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June 16, 2022 - Sean Hannity Show
33:25
Home Values Are Crashing - June 15th, Hour 1

Home values are going to increase dramatically.  Homes are usually people's biggest investment and now, interest rates are increasing 2 points.  This is what Joe Biden has cost each and every American!See omnystudio.com/listener for privacy information.

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Day 305 and day 318, since Joey promised he wouldn't abandon Americans behind enemy lines.
In fact, he did more than we even thought.
And uh thousands with American green cards and our Afghan allies that he also promised, we're not gonna abandon you.
We promised, we promised you, and he abandoned them all.
Uh if you're not following the news today, you've been busy.
Uh the Fed now launched their biggest broadside, raising the benchmark interest rates, a whopping three-quarters of a percentage point in a move that is the single biggest hike since 1994.
Now that this is gonna have a huge impact on the economy.
Their ideas, the economy, inflation, it's overheated.
We need to slow it down.
Well, slowing it down is gonna impact people's lives dramatically.
And even the Fed and and even uh economists are now saying, yeah, job growth is gonna pretty much stall out, and if you don't have a job, you better try and get one fast.
Let me give you a quick little math summary.
Let's say you buy a 400,000 home.
Okay, let's say you put down 25%, 100 grand.
Let's say you got in not at the lowest part, but in you know, at a good rate of 3.75%.
Now, many of you might have locked in in the twos, many of you locked in in the low threes, uh, because you're refinanced.
Uh, these rates today will seem really low compared to a year, two years from now.
What mark my words, if in fact Goldman Sachs and all these economists are right, and we're gonna have another six or eight rate hikes.
All right, let's say so you 3.75% rate, 30-year term, and you know, taxes we'll just assume, you know, average tax rate, I don't know, $3200, okay.
Um, and somebody sent me this today.
Now, if you had a 3.75 interest rate on a $300,000 loan, you put 25% down, your monthly payment for your home would be 1,000 981 dollars.
Okay.
Now let's jump to close to where we were yesterday.
Well, 6.35% before the 0.75 percentage point basis point increase, the biggest since 1990 uh 94.
Before today's rate increase, and you were paying now six, six and a half, whatever percent, somewhere in there.
Same home, 400 grand, same down payment, 25%.
You you put down uh uh a hundred grand.
So you owe you're borrowing 300, 30-year terms, same taxes.
Well, because of the interest rate hike, you know, 3%, little less than 3%.
Instead of paying 1,981, that same home will be $2,537.
All right, now you're adding another full point on top of it.
So now we're gonna be over seven percent.
Well, now you can add another six hundred dollars or so to your monthly payment.
And what does that mean for the economy?
What does that mean in just the housing industry?
And I know many people have been looking at the stock market.
Stock market's great.
You're 401k is great until you actually extract it and take that money out.
Until then, it is subject to market forces.
That's the stupidity of the ins and insanity of the idea.
We're gonna tax people on their projected capital gains.
Well, it's not a gain until you actually sell something or sell something off or sell a stock off or you buy a business, and maybe it's worth a million dollars one day, but by the time you sell it, it's worth 500,000.
And yet you've already paid taxes on it.
Do you get a refund?
It's insanity.
It's not a realized gain.
But Democrats, they they want to pick your pocket any way they can.
So what's going to happen with these rate price increases?
Let me tell you what's going to happen as a former contractor.
New home construction is going to now come to a screeching halt.
That's actually good if you're looking to get a contractor because they've been pretty unavailable in recent years, which I say good for them.
I did that 10 years of my life.
It's hard work.
They're now going to struggle as an industry.
Mark my words.
New home construction is pretty much going to come to a screeching halt.
Now, what's the next impact of all of this?
Well, with rising interest rates, as I just pointed out to you, that means you're going to have fewer people getting into the wanting to buy a new home because it's now become dramatically more expensive for them to do so.
So what does that mean?
That means sales of existing homes will drop significantly.
What does that mean for homeowners?
Well, the valuation that maybe you had before Joe Biden was president, or maybe in the first year of his presidency, and home buying was going wild, and especially in places like Florida and Tennessee, you know, you'd have an open house and 15 people would show up and people who would start bidding above asking price.
That's all going to come to a screeching halt, also.
Because you won't have as many buyers out there.
You won't have as many people in the market out there.
And home values will decrease probably rather dramatically, and homes are usually people's biggest investment.
So it's going to hurt, and it's only gonna get worse.
This is now, we've raised interest rates two and a quarter points, including today's rate.
That now means is it two?
Wait, well, I think I think it's two percent.
