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Speaker 1: All right, before we get into the big stories of

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Speaker 1: the day, I just have to say I got to

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Speaker 1: see one of the coolest things I've ever gotten to

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Speaker 1: see in my entire life, and that was this eclipse.

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Speaker 1: Oh my goodness, if you didn't get to see it,

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Speaker 1: you better not miss another one. I don't even know

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Speaker 1: how many years it is until there's this again, but

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Speaker 1: I have to tell you this was amazing. And in fact,

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Speaker 1: my producer, who's geeking out over this deer has just

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Speaker 1: said it's going to be in in twenty sixty one,

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Speaker 1: the next time we're going to have a chance to

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Speaker 1: see what I just got to see.

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Speaker 2: Yesterday.

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Speaker 1: I had the just amazing experience of traveling to Kurrville, Texas. Now, Curveville,

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Speaker 1: Texas is the same spot that NASA went to basically

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Speaker 1: broadcast and record this eclipse. Why because it was going

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Speaker 1: to be the total darkness and the longest period of

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Speaker 1: darkness anywhere in the United States of America. Now I

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Speaker 1: got invited to come to Curveville to experience this, and

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Speaker 1: I just have to tell you it was mind blowing

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Speaker 1: to be middle of the afternoon, lunchtime with my kids,

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Speaker 1: my family and get to watch this with their cousins

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Speaker 1: and all of a sudden, I mean, you're now let

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Speaker 1: me explain.

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Speaker 2: This to you, just because it was so cool.

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Speaker 1: Kerrville is like an hour and twenty minutes outside San Antonio.

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Speaker 1: When I say it's total darkness at night, it is

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Speaker 1: you can't see a foot in front of you when

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Speaker 1: you walk away from the house. It is there's zero

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Speaker 1: ambient lighting from any city. There is nothing there. There's

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Speaker 1: no radio towers you can see, or blinking lights on anything.

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Speaker 1: It is total wilderness style darkness. It is incredible. It

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Speaker 1: is amazing place by the way, if there's a full

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Speaker 1: moon or to see the stars, but to be there

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Speaker 1: in the middle of the day with no one else

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Speaker 1: around on a ranch and get to watch this was

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Speaker 1: just truly phenomenal. It also, and I just say, one

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Speaker 1: of the coolest things about this is is is getting

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Speaker 1: to watch your kids see it and they'll remember it,

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Speaker 1: and you know, it's a core memory and they're going

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Speaker 1: to see it and remember it.

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Speaker 2: For the rest of their lives.

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Speaker 1: And that for me as a dad, getting to watch

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Speaker 1: them be so excited getting there a few days early,

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Speaker 1: getting in the excitement, the anticipation, and you can explain

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Speaker 1: it to them.

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Speaker 2: My kid are younger.

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Speaker 1: I've got twins or five and a seven year old,

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Speaker 1: and you can talk to them about what they're going

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Speaker 1: to see, but until they experience it in the middle

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Speaker 1: of the afternoon, there was nothing that I could say

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Speaker 1: or my wife could say to them that was going

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Speaker 1: to give them, I think, preparation for the moment that

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Speaker 1: was about to happen. And it was this moment of like,

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Speaker 1: are we okay? Is everything okay? Yes, everything is okay.

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Speaker 1: Oh my gosh, what's happening? And it also just reminded

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Speaker 1: me going back and I can't imagine. We know a

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Speaker 1: lot more now, right. We have technology, we have the internet,

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Speaker 1: we can we know when these things are going to happen.

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Speaker 2: There's fore warning.

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Speaker 1: But I if you ever watched eighteen eighty three on

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Speaker 1: TV or any older movies about America and the Trail

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Speaker 1: of Tears, or traveling or just living out on a

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Speaker 1: prairie or in Kerville, where I mean we find I mean,

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Speaker 1: for goodness sakes, I'm not exaggerated.

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Speaker 2: I say this.

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Speaker 1: We go arrowhead hunting when we're in Currville, So this

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Speaker 1: is like total weird wilderness. And the thought I kept

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Speaker 1: having when I was watching this was Can you imagine

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Speaker 1: how much you would be freaking out if this happened

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Speaker 1: when you didn't know it was going to happen, Like

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Speaker 1: can you imagine working on the farm or traveling by

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Speaker 1: horse and buggy or i should say covered canopy wagon

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Speaker 1: and all of a sudden, or even you're in a

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Speaker 1: big city like in New York City back in the

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Speaker 1: early days when this happened, or wherever it would be

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Speaker 1: in the country where the path was and all of

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Speaker 1: a sudden, to just anywhere in the world where this

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Speaker 1: has happened before, without there being warning, without you knowing

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Speaker 1: this was a thing, without you knowing this a possibility,

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Speaker 1: you would think the world was ending. You would think

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Speaker 1: it was like the end of the world for those minutes,

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Speaker 1: and then think about, Okay, we didn't just die. Is

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Speaker 1: it gonna happen again tomorrow? And is it gonna happen

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Speaker 1: for longer? Or let's take it a step further. Is

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Speaker 1: this gonna happen and and and it will We won't

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Speaker 1: have daylight for the majority of the time. I mean,

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Speaker 1: your mind would be racing, wondering what just happened. And

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Speaker 1: then I'm not sure if it makes it better or worse,

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Speaker 1: and it would only happen once in your lifetime, probably right,

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Speaker 1: because you would be sitting there, especially with life expectancy

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Speaker 1: back then, it would be one time in your life.

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Speaker 1: And I'm wondering if you'd be like, you know, every

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Speaker 1: day for the next six weeks, six months, year, two

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Speaker 1: years ago.

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Speaker 2: Man, I wonder if that's gonna happen again. I wonder

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Speaker 2: if that's gonna happen again. What was it? What just happened?

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Speaker 2: How did that happen?

