June 26, 2025 • 25 mins
(June 26, 2025)
Host of ‘How to Money’ Joel Larsgaard joins the show to talk about the housing market softening, the new MVNO cell services springing up, and credit scores tanking due to student loans. In landmark decision, judge rules California FAIR plan’s smoke-damage policy is illegal. The host of ‘Later with Mo Kelly’ joins Bill to talk about Brad Pitt’s new F1 movie set to make over $100MIL this weekend.
Host of ‘How to Money’ Joel Larsgaard joins the show to talk about the housing market softening, the new MVNO cell services springing up, and credit scores tanking due to student loans. In landmark decision, judge rules California FAIR plan’s smoke-damage policy is illegal. The host of ‘Later with Mo Kelly’ joins Bill to talk about Brad Pitt’s new F1 movie set to make over $100MIL this weekend.
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Episode Transcript
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Speaker 1 (00:00):
You're listening to Bill Handle on demand from kf I
am six forty.
Speaker 2 (00:06):
It is a Thursday morning, June twenty six, coming up
to on Saturday night, inviting you to join me at
the Walt Disney Concert Hall.
Speaker 3 (00:19):
And I'm am seeing which I.
Speaker 2 (00:20):
Do every year, the LA Lawyers Philharmonic. These are lawyers
and judges who are in the Philharmonic and their world
class and it's great fun. Phantom of the Opera selections,
Carmina Burana, just great time. And I'm wearing a tux
that I do once a year, and I make an
ass out of myself. Go to La lawyersphil dot org
(00:44):
the La Lawyers phil as In Philharmonic, La lawyersphil dot Org.
Speaker 3 (00:49):
Saturday night, Walt Disney Concert Hall.
Speaker 2 (00:52):
It is Thursday, which means it is time for Joel
Larsgard How to Money, his show Sunday twel pm to
two pm. His social address is at how to Money
Joel Joel, Good morning, morning, Bill. I have not seen
this happen for a while. Homeowners finding themselves underwater. Now,
(01:16):
I have not heard that phrase for a while. Let's
explain what's.
Speaker 3 (01:21):
Going on on.
Speaker 2 (01:21):
You explain what's going on and how the market has changed.
Speaker 4 (01:26):
Yeah, so this is you're right.
Speaker 5 (01:28):
I mean, this is one of those things where in
the Great Recession, the aftermath of the Great Recession, the
amount of homeowners that were underwater was kind of astronomical, right,
And so we saw a lot of foreclosures, a lot
of short sales, and it was I mean, it led
to just a tanking of the housing market across the
United States and right now, like we've had this essentially
(01:51):
since two thousand and nine, and just you know, prices
being so stinking low, it wasn't even funny people slowly
buying into the housing market. And then you know, just
gradually prices increased over time. And then with during the pandemic,
with what people wanted and desired out of housing, the
housing market just continued to take off. Rates were still low,
(02:11):
but then rates crept up and prices were at an
all time high. And so now what we've started to
see is the market become a lot more stagnant. And
then now the market has softened, in particular in some
of those cities and locations.
Speaker 4 (02:24):
Where the price run ups were the.
Speaker 5 (02:26):
Highest, and that's leading to not just the softening, but
really to reduced asking prices and fewer homeowners being able
to sell. And if you bought a home, it's in
particular in the last couple of years, you might find
if you list it, you're getting less than what you
paid for it, which is a problem for a lot
of people having to bring money to the table when
you sell it.
Speaker 2 (02:47):
Yeah, and perfect example is me. And that is because
I bought my home. I closed in December, literally the
last week of December twenty twenty three. There were no
properties out there. I paid effectively top dollar, top of market,
(03:07):
didn't ask goodness, it wasn't a bidding war, and now
I could get my house for a whole lot less.
But it checked all the boxes that I wanted, and
it was And I've never paid market, never paid asking
price in my life, and there it was.
Speaker 4 (03:25):
And that's where a lot of people found themselves.
Speaker 5 (03:27):
And you mentioned even you know, the fact that a
bunch of people trying to buy the same property led
to bidding wars. Some people were paying fifty sixty one
hundred plus thousand dollars more than the asking price because
there were dozens of people lined up to do the
exact same thing. That was kind of an anomaly, a
rarity and it's I think it's good that we're starting
(03:48):
to see kind of the housing market peter out a
little bit, because it was insane, right, anybody knows who
wanted to buy a house that it was truly ridiculous.
And I was just talking to some of the other day,
like about when I bought my first house, and I
feel for youngsters who want to buy their first house now,
who they're in their early twenties and they're saying it's time,
but wow, it's completely unaffordable. We're starting to see that change,
(04:11):
like what's going to happen with interest rates? As anybody's guess,
but I will say too, man.
