbing times that we're living in. Stock

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<v Speaker 3>market has corrected itself several different times over the last decade.

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<v Speaker 3>Real estate has never really crashed since two thousand and eight.

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<v Speaker 3>Real estate prices continue to go up. Right, even when

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<v Speaker 3>the economy is slowing down, it has no signs of

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<v Speaker 3>slowing down or at least, you know, fully crashing or

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<v Speaker 3>pulling back. Even though people are not making as much

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<v Speaker 3>money year over year. Right, It's not like people are

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<v Speaker 3>making tremendously more money. Inflation is a huge problem. Inflation

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<v Speaker 3>has been going crazy, interest rates have been going up,

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<v Speaker 3>so at a certain point, it becomes hard to justify

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<v Speaker 3>buying real estate. Right. So I want to get you

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<v Speaker 3>your take on I have. I have my views on this,

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<v Speaker 3>but I want to I want to let you start

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<v Speaker 3>the conversation and then we'll just take it from there.

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<v Speaker 4>Yeah.

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<v Speaker 5>First, thanks for having me on the show, guys. I

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<v Speaker 5>really appreciate it. I really feel as if look, I

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<v Speaker 5>always say the same thing, don't buy nothing you can't afford, right,

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<v Speaker 5>And we are in inflation every times right now. It's

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<v Speaker 5>no denying that the store prices are crazy. Anything you

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<v Speaker 5>look at buy is high right now. Real estate is

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<v Speaker 5>one of those things that is going to continue to rise,

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<v Speaker 5>in my opinion, because of simple supplying demand. There's not

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<v Speaker 5>enough supply out there for even a little bit of

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<v Speaker 5>the man that's out there right now, and there is

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<v Speaker 5>still a lot of demand out there in the market,

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<v Speaker 5>even with interest rates being at eight percent right now

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<v Speaker 5>for a thirty year conventional mortgage, and that's what a

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<v Speaker 5>excellent credit score of seven to sixty. Right So we

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<v Speaker 5>have this argument, and I saw your posts and the

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<v Speaker 5>comments is just like I mean, the comments are going crazy,

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<v Speaker 5>and everybody's going to always have this debate. Well should

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<v Speaker 5>you buy? Should you rent? Well, you got to do something.

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<v Speaker 5>If you rent, you pay somebody's mortgage regardless. That's just

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<v Speaker 5>how I look at it. So if you are going

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<v Speaker 5>to pay somebody's rent, me personally, I'd rather you pay

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<v Speaker 5>here or pay somebody's mortgage. I'd rather you pay your

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<v Speaker 5>own mortgage and own the house. Now, obviously you don't

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<v Speaker 5>want to buy nothing that you can't afford. But if

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<v Speaker 5>you can afford it, I still think you should go

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<v Speaker 5>out there and buy, but just make sure you're really

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<v Speaker 5>focusing more on the deal. In today's market, not really

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<v Speaker 5>focused on too much of the interest rate. But you

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<v Speaker 5>got to focus on the numbers. You got to focus

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<v Speaker 5>on the deal. You always got to remember real estate

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<v Speaker 5>is especially a mortgage. You can always refinance a mortgage

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<v Speaker 5>if you qualify at some point. As very important if

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<v Speaker 5>you qualify right, because a refinance is not a guarante.

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<v Speaker 5>Is not something that you could just walk into the

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<v Speaker 5>bank and say, hey, rates are five percent right now,

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<v Speaker 5>refinance my mortgage. No, you still have to go through

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<v Speaker 5>a qualification process, but you always have to keep that

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<v Speaker 5>in your back pocket. Today's seven eight percent mortgage rate

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<v Speaker 5>can easily be four or five percent when that market drops. Now,

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<v Speaker 5>what I would tell everybody who's watching this, and I'll

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<v Speaker 5>tell you guys this too, What do you think is

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<v Speaker 5>gonna happen when these rates do drop a year from now,

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<v Speaker 5>two years from now, where do you think is gonna happen? Prices?

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<v Speaker 5>Prices is going to go just like this, They're gonna skyrocket.

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<v Speaker 5>So I think we're in a position right now. And

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<v Speaker 5>or honesty, if you do not buy something right now

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<v Speaker 5>while there is less competition in the market with higher

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<v Speaker 5>interest rates, you could be priced out even worse than

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<v Speaker 5>you are today in two to three years. So for me,

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<v Speaker 5>I'm always going to encourage especially black and brown people

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<v Speaker 5>to go out there and buy real estate because our

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<v Speaker 5>wealth is trapped in the real estate market.

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<v Speaker 4>They say, we look like reallyt So I got to

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<v Speaker 4>ask the question, what do you say to everyone who

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<v Speaker 4>says you just say that because you're in the real

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<v Speaker 4>estate industry.