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Speaker 1: And just the thought process of that was when I

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Speaker 1: was watching this clip was truly I think, mind blowing

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Speaker 1: because you're prepared and it still blows your mind, rocks

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Speaker 1: your world, however you want to describe it. Watching kids

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Speaker 1: see it who can't get their head around it yet

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Speaker 1: was even more of a magical moment. But going back

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Speaker 1: one hundred and fifty years, two hundred years, five hundred years,

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Speaker 1: whatever you want number of years back and having this

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Speaker 1: happen while you're in the middle of a normal day,

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Speaker 1: I cannot imagine you would be probably thinking, all right, well,

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Speaker 1: I'm going to heaven.

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Speaker 2: This is it.

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Speaker 1: This is the end of the world, and it's all

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Speaker 1: ending right now in the middle of the afternoon and

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Speaker 1: everything's gone to you know what, and I'm done like that,

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Speaker 1: There's a part of me that things that had to

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Speaker 1: be was like I was talking to die as my

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Speaker 1: producer about this, and where he was it wasn't totally total,

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Speaker 1: you know, full eclipse, like where I was in Curvily.

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Speaker 2: It was in Arkansas.

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Speaker 1: But even then, I'm like, dude, can you imagine can

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Speaker 1: you imagine one hundred years ago, one hundred and fifty

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Speaker 1: two hundre years ago, if that happened in a normal

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Speaker 1: day what you would have been thinking? And he said

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Speaker 1: the same thing. Couldn't imagine it. So I just want

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Speaker 1: to give you that perspective. It also just reminded me

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Speaker 1: how amazing it is that we have and if you

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Speaker 1: listen to show you know, I am a believer. I

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Speaker 1: believe in God, and there was something very spiritual about

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Speaker 1: this moment as well, because it's like, what an awesome

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Speaker 1: God to be able to do things like this and

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Speaker 1: you have these days are normal, normal, But to me

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Speaker 1: it's just like a reminder but yeah, hey, guess what,

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Speaker 1: I'm still in charge and can do amazing things like this.

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Speaker 1: That was my takeaway from it, and That's what I

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Speaker 1: also told my kids as well. I was like, this

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Speaker 1: is the magic, and I hate using the word magic

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Speaker 1: because somebody's going to criticize me for that, so let

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Speaker 1: me rephrase it. This is the in my opinion, I think,

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Speaker 1: the glory of God's creation and how incredible it is

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Speaker 1: what he did to create this world, and it's just

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Speaker 1: a glimpse of what he can do as a creator.

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Speaker 1: And I love that aspect of this. So I hope

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Speaker 1: you got to be a part of it. I hope

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Speaker 1: you got to see it, and it was truly amazing.

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Speaker 1: Let me tell you quickly about my friends over at

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Speaker 1: don't need it all. You pick your caliber, you set

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Speaker 1: or sell it back.

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Speaker 1: of the big news that day, and it's going to

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Speaker 1: deal with the economy. There is some problems with our

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Speaker 1: economy right now. Everybody knows that the problem now is

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Speaker 1: in Swing state voters. There is even a bigger problem.

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Speaker 1: Now we're being told for Joe Biden, take a listen

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Speaker 1: to this.

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Speaker 3: The poll also finds negative perceptions about the economy do

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Speaker 3: remain a problem for the incumbent. Sixty three percent of

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Speaker 3: Swing state voters say the US economy is in not

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Speaker 3: so good or poor condition, while it's just thirty six

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Speaker 3: percent say it's an excellent or good condition.

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Speaker 1: You listen to that number. Sixty three percent of Swing

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Speaker 1: state voters say that the economy is not so good

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Speaker 1: and or poor, only thirty six percent described as excellent

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Speaker 1: or good. And we know who those people are. Those

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Speaker 1: are hardcore liberal Democrats who refuse to admit that the

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Speaker 1: economy is hurting right now, and so therefore what they're

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Speaker 1: saying is I'm sticking with my guy. That thirty six

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Speaker 1: percent is almost exactly the correlation between those that give

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Speaker 1: a good approval rating of Joe Biden, which means the

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Speaker 1: president is upside down on this now, Ralph Norman went

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Speaker 1: on Fox News and said this about the economy right now,

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Speaker 1: as Joe Biden has a new tax plan and he

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Speaker 1: says it will have tremendous impact on the economy, saying

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Speaker 1: he's deliberately derailing our economy with this new Biden budget

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Speaker 1: that they're also saying will kill eight hundred and seventy

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Speaker 1: seven thousand new jobs. The Tax Foundation warning this would

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Speaker 1: have catastrophic consequences for our economy.

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Speaker 2: Listen, kind to assess.

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Speaker 4: The president's tax plans.

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Speaker 2: He's telling us what another four years would look like.

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Speaker 2: What's the impact, Well, it's.

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Speaker 5: Going to be a tremendous impact, Marioll at every sectors

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Speaker 5: of the economy. You know, in South Carolina, we are

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Speaker 5: a growth state. We have businesses movement here. But what

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Speaker 5: he's doing is is pretty much derailing this economy. And

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Speaker 5: he's done it the three and a half years has

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Speaker 5: been in office. You know, in capital gains of twenty

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Speaker 5: eight percent, the regulations that he's putting on businesses. We

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Speaker 5: can't take it anymore. And so this is a real

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Speaker 5: Mike Johnson is going to have a big decision to

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Speaker 5: make in the next five to six months. Is he

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Speaker 5: going to let the Democrats continue this, but we're going

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Speaker 5: to stand up and fight. And I hope we're going

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Speaker 5: to fight.

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Speaker 1: Well, that's I hope we're going to fight, he says there,

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Speaker 1: and he's right about that. Now, let's talk about this

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Speaker 1: budget for a second, so that you understand this budget.

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Speaker 1: This budget that the President has put forward is a

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Speaker 1: seven point two trillion dollar budget. Seven point two trillion

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Speaker 1: dollar budget. It is a budget that will break this country.

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Speaker 1: The Tax Foundation said Biden's budget cuts wages by one

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Speaker 1: point six percent as well. That's another one of their concerns.