Speaker 4 (04:15):
I was proved right. There was so much talk, especially
from the.
Speaker 5 (04:18):
Real estate community, well go ahead and buy the house,
because real estate only goes up in value, and you
know what rates, interest rates are going to go down.
Speaker 4 (04:26):
You'll be able to refinance.
Speaker 5 (04:27):
You'll be in the best of both worlds by having
a lower interest rate and having that locked in low
price that you paid for the home. But in some
of these markets, we're seeing, you know, three four seven
percent drops in home prices, especially in places like Texas
and Florida, where prices just went insane and if you
had to have to get out and quick in short order.
(04:48):
This is just another another reason when I talk about
buying a home, you want to buy that home for
a minimum of seven years, likely ten, because even if
you overpaid, time can heal.
Speaker 4 (04:57):
That wound a little bit.
Speaker 5 (04:59):
But yeah, if you if you bought just a couple
of years ago and you find yourself having to sell,
especially with real estate transaction costs, it really could cost
you a pretty penny.
Speaker 2 (05:07):
And if you're going to stay in the house, which
I'm going to, it becomes academic.
Speaker 3 (05:11):
It really doesn't matter.
Speaker 2 (05:12):
But still, you know, the house across the street is
going for less money, and it's effectively.
Speaker 3 (05:19):
The same house. I want to blow my brains out.
Speaker 4 (05:22):
The other thing it really is.
Speaker 2 (05:24):
And the other thing I want to point or ask
about is when do you think we forget about two
and a half three percent money? Because of course, that
made home buying the easiest thing in the world, and
right now at five five and a half percent, that's normal,
that's sort of the.
Speaker 3 (05:43):
Way it should be.
Speaker 2 (05:44):
And at some point we know the two percent, the
three percent money disappears in the far reaches of history,
and now we're in a normal market. Is that affecting
sales and buying homes that people are still thinking about
three percent money?
Speaker 5 (06:00):
Yeah, I mean I think the further we get away
from that reality that used to exist, the less people
are going to bank on that coming back. And we've
kind of have to pull out the binoculars now to
remember right that existing. And yeah, I do think that
that with every single month, every year that passes, people
are less just less thinking along those lines, and these
(06:23):
you know, six plus percent interest rates have become normal.
The only caveat to that is if you are one
of those people who has who did buy in the
twenty seventeens, twenty nineteens, twenty twenty ones even, and you've
got that locked in low interest rate. I mean, I
think it just behooves those people to stay in that
property longer. So it will if rates take down a
(06:44):
little bit, I think it will grease the wheels of.
Speaker 4 (06:45):
The housing market some.
Speaker 5 (06:47):
But because I just think people are reticent, but they're
becoming more reticent or less reticent I think to sell
their homes the further along we get into this era
of higher rates.
Speaker 2 (06:57):
Joel Student Loans. I mean, that is a whole world
onto itself. If I'm not mistaken, student loans now are
at one point two to one point three trillion dollars,
I mean, just astronomical amounts of money, and paying them
back has been a huge problem, to the point where
(07:18):
they're almost impossible.
Speaker 3 (07:20):
To get out of with bankruptcy.
Speaker 2 (07:22):
The federal laws have changed, But what's going on with that,
what's the latest?
Speaker 5 (07:27):
Oh man, it's I mean, it's a complete, complete mess.
And I think partly we set ourselves up for this
with just administrations having completely different takes on student loans.
The Biden administration was basically like, hey, let's make sure
that you guys don't have a payment. Understandably so in
those first days of COVID, but then for many, many
(07:49):
years there were just no student loan payments. It's kind
of like an out of sight, out of mind thing.
And those promises of forgiveness or substantial forgiveness for a
bulk of student loan borrowers that.
Speaker 4 (07:58):
Didn't come to pass.
Speaker 5 (07:59):
And so so now we're in this era where payments
are restarting, and it's a much harsher.
Speaker 4 (08:07):
The administration.
Speaker 5 (08:08):
Current administration is taking much harsher action towards student loan borrowers,
and they're saying, hey, actually, you actually owe this money,
and we're gonna restart payments. And even the safe plan
that the Biden administration attempted to create to put into
practice was declared unconstitutional by the courts, and so this
was going to at least make repayments gentler, the payments,
(08:30):
the monthly payments for borrowers were going to be smaller.
And so borrowers are getting bills and what's happening is
they're saying, wait a second, I can't pay this. I'm
not used to paying this. I didn't know I was
going to have to pay this. And their credit scores
are being docked, and pretty soon we're going to start
to see I think a lot of student loan bars
not just have their credit scores go down, but their
wages garnished. I think, in particular, come the beginning of
(08:52):
next year, when it comes tax refund time, we're going
to see those garners from a lot.
