Valuetainment - ＂Sitting On 2M Empty Lots＂ - U.S Housing's DIRTY Secret REVEALED By FHFA Director Bill Pulte

00:00:00.260 Everybody is worried. Should I buy a house? Should I wait? What's going to happen?

00:00:06.520 Is Powell going to lower the rates today? Quarter of a point? A half a point?

00:00:10.260 What's going to be happening? What can you tell us?

00:00:12.180 Well, he should lower him more than a half a point. He should lower him two or three hundred basis points.

00:00:16.840 The issue with the Federal Reserve...

00:00:18.100 Two or three hundred basis points.

00:00:19.080 Yes, my view. So, you know, and I think the President has said, too, they're way too high.

00:00:24.000 But here's the problem that I see, Patrick, is you have a guy that President Trump put in this position,

00:00:28.540 and he's running the Fed into the ground. He has just completely destroyed the integrity of the Fed.

00:00:34.340 I'll give you an example. I criminally referred Lisa Cook, the Federal Reserve Governor, for mortgage fraud. 0.94

00:00:40.720 There's credible mortgage fraud, I believe, that she's committed.

00:00:44.240 In a normal environment, if he didn't hate the President, he would have already have launched an investigation into Lisa Cook.

00:00:50.160 He already would have potentially said to her, hey, look, Lisa, it's time that you step down. 0.98

00:00:55.260 Now you have a situation where Lisa Cook and the President are going to be going at each other in the Supreme Court, 0.98

00:01:01.600 where the President has the right, in my view, to fire her. He did fire her. 1.00

00:01:06.180 And so you have this just lack of leadership at the Fed.

00:01:09.180 So, you know, we're doing everything we can at Fannie Mae and Freddie Mac, but these interest rates have got to come down.

00:01:13.960 We've got to get a new Fed chair. I think the President will pick a great new Fed chair, but they've got to come down big time.

00:01:18.600 Okay, so let me read this story. For U.S. homeownership dips in 2025 for the first time in nearly a decade.

00:01:24.380 And here's why. This is a New York Post story.

00:01:28.560 The number of U.S. homeowners fell in 2025. First time in nearly a decade.

00:01:32.660 The figure has dropped. According to a realty company, Redfin, about 86.9 million Americans belong to a picket fence crowd.

00:01:41.500 As of April 1st, down 0.1% from 86.28. Who owned homes at the same time, 2024?

00:01:47.940 The United States last saw a drop of homeownership in the second quarter of 2016, early 10 years ago, from 74.36 to 74.4.

00:01:57.600 In April, the number, 1.1%. Inflation, high interest rate, mortgage rates, and skyrocketing real estate prices have priced a lot of people out of the housing market.

00:02:05.700 Redfin's head of economic research, Chen Zhao, told the Post the key metric had steadily increased each year since then,

00:02:13.880 climbing to 75.41 in 2017, 78.1 in 2018, and so on until now.

00:02:20.440 Over a decade of low mortgage rates since the 2008 financial crisis had helped people buy homes until recently, explained Chen Zhao, Redfin's head of economic research.

00:02:30.960 That's a lot of sudden changes in 2022.

00:02:32.800 What do you say to somebody that's sitting there wanting to buy a house? Should I go in and buy a house? Wait, what should I do?

00:02:37.080 I think buying a house is always going to work out in the long term because it's an inflation-protected asset in many ways.

00:02:42.160 However, I would say this. We are hitting it from every angle.

00:02:44.320 So we're not just blaming Powell because he is to blame and he deserves the blame.

00:02:47.720 But also at Fannie Mae and Freddie MacPatrick, we just allowed rent to be counted towards your mortgage.

00:02:52.060 So if you have been paying your rent the last 10 years, that should count towards your mortgage.

00:02:55.940 It never was beforehand.

00:02:57.140 We got rid of the FICO monopoly, the FICO score monopoly.

00:03:00.260 We're allowing cryptocurrency to count towards collateral as you're towards your mortgage.

00:03:04.700 So we're hitting it from every angle.

00:03:06.600 I do think, though, if people are going to buy a house right now, the best thing to do is to make sure that even if there was a housing crash, which I don't think under President Trump that will ever happen.

00:03:15.080 I think under other presidents like Biden, it could have happened, frankly.

00:03:19.300 I think in many ways it did because look at how bad the housing market is and we're trying to turn it around.

00:03:24.960 But if you buy in the right location and you buy something that is a good asset that's located well, can survive a crash, I think you'll do great long term.