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<v Speaker 5>Yeah, I get that all the time too, and I

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<v Speaker 5>love that, right.

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<v Speaker 4>It's the question to be asked, and.

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<v Speaker 5>It's a fair question, right because people say I'm biased

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<v Speaker 5>because I'm trying to make a commission. Well, guess what, guys,

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<v Speaker 5>I'll make more money if the market does crash, So

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<v Speaker 5>me telling you go out here and buy now, like

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<v Speaker 5>either which way, it doesn't hurt. A true professional like myself,

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<v Speaker 5>someone who's been in this business for twenty plus years

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<v Speaker 5>that has a book of business, I know how to

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<v Speaker 5>make money in any of these type of markets. Good market,

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<v Speaker 5>bad market, left right. My sole purpose of being on

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<v Speaker 5>the internet is one to provide leads for my mortgage business, obviously,

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<v Speaker 5>but two to provide information so that way our people

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<v Speaker 5>don't get screwed over, and a lot of our people

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<v Speaker 5>over the past twenty thirty years, forty years, fifty years,

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<v Speaker 5>I've been screwed over in the real estate space because

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<v Speaker 5>no one has ever taught us how to buy home.

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<v Speaker 5>So I'm always going to be biased of home ownership

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<v Speaker 5>because not just because it's something that I do for

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<v Speaker 5>a living, is because I see the benefits as a

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<v Speaker 5>homeowner of owning your own home. It's nothing better than.

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<v Speaker 2>That MG you talked about two thousand and eight, and

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<v Speaker 2>it's something that you would end the business right you

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<v Speaker 2>were navigating through that there was a crash. Shotty brought

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<v Speaker 2>up about that that monthly mortgage payment being fifty two

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<v Speaker 2>percent higher during that crash at the time that percentage

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<v Speaker 2>is This episode is brought to you by P and

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:08:23.800 --> 0:08:27.600
<v Speaker 1>in Massachusetts. An MS thirteen gang member from El Salvador

0:08:27.840 --> 0:08:31.960
<v Speaker 1>accused of murdering a Texas. Man of Venezuelan charged with

0:08:32.040 --> 0:08:35.920
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:08:36.040 --> 0:08:39.800
<v Speaker 1>some of the heinous migrant criminals caught because of President

0:08:39.840 --> 0:08:43.360
<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

0:08:43.440 --> 0:08:48.240
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:08:48.240 --> 0:08:51.800
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:08:51.880 --> 0:08:55.080
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

0:08:55.160 --> 0:08:59.000
<v Speaker 1>are here illegally, your next you will be fined nearly

0:08:59.080 --> 0:09:03.120
<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

0:09:03.160 --> 0:09:06.800
<v Speaker 1>never return. But if you register using our CBP home

0:09:06.840 --> 0:09:10.199
<v Speaker 1>app and leave now, you could be allowed to return legally.

0:09:10.600 --> 0:09:15.320
<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

0:09:15.480 --> 0:09:17.960
<v Speaker 1>border and families will be protected.

0:09:18.040 --> 0:09:20.440
<v Speaker 2>Sponsored by the United States Department of Homeland Security was

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<v Speaker 2>thirty three percent, So we're about twenty two percent higher

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<v Speaker 2>than that period of time. Is this will we're headed.

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<v Speaker 2>There's going to be a correction, there's going to be

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<v Speaker 2>a crash. Obviously you said you're gonna make money either way.

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<v Speaker 2>But I'm looking at from the standpoint of the person

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<v Speaker 2>that was saying, yes, you should buy a home. As

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<v Speaker 2>interest rates go higher, it becomes much harder to put

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<v Speaker 2>down this twenty percent down payment. So it's kind of

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<v Speaker 2>a dilemma, right the interest rates are going up, I

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<v Speaker 2>can't afford to it, so I might have to rent,

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<v Speaker 2>but there might be a price point where I'm getting

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<v Speaker 2>priced out in the event that there is a crash.

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<v Speaker 2>There's a dilemma here that I'm not sure people are

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<v Speaker 2>going to figure out how to navigate through.

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<v Speaker 5>So I'm glad you brought out two thousand and eight

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<v Speaker 5>and a lot of people like to bring that up

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<v Speaker 5>right and try to compare statistics from that era to today.

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<v Speaker 5>But you also can't forget that the mortgage industry was

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<v Speaker 5>completely different than what it was today, Right, People, if

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<v Speaker 5>you had a post back then, you can get a mortgage.

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<v Speaker 5>Now you're getting fully underwritten, So it's a different synopsis

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<v Speaker 5>right then. Also, you got to look at look at

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<v Speaker 5>the inventory from two thousand and seven, two thousand and eight,

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<v Speaker 5>two thousand and nine. At any given one of those years,

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<v Speaker 5>you had over ten eleven months of supply on the market.

