The American Dream's Reality Check | Weekly Business Briefs w/ Martin Perdomo

Is the American Dream of home ownership fading into history? This week, we tackle the stark realities of the current housing crisis, with home sales plunging to historic lows. Our analysis reveals the struggles faced by buyers and investors amid soaring prices and interest rates. California stands out as a particularly hard-hit region, adding to the complexity of the national picture. We provide actionable strategies for those looking to protect their investments or enter the real estate market during these turbulent times. Whether you're a seasoned investor or just getting started, this segment offers insights to help navigate the storm.

We also uncover shocking details about the financial practices of major US energy companies. Despite being top producers, these giants are funneling far more money to foreign governments than to the US, stirring controversy and raising questions about fairness and transparency. As we transition to the political arena, newly released ICE data has ignited a fiery debate over immigration policies, with Republicans claiming the Biden administration is failing in enforcement. We scrutinize these claims to offer a clear understanding of the facts and their implications for society. Don't miss this comprehensive exploration of crucial topics shaping today's economy and political landscape.

Transcript

Speaker 1: 0:01

It's Thursday, october 3rd 2024, and it's time to get down to business and dive into the top three news in this week's Weekly Business Brief. First up, it's a housing market disaster out there, but here's how you can protect your investments. According to a recent analysis by Redfin, only 2.5% of US homes changed hands in the first eight months of this year, the lowest rate in the last 30 years. This is due to a combination of record high home prices and elevated mortgage rates, making it one of the most unaffordable housing markets in generations. The number of homes sold this year is significantly lower than in previous years, with a 37% decrease compared to 2021 and a 31% decrease compared to 2019. This is partly because there are fewer homes available for sale, with only 32 out of every 1,000 homes listed for sale in the first eight months of this year. Some areas have been hit harder than others, with suburban and rural areas seeing slightly more activity than urban areas. California has been particularly affected, with seven of the 10 metro areas with the lowest turnover rates located in the States. So this really, basically, is coming down to three things you got interest rates high, you got prices the highest they've ever been, and people can't afford this. That's what it's coming down to, right the lack and effect staying in those clauses. So this makes sense to me. Prices are too high, interest rates are significantly high, although they're coming down, and that enough inventory creates a problem with affordability. So if you're interested in jump-starting your real estate investing journey and learn more on how you can protect your investments, check out my website, wwwmartinrimathrecom, and let's get you started.

Speaker 1: 2:00

In other news, the great energy heist how big oil is stealing from the American people. Three major US energy companies paid over $42 billion to foreign governments last year, which is eight times more than what they paid in the US. This information was revealed due to the new SEC requirement. Environmental advocates have been pushing for this transparency for years to understand big oil's foreign financial dealings and whether US taxpayers are getting a fair deal. While the US has become the world's largest oil and gas producer, it seems that the company is benefiting more from foreign operations. For example, exxon paid nearly $25 billion to foreign governments in 2023, while only paying $2.3 billion in the US. Chevron and ConocoPhillips also had similar patterns, and this week on Election Watch, republicans exposed Biden's border crisis.

Speaker 1: 3:02

Republicans have been using newly released immigration and custom enforcement ICE data to argue that the Biden administration is failing to detain immigrants with serious criminal records. The data provided to Representative Tony Gonzalez highlights that, as of July 2023, 662,556 people under the ICE supervision had criminal convictions or pending charges, but only about 15,000 were in ICE custody. Notably, the figures include over 13,000 convicted of homicides and more than 77,000 for traffic-related offenses. However, ice clarified that these numbers span decades, not just the Biden administration, and many individuals might be in state or local custody rather than ICE. Republicans, including Donald Trump, have framed the data as evidence that Biden's immigration policies are letting dangerous criminals enter the US, but Homeland Security responded explaining that these numbers aren't exclusive to Biden, that these numbers aren't exclusive to Biden's time in office and include people from previous administrations. They also noted that over 700,000 people were deported in the past year, including 180,000 with criminal convictions since Biden took office. Additionally, legal and logistical challenges, such as countries refusing to take back P4Ts, make it difficult for ICE to remove certain individuals. The debate highlights the complexities of immigration enforcement and how the data is being interpreted for political narratives.

Speaker 1: 4:46

And this has been your weekly business brief. I'll see you guys next week. Peace.