The Jon Sanchez Show

12/03-The November real estate report

The latest housing data for the month of November has been released and this afternoon on the Jon Sanchez Show at 3pm, we’ll be sharing it with you. You’ll learn what our new median price is, the number of closed sales, how many new listings are available as well our current inventory level, but most importantly, the “in the trenches” opinion of Cory and Dwight.

Duration:: 36m
Broadcast on:: 04 Dec 2024
Audio Format:: other

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Oh, it's sweet, much faster. Exactly. Not about the leftovers and how long I can keep everything refrigerated. That's right. That's right. Exactly. I know I had trouble staying awake at some of the great football games on Saturday. It's like, oh, wait a minute here. And then, of course, the one's on Thanksgiving Day. Yeah, the whole week it was great football. Did a great football. Oh, yeah. How was your floating vacation? It was good. It was good. Yeah, absolutely. Yeah, weather was absolutely incredible. It's just amazing how warm it, you know, almost 70 degrees. And yeah, it could not have been better. The seas were just as calm as you can. Well, matter of fact, some people were wakeboarding. So it was that calm out there. Wow. That's great. I know. I know. Didn't get a chance to do my lobster trapping, though. So we still got to making that side of it. But it didn't get a chance to do that, though. So, you know, there's a little story behind. Well, I might as well just say it. So I took the tender off the boat and we're going over to where we're told that, you know, we're the lobster are, and we were staking it out during the day. And Dwight, you can relate to this being a fellow boater. And so, you know, crews right along were in about, you know, 15, 20 feet of water and it's kind of rocky, which, of course, were the lobsters hang out. And, you know, luckily, I was doing like maybe one or two miles per hour in the tender. And all of a sudden, he was, yeah, what did I do, Dwight? You ruined your prop. Yep. Oh, wow. Really? Yep. Yeah. Like I said, luckily, it's on the tender, not the big boat. Yeah. So that kind of put a little damper into the lobster trapping. But, yeah, so we got to get a new prop on that thing. But Dwight, you know, it's similar to all your days of boating, you know, Tahoe and stuff like that. And, you know, clear water. And then, you know, before you know it, you look down and, uh-oh, there's a big rock underneath there. And, you know, you just, no matter how careful you are. So, yeah, so that put a little damper into it. Let me tell you a quick story, John, with that. So I, my boat years ago, this is in the early '90s, mid '90s. I swear to you, the boat would not pull all the way up to the front by, like, three inches, right? And it's winter time. On the trailer? Yeah. I'm going to get it close. So I take it all the way up to Boca. By myself, take it off. And I hit it at the sandbar. And same thing, you know, all for three inches. That's that stupid nose, what, like, I did everything else better to do. Exactly. You know, like a $400 trip, you know, for the proper, you know. There you go. There you go. Thank God you like your tips on the little one. I hope it's a little prop, you know, not a big prop, you know. It is. Yeah. Yeah. Way tops. Don't play proper expenses. Yes, they are. Now these are one of those, you know, smaller, kind of rubberish type of materials. Yeah, we're good there. So, yeah, joy is a body. The joy is a body. How was your Thanksgiving quite real quick? That was fantastic. Fantastic. You know, just, yeah, I might, Corey, I ate way too much. So you got to, yeah, we got to start wearing sweatpants, you know. Exactly. This, you got to wear pants and kind of get dressed up a little bit now. Just sweatpants and. Done with that. Corey's not, I'm surprised Corey's not talking about the success of Clemson. You know, I mean, they're, I mean, they're looking, they're looking really good, Corey. Yeah. Are you, are you being sarcastic? No, no, no, I mean, I mean, no, but I thought Clemson had done pretty well this season. No. No, well, they lost to South Carolina, which is, I mean, the whole season goes down the tubes when you lose to the game tops, but they get to play it. Well, that's, that's probably two because I thought they were in the hunt for the playoffs weren't they until that? Well, they get to play in the ACC Championship and then they can make it if they do this. Well, that would, I guess that's what I was referring to because they still have an out. They still have an outside chance to get in the playoffs. Once you're in, you're in. Kind of like your dolphins. Do I? They have a while card chance. How about that? Yeah. We're on the first one on the, on the beginning of the wild card after the end of the wild card for the first. Right. Yeah, we're going to win out and we need help. That's it. That's it. No, the bottom line, it was grateful all weekend. That's for sure. All right, boys, well, let's get down to it. We got a lot of things to talk about. We're going to, after the stock market recap, go into our topic of this afternoon, which, of course, is the November real estate data. We're going to, according to Dwight, we're going to hammer through this in great