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Speaker 1: And they also said this about the budget, saying, not

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Speaker 1: only does it do that, but they said Biden's budget,

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Speaker 1: on top of that one point six percent loss, will

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Speaker 1: also have this.

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Speaker 2: Catastrophic effect on our economy.

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Speaker 1: And that is the fact that with this budget, they

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Speaker 1: believe that the majority of Americans will actually be losing

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Speaker 1: a massive amount of their income to new at taxes.

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Speaker 1: In fact, they say it will reduce the economic output

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Speaker 1: by two point two percent. And that's exactly why you

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Speaker 1: heard that warning from the House Budget Committee Congressman Ralph

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Speaker 1: Norman from South Carolina. He's telling you what this president

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Speaker 1: is going to do and what four more years looks like.

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Speaker 1: So if you think things are bad now, right, we

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Speaker 1: go back to the stat that I just gave you

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Speaker 1: a moment ago. Sixty three percent of voters in swing

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Speaker 1: states now say that the economy is either in poor

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Speaker 1: shape or not so good of shape.

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Speaker 2: That is significant, kitt.

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Speaker 1: And then you have a congressman coming out saying, look,

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Speaker 1: I'm on the budget committee, this is what the President's

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Speaker 1: budget is. This will be the biggest increase we've ever

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Speaker 1: seen in taxes in this country. It's going to hurt

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Speaker 1: the American worker like you've never seen before. Now, look

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Speaker 1: the President of United States of America, he keeps coming

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Speaker 1: out and lying to you. This is what he had

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Speaker 1: to say this last week about the economy, trying to

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Speaker 1: Jedi mind trick you that everything's actually fine when it's

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Speaker 1: a disaster. You know.

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Speaker 2: But mister President, I'm feeling I'm feeling. You know, my

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Speaker 2: buck isn't going as far.

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Speaker 6: What do you say to those folks about the economy

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Speaker 6: and what's going on. Well, I say, we have the

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Speaker 6: best economy in the world. We've got to make it better.

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Speaker 6: We really do have the best economy in the world.

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Speaker 6: Jobs are up, more than they've ever been. We're in

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Speaker 6: a situation where the lowest unemployment rate in fifty years

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Speaker 6: is maintained.

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Speaker 2: We have people who just but people who look I.

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Speaker 6: Think we're going to find out that what happened is

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Speaker 6: a consequence of the crisis we had on health is

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Speaker 6: have a lasting effect to.

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Speaker 2: Get people to move in. And we're ready.

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Speaker 6: I mean, I think the country's ready to come together

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Speaker 6: in a way that I mean not necessarily.

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Speaker 2: I'm truly optimistic. Now.

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Speaker 1: Our rokers giving easy questions the president. That's what the

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Speaker 1: Today's show does, right, They coddle him and they caddle

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Speaker 1: him because that's what they do. But Biden, you could

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Speaker 1: hear there, his brain just shut down and went to

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Speaker 1: coronavirus during this rambling answer defending the economy, saying we

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Speaker 1: have the best economy in the world.

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Speaker 2: That's a lie, we do not.

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Speaker 1: And he's sitting there and then he goes into coronavirus

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Speaker 1: and everybody's like, what are you talking about? Now, that's

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Speaker 1: the guy who's in charge of this country right now.

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Speaker 1: In theory, I think the people behind him at the

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Speaker 1: White House are actually running the country. But they can

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Speaker 1: convince him, I think of anything so if they say, hey,

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Speaker 1: we need a seven point two trillion dollar budget, he

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Speaker 1: says okay, because he doesn't know what's actually happening. There

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Speaker 1: is a lot going on with our economy right now,

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Speaker 1: and it's not just financially. It's also the strain that

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Speaker 1: is being put on our economy when it comes to

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Speaker 1: legal immigrants coming across the southern border, and it is

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Speaker 1: making the prices of not just goods and services skyrocket,

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Speaker 1: but mostly where people are feeling it the most is

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Speaker 1: in home prices.

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Speaker 2: Now.

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Speaker 1: A couple of days ago I talked about this warning

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Speaker 1: with you that Americans now need more annual salary than

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Speaker 1: at any other time in the history of this nation

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Speaker 1: to a ford to afford a medium price home.

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Speaker 2: How much is it up? A staggering amount?

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Speaker 1: All right, Before I continue with this, I want to

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Speaker 1: tell you about my friends over at Freedom Gold. And

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Speaker 1: if you are like me and you are worried about

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Speaker 1: your financial future and protecting your hard earned dollars, you

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Speaker 1: need to do what so many are doing around the world,

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Speaker 1: and that is turning to gold and silver as a

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Speaker 1: hedge against inflation and the much higher consumer prices we're

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Speaker 1: dealing with right now. You need a financial plan that

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Speaker 1: enough for you tomorrow.

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Speaker 2: And that's where gold and silver come in.

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Speaker 1: Gold and silver have historically been amazing hedges against inflation

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Speaker 1: On average they charge twenty five to thirty percent less

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Speaker 2: What does that mean.

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Speaker 1: It means you could literally get twenty five to thirty

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Speaker 1: Usa dot Comtom Benferguson sent you. All right, let's get

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Speaker 1: back to what I was talking about a second ago

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Speaker 1: with home prices and how bad it is in this country.

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Speaker 1: Now this came out a couple of days ago. Did

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Speaker 1: Americans now need an annual salary of more than one

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Speaker 1: hundred and ten thousand dollars to afford a median price home? Now,

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Speaker 1: it's not just it's one hundred and ten. I want

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Speaker 1: you to understand what it was back in twenty twenty.

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Speaker 1: So this is four years ago. It was just seventy

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Speaker 1: five thousand. So you're gonna have to make basically forty

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Speaker 1: thousand dollars more to afford the same home that you

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Speaker 1: could afford in twenty twenty when Donald Trump was leaving office. Now,

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Speaker 1: to put into even more perspective, Jerry Willis Fox Business,

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Speaker 1: dear friend of mine, gave the report just to give

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Speaker 1: you even more perspective. Listen carefully, because then I have

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Speaker 1: more information about what this is doing to younger home

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Speaker 1: buyers listen, The.