I think it's twofold points, two basis points.
So this is where we are.
This is what Joe Biden's economic and energy policies have now caused.
Now, this is where I keep going back to the issue of oil and gas.
Hannity, you're a broken record.
I'm not a broken record.
We were energy independent.
We didn't need to be begging these countries that hate our guts, like Iran and Saudi Arabia and OPEC nations and Venezuela and Russia.
We have enough natural resources available in this country.
It's good for national security, it's good for job creation, it's good in terms of lowering the price of gas.
You're significantly increasing the world supply.
That will, if demand remains constant, that will drive down the price.
That also will have an impact on everything we buy in every store we go to because the rigs, the 18-wheelers that bring and deliver the goods to the stores, they'll be paying less in terms of diesel prices, and they can lower their rates, and we will be the beneficiaries of such.
And the cost of production for manufacturers, that will go down as well.
This is not complicated economics, but this is where we now are.
And all we get are well, when we get to renewable energy independence, then you can expect your prices to be reduced.
Well, somebody needs to show me the science behind all of this, because none of this technology they're talking about exist at a level that we could afford it that makes the transition possible.
So in the meantime, they're living on their fantasy land thinking that what we're just gonna suck it up at five dollars plus a gallon for gasoline and more for diesel in the meantime.
By the way, there or get lectured about how we need an electric car.
By the way, I'm I happen to like Ford Motor Company.
I'm This is not a hit on them, but they have now issued a recall for 49,000.
They have of their electric Ford Mustangs manufactured between May of 2020 and May of 2022.
Anyway, a huge chunk of their Mustang electric vehicle fleet, almost all of it.
They've now been instructed, dealers have been instructed to stop selling them if they were produced between that period while it develops a fix for 48,924 Mustang owners that have experienced overheating, startup problems, loss of power.
Let me repeat, loss of power.
And I'm not saying I'm against electric cars.
I had a hybrid once, not quite the same, but it is what it is.
So we now also now think of the other impact of all of this.
People now, because of Biden's high energy cost, all of this preventable.
This is what really angers me the most.
We did not have to go down this insane road.
This was promised by Biden.
He delivered on his promise, and we're all suffering as a result of his adherence to this climate alarmist religious cult, new Green Deal cult of his.
But now, okay, look at America's retailers.
Well, Wall Street Journal, read the journal, points out Americans' retail spending in May declined because consumers are feeling the pinch from inflation, high gas prices, rising interest rates that are making car purchases more expensive.
By the way, if you think cars that they can't produce enough of, if you can find one, you're usually paying above MSRP.
Now, if you're gonna if you're you're gonna take out a loan to get that car, if you're gonna finance it, it's even gonna cost more.
Anyway, retail sales are now down.
Uh we now see also spending at stores off spending online, restaurants, that all has dropped in May more than the previous month.
The commerce department saying uh today, first decline month over month in retail spending in a year.
I mean, if you look at Biden inflation and the scoreboard, you know, we're paying uh double digits more for meat and poultry and eggs and non-alcoholic drinks and dairy and cereal and bakeries and any restaurant you go to, you pay them more there too as well.
I mean, this this is a this is now a self-induced crisis.
Now, the normal thing to do would be to uh look at your policies and say maybe we're doing something wrong.
No, they double down.
Joe Biden, and I'll play this at the bottom of the hour, you're gonna love this, screaming, screeching at the AFL CIO yesterday.
I mean, you can't even make it up.
He's just making one delusional comment after another.
We're changing lives.
And I'm like, yeah, you're changing lives for the worse.
I mean, everything you've done is now hurting us.
Now they're writing letters to the oil companies.
Uh why don't they go and look at the oil company profit margins over the years?
Now they have years they make billions of dollars.
They do.
It's the lifeblood of the world's economy.
If you're in the oil business, it's risky business.
But I can show you years like 2021 or I'm sorry, 2020, where Chevron lost $5.5 billion, or in 2016, uh $479 million, or Exxon lost $22.4 billion in 2020.
So they have years where they do really well, or Devon uh energy.
Well, they lost in 2021 2.8 billion.
They lost in 2020 2.7 billion.
They lost in 2019, 355 million.
Uh pioneer natural resources.
Now the other thing we have is because of bureaucratic regulation and Democrats, because now Democrats, Ron Wyden, well, first Joe Biden sends a letter to oil company executives blaming them for his freaking policies.
We can go back to the policies that he inherited.
He is the one that has burdened the country by killing Off the Keystone XL pipeline, banning drilling in Anwar, pausing all new oil and gas permits on federal lands, restricting fracking, slowing down production of a slew of new regulations.