detail, get their insight as to where we set on our medium price, the number of days to contract the price per square foot. How many listings we have are active inventory and on and on and on, so you can get a good idea what's going on the local real estate market. But before we do that, I want, guys, I want to do something. I'm going to throw something at you that we did not prepare for. So I'll give you a few moments as I do the stock market side of things. Dwight, you brought this up. I correct me if I'm wrong, but I think we did not get a chance to get to it. But I think last Thursday, or excuse me, Thursday, last Tuesday already, she's a week ago when we were together. You sent me an article off of Housing Wire that I dug up regarding Trump's new regulatory era for mortgages is what the title is. Does that sound familiar? Was that the article you sent me? Talked about Fannie and Freddie. I don't want to talk about one, but you want to send it back to me? Yeah, yeah. I said you, I said you and Corey, every article I see. I know, I know. Yeah. Well, the reason I'm asking, and you probably don't even need the article, but I want to talk a little bit with you guys about something that's going on. In my world, the world of Wall Street, in regards to Fannie Mae and Freddie Mac. And I know you brought this up verbally, Dwight, in regards to when Trump gets in that, you know, there's a pretty serious talk going on from what I'm hearing and reading out there, that he wants to take Fannie Mae and Freddie Mac out of conservatorship. And, you know, bring it back to like it was prior to, what was it, 2008 or so when they got taken over by conservatorship. There's some saying that, and I want to get your opinion on this, Dwight, there's some saying that this is going to be a disaster. The Democrats specifically are saying it'll be a disaster, that it would increase, you know, mortgage rates, or I should say upfront costs and mortgage rates upfront costs anywhere between 1500 to $2,500 and what's called application type of fees. And then some saying that this would absolutely keep mortgage rates higher than what they normally would be if they were kept in conservatorship. And so I went into this, let's just jump right into it, then we'll get to the market. So I went into this and I want to see what the stock prices have done because as I was doing my research about this, I was unaware of how these two companies, how their stocks, and again, they're kind of classified as penny stocks and I am by no means recommended these. I'm just talking just from an information standpoint, what these two stocks did when, you know, it was not long after Trump was elected. And, you know, so these are very low price stocks. So Fannie Mae, or let me go, let me go federal home loan, FMC sees a symbol. Stock today was at 5.56%, 14 cent gained to $2.66. Fannie Mae was up 13 cents today, 5.06% to a price of $2.70. So these are, you know, $2 plus stocks. But if you look at the year to date numbers percentage wise, FMC is up 211%, Fannie Mae is up 152%. And the reason I want to bring this up to kind of combine our two worlds, Dwight, is you've got Bill Ackman, you know, massive, massive hedge fund manager and a few others that have, I guess, just poured money into these two names. And they are, you know, pushing Trump to get these companies, you know, back to where they were, like I said, being released from conservatorship because, again, they have a significant amount of money. I don't know the exact dollar amount. I'm just seeing that it's, you know, large sums of money invested in those two companies. What, real quickly, before we go to break, what, tell the audience what the importance of Fannie Mae and Freddie Mac is and what happened in the past. And then what would happen if Trump does, you know, get them out of conservatorship. So kind of give us a background because I think we're going to be hearing a lot more about this. Well, you know, if you go way, way back, John, I mean, so they're, they're your marketing. That's your secondary marketing where you can sell your loans and recap your capital and relend it. But prior to the 2008, you know, when they were pregnant, they operated like a business, right? They weren't, they weren't any time the government, you've said this many times, the government gets involved. They find a way to screw it up. Yeah. You know, and so there was, in my opinion, there was a much more business-like approach to delivering loans to Fannie and Freddie when you made them as, you know, as a mortgage company. Then when '08 hit, we really needed to bail them. We needed help. I mean, you could argue if we did or didn't, you know, and since then the government has been and the government just finds ways through loan level price adjusters, through, through regulatory, through whatever they can find to make it more difficult. I would argue that the government has increased the cost of lending by their takeover. So, I mean, and any time, I always believe any time the Democrats get in an uproar, it's probably the right decision, right? Because, I mean, it just doesn't make sense. So, I would love to see, and John, I guess, I guess you can't get rid of Fannie and Freddie, but what you do is you get them out, like you said, out of that and back into what