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Speaker 4: Average home buyer needs to make over one hundred and

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Speaker 4: ten thousand dollars to afford the average home. A new

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Speaker 4: bank Rate study showing that the required salary to make

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Speaker 4: that purchase has jumped forty six percent in just four years.

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Speaker 1: Now, let me just hit pause there and ask you

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Speaker 1: this question. How many of you listening have had your

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Speaker 1: salary increase by forty six percent over the last four years?

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Speaker 1: Forty six percent. Now, I know people have gotten raises, Okay,

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Speaker 1: I saw a lot of people get raises. I gave

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Speaker 1: raises over the last four years, especially when you're trying

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Speaker 1: to get people to work during COVID and things changed.

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Speaker 1: But I don't know anybody that got a forty per

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Speaker 1: six percent raise on average. Now, there's some that did,

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Speaker 1: right like, I'm sure there's some of the other listening

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Speaker 1: right now that you've got a promotion or you went

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Speaker 1: to work for yourself and things are going well right

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Speaker 1: now and you're making forty six percent more than you

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Speaker 1: were in twenty twenty. But I'm asking for a whole

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Speaker 1: of the country. How many average workers that work nine

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Speaker 1: to five jobs, that don't own their own business, that

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Speaker 1: are working for someone else got a forty six percent

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Speaker 1: raise in the last four years. That doesn't happen for

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Speaker 1: the average American. It can happen for maybe one percent,

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Speaker 1: two percent, three percent. I don't know what the number is,

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Speaker 1: but it's not the majority of Americans. And you would

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Speaker 1: need ninety percent of Americans to average a forty six

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Speaker 1: percent increase in their salary over the last four years.

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Speaker 1: Now here's the other part that you need to understand.

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Speaker 1: If you look at the average salary to ford a

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Speaker 1: medium home in this country, back in twenty twenty, it

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Speaker 1: was seventy five, nine hundred and thirty nine dollars. That's

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Speaker 1: what you need to make a year to be a homeowner,

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Speaker 1: and a median priced home in January of this year,

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Speaker 1: you need one hundred and ten thousand, eight hundred and

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Speaker 1: seventy one dollars to afford the same home. Now, let's

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Speaker 1: look at home prices. Okay, so not only do you

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Speaker 1: need to make forty six percent more to move into

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Speaker 1: that house, but the average home price is up now

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Speaker 1: forty two percent. So what is a median This is

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Speaker 1: middle of the road home. This is kind of home

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Speaker 1: ownership for you and a family, maybe one kid, possibly

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Speaker 1: two all right, like is your is you're growing? This

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Speaker 1: is the middle of the road medium priced home. Do

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Speaker 1: you know what the number is now in this country?

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Speaker 1: It will now cost you over four hundred thousand dollars

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Speaker 1: to own that home. Now that used to be a

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Speaker 1: dream home in the past, not anymore. That's medium. So

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Speaker 1: so it costs now more than ever just to get

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Speaker 1: an average house. And it cost you a salary that

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Speaker 1: had to got forty six percent since twenty twenty to

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Speaker 1: get that average house. Keep listening to what Jerry Willis says.

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Speaker 4: Home buyers only needed to make seventy six thousand back

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Speaker 4: in twenty twenty, and the issue widespread. You now need

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Speaker 4: a six figure salary to buy the average home in

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Speaker 4: twenty three states, including the District of Columbia. Four years ago,

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Speaker 4: that number was just six mortgage rates.

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Speaker 2: Of course, better thay, it's just stop there and dissect that.

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Speaker 1: In January of twenty twenty, there were only six states

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Speaker 1: in America where you need a six figure salary meaning

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Speaker 1: one hundred thousand and one dollars, okay, to afford a

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Speaker 1: medium home. So the majority of America, Okay, look at

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Speaker 1: the map. Only six states did you have to make

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Speaker 1: one hundred thousand and one dollars or more to afford

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Speaker 1: a medium home price. That number has now skyrocketed from

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Speaker 1: just six states to twenty three states in four years.

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Speaker 1: That is catastrophic to our economy because what that means

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Speaker 1: is is people are having to pour more money than

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Speaker 1: ever before into the dream of homeownership, and that means

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Speaker 1: they have less money for other things like goods and

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Speaker 1: services and their kids in private school or whatever it

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Speaker 1: may be, a car, as all the other prices of

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Speaker 1: goods and services have also skyrocketed.

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Speaker 2: That's not all.

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Speaker 4: Mortgage rates, of course, have played a small role in

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Speaker 4: the bump, but home prices have buy and large kept

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Speaker 4: pace with a needed salary to buy them. They average

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Speaker 4: home up forty two percent, sitting at four hundred and

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Speaker 4: twelve thousand dollars.

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Speaker 2: Let me just put that into perspective.

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Speaker 1: I mentioned a moment ago that it cost you four

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Speaker 1: hundred and twelve two hundred and twenty seven dollars in

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Speaker 1: February of twenty twenty four to afford a median home.

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Speaker 1: Right now, do you know what that number was for

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Speaker 1: the same exact damn home in January of twenty twenty

442
00:22:45,080 --> 00:22:47,480
Speaker 1: two hundred ninety thousand, two hundred and sixty four dollars.

443
00:22:48,560 --> 00:22:51,720
Speaker 1: Two hundred and ninety thousand dollars is what it cost

444
00:22:51,800 --> 00:22:54,320
Speaker 1: you for the same home that would cost you today

445
00:22:54,400 --> 00:22:56,720
Speaker 1: to buy for four hundred and twelve thousand change. That

446
00:22:56,920 --> 00:23:00,480
Speaker 1: is a forty two percent increase. That is unsustainable. You

447
00:23:00,600 --> 00:23:03,439
Speaker 1: cannot continue to have houses go up by forty two

448
00:23:03,520 --> 00:23:06,720
Speaker 1: percent over a four year period indefinitely. And there's no

449
00:23:06,840 --> 00:23:09,240
Speaker 1: way in hell that wages can keep up with that.