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<v Speaker 5>You had two to four million foreclosures happening every single year.

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<v Speaker 4>Right. We don't have.

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<v Speaker 5>Those type of situations in today's market, So the underlying

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<v Speaker 5>factors are completely different. If you're looking at two thousand

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<v Speaker 5>and eight thousand market compared to twenty twenty three housing market,

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<v Speaker 5>it's completely different. Now when you talk about income people

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<v Speaker 5>being in like the inflation times, yeah, this is a

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<v Speaker 5>completely different story, right. I don't think we've ever been

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<v Speaker 5>through this at this level country where prices have rolls

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<v Speaker 5>this fast, just for everything that you're looking to buy,

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<v Speaker 5>no matter what it is.

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<v Speaker 4>Right.

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<v Speaker 5>So I guess only Tom would tell what's really going

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<v Speaker 5>to happen once that really starts kicking in and really

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<v Speaker 5>kind of hurting people more than what is hurting them now.

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<v Speaker 5>But I think me personally, we're not going to see

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<v Speaker 5>a huge flux of inventory hit the market because most

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<v Speaker 5>of the mortgages right now, I think seventy percent of

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<v Speaker 5>all mortgages are below four percent interest rate. Those folks

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<v Speaker 5>are not Russian to sell their sell I know.

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<v Speaker 2>I was gonna say, is that the silver lining and

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<v Speaker 2>all this? Right, I was looking at the statistic. It's

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<v Speaker 2>eighty percent of the stand and US mortgage that is

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<v Speaker 2>under five percent, under five percent.

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<v Speaker 4>Yeah, that means that you have a.

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<v Speaker 2>Large population of people that have a pretty good mortgage

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<v Speaker 2>rate and they just are going to sit there and

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<v Speaker 2>not do anything. Yeah.

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<v Speaker 5>But also look at this too, you have fifty percent

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<v Speaker 5>I think it's like fifty percent of all mortgages have

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<v Speaker 5>at least fifty percent of equity in the property too, right,

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<v Speaker 5>So now you have low rates top with most of Americans,

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<v Speaker 5>majority of them have fifty forty thirty percent equity in

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<v Speaker 5>their homes. And home prices are still going up this

0:12:11.040 --> 0:12:14.040
<v Speaker 5>year two to four to five percent, just depending on

0:12:14.080 --> 0:12:16.040
<v Speaker 5>what the market is. No, we're not going to see

0:12:16.080 --> 0:12:19.200
<v Speaker 5>twenty twenty five percent appreciation year of a year like

0:12:19.200 --> 0:12:23.680
<v Speaker 5>we've seen during the pandemic years. But appreciation is still appreciation, yallars,

0:12:23.760 --> 0:12:27.040
<v Speaker 5>So you have these underlying factors that we didn't have

0:12:27.120 --> 0:12:27.520
<v Speaker 5>in two.

0:12:27.400 --> 0:12:28.160
<v Speaker 2>Thousand and eight.

0:12:28.280 --> 0:12:31.280
<v Speaker 5>Folks, didn't have, you know, all of this equity in

0:12:31.320 --> 0:12:34.080
<v Speaker 5>their homes back in those days. And then again, the

0:12:34.120 --> 0:12:39.120
<v Speaker 5>most important factor is the qualification of yesterday's borrow compared

0:12:39.160 --> 0:12:43.080
<v Speaker 5>to today's borrow. Today's borrow is being vetted and being

0:12:43.160 --> 0:12:46.760
<v Speaker 5>underwright and more thoroughly. There's more rules, there's more regulations

0:12:46.920 --> 0:12:50.600
<v Speaker 5>to protect the homeowners. There's more modification programs that are

0:12:50.679 --> 0:12:54.679
<v Speaker 5>out there in today's market that wasn't even an existence

0:12:55.120 --> 0:12:58.000
<v Speaker 5>until the market crash, and these programs had to be

0:12:58.120 --> 0:13:02.679
<v Speaker 5>created to say people from losing their homes. Everybody got

0:13:02.760 --> 0:13:04.760
<v Speaker 5>to realize the banks are not in the real estate business.

0:13:04.760 --> 0:13:07.280
<v Speaker 5>They're in the lending business. They don't want to own

0:13:07.360 --> 0:13:10.640
<v Speaker 5>your home, so they're gonna do whatever.