a privately owned- Privatization enterprise? Yeah. Is that what it'd be just a privately owned enterprise? That'd be a GSE, a government sponsored enterprise, yep. Yeah. And run by someone like you as a businessman, to me, makes all the difference in the world, and the government trying to figure out how to muddle through and be lenders. You know? But you know what I'm saying? But what would this do? So, let's go back to just one quick step before we go to break. So, they would take, again, we'll call it sub-2008. So, Fannie and Freddie would take mortgages, they would bundle, they would back them, right? They didn't lend, and they still do. They back, what, 95% of mortgages? I mean, it's a staggering figure. Yep. They then bundle those mortgages together and sell them to Wall Street. Wall Street then sells them to clients and so on and so forth. So, they're a version of a bond, okay, in a sense. So, when, after the 2008 crisis, they, again, they had to guarantee a whole bunch of loans and basically almost bankrupt them, and that's when the government started. That's when the government stepped in and took them into conservatorship and that's where they sit. Now, Trump now is talking about, let's take them private again and get them back out there. And so, I want to get a little bit clearer with you, Dwight, when we come back from the break. What would this do from a, from our listeners' standpoint, if they are privatized again, what would that do in your opinion to, you know, the loan cost as well as mortgage rates? I think that's the bottom line. Because everything I'm reading, it looks like this is going to be one of his major agenda items. I wouldn't say right in the beginning of his presidency, but, but not long after. So, I think it's definitely worthwhile talking about them. Then we'll hit the market recap. So, go over to Kristen Snow. She's in the right now, traffic center. Hi, Kristen. Welcome back to the John Sanchez Show on this talk, 780 KOH. It's with Coriage of Agility, Dwight Millard of Dwight. Same name. Different. It's still not flowing off my tongue. I know it's not. I know you hesitate every time I get it. This is the day and age now we're in, right? Indeed. I had to give you our time with that one. All right. We're going to continue our discussion on Fannie and Freddie. Let me tell you what the market did briefly. We finished down 76 on the Dow to a close of 44,705. Up 77 on the Nasdaq to a record close of 19,480.40% gain. And it was a small increase on the S&P. Three points, but it was a record close at 6,049. 2.8% increase in oil, $69.97 a barrel. About $9 on gold, $2,667.52 an ounce. Three bases point increase to Dwight on the tenure at a close of 4.22%. All right. Let's tell everyone how we did on the 30-year mortgage. Yeah. So the accordion mortgage is daily 30-year fixed at 6.85. So, I mean, that's better than 7 plus. Yeah. Yeah. So, I mean, this may be early Christmas, but, you know, the market was off today. But, you know, I like anything under 7. We start getting about that. It just feels like everything goes away. You know, people get excited when we start getting down to the six-and-a-half. Six, you know, and so it's a good thing. So, you know, when you look at the, like the FHA, 6.18 and VA 6.2. So, I mean, these are getting back to a little bit closer to where we were when we were starting to flirt with the bottom before the Fed decided to cut out the point. Yeah. That's for sure. All right. Very good. Yeah. So, Corey, you know, kind of bizarre day. I know this had some influence on the bond market side of things today. You know, mid-session, all of a sudden we get this news headline that South Korea declared martial law. And everyone's gone, where did this come from? And, you know, it kind of been rumored in the past, but, yeah, we saw that headline. Then the markets kind of went a little haywire on that, the bond market and the stock market. That's the exact term that all this call, they're Congress, but there's a specific term. I forget the name of it. They came out and overruled him, and then he came out and said, "Okay, it's over." So, it was crazy. Isn't it, Corey? I mean, seeing that, he's never known. You got to step in and remind him who has the real power. So, at least they're functioning, right? There you go. There you go. That's right. That's right. And then the last thing I wanted to mention real quickly, just a little fun tidbit. Again, by no means is this a recommendation for this. So, there's this company called PSQ Holdings. It trades into the sum of PSQH. They own and operate on an online marketplace called Public Square. It's an e-commerce and payment company that sells products that include beauty, personal care, and clothing apparel. It's a microcap stock. Market capitalization, less than $200 million. Why am I telling you about this? Well, this company went public back in 2023 under the SPAC. Remember the, when the SPAC craze was going on, the special purpose acquisition company was just a way of going public in a different method than the traditional IPOs. The reason I'm mentioning this is, again, mid session, kind of late morning, early afternoon. Came across the headlines that Donald Trump Jr. is now on the board of this company. And man, this thing this took off, finished the day