450
00:23:09,560 --> 00:23:11,720
Speaker 1: Where you used to have to make seventy six thousand

451
00:23:11,760 --> 00:23:13,119
Speaker 1: at for that home and now you've got to make

452
00:23:13,119 --> 00:23:15,840
Speaker 1: one hundred and ten thousand plus just to get into

453
00:23:15,920 --> 00:23:17,240
Speaker 1: an average home.

454
00:23:17,760 --> 00:23:19,959
Speaker 2: That's not all. It gets worse now.

455
00:23:20,160 --> 00:23:22,600
Speaker 4: Even though the housing market may be pricing people out,

456
00:23:22,720 --> 00:23:25,560
Speaker 4: people shouldn't be too quick to think that renting is

457
00:23:25,680 --> 00:23:29,239
Speaker 4: the solution. Since President Biden took office, rents are up

458
00:23:29,440 --> 00:23:31,120
Speaker 4: nearly twenty one percent.

459
00:23:32,000 --> 00:23:34,600
Speaker 1: So twenty one percent rents are up because you may

460
00:23:34,600 --> 00:23:36,040
Speaker 1: say yourself, well, Ben, I'm just going to sit on

461
00:23:36,080 --> 00:23:38,600
Speaker 1: the sidelines, right. I had a good friend they're renting

462
00:23:38,640 --> 00:23:41,119
Speaker 1: the other day. They're renting for years, and they had

463
00:23:41,160 --> 00:23:43,280
Speaker 1: a good deal on the rent. They liked the house,

464
00:23:43,359 --> 00:23:45,520
Speaker 1: they'd made it their own. They probably should have bought

465
00:23:45,560 --> 00:23:47,679
Speaker 1: the house or bought another house when interest rates were low,

466
00:23:47,760 --> 00:23:50,760
Speaker 1: but they didn't, right because the rent was a good

467
00:23:50,800 --> 00:23:52,320
Speaker 1: deal and they liked where they live and it felt

468
00:23:52,359 --> 00:23:52,680
Speaker 1: like home.

469
00:23:53,280 --> 00:23:53,760
Speaker 2: They got to.

470
00:23:53,800 --> 00:23:56,840
Speaker 1: Notice February saying hey, you got sixty days to move out,

471
00:23:57,680 --> 00:24:00,280
Speaker 1: and what they found was is that they now can't

472
00:24:00,280 --> 00:24:03,200
Speaker 1: even afford the same house that they were renting because

473
00:24:03,320 --> 00:24:08,399
Speaker 1: it costs so much money because rent rates have skyrocketed

474
00:24:08,440 --> 00:24:11,000
Speaker 1: since they signed their lease with someone who basically figured

475
00:24:11,040 --> 00:24:13,000
Speaker 1: it out. Like, that's what this really boils down to.

476
00:24:13,080 --> 00:24:15,600
Speaker 1: They figured it out. The guy who has a house

477
00:24:15,760 --> 00:24:17,520
Speaker 1: is going to do one of two things. Either he's

478
00:24:17,560 --> 00:24:19,440
Speaker 1: going to raise the rent a lot, which I don't

479
00:24:19,440 --> 00:24:22,120
Speaker 1: think that's what he's actually doing. I think he's saying,

480
00:24:22,240 --> 00:24:24,960
Speaker 1: I'm gonna cash out because I feel like there's a

481
00:24:25,080 --> 00:24:30,520
Speaker 1: bubble coming, Okay, Like I think that's what they're realizing,

482
00:24:30,600 --> 00:24:31,439
Speaker 1: that there's a bubble.

483
00:24:31,920 --> 00:24:32,840
Speaker 2: I want my money.

484
00:24:33,359 --> 00:24:35,600
Speaker 1: If you've got a house, it's two hundred thousand dollars

485
00:24:35,760 --> 00:24:37,960
Speaker 1: four years ago, and you can cash out now and

486
00:24:38,119 --> 00:24:40,439
Speaker 1: you can put four hundred plus thousand in your pocket,

487
00:24:41,920 --> 00:24:44,520
Speaker 1: you may say, let's do that and I'll get out

488
00:24:44,520 --> 00:24:45,960
Speaker 1: of the rental game for a little bit and cash

489
00:24:46,040 --> 00:24:47,920
Speaker 1: out for retirement. Just take the four hundred thousand and

490
00:24:47,960 --> 00:24:50,359
Speaker 1: invest it because interest rates are up and you're now

491
00:24:50,440 --> 00:24:52,600
Speaker 1: getting a lot more for that four hundred thousand dollars.

492
00:24:52,720 --> 00:24:55,200
Speaker 1: If you invest it in basic money markets, you don't

493
00:24:55,200 --> 00:24:57,400
Speaker 1: even have to take big risks. In fact, you could

494
00:24:57,400 --> 00:25:00,560
Speaker 1: take extremely low risks. And this is hour we are

495
00:25:00,640 --> 00:25:06,200
Speaker 1: in this country because of Bidenomics. You can also look

496
00:25:06,400 --> 00:25:09,640
Speaker 1: to trends when it comes to the economy, and one

497
00:25:09,840 --> 00:25:11,720
Speaker 1: trend that I want you to know about is where

498
00:25:11,800 --> 00:25:15,400
Speaker 1: we are with gold prices. Gold right now, as I'm

499
00:25:15,480 --> 00:25:21,439
Speaker 1: recording this is up almost two percent alone today at

500
00:25:21,560 --> 00:25:24,680
Speaker 1: two thousand, two hundred ninety seven dollars and fifty cents

501
00:25:24,680 --> 00:25:28,120
Speaker 1: an ounce. Why is gold up from I'll give example,