00:03:32.400 So this is a good transition for me to go to, Brandon.

00:03:35.260 Your family, your grandfather, right?

00:03:38.300 William J. Pulte built a Pulte group.

00:03:41.900 God bless his soul.

00:03:42.880 He's no longer with us.

00:03:44.460 14 kids, massive company, $25 billion company.

00:03:48.720 You know, he was in the building business for many years, from 18 years old building a house for himself.

00:03:55.160 And I think he built a house for his parents.

00:03:57.180 The second home he built was for his parents.

00:03:58.680 And he built a Fortune 500 company, one of the most powerful builders at one point.

00:04:02.720 I think his business, his company was number one in that space.

00:04:05.240 That's right.

00:04:05.700 So on the building side.

00:04:07.700 Oh, we're going to get that going again.

00:04:09.120 Yeah.

00:04:09.300 On the building side, the question I want to ask is, Brandon, who just turned 30 years old, right?

00:04:14.960 You know, wanting to come up buying a house, you and I will have the conversation and we'll talk about the price of lumber, price of concrete.

00:04:22.320 Go ahead.

00:04:22.580 Your question.

00:04:23.080 Yeah, everything like sheetrock, concrete, lumber, windows, all that stuff has opened up.

00:04:28.680 We always talk about how it seems that it's not profitable to build houses and it's like a national crisis that it is unprofitable to build houses and there's a giant shortage in it.

00:04:37.840 So that's something that concerns me a little bit with rates going down.

00:04:40.720 I understand that inflation is low, so there's a lot of good reasons to bring rates down.

00:04:44.760 But remember when COVID happened, we brought rates down and the average house price went from like $378 to $500 in just three years.

00:04:52.680 So, you know, I'm concerned about prices going up like that again with the shortage in housing.

00:04:57.680 So, I mean, what do you say about that?

00:04:59.320 Well, I would say that the builders sit on a lot of land.

00:05:01.500 They sit on over 2 million lots by what we can tell.

00:05:04.480 And at the president's...

00:05:05.620 Builders sit on 2 million lots?

00:05:06.660 Yeah, 2 million empty lots.

00:05:07.960 Yeah, yeah.

00:05:08.540 That's the dirty secret.

00:05:09.960 And look, I love Pulte.

00:05:11.260 I love D.R. Horton.

00:05:12.080 I love Lennar.

00:05:12.740 I love all the big home builders.

00:05:13.840 But we've been meeting with them recently.

00:05:15.120 We've had some really good talks, I would say, me and others in the administration.

00:05:19.400 And I'm very confident we're going to get them building.

00:05:21.420 But, you know, look, they may need to bring their prices down.

00:05:23.820 They may also need to figure out how to make monthly payments only for people who are qualified,

00:05:28.420 but make it more affordable for people to buy homes.

00:05:31.040 So this really is all hands on deck.

00:05:33.380 And the builders are sitting on 2 million lots, Patrick.

00:05:36.040 So they got to get going.

00:05:37.920 So now they'll say, oh, well, it's not entitled and there's not sewers in it.

00:05:41.580 Well, then get putting the sewers in them. 1.00

00:05:43.240 Okay, guys?

00:05:43.620 How do you do that, though?

00:05:44.320 How do you motivate them?

00:05:44.940 Because price of concrete's gone up 150% since 2010.

00:05:49.180 We can motivate them.

00:05:49.920 We're trying to do it in a constructive way.

00:05:52.020 You know, I'll say this.

00:05:53.560 The top two home builders in the country, we give at Fannie Mae alone, year to date, $8 billion in liquidity to.

00:06:01.160 I got it.

00:06:01.960 Yeah.

00:06:02.360 Yeah.

00:06:02.900 So, you know, we want to be constructive.

00:06:05.500 But at the same time, you know, people have to step up and do the right thing by the American consumer.

00:06:09.140 They can't be like the oil cartel where they collude with each other, keep the prices high,

00:06:13.520 and then gentlemen like this guy can't buy a home.

00:06:16.200 But then the other part for me is the final one, incentive.

00:06:19.700 Okay, so the incentive part.

00:06:20.880 Rob, can you pull up a data, you know, the number of two-bedroom homes we build versus three-bedroom homes versus four-bedroom homes?

00:06:28.240 I just sent you the 14-square-foot one.

00:06:30.620 Rob, if you can pull that up.