up, 247. including after hours, 247.09% gain, $5.09 to $7.15. But I was trying to find the article at the break. When this happened, I'm doing some quick research to see what was going on. And lo and behold, one of the articles I came across, and again, I can't remember where it was. I think it was on CNBC or somewhere that some high ranking congressional official just happened to have bought $3 million of this stock about a week ago. What do you figure on that one? I don't know if there's going to be a little insider trading investigation going on that. But this, my point of all this, this is the world we live in, guys, right? I've mentioned this many times. You see it with Elon Musk, with the performance of Tesla. I mean, anybody that is somewhat related to Wall Street in any form or fashion or they get involved with the company that's traded on Wall Street, these things can just go crazy. I mean, the president's son getting on the board, okay, the connection, of course. Maybe he's going to do something positive for the company. Who knows? But yeah, investors just piled into the sand and the volume was just through the roof. It was just crazy, just crazy. Okay, Dwight, let's go back one more time. Fannie Mae Freddie Mac. There's again, a lot of, matter of fact, I was looking again at the break. And I was not aware of this. CNBC just posted a video about this about three hours ago. Diane Olic, and of course, you like her reporting there. But once again, we're going to be hearing more about this that Trump wants to take federal home loan and a Fannie Mae out of conservatorship where they went after 2008. I was wrong. They guarantee about 70% of mortgages, not 90 or 90. I think that's what it used to be like 90, 95%. But yeah, 70% of US mortgages are guaranteed by these two giants. And many are saying that Trump is going to privatize them once again. Now, you have Mark Zandy, the economist at Moody's saying, look, this could add $1,800 to $2,800 annually to mortgage costs for the typical borrower. The burden would fall on lower income families. And the gist behind this, Dwight, you know, my question to you is, do you agree with Zandy's comments that it could add? Let's just round it up. You know, a couple of grand. The reason being is because it would make mortgages more risky because you don't, quote, have the government backing of this. So do you agree with that? Because this is going to be a topic going forward. Well, the short answer is no. I think that privatizing it will increase efficiencies and drive down costs. That's what I believe. I believe the government gets in it and just creates this mud and it can't get out. I mean, who would you rather? I would rather have you build a bridge than the government, right, John? I think you can build it cheaper than the government. The government can't operate this. And it doesn't take away to your earlier point. Fannie Mae and Freddie Mac is a delivery system, basically, right? Yes. I mean, they give the lend of the money back so they can re-lend it. And then they take the mortgage back and put it in this securities, mortgage back securities, and they pull them and sell them out there. And the reason why you want to buy a Fannie Mae mortgage back securities is you believe that what Fannie Mae has done in their approval process and, you know, their guidelines, you're getting the cream of the crop, right? I'm buying Fannie Mae mortgage back securities on the top of the top. Well, no, no, I know. You know where I'm going with it? The AAA rubber stamp of the financial crisis, yeah. But that really wasn't Fannie and Freddie's fault back then. That wasn't, that was the Wall Street creating products. We, you know, we could go into a whole show on the five shows on that one. But I think, I think they're already, I think the government has already served. This ship is sailed. They served their purpose. They came in. But even to your point, if you went from 95, which I believe you're correct, John, for many years, we were 95 to 70. Now that's good trending to say, Hey, okay, maybe now we can start to slowly wean it off from the government being responsible for it. But how do they go up that $17 billion cash cow? How do you, I don't know how to give it up. Right. Yeah. That's what you've always said. I was going to bring that up that you've said this has become an ATM machine for the government because that's going to be, and I think that's probably why some of the Democrats don't want to give it up. Right. The Republican side wants to give it up and say, look, bring it back. Private. Let the system work the way it was supposed to. And all the Democratic side of the politician is going, no, no, no, no. It's fine. Everything's working just fine the way it is right now. Well, that's what I want to get to your opinion. I mean, John, even the way you currently sit, even the way you currently sit, we still have loans out there that are riskier than so what does it matter? I mean, you're going to have to keep nobody kept an eye on the ball. Remember we talked about that. Yes. And of course, that there were warning signs a long time ago. So I don't think privatization is going to change the appetite out there where you got investors coming in with different products. So you just, you know, I think if I remember, Barney Frank and Christard even turned their head when they were standing in trouble. Yeah. I'd love to see it go back to privatization and get leaner, meaner, and more efficient. Well, it sounds like so does the Trump administration. We shall see how critical this island is and what those stocks do in the days going forward. All right, Mr. Edge, you're going to be the star when we come back as we're going to tackle our local real estate data for the month of November. But first, our other local star, Greg Neff. He's going to give us news traffic weather. Hey, Greg. Welcome back to the John Sanchez Show in his talk. 780 kilo. It's a core age of agility, a delight. Millard of. Oh, Dwight. Dwight. Dwight. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. 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We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. We still got to keep doing it. Dwayne, isn't it amazing? I mean, you think about where your mortgage rates were throughout last year, right? It was a challenging year where they've been for a good portion of this year, but yet we're still able to go from 4,085 closed in 2023 to 4,154 in 2024. To me, resiliency is the key word. And you've always said it that you like the Teflon analogy too, and it has been. I mean, people found a way to make it work. Even when we were hoping that as rates went up, home prices would come down. But we haven't seen that. So it is, you know, it is good to see it's healthy. Can you imagine now if the economy gets unleashed? I mean, where we're going to be. So this will be fun to talk about if we start to see trending. But yeah, I think it's a good number you got. It wasn't a huge increase, but it was enough to say we're still positive. Positive gains. Absolutely. Corey, only 19 days to median days to contract. Pretty solid number, not much movement over year over year, month over month. No, no, they'd stay pretty close. And that's, again, that's an accumulative, right? So if you took all of last year, year to date, all this year, year to date, we're at 20 for last year, 19 for 2024. That's solid. And what that means, John, is you're going to list your house. The minute I put it on MLS till the day we accept a contract and it goes pending almost only 19 days. Hum, cumulative for the year. If you look at the month of November, that number is 31 days. But again, it's going to trend up, you know, November, December, January. Absolutely. Absolutely. Yeah, that's not bad. And, you know, again, folks, you can kind of look at that and say, okay, you know, the median days to contract. This year, again, is 19 days. If your house is sitting on the market for 30, 40, 50 days. Obviously, you got a factor in seasonality as you keep mentioning Corey and so wisely mentioning. But let's say we were in non-seasonal time periods and say it's, you know, April, May, whatever the case is. And you're exceeding that 19 days, if it's still holding as the median. That tells everybody that you're overpriced or your realtor's placed your home in a overpriced bracket, correct? No question. In my opinion, that's exactly what it is. Other people would argue, you know, factors that are beyond their control. So they have an excuse, but it's all priced. Okay. List price received year to date 99% last year, 98.5%. Not bad. Yeah. I mean, who doesn't want 99% now again? Here's my caveat. I say it every time. That is the last asking price before you accepted the offer if you're the, if you're the listing. It does not count all the price reductions. So I get this all the time. People are like, well, if you're getting 99%, you know, that's what 500 let's say. Right. Right. Yeah. It's still there. But once you get what it tells you, then, is once you get to the right price, the market will pay you that price. You just have to get there. That's right. That's right. Yeah. Corey, why would it not factor in the originalist price to give people more of a sense of movement? I mean, I guess that's just their way of make it look good. No, I think it's, and I don't, I haven't put these reports together. It's somebody way smarter than me that knows all these. So like that's probably the easiest way to calculate them. I'm sure they could add another column and figure out original price versus sales price and see what that number is. I don't know how much further it would be off, but they are two different numbers. Our medium sold a per square foot, a dollars per square foot. This was a significant jump, Corey, 5.5% year over year from $300 a foot last year to now we're at $316 medium sold price per square foot. Yeah. And again, that's the cumulative number all through 24. So to jump 16 bucks a square foot, key minute of the way through the year is pretty good. And if you look at the November, just specifically November sold price per square foot is 327. Right. Which I know some people that would love to pay through 127 bucks a square foot because they're paying 6,700. But this includes everything. Yes, exactly. Corey, Corey, do you know, just a quick question, John, Corey, do you know? I mean, I think the building side of that is quite a bit more correct. I mean, new construction. I was going to say. Yeah. I think it's quite a bit more in that, isn't it? I don't know the exact answer. I would venture to guess that if you're in the production side, kind of the lower production side of it. It's probably not as bad as that, but you get into the specialty stuff and the specs, that and you're going to be double that amount easily. Yeah, absolutely. Yeah. All right. We come back. We'll hit the grandaddy report, which is our portion of the report, the new listings and our active inventory. Let's drop it up to Kristin Snow in the right now. Traffic center. Hi, Kristin. 