502
00:25:28,200 --> 00:25:30,040
Speaker 1: if you go back to the beginning of October, it

503
00:25:30,160 --> 00:25:33,080
Speaker 1: was about eighteen hundred dollars an ounce. Why to go

504
00:25:33,160 --> 00:25:35,480
Speaker 1: from eighteen hundred to two thousand, two hundred and ninety

505
00:25:35,480 --> 00:25:39,359
Speaker 1: seven hours One simple reason, because people are afraid of

506
00:25:39,480 --> 00:25:42,680
Speaker 1: what's happening right now in this country. They're afraid of

507
00:25:42,720 --> 00:25:46,240
Speaker 1: what's happening with our economy. They're afraid about what's happening

508
00:25:47,240 --> 00:25:50,600
Speaker 1: with all of these basic issues that I just described. Now,

509
00:25:50,720 --> 00:25:53,440
Speaker 1: here's another headline for you that I want to give you,

510
00:25:53,600 --> 00:25:56,200
Speaker 1: And this is a little bit of a contradiction of

511
00:25:56,240 --> 00:25:58,320
Speaker 1: the last headline that I had for you, but it's

512
00:25:58,400 --> 00:26:01,200
Speaker 1: one that shows you how quick things even change. And

513
00:26:01,280 --> 00:26:03,080
Speaker 1: I'm not saying for the better, I'm saying for the worse.

514
00:26:03,880 --> 00:26:04,560
Speaker 1: Home buyers.

515
00:26:04,680 --> 00:26:08,840
Speaker 2: Is the headline from Yahoo Finance. Home buyers need to.

516
00:26:08,880 --> 00:26:12,440
Speaker 1: Earn eighty percent more than they did in twenty twenty

517
00:26:12,480 --> 00:26:15,080
Speaker 1: to afford a home in today's market. So they're not

518
00:26:15,280 --> 00:26:19,480
Speaker 1: referring to the medium home price anymore. They're saying just overall.

519
00:26:20,000 --> 00:26:23,960
Speaker 1: Yahoo Finance and Wealth putting this out, saying, as US

520
00:26:24,160 --> 00:26:30,720
Speaker 1: housing prices rise, is home ownership still even achievable? That

521
00:26:30,920 --> 00:26:33,359
Speaker 1: is Yahoo Finance. Listen to what they said on their

522
00:26:33,400 --> 00:26:34,160
Speaker 1: online show.

523
00:26:34,240 --> 00:26:37,320
Speaker 7: Well, for many Americans, home ownership is seeming more and

524
00:26:37,440 --> 00:26:40,640
Speaker 7: more out of reach. According to new analysis from Zillo,

525
00:26:41,080 --> 00:26:44,399
Speaker 7: home prices have jumped forty two percent since twenty twenty,

526
00:26:44,720 --> 00:26:48,040
Speaker 7: but the average person needs to earn eighty percent more

527
00:26:48,119 --> 00:26:51,160
Speaker 7: than they did at that time in order to comfortably

528
00:26:51,320 --> 00:26:54,880
Speaker 7: afford a home in today's market. So why are homes

529
00:26:55,000 --> 00:26:57,720
Speaker 7: becoming less and less affordable. That's the big question here

530
00:26:57,760 --> 00:27:00,280
Speaker 7: with the latest We've got our very own Molly moorehead Molly,

531
00:27:00,560 --> 00:27:02,440
Speaker 7: what's going on here? And why is it so hard

532
00:27:02,480 --> 00:27:04,359
Speaker 7: to be able to afford a home right now?

533
00:27:05,160 --> 00:27:05,640
Speaker 1: Hey, Brad.

534
00:27:06,560 --> 00:27:09,440
Speaker 8: So, in addition to that increase in home prices, which

535
00:27:09,560 --> 00:27:13,639
Speaker 8: forty two percent is not nothing, inflation has been on

536
00:27:13,720 --> 00:27:16,600
Speaker 8: the rise since the pandemic, and interest rates have followed,

537
00:27:17,040 --> 00:27:19,880
Speaker 8: and so that means the cost of financing a home

538
00:27:20,000 --> 00:27:21,960
Speaker 8: is so much more than it was four years ago.

539
00:27:22,640 --> 00:27:24,879
Speaker 8: If you look at the average rate on a thirty

540
00:27:24,960 --> 00:27:27,800
Speaker 8: year loan, in March of twenty twenty, it was three

541
00:27:27,880 --> 00:27:31,080
Speaker 8: and a half percent. Today it's around six point eight,

542
00:27:31,200 --> 00:27:34,280
Speaker 8: six point nine, And so it's this double whammie of

543
00:27:34,560 --> 00:27:37,480
Speaker 8: higher home prices and higher financing costs.

544
00:27:38,040 --> 00:27:41,200
Speaker 7: So what advice do you have for prospective home buyers

545
00:27:41,200 --> 00:27:41,920
Speaker 7: out there right now?

546
00:27:43,320 --> 00:27:46,000
Speaker 8: Yeah, well it's not easy. This is a tough market.

547
00:27:46,200 --> 00:27:48,760
Speaker 8: But a couple of things you can do. Our number

548
00:27:48,800 --> 00:27:52,760
Speaker 8: one watch the Fed. A lot of economists market watchers

549
00:27:52,840 --> 00:27:55,960
Speaker 8: think that we still have three interest rate cuts potentially

550
00:27:56,960 --> 00:28:00,200
Speaker 8: coming this year from the Federal Reserve and that will

551
00:28:00,240 --> 00:28:04,200
Speaker 8: help the rate. You qualify for on if you apply

552
00:28:04,320 --> 00:28:06,920
Speaker 8: for mortgage, and so if you're in a position where

553
00:28:06,960 --> 00:28:09,359
Speaker 8: you can time your home purchase a little bit, you

554
00:28:09,440 --> 00:28:12,479
Speaker 8: don't have to buy right now, then watch what happens

555
00:28:12,960 --> 00:28:15,240
Speaker 8: more broadly with interest rates, because that can help you.