0:13:11.760 --> 0:13:15.200
<v Speaker 4>We have an honest conversation, Yeah, let's be causing a

0:13:15.200 --> 0:13:18.760
<v Speaker 4>lot of disinflation and pricing us out of the market. Like,

0:13:19.040 --> 0:13:22.720
<v Speaker 4>here's an amazing concept. Let me ruin a housing market

0:13:23.080 --> 0:13:25.920
<v Speaker 4>from two thousand and two to two thousand and six

0:13:26.200 --> 0:13:29.920
<v Speaker 4>with all the ninja loans. The White House has to

0:13:29.960 --> 0:13:31.280
<v Speaker 4>call me and to fix it. And then all of

0:13:31.320 --> 0:13:34.640
<v Speaker 4>a sudden, I change all of the modifications, so now

0:13:34.640 --> 0:13:37.040
<v Speaker 4>I have a better book of buyers. When I say

0:13:37.080 --> 0:13:39.840
<v Speaker 4>that I want to be the biggest landlord in the world.

0:13:40.200 --> 0:13:42.480
<v Speaker 4>I can make sure that those loans are favorable as

0:13:42.520 --> 0:13:43.840
<v Speaker 4>I'm pricing everybody out.

0:13:45.160 --> 0:13:48.280
<v Speaker 5>Yeah, I mean, look at all the institutional investors. They're

0:13:48.320 --> 0:13:51.480
<v Speaker 5>all killing this market right now. Look at you know,

0:13:51.600 --> 0:13:55.360
<v Speaker 5>all how they buying property site unseen right. Look at

0:13:55.360 --> 0:13:57.920
<v Speaker 5>the Zillos of the world, and all these different corporations

0:13:58.280 --> 0:14:01.000
<v Speaker 5>that will buying all these singles families. Over the past

0:14:01.080 --> 0:14:03.360
<v Speaker 5>couple of years, even before it started really getting a

0:14:03.360 --> 0:14:06.319
<v Speaker 5>lot of news play, if you look at even seventeen

0:14:06.400 --> 0:14:10.640
<v Speaker 5>eighteen nineteen, the institutional investors have been buying up real

0:14:10.760 --> 0:14:13.680
<v Speaker 5>estate for a very long time, driving up prices. It's

0:14:13.720 --> 0:14:17.439
<v Speaker 5>just now when the rates dropped everybody started really getting in.

0:14:17.760 --> 0:14:20.600
<v Speaker 5>The pandemic obviously helped everybody's attention. You ain't got nothing

0:14:20.600 --> 0:14:23.080
<v Speaker 5>to do, you home, right, you're paying attention now. But

0:14:23.240 --> 0:14:25.800
<v Speaker 5>this is not nothing new. And like we all know this,

0:14:26.080 --> 0:14:28.680
<v Speaker 5>institutional investors are always going to continue to invest. Their

0:14:28.760 --> 0:14:30.760
<v Speaker 5>job is to make money, period, point blank. And the

0:14:30.760 --> 0:14:33.840
<v Speaker 5>housing market is up for grabs, so they're going to

0:14:33.880 --> 0:14:35.960
<v Speaker 5>continue to invest. And this is why for me, I

0:14:36.000 --> 0:14:40.160
<v Speaker 5>don't really see a crash happening. I don't really see.

0:14:40.240 --> 0:14:44.680
<v Speaker 5>I see a correction still going to happen, right, definite,

0:14:44.880 --> 0:14:47.360
<v Speaker 5>and every what goes up has to come down at

0:14:47.360 --> 0:14:48.080
<v Speaker 5>some point.

0:14:48.240 --> 0:14:48.440
<v Speaker 4>Right.

0:14:48.520 --> 0:14:52.200
<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:14:52.200 --> 0:14:56.000
<v Speaker 1>in Massachusetts. An MS thirteen gang member from El Salvador

0:14:56.280 --> 0:15:00.440
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:15:00.480 --> 0:15:04.360
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:15:04.440 --> 0:15:08.160
<v Speaker 1>some of the heinous migrant criminals caught because of President

0:15:08.240 --> 0:15:11.840
<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

0:15:11.840 --> 0:15:16.640
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:15:16.680 --> 0:15:20.240
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:15:20.280 --> 0:15:23.520
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

0:15:23.560 --> 0:15:27.440
<v Speaker 1>are here illegally, your next you will be fine nearly

0:15:27.520 --> 0:15:31.520
<v Speaker 1>one thousand dollars a day, imprisoned and deported, you will

0:15:31.560 --> 0:15:35.200
<v Speaker 1>never return. But if you register using our CBP home

0:15:35.240 --> 0:15:38.640
<v Speaker 1>app and leave now, you could be allowed to return legally.

0:15:39.000 --> 0:15:43.760
<v Speaker 1>Do what's right, leave now. Under President Trump, America's laws,

0:15:43.920 --> 0:15:46.360
<v Speaker 1>border and families will be protected.

0:15:46.440 --> 0:15:48.600
<v Speaker 2>Sponsored by the United States Department of Homeland Security,