And yeah, our refineries, we've we're almost at a hundred percent capacity as it is.
And liberals and leftists and climate alarmist cult members don't want to build new refineries because it might pollute the planet.
And they don't like fossil fuels.
So they cause that problem on top of every other problem.
I'm telling you, just you know, I now, in the long term, I have a little hope, but it's going to take a change in power.
You're gonna have to vote for people that support liberty, freedom, capitalism, our constitution, uh, energy independence, border security, common sense, less bureaucracy, lower taxes.
That's it.
It's that simple.
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All right.
So here we have record gas prices, and our climate alarmist guru, John Curry, had this to say.
Energy security worry is driving a lot of the thoughts now about, oh, we need more drilling of gas.
We need more drilling of this.
We need to go back to coal.
No, we don't.
We absolutely don't.
And we have to prevent a false narrative from entering into this or again uh pun intended.
We are called Yeah, we do need to.
And Joey is just, he's about to go over to Saudi Arabia.
Now, this is what Joe said as a candidate about Saudi Arabia.
We have that cut somewhere.
Apparently we don't have it.
Anyway, he said he would make the Saudi Arabian government the pariah and accused MBS of killing Jamal Khashoggi.
And now Joe Biden's going to Saudi Arabia, and they want to tell us and convince us that he's not going there to talk about energy or oil.
Now, we know they're trying to make a deal with the Iranian mulas that would give them money that has not been that has been frozen for them because of their ties to terrorism and their threats against, you know, most other countries in the world.
Um, they're now going to give them billions of dollars.
And they're going to allow them to partner with Russia and build a nuclear facility, and they want the Iranian revolutionary guard off the terror watch list.
And then we're going to import oil from Iran and make them rich or make Venezuela rich.
Now we're going to make the Saudis rich and OPEC rich, and we have all the natural resources right here in this country, if he just returned to the Trump policies and rescind his idiotic uh green policies that he implemented on all of us.
Thank you.
Solid as a rock, honest, truthful.
This is the Sean Hannity show.
By the way, 25 till the top of the hour.
This is just broken.
Apparently, Dr. Anthony Fauci, the head of the U.S. pandemic response from the NIH, highest paid government official, has now tested positive for COVID-19.
He says he's experiencing mild symptoms, according to the NIH.
Um doesn't say what he will be doing in terms of treatment.
We wish him well.
But he, along with everybody else, if you remember when they were pushing their vaccines, they did if you get vaccinated, you're not gonna get COVID.
Okay, now people are vaccinated, and they got their second first shot, they get the second shot, then they get the first booster, then they get the second booster, then they even get infected with COVID, but started with Delta variant and and breakthrough cases, and you have natural immunity, and then people are getting it twice.
And still they are running out of monoclonal antibodies.
And they don't they took them forever to get the you know, what do you call Paxlovid?
Um, the the antivirals out there.
By the way, joke of the day.
Hillary Clinton slamming the mainstream media is too reluctant to call a lie a lie and take on the battle between democracy and authoritarianism.
The woman that signed off on the two biggest lies and conspiracy theories, probably in history.
You know, Trump Tower and Alpha Bank connected to Russia lie.
She signed off on it.
Uh she paid for the dirty disinformation dossier full of lies about Trump Russia collusion.
Good grief.
You know, did you wipe your server clean?
You mean like with a cloth?
You mean is that what you mean?
We live in amazing times, don't we?
Uh anyway, so you've got all of these issues, all these problems.
The only one good thing I heard out of the Biden administration, they're considering instituting a federal gas tax holiday.
You may not know this, but every time you fill up every gallon of gasoline, 18.3 cents a gallon for regular 23, I'm sorry, 24.3 cents per gallon of diesel.
Remember, that cost gets passed on to us anyway, uh, is what the federal government gets.
You know, when you break it down, for example, they're they're so against tobacco companies, they make a fortune off tobacco companies.
It's it's unbelievable.
You know, Biden is out there and he's claiming, you know, that you know, we're changing lives.
Oh, you're you're changing lives.
I'll use Joe's frame.
For God's sakes, Joe, you're full of malarkey.
Because the malarkey never stops, Joe, doubling down on his absolute stupidity.
Now, notice where this came from.
He's been signaling, said it even on Kimmel's show, that his problem is communications.
We're just not telling the American people about all our success.
And then he lies and tells the American people uh average family saved $9,000 more since I've been president.
Wrong.
Actually, just the opposite is true.
So they're saving more money.
So he doubles down on his stupid economic and energy policies.