556
00:28:16,400 --> 00:28:20,320
Speaker 8: Second would be negotiate agent commissions. This was not really

557
00:28:20,400 --> 00:28:24,200
Speaker 8: in play until very recently with this settlement with the

558
00:28:24,280 --> 00:28:27,800
Speaker 8: Realtors Association. There has long time been a kind of

559
00:28:27,920 --> 00:28:32,119
Speaker 8: de facto six percent commission, but now all of that

560
00:28:32,280 --> 00:28:35,879
Speaker 8: is negotiable. So go into your home purchase ready to

561
00:28:36,000 --> 00:28:39,240
Speaker 8: negotiate your what your agent's going to get paid.

562
00:28:39,840 --> 00:28:43,400
Speaker 1: So this is their advice. Yes, home pricing is out

563
00:28:43,400 --> 00:28:46,480
Speaker 1: of control. You may hope, and you can hope that

564
00:28:46,640 --> 00:28:51,280
Speaker 1: maybe prices come down. Okay, that's a possibility, is that

565
00:28:51,440 --> 00:28:54,840
Speaker 1: home prices might might come down.

566
00:28:54,920 --> 00:28:57,040
Speaker 2: Okay, just might come down.

567
00:28:57,080 --> 00:29:00,480
Speaker 1: They're probably not, but they might, and you shouldn't negotiate

568
00:29:00,560 --> 00:29:03,720
Speaker 1: with your real term what their commission is, and that

569
00:29:03,880 --> 00:29:06,600
Speaker 1: might help you. Now you notice at the beginning of

570
00:29:06,680 --> 00:29:09,080
Speaker 1: this they said, not only our home price up forty

571
00:29:09,120 --> 00:29:12,480
Speaker 1: two percent since twenty twenty, They say that's because both

572
00:29:12,600 --> 00:29:15,920
Speaker 1: rates and borrowing costs of skyrocket. Notice they don't blame

573
00:29:16,120 --> 00:29:19,080
Speaker 1: the Biden administration's policies for this. They just act like, Oh,

574
00:29:19,200 --> 00:29:21,160
Speaker 1: this is just some random thing that's happening, And I

575
00:29:21,240 --> 00:29:23,800
Speaker 1: get that this is yahoo. They're liberal, all right. But

576
00:29:24,280 --> 00:29:26,200
Speaker 1: what they did tell you the truth on was and

577
00:29:26,240 --> 00:29:28,440
Speaker 1: they didn't go with medium price homes.

578
00:29:28,480 --> 00:29:30,480
Speaker 2: They just were giving you the overall average.

579
00:29:30,960 --> 00:29:35,080
Speaker 1: You need to earn eighty percent more to comfortably afford

580
00:29:35,120 --> 00:29:37,600
Speaker 1: a home in today's market. Now, why they say comfortably

581
00:29:37,680 --> 00:29:40,560
Speaker 1: afford If you want to be maxed out in your budget,

582
00:29:40,760 --> 00:29:41,640
Speaker 1: it may be less.

583
00:29:42,160 --> 00:29:43,000
Speaker 2: But if you want to.

584
00:29:43,160 --> 00:29:46,880
Speaker 1: Enjoy and retire and save for retirement and have a

585
00:29:47,040 --> 00:29:50,960
Speaker 1: balanced budget in your home, you literally need to earn

586
00:29:51,080 --> 00:29:54,680
Speaker 1: eighty percent more to comfortably afford a home in this

587
00:29:54,840 --> 00:29:57,480
Speaker 1: market than you did in twenty twenty. That is what

588
00:29:57,680 --> 00:30:00,640
Speaker 1: this election is going to end up being about, my opinion.

589
00:30:01,120 --> 00:30:03,920
Speaker 1: When media and home income have only risen twenty three

590
00:30:03,960 --> 00:30:06,880
Speaker 1: percent over the last four years, leaving many people without

591
00:30:06,920 --> 00:30:12,280
Speaker 1: the running for home ownership, they're saying, hey, most Americans

592
00:30:12,800 --> 00:30:16,480
Speaker 1: aren't even a candidate now for home ownership, and the

593
00:30:16,560 --> 00:30:18,200
Speaker 1: ones that are in the homes they're in right now,

594
00:30:18,480 --> 00:30:20,720
Speaker 1: they're not leaving because the interest rates are so low.

595
00:30:21,120 --> 00:30:23,760
Speaker 1: They couldn't afford to move even into maybe the same

596
00:30:23,840 --> 00:30:26,280
Speaker 1: house they have right now if they went and bought

597
00:30:26,320 --> 00:30:30,200
Speaker 1: the same exact home across the street because prices are

598
00:30:30,360 --> 00:30:34,640
Speaker 1: out of control because of inflation and interest rates. In

599
00:30:34,840 --> 00:30:39,040
Speaker 1: twenty twenty, a household earning fifty nine thousand dollars a

600
00:30:39,160 --> 00:30:42,360
Speaker 1: year could afford a typical home price at about two

601
00:30:42,400 --> 00:30:45,080
Speaker 1: hundred and forty grand. At the time, the income level

602
00:30:45,200 --> 00:30:48,479
Speaker 1: was less than the US medium income of sixty six thousand,

603
00:30:49,000 --> 00:30:52,840
Speaker 1: meaning more than half of American households had sufficient cash

604
00:30:52,920 --> 00:30:57,400
Speaker 1: flow to not only purchase a home, but also to

605
00:30:57,960 --> 00:31:01,400
Speaker 1: plan for retirement and save money. In other words, they

606
00:31:01,440 --> 00:31:04,440
Speaker 1: were able to purch a home without overextending their budgets

607
00:31:04,480 --> 00:31:06,880
Speaker 1: and being locked in a miserable cycle of hell every

608
00:31:06,920 --> 00:31:10,600
Speaker 1: month coming up short or having to cut things. Today,

609
00:31:10,760 --> 00:31:14,520
Speaker 1: those same people, just four years later that are shopping

610
00:31:14,640 --> 00:31:17,360
Speaker 1: for a home, they need their income to go from

611
00:31:17,520 --> 00:31:20,440
Speaker 1: fifty nine thousand a year to one hundred and six

612
00:31:20,600 --> 00:31:24,360
Speaker 1: thousand dollars to afford the same exact home. Because the

613
00:31:24,440 --> 00:31:27,120
Speaker 1: home price has gone, as I mentioned earlier, from two

614
00:31:27,200 --> 00:31:30,760
Speaker 1: hundred and forty thousand to three hundred and forty two thousand.