00:06:32.300 So if you look at the number of four-bedroom homes skyrocketing, okay, versus the number of three-bedroom homes versus the number of two-bedroom condos, you know, starter homes,

00:06:44.320 builders are sitting there saying, why would I get into building smaller homes?

00:06:48.280 There's no money in it.

00:06:49.020 I mean, if you look at this, 1970s, look how many homes we're building per year that are 14,000 square feet or less, half a million per year.

00:06:56.820 And then we go to 400,000 of them in the 80s, then we go into the 300,000 in the 90s, then 200,000, and then today, less than 100,000 homes being built every year.

00:07:08.020 That's less than 1,400 square feet.

00:07:10.400 If I'm a 25-year-old where back in the days, you know, somebody wanted to buy a home, it took two and a half times average salary to be able to buy a house.

00:07:21.240 Right now, in some years, it's five and a half to eight and a half.

00:07:23.580 So what incentive do you give builders to say, guys, we've got to go build some 1,400 square foot homes, not these 2,800 four-bedroom homes?

00:07:33.220 What can we do to incentivize builders?

00:07:35.560 Well, I don't want to just pick on the builders, but I will say they do need to look at the margins.

00:07:39.260 And one of the companies that's done this is Lennar.

00:07:41.200 They've built smaller floor plans.

00:07:42.840 They are not just saying, oh, we need all these high margins and we need to make a lot of money.

00:07:48.140 Look, I'm all for these companies making money.

00:07:50.060 This is America.

00:07:50.660 But at the end of the day, you know, the builders, Patrick, when I was a kid at Pulte Homes, and, you know, I eventually went and worked there on the board.

00:07:57.080 But, you know, when I was a kid, it was less than 10 percent of the market was the big builders.

00:08:01.680 Now, Patrick, it's almost 60 percent of the market.

00:08:04.080 So a lot of people say, wow, these builders, they almost have like a monopoly on the market.

00:08:07.640 From what year to what year?

00:08:09.220 From probably 2007 till today, they've gone up about from 10 percent market share to about 60 percent of the market.

00:08:16.680 God. So, you know, you think about them, they're like the automakers these days.

00:08:20.240 And so if they set the price, but see, it's even worse than the automakers because they control the land.

00:08:24.400 Right. And again, I don't want to pick on the builders.

00:08:26.220 There's a lot of different angles that we have to go at from here, but we got to get it down.

00:08:30.200 Biden destroyed the housing market.

00:08:31.620 And that's not just I mean, I know it sounds like a crazy political point, but he did.

00:08:34.860 I mean, with this inflation that went up and rates went up as fast as it did, it scared the hell out of everybody.

00:08:39.480 They didn't build supply.

00:08:40.460 They kept margins high.

00:08:41.460 And we got our work cut out for us.

00:08:43.900 Tom, what are you thinking about this?

00:08:46.100 Well, I what I want to I also see a local angle to it.

00:08:49.840 Right. And local permitting and local approvals.

00:08:53.240 We just saw it after the L.A. fires.

00:08:55.400 Local municipalities.

00:08:56.340 And I'd love to see the administration, you know, kind of lead and drive like council of governors or whatever is necessary to say, look, your states are making it hard to build homes.

00:09:06.880 You have a lot of environmental regulations.

00:09:08.920 You've got permitting that takes forever.

00:09:10.840 Just look at the rebuild they're trying to do in Pacific Palisades.

00:09:13.940 I know that's a wealthy neighborhood, but homes were there in an area that had, you know, you know, decades of just neighborhood existence.

00:09:23.880 It's not new.

00:09:25.040 No one's trying to do it new.

00:09:26.060 And just to rebuild the homes, you've got insurance carriers holding checks ready to start the rebuild.

00:09:32.820 And there are sufficient resources to rebuild.

00:09:35.600 Yet the permitting process in Los Angeles is taking forever.

00:09:38.660 It's totally crazy.

00:09:39.840 And so I'd love to see the administration work with the governors and say, hey, get your state in order and let the let the building happen faster.

00:09:49.340 So I think the builders, I don't want to pick on builders either, but they they need to scream loud and ask for the governors and the administration to put pressure on the permitting process.

00:10:00.220 I agree.

00:10:00.420 And they need to be not afraid to ask for help or to call people out.

00:10:04.540 You know, the builders have been traditionally not willing to call out people thinking that it won't lead to anything.

00:10:09.540 Well, nobody's going to get homes built if they don't speak up.

00:10:12.300 Well, they want to be neutral.

00:10:13.760 I understand.