I don't want to hear any more of these reckless lies on spending.
That's coming from every economist that is saying they overspent and didn't need the money that he approved in this extra COVID bill when he became president.
And yeah, his policies are changing lives forever.
You're right.
You know, now we have a 41, two-year high of inflation, a tanking stock market, a looming recession, uh, the highest gas prices we've ever paid on average over five uh dollars a gallon for gasoline.
You know, the stimulus money that he dumped on the economy, two trillion dollars.
You want to know why the Fed is working so hard, raising interest rates and destroying the economy even further?
Almost, and by the way, way too late.
It's not gonna, it's not gonna have the impact that it they think it's gonna have.
It's gonna be even more disaster.
You know, he blames Donald Trump, he blames Vladimir Putin, he blames everybody but himself and his and his climate alarmism.
And he has his climate, you know, alarmist leader, the climate change expert, John Kerry, the guy with his own private jets, flying around now in government private jets with a big carbon footprint every time it gets on board his plane, wouldn't have a problem if he didn't lecture us about the use of fossil fuels.
We absolutely don't need to drill for more oil or more gas.
All right, well, he's got a fortune, so he can afford to put fill up his jet any time he wants.
Have you seen the price of airline tickets recently, Mr. Kerry?
I tend to doubt you have.
Um now Joey's gonna go to Saudi Arabia.
I just mentioned this at the bottom of the hour as we were going to break.
Uh this is the same guy that said this during the campaign.
Listen.
The State Department also says the Saudi government is responsible for executing nonviolent offenders and for torture.
President Trump has not punished senior Saudi leaders.
Would you?
Yes.
And I said it at the time.
Koshogi was in fact murdered and dismembered.
And I believe in the order of the Crown Prince.
And I would make it very clear.
We were not going to, in fact, sell more weapons to them.
We were going to, in fact, make them pay the price and make them, in fact, the pariah that they are.
There's very little social redeeming value of the in the present uh government in Saudi Arabia.
And I would also, as pointed out, I would end subsidies that we have, end the sale of material to the Saudis who they're going in and murdering children and they're murdering innocent people.
And so they have to be held accountable.
More malarkey from Joey.
Joey's now going to Saudi Arabia.
Now, usually when you're with another head of state, he's going to meet with the Crown Prince.
Um they usually have a joint press conference.
Now, how much would you want to bet Joe Biden wouldn't have the let me say this in a way that is not deemed as ma uh toxic masculinity?
Let me get it right.
Let's just say he wouldn't have enough toxic masculinity to say it right to the guy's face.
How's that?
Linda, that was pretty good, right?
On a wordsmith here.
Um he's not going to say that to the Crown Prince's face.
And he says, oh no, we're not going to make an oil deal.
You're lying.
He's going there to get and encourage Saudi Arabia to use their influence on OPEC nations to produce more energy because he's too stupid to produce it here and use our own natural resources.
Do you know the world thinks we're stupid?
At least our leaders are stupid.
The American people aren't stupid.
The American people understand that we we can be energy independent.
American people, remember Trump said, do you like your $2 a gallon gas?
Yeah, I liked my $2 gallon gasoline.
Yeah, I don't like paying twice what I paid last year at the grocery store either.
You know, Joey's saying he's changing people's lives.
Okay, for the worse, with you know, the the highest inflation in 41 years, highest gas prices in history, lashing out of critics.
He he goes to the speech screaming and yelling yesterday at the AFL CIO, you know, pointing out asserting that the economic problems facing Americans came from outside forces.
No, they came from your policies, Joey.
Sorry, Ari Fleischer said last night on the TV show that it's the first president to ever run on saying that the American people are wrong about the economy.
No, the American people are right about the economy because they feel it and live it every single day.
And then this lecture in this letter that he's sending to oil companies, uh, wrong, Joe.
You you know, if your policies would allow them to reduce the price of oil, you are the one that put these restrictive policies on them.
Department of Energy saying they were selling another 45 million barrels of oil from the strategic petroleum reserve.
By the way, we have to refill them for an emergency.
It is a band-aid.
I told you then it was a band-aid.
It dropped prices for a short period of time, maybe like a month, and then they went right back up.
So it's a band-aid solution.
It's not the answer.
You have some places where nearly in California, nearly $10 a gallon for gasoline.
California state average six dollars and forty-three cents per gallon uh for gasoline.
I mean, it's unbelievable.
It's frankly unbelievable.
And they wonder why they're about to get the shellacking in the midterm.
They're about to.
I don't know if you saw what happened, and we'll get to this.