Speaker 4 (08:57):
Of student loan borrowers.
Speaker 5 (08:59):
So it's I think things could get dire for a
decent chunk of student loan barbers.
Speaker 3 (09:04):
And here's the question.
Speaker 2 (09:05):
The Trump administration is effectively saying, hey, guys, you borrow
the money, and the deal was you were going to
repay the money like everybody else does who borrows money.
Where did we get to the point where somehow in
people's mind student loans became grants.
Speaker 4 (09:27):
Yeah, I mean that's a good question too.
Speaker 5 (09:28):
I think part of what happened, if you want to
get like even just a little more macro with this,
is we have incentivized. We have told people that college
is the only way forward, and then we have said,
and we're going to give seventeen year olds giant loans
to go get whatever degree they want, whether or not
that degree is going to pay off or not. And
(09:51):
so what we've done is seen just this ballooning student
loan debt for and higher and these colleges are saying,
you know what, Hey, if they can take out loans,
We're going to build fancy new buildings, We're going to
hire more administrators. The cost of college is going to
go up to which means that the amount of debt
people have to take on to get that degree has
gone up. Think about what it costs to go get
(10:11):
a degree back in the seventies, eighties, and nineties, and
what it costs to go get a degree now, and
it's we're talking a completely different world that we're living
in as people who want to go get a college degree.
So I mean, my advice as always to young people
who are planning on going to college, is to think
long and hard about what you're going to major, and
think long and hard about where you're going in the
financial aide you're going to get, because if you're taking
(10:34):
on more debt than what you're likely to earn in
your first year out of school, you could be in
for a long, hard slog trying to repay that debt
and it might be Yeah, it might set you up
for misery for many decades.
Speaker 2 (10:46):
Yeah, when people ask me, when kids ask me about college,
I go, don't go.
Speaker 3 (10:52):
Don't go find someplace else to make a living.
Speaker 2 (10:54):
I mean, when you look at the benefits versus the costs.
Speaker 3 (10:59):
A matter of fact, I'm moving in that direction with
high school.
Speaker 4 (11:04):
Don't know, Yeah, don't go.
Speaker 5 (11:06):
Well, I mean I will say this, the facts still remained.
When you look at the average person with a college
degree makes something like a million dollars more over the
course of their life than just the typical high school graduate.
So there is still a college premium.
Speaker 3 (11:22):
Which way down the line.
Speaker 5 (11:25):
Yeah, yeah, I mean you have to be really, really
careful about how much debt you take on and what
you get your degree in, because if you are, you
are likely to be one of those people who benefits
from going to college. But you're right, there's the other
side of the equation, where there is we have a
dearth of blue collar workers and you can start your
(11:46):
own business. You can make big bucks working kind of
what a lot of people would consider an unsexy job.
You're not in the laptop class, but you're out there
pounded the pavement creating your own business, and you can
do incredibly well for yourself, especially since we've said, hey,
we've pointed everybody in the direction of college, a lot
of people could benefit from wisely avoiding college but starting
(12:07):
something on their own. And yeah, over the years, think
about even just the four years you spend to college
building your business instead, you know, ramping something up that
creates income versus taking on all that debt you're going
to have to pay back in the future.
Speaker 2 (12:20):
Now building your own business, you have to be fair.
It takes a lot of motivation.
Speaker 3 (12:24):
It takes a lot of focus to be success.
Speaker 2 (12:27):
Not everybody and not everybody has that, but still, I mean,
if you look at the amount of money you make immediately,
it's yeah, yeah, you're absolutely right. I mean, you know,
I tell my kids. One is going for her master's degree,
and I say, what are you doing? What in God's
name ors are you doing? And her answer is perfect.
Speaker 3 (12:51):
She looks at me and goes, Dad, you're paying for it.
Oh yeah, yeah, I forgot.
Speaker 4 (12:56):
Yeah, okay, it makes tons of sense, you know.
Speaker 3 (12:59):
Yeah, no, no, it doesn't her case. Yeah, for sure.
Speaker 2 (13:03):
I was one of those people that started a five
to twenty nine plan the day the kids were born.
Speaker 3 (13:07):
So that helped a whole bunch. All right, guys, we're done, Joel,
thank you.
Speaker 2 (13:13):
We'll catch you this weekend twelve to two pm on
Sunday and then again next Thursday.
Speaker 4 (13:20):
All right, sounds good. Thanks Bill.
Speaker 3 (13:21):
All right, take care.
Speaker 2 (13:22):
What questions that I'm asked on handling the law, particularly
after the Eaton and the Palisades fire, is.
Speaker 3 (13:30):
Typically during that time. I still get those, Bill.