00:10:14.720 But, you know, how can you be neutral when you have people who have all of the permitting ready to go?

00:10:20.100 Palisades is ready to be built, but California and Newsom aren't making it happen.

00:10:24.480 They got to make it happen.

00:10:25.540 How do you accelerate that, though?

00:10:27.600 Because a part of it is so the one part where, you know, as a we want to build something here.

00:10:34.380 OK, the construction guy will come in.

00:10:36.320 He'll say, well, it's going to cost you six hundred thousand dollars.

00:10:39.340 Great.

00:10:39.880 How soon can you build it?

00:10:41.300 It'll take me six weeks to build it, but I can't control the permitting process.

00:10:46.060 Got it.

00:10:46.920 What can we do to accelerate the permitting process?

00:10:49.080 Well, you're dealing with X, Y, Z city laws.

00:10:51.240 And so you're going to have to probably wait.

00:10:52.820 What if we go pay somebody?

00:10:53.820 Well, that would be the other thing that you have to do.

00:10:56.120 That's that part.

00:10:56.860 But what what can we the White House and then the individual?

00:11:01.780 What can we do to accelerate some of these states to move their permitting and the regulatory process faster?

00:11:08.580 And how can we incentivize builders?

00:11:11.220 This is the chart I was talking about earlier, by the way.

00:11:13.700 In 73, we were building 70 percent of homes that were being built were three bedroom homes.

00:11:18.420 Then it drops all the way down to 43 percent.

00:11:20.880 Back then, only 20 percent of homes were four bedroom homes.

00:11:24.300 Now it's at 48 percent and two bedrooms have been around the same number, 10 or 9 percent.

00:11:28.420 That's not moved.

00:11:29.320 But the three bedroom starter homes has dropped nearly 30 percent, 25 percent of homes.

00:11:34.480 How can we incentivize both the builders as well as deregulate from the federal side?

00:11:41.620 Well, the issue is, as you know, is that at some level of the federal government, you kind of want to stay out of the way.

00:11:47.660 And so it is very much a local question.

00:11:50.640 However, I do think we are looking at some different ways, both at Fannie Mae and Freddie Mac, to make sure that the municipalities are being competitive.

00:11:57.760 And I would tell you this, too.

00:11:59.240 We recently held a meeting, me, Scott Turner, the secretary of HUD, Kevin Hassett, the secretary of Treasury, Besant, and many others, Kevin Hassett of the NEC.

00:12:08.960 And looking at all types of different ideas on housing, looking at is there a way that we could incentivize with federal funds or otherwise some of these municipalities to get going.

00:12:17.320 The good news is, Patrick, I do think that in 2026 this is going to be a huge issue, both in terms of the election.

00:12:23.560 But I also think that the House and the Senate, they're telling me – and this is what I don't understand in some of these Democrats who didn't vote for me because I'm just a housing guy – is they sat there and they sat there and they said, oh, we're going to vote for you and everything.

00:12:35.840 They didn't end up voting for me.

00:12:37.120 But they said in the same meetings, in the confirmation hearings, they'd say, well, housing is the number one issue amongst my constituency.

00:12:42.760 So I think there's enormous momentum going into 2026, and I think you're going to see some meaningful announcements out of us in the coming months.

00:12:51.240 I look forward to it.

00:12:52.860 Are we going to ask something?

00:12:53.620 Real action.

00:12:54.920 Is it overhyped, the impact that corporations are having on buying up these small houses, or is that something that's actually problematic?

00:13:02.660 I've heard a lot of rubblings about that.

00:13:04.180 I don't know if it's just BlackRock or private equity companies or just corporations are looking for a good yield that are buying up rental properties at overasking price.

00:13:12.780 Have you heard about that?

00:13:13.940 Are you concerned about that at all?

00:13:14.920 There's definitely something to that.

00:13:16.240 Now, one thing I want to say is that in addition to what we're doing with the rent being counted towards mortgages, crypto being counted towards mortgages, credit scores, credit bureaus, trying to bring down title insurance costs, all of these things.

00:13:28.760 You know, the number one thing, though, that has driven, in my view, in addition to Biden's reckless policies, this housing problem, has been mass immigration that he let in, illegal immigration, letting in 20 million people.

00:13:42.160 What does that do to our housing supply?

00:13:44.700 I mean, think about that.

00:13:45.740 If we build the big builders, we'll build, I don't know, quite a bit of homes this year, just shy of a million.

00:13:51.680 Do you know how many years that would take to make up for all of these illegal immigrants that came in under Biden?