673-6700. Mr. Rillard. 240-2022. Thank you, sir. Appreciate it. All right. You did some research during the break, which you're finding for new construction, average price per foot. Get that going. Yes. If you move away from AI, which says 130 a square foot, John, that's it. Yeah, right. So when I go deeper and deeper into the numbers, it comes up about 411. It gives a pretty good range, but gives an average, which I think is pretty close. Don't you think we're going to have to get awful close? Yeah. Yeah, compared to the 316. Perfect. All right. Now, Corey, let's go to the new listings. I like seeing this. This number has jumped up pretty nicely. It looks like some people are finally going, "Yeah, I may have that, you know, 2-3% mortgage, but you know what? I'm ready to start moving on." I like seeing this open up the inventory a little bit, which we'll get to. 4,815 new listings last year. 5,353 so far this year. I'll tell you 11.2%. And that's the numbers you want to be watching, right? And I totally agree with you. You can only tell people, you can only dangle, you know, $300,000 in front of people. For so long before they grab it, they don't care what the interest train is. So I think you're going to see more on there. It's interesting because if you look at just the November number, we're down 30%. Right. But again, even now, the year the annualized trend is much better. It's starting to, you know, unwedge itself a little bit. Yeah. Yeah. I like that. All right. Let's wrap up. The news in regards to the market that I want to wrap the show up with. But let's wrap this segment up, Corey, on the real estate side. As far as our month supply of inventory, another great number that we get to follow. Yeah, 2.7. And so we're up. And again, this is just for November, 2.7 months worth of inventory, up almost 12% from October. That's good. And I hate to keep saying the same word, but seasonality, we're going to see more inventory come on. It usually reduces itself in the spring, but it just gives buyers more options now. Right. Right. And up 14.4% November to November. Yep. Yep. Not bad there. All right. Give us your report, Corey. How are we doing overall? Now we got all the data. I think it's good. No, no. I think it's hanging in there. I don't. There's nothing on the horizon. I don't regard this to what Trump does and tariffs and Fannie Mae. So the housing market seems strong in the local areas, got good jobs and, you know, it's way more expensive than people want it to be, but it's holding them. They're pretty good. So if this was the end of the year and you were a teacher and giving Dwight his senior grade as a Senator, Carson High, what grade would that be, Corey? Are we talking about the housing market or Dwight individual, because I don't know how Dwight goes from class. But if I was talking about generally, I think generally the market to me would get an A because you're even in the face of interest rates and high prices. You're still at five percent. It doesn't seem super frothy to me. Foreclosures aren't out of control. I will tell you, I was digging through foreclosures the other morning because I have nothing else to do. There's an subordinate amount. There's a massive amount of HLA foreclosures working their way through this system, which worries me a little bit because people will fill up paying their HLA payments before they start paying their mortgage payments. So it caused my attention to see the number that big. Or do you think it could be, how often is it just an oversight? Because usually it's not that much money, right? These aren't oversight. No, no. After what happened in 2007 and 2008 and have taken houses, I mean, it's usually a budget thing because people don't realize how much power an HLA has. What's the little HLA going to do? Well, they will take your house. They will take your house. Yep, exactly. Are the amounts very large? No, the amounts aren't big at all. A couple thousand bucks. Yeah, that's my point. It's like, oh, okay. Yep. Interesting. All right, excellent data. It looks like we got an A from the master himself. And Dwight only wishes that he could have got that when he graduated. That's okay. Or along each state, either one. I do want to throw this out there. We've got some good news going on in the after our recession. Again, still very early futures just started trading less than an hour ago. Dow futures up 105 and the catalyst right now is sales force. They release earnings after the close. It had a nice beat on the top line, little miss on the bottom line. But right now, sales force a Dow component up 10.48%, $34.74 gain to 366.17. Great job fellows. We'll do it again tomorrow on the John Sanchez Show. God bless. Have a great evening. This program was sponsored by Sanchez Wealth Management. 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