Uh in the 34th Congressional District, Myra Flores won every county, I believe, but one the last time I looked late last night.
A Republican, it was a 38-point swing in terms of Democrat versus Republican.
And she is a Republican.
And she's gonna, I think she's gonna be a rising star in the party.
So anyway, mortgage rates were up yesterday to 6.28% for a 30-year mortgage.
A week earlier was 5.5.
Now that we went up 0.75 basis points today, three quarters of a point.
So now we're gonna be over seven percent for a 30-year mortgage.
If you use the example that I gave you earlier, if you put 100 grand down, 400,000 house, finance 300,000 of it, say you had a rate at 3.75.
Now you're gonna get up.
You're literally paying hundreds of thousands of dollars more over the course of your loan.
I mean literally hundreds of thousands.
Wholesale prices went up ten point eight percent in May, a near record annual pace.
Uh what does that mean?
The producer price index that the measures, the prices paid to producers of goods for services.
That's up month to month.
10.8% over the past year, the monthly rise in line with the Dow Jones, which by the way, is you know, been taken one hit after another.
Uh an article, Yahoo Finance, property values falling all across Europe.
Uh and and now with these rate increases, the housing market's gonna stop.
I'll tell you where it's not gonna be as bad.
Florida, Texas, Tennessee, and the Carolinas.
Hannity, why why are you guessing that?
Because people are moving there and demand will still remain at a reasonable rate.
It'll be lower, but it's not gonna be, you know, bidding over asking price.
It's not gonna be those conditions.
But with all the people that are saying the hell with this and getting out of these these Adam Schiffhole states like New York and California and New Jersey and Illinois, they're all leaving to save money and have a better life.
I mean, Florida's a perfect example.
They take in half of the amount in taxes as New York.
Their infrastructure's a thousand times better than New York's.
It's unbelievable.
And a lot of people, well, what do we do with our money?
By the way, for those of you who thought you were going to be billionaires with crypto, uh, you're taking a pretty big hit too.
But I think everybody knew I as I had said at the time, remember, Linda, we talked about it.
Uh, don't bet anything that you're not willing to lose on crypto.
100%.
I actually think it'll I think it might come back.
I mean, Ethereum's down below a thousand.
That's the lowest it's been since it got on the market.
Yeah, it's been well, no, it was I I know people have bought it at 200.
Um, but it was 4,000, and and Bitcoin was over $6700 at one point.
But I'm saying to go down that much.
To go down that much.
If you have your money in crypto, Bitcoin, Ethereum, whatever it is, and to lose that much money.
It's a big hit right now.
And that's a lot.
I mean, Ethan and I were just talking about it.
If you're in the housing market, and this is where you had all your capital, you're in trouble.
Anyway, Myra Flores, by the way, uh flips this Texas House District Red in the special election.
Good for her.
I know she'll have a new district when she runs in November, but uh, she seems like a real rising star.
Um, oh, yeah, we have one of the radical nut job squad members predicting, quote, civil war if Republicans take back the house.
Congresswoman uh Jamal Bowman.
I don't even know where the person's from.
Anyway, over the weekend, said our white right nationalists could be emboldened to start another civil war if Republicans win back the majority in Congress after November's midterms.
Okay, good luck with that.
We'll see how that works out.
By the way, Biden, Democrats, media, none of them cared about the assassination plot against Justice Kavanaugh.
Took Nancy Pelosi over a month to pass security for Supreme Court justices.
None of them condemn the doxing of giving out these justices' addresses or giving out the school name of Amy Coney Barrett's kids and the church that she goes to and how often she goes to church.
This is sick.
Anyway, um, a new GOP election integrity measure has the Washington Post nervous.
RNC is spending millions This year in 16 critical states on a push to recruit thousands of poll workers and watchers.
Most states have laws that say partisan observers get to watch the vote count, start to finish.
That didn't happen in 2020.
Oh, Hannity, you're an election denier.
No, it didn't happen.
We didn't follow the law.
We should follow the law if we want to have confidence in results and integrity in our elections.
That's all I'm saying.
Pennsylvania, they need to follow their constitution.
Instead of passing a bill, they needed to put forward a constitutional amendment.
They didn't do that.
By the way, Trump said uh anyway, Trump congratulated Nancy Maso he didn't endorse.
In that case, five-term Republican congressman who voted to impeach Donald Trump, Tim Rice of South Carolina.
He's been ousted from Congress.
This one seat, Myra Flores is huge.
I mean, that is a.
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Every Monday, Wednesday, and Friday, we break down the news and bring you behind the scenes inside the White House, inside the Senate, inside the United States Supreme Court.
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