Speaker 2 (13:32):
I've had a fire, obviously, and all I had was
smoke damage to the house. Nothing actually burnt, but man,
the smoke damage was crazy, and my insurance company won't
pay for smoke damage now in since twenty seventeen, the
(13:54):
fair plan, and this is these are people on a
fair plan.
Speaker 3 (13:58):
What is the fair plan?
Speaker 2 (13:59):
The fair plan is the insurance of last resort when
a homeowner either cannot get insurance or can't afford insurance.
So now we go to the fair plan and it
is more expensive. So these people uninsured are the ones
that can't afford it. But if you can't get insurance
and a lot of companies bailed out, you go on
the fair plan and it is far more expensive. And
(14:20):
all it covers is fire insurance, nothing else, No liability
or anything else, No flood.
Speaker 3 (14:25):
Insurance or any of that. Okay.
Speaker 2 (14:27):
So in twenty seventeen, the plan required that the fire
claims have to have direct physical loss as defined by
permanent physical changes to a property's They made the change
as opposed to all losses without defining what those losses are. Well,
(14:50):
a lawsuit was filed from someone in the eat and
fire and Judge Stewart Right, La County Superior Court judge said,
you know what that fair plan and the way it's
written where all of a sudden smoke damage is not covered.
Speaker 4 (15:04):
Well.
Speaker 2 (15:04):
From twenty seventeen violates the insurance code. It's illegal, that's
it illegal. The Fair Plan must now pay for smoke damage.
I mean it got crazy in terms of the Fair
Plan denying smoke damage. I mean it's I mean just
(15:30):
completely crazy, let me tell you.
Speaker 3 (15:32):
And I'm looking at this in terms of okay.
Speaker 2 (15:37):
In twenty twelve, the Plan amended its fire dwelling policy
and said smoke damage must be visible to the unaided
human eye.
Speaker 3 (15:48):
Before we cover it.
Speaker 2 (15:52):
You have to see smoke damage rather than being perceptible
by subjective sense of the insured. Even laboratory testing doesn't fly.
You have to either see it or you have to
smell it. And if you don't, we're not covering. How
subjective is that?
Speaker 3 (16:10):
Huh?
Speaker 2 (16:12):
You say you smell it, we don't. And the judge said, no, no,
you can't do that. That's violation of the basic insurance
law in California, where if you have a fire insurance policy,
it has to cover the damage that the fire caused,
smoke damage or not. I don't know if you've ever
(16:34):
been in a house that has smoke damage. The smoke
permeates even the dry wall. You have to go down
to the studs and redo the drywall.
Speaker 3 (16:47):
You never get that smell out. I mean it is.
Speaker 2 (16:51):
It literally molds itself to everything in the house, and.
Speaker 3 (16:58):
Maybe you don't even.
Speaker 4 (16:59):
See it.
Speaker 3 (17:02):
And you smell it. But you can't do the laboratory testing.
Speaker 2 (17:05):
They send out an adjuster who goes, I don't smell it.
Speaker 3 (17:12):
Usually people like me. I can get a.
Speaker 2 (17:15):
Job as an adjuster in two seconds because through my
cocaine addiction, I've wiped out my sense of smell.
Speaker 3 (17:23):
I am the perfect adjuster. It is.
Speaker 2 (17:30):
It's to the point now where the judge ruled and
the fair plan and said, well, we were planning unchanging anyway,
so we're not going to appeal the decision. I'm surprised
it took this long. So now and I used to say,
you're out of luck because read the policy.
Speaker 3 (17:51):
Now the policy, Well, it doesn't fly anymore.
Speaker 2 (17:58):
Smoke damage. You have to actually see it. You have
to have scorch marks on your walls. Okay, we're done.
Oh quick word about Ask Candle Anything. Tomorrow is Ask
Candle Anything. So it's a little late to pitch the questions. Yeah, Neil,
(18:20):
we have enough questions for Ask Candle Anything. Are we
okay in that department? So I don't have to pitch.
Speaker 4 (18:25):
It, pitching them while you're asking.
Speaker 2 (18:27):
Me, Well, yeah, but they only got nine minutes to
make the call because the.
Speaker 4 (18:34):
Never mind, okay, invaluable MO time.
Speaker 3 (18:37):
Yeah yeah, oh yeah, I'm taking all your time. That's
what you get. It's a food chain issue. Oh good morning,
good morning, good.
Speaker 2 (18:45):
Morning, and Mo Monday through Friday seven pm to ten pm.
And one of the wheelhouse issues that Mo is involved
with is the entertainment world.
Speaker 3 (18:56):
And he knows it backwards and forwards.
Speaker 2 (18:59):
So this weekend Brad Pitt new movie set to make
over one hundred million dollars.
Speaker 3 (19:05