615
00:31:31,680 --> 00:31:35,040
Speaker 1: That means You've got to earn forty seven thousand dollars

616
00:31:35,160 --> 00:31:38,200
Speaker 1: more than you needed to earn in twenty twenty to

617
00:31:38,360 --> 00:31:44,000
Speaker 1: afford the same exact house, and that's well above today's

618
00:31:44,000 --> 00:31:48,040
Speaker 1: average income of eighty one thousand dollars. Now, Zillo is

619
00:31:48,360 --> 00:31:51,600
Speaker 1: more realistic than the other numbers I was giving you earlier.

620
00:31:52,280 --> 00:31:55,560
Speaker 1: Zillo's analysis is just saying, hey, this is the truth.

621
00:31:55,680 --> 00:31:57,960
Speaker 1: This is what's going to happen. And a point of

622
00:31:58,040 --> 00:32:01,680
Speaker 1: concern is also this that the bank's saying is look barely.

623
00:32:01,720 --> 00:32:06,120
Speaker 1: A handful of major metro areas evaluated were affordable for

624
00:32:06,240 --> 00:32:10,040
Speaker 1: the majority of the people living there at the median income.

625
00:32:10,800 --> 00:32:14,000
Speaker 1: The real estate firm defines affordability as spending no more

626
00:32:14,080 --> 00:32:17,920
Speaker 1: than thirty percent of your income after offering a ten

627
00:32:18,040 --> 00:32:20,600
Speaker 1: percent down payment, which, by the way, most people now

628
00:32:20,680 --> 00:32:23,880
Speaker 1: don't have the ten percent down payment because that money

629
00:32:23,880 --> 00:32:28,840
Speaker 1: has disappeared because the cost of goods and services and inflation. Now.

630
00:32:28,960 --> 00:32:33,280
Speaker 1: A senior analyst at Zillo said it this way, incomes

631
00:32:33,560 --> 00:32:37,480
Speaker 1: needed to purchase a home are just much much higher

632
00:32:37,560 --> 00:32:42,560
Speaker 1: than the typical household income. The increase in cost is

633
00:32:42,640 --> 00:32:45,360
Speaker 1: pricing out many families that will never get on the

634
00:32:45,440 --> 00:32:48,240
Speaker 1: housing ladder and will never be able to start even

635
00:32:48,320 --> 00:32:51,280
Speaker 1: in their starter home because of what we just described.

636
00:32:51,880 --> 00:32:55,520
Speaker 1: And the fact is today's typical buyers would be facing

637
00:32:55,600 --> 00:32:59,160
Speaker 1: a monthly mortgage payment that is ninety six percent higher

638
00:33:00,000 --> 00:33:03,040
Speaker 1: compaired to twenty twenty levels, so virtually double what you

639
00:33:03,120 --> 00:33:04,480
Speaker 1: were going to have to spend back then for the

640
00:33:04,520 --> 00:33:08,040
Speaker 1: same home. So there is the government numbers and I

641
00:33:08,080 --> 00:33:10,840
Speaker 1: gave you those earlier, and then there's the reality. And

642
00:33:11,040 --> 00:33:14,120
Speaker 1: Zillo is saying, you need twice as much money now

643
00:33:14,720 --> 00:33:16,560
Speaker 1: for a payment every month than you did in twenty

644
00:33:16,640 --> 00:33:19,240
Speaker 1: twenty in four years. So that's twenty five percent increase

645
00:33:19,320 --> 00:33:22,880
Speaker 1: a year. That's an average payment, by the way of

646
00:33:23,000 --> 00:33:25,800
Speaker 1: two hundred dollars a month with a ten percent down

647
00:33:25,880 --> 00:33:28,200
Speaker 1: payment just to get into what you would describe as

648
00:33:28,240 --> 00:33:29,440
Speaker 1: basically a starter home.

649
00:33:30,000 --> 00:33:30,120
Speaker 8: Now.

650
00:33:30,160 --> 00:33:33,240
Speaker 1: The main difference they say is yes, mortgage rates ended

651
00:33:33,360 --> 00:33:36,200
Speaker 1: January of twenty twenty at three and a half percent,

652
00:33:36,320 --> 00:33:39,080
Speaker 1: a little lower if you have good credit. So far

653
00:33:39,240 --> 00:33:41,280
Speaker 1: this year the rates have hovered between six and a

654
00:33:41,280 --> 00:33:44,080
Speaker 1: half to above seven, depending on your credit, but no

655
00:33:44,280 --> 00:33:48,280
Speaker 1: less than six and a half. And this uptick has

656
00:33:48,400 --> 00:33:51,160
Speaker 1: made not only the prices of goods and services go up,

657
00:33:51,640 --> 00:33:53,480
Speaker 1: but if it is put, would be buyers in a

658
00:33:53,520 --> 00:33:56,240
Speaker 1: spot where now they're basically saying, I can't afford it,

659
00:33:56,440 --> 00:33:57,200
Speaker 1: so now I'm.

660
00:33:57,080 --> 00:33:58,520
Speaker 2: Gonna rent, all right.

661
00:33:58,760 --> 00:34:02,120
Speaker 1: As always, please share our podcasts anywhere you are on

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Speaker 1: social media. It helps other people find this show. Please

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Speaker 1: write us a five star review that helps us as well,

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Speaker 1: and we'll see you back here tomorrow