00:13:57.200 It's significant. And it's the number one thing that, you know, obviously the media doesn't want to report on.

00:14:01.700 But when they talk about the housing shortage, they need to talk about how many illegals they let in during the Biden term.

00:14:06.540 I mean, because it has an upward effect, right?

00:14:08.380 It pushes rents up and then it just goes right up the food chain of housing. 0.87

00:14:13.420 What are you going to say something?

00:14:14.600 Well, yeah. And then what happens is private equity looks around and says, hey, wait a minute.

00:14:18.440 Some of these people are going to get rent subsidies from the from the Democrats.

00:14:22.560 Hey, why don't we just buy up the houses and then we'll get the subsidies? 0.68

00:14:25.840 So in a way. And then what happens to the price of land?

00:14:29.380 Exactly. Now, now you've now you've lost.

00:14:32.100 Now you've got artificial bidders being fueled.

00:14:36.300 It's the same thing happens to tuitions, Pat.

00:14:38.880 Tuitions were driven up by student loans because students could go get loans regardless of what the tuition is, regardless of it went up.

00:14:45.600 And the federal government will say, no problem, you qualify, no problem, you qualify.

00:14:48.660 And then they dumped it on all the processors.

00:14:50.500 And then you had these students said these giant student loans that they went in eyes open.

00:14:54.760 But the cost was up. Well, now you've got all these people come in.

00:14:58.640 They're going to get rent subsidies from the government.

00:15:00.540 I'm BlackRock. You're Citadel. We say, why don't we buy a bunch of them?

00:15:04.200 Because we're guaranteed the rent. Oh, I got an idea.

00:15:07.360 We'll do Section eight and we'll just put all these people in there.

00:15:10.800 So now you can't find a condo to start with because you've got too much demand that's artificial.

00:15:17.800 That's the government. It's almost like paying student loans to immigrants to have a place to stay. 0.54

00:15:22.800 It's artificial. And guess what? Now the land goes up. Everything goes up.

00:15:28.600 Guys in the housing business would tell me for the last few years that that was the Biden trade.

00:15:32.520 So you'd buy this land, you'd buy these homes, you'd buy these rentals.

00:15:35.960 And then, you know, you'd hope that this is not me, but I'm saying this is other housing guys saying that then they'd let in more people and then it would just go up with price.

00:15:44.100 And that's exactly what happened. And then they all scream and then they get more subsidies.

00:15:48.400 Yeah. Yeah. I mean, obviously, to me, I when you hear the younger generation as they're coming up, they're sitting there saying, I want to find a way to buy a property.

00:16:00.240 Do I just sit this one out? Do I just say the idea of owning a house early on? Forget about it.

00:16:05.960 Just go do other things. And then these other guys are targeting renters.

00:16:09.920 So maybe they don't want me to buy a house. Maybe it's this is not a market for me to buy a house.

00:16:13.940 I can't afford in the first place. What do I do? It's not like my income is skyrocketing.

00:16:17.740 It's not like the median income is skyrocketing. So to me, the issue becomes, how do you win over the youth that is wanting to pursue the American dream?

00:16:27.400 Hence, we marketed it for many years as homeownership. They're they're sitting this out and they're saying, I don't know if it's part of me.

00:16:33.960 So I think if somebody in a marketplace thinks about how to win them over, how to address that issue in whatever way, you know, prices are going up.

00:16:45.680 So how even a builders are sitting there saying, well, don't make me the bad guy.

00:16:48.900 I want to be able to build. There's no incentive for it. Why would I build it? I don't want a nonprofit.

00:16:54.240 So I don't think builders can do it by themselves. I do think they need help from incentives to be able to get them to say,

00:17:01.540 whoever goes out there building more three bedroom starter homes at this, you know, I don't know.

00:17:07.360 I don't know how you do that. But I do think there's a massive market for it economically.

00:17:10.880 I'm sure there's a lot of different people that would want to have a blue ocean and doing that, but they can't do without the help of some kind of benefits from the top.

00:17:19.360 Yeah. And I think you'll see us unveil that right now.

00:17:21.820 We're just trying to work in a constructive way with the builders and say, hey, how can we make this a win win?

00:17:26.240 But we do have a lot of wherewithal to effectuate change.

00:17:30.040 And hopefully we'll be announcing that. All right. We'll look forward to it.

00:17:32.880 2026 is around the corner. I am convinced this is going to be a very, very special year, in my opinion.

00:17:41.760 I think we got this other rate cut that's coming.

00:17:44.240 I think we're going to have three more in 2026, give or take, based on what Goldman Sachs and a lot of other people are saying.

00:17:48.860 We may even experience a new person that's running the Fed by June-ish.

00:17:53.780 I think June 26-ish, around that time, that could turn things around the second half of the year.

00:17:58.860 If the China-U.S. trade deal gets done, it could be an unbelievable day for the stock market.

00:18:06.400 However, all of that stuff going into 2026, what that means to you is nothing if you're not prepared for it going into 2026 with momentum.

00:18:16.120 So having said that, if you don't yet have a plan to write out a great business plan for yourself, your family, your executives, your employees, watch this video, Rob, if you have.

00:18:25.480 Rob, this is a video we shot of me going into a car, driving a car that goes 1.9 seconds, 0 to 60, and I also borrowed Vinny's old car to see.

00:18:37.600 What was it, Rob? Was it a Prius?

00:18:39.260 We're testing to see the difference between a Prius on 0 to 60 and then versus the Tesla Plaid.

00:18:45.000 The owner was freaking out saying, I don't know if you can handle it or not.

00:18:47.340 I said, I've been driving fast cars for a very long time, but I want you to watch this video.

00:18:50.460 Rob, what speed do you have it on?

00:18:51.560 Just one.

00:18:52.180 Okay.

00:18:52.680 Watch this video, folks.

00:18:53.540 Speed matters when it comes down to business.

00:18:55.160 Go ahead, Rob. 1.00

00:18:58.540 Holy shit. 1.00

00:18:59.900 How fast you grow your business matters. 1.00

00:19:02.220 Behind me, I have a 2019 Toyota Corolla, and I have a Model S Tesla Plaid.

00:19:07.280 You're going to see how fast it goes.

00:19:08.480 It's absolutely insane.

00:19:10.440 One, two, three.

00:19:12.560 This is Vinny's car.

00:19:17.280 Still haven't hit it.

00:19:18.240 Come on, Corolla.

00:19:19.780 Ten seconds.

00:19:20.880 Oh, my gosh.

00:19:21.900 Still got from A to B, but it's super slow.

00:19:24.400 Any of these companies that eventually dominate their competitors, their edge isn't always just product.

00:19:29.880 It's speed.

00:19:30.980 This took way too long to go from 0 to 60.

00:19:33.620 Here we go.

00:19:34.120 Now we're in the Plaid.

00:19:35.120 Let's see how this does.

00:19:36.360 0 to 60. 1.00

00:19:40.900 Holy shit. 1.00

00:19:42.040 Oh, my God. 1.00

00:19:44.380 That was amazing.

00:19:46.460 So notice a difference.

00:19:47.460 0 to 60 in the Corolla.

00:19:49.080 9, 10 seconds.

00:19:50.140 This was less than 2 seconds.

00:19:51.760 So at this point, we know speed is critical in business.

00:19:54.700 The question becomes, with 2026 around the corner, it'll be here in no time.

00:19:58.680 How prepared are you going to be versus all your competitors?

00:20:02.100 Once here, I host an event called the Business Planning Workshop, where we cover the 12 building blocks on how to write a proper business plan that drives emotion and logic.

00:20:12.200 If you've never attended it, do whatever you can for you, your wife, your team to tune in together.

00:20:18.160 It's the only one we do that's through a webinar, which means anybody from anywhere around the world can tune in to the Business Planning Workshop.

00:20:24.800 It's December 12th.

00:20:25.940 We start first thing in the morning.

00:20:27.120 We go until very, very late.

00:20:28.820 If you haven't registered yet, click on the link below to get registered.

00:20:31.800 I cannot wait to see you there.

00:20:33.580 All right.

00:20:33.900 There you go, Rob.

00:20:34.600 Let's put the link below.

00:20:35.800 For some of you guys that are only listening to the audio, go to bpw.bedavidconsulting.com.

00:20:41.820 Again, bpw.bedavidconsulting.com.

00:20:44.400 Or the link below.

00:20:45.220 Get registered.

00:20:45.860 We'll spend the day together on December 12th and make that the beginning of the greatest years of your life in 2026.

00:20:52.420 If you enjoyed this video, you want to watch more videos like this, click here.

00:20:55.100 And if you want to watch the entire podcast, click here.

Valuetainment - October 29, 2025

＂Sitting On 2M Empty Lots＂ - U.S Housing's DIRTY Secret REVEALED By FHFA Director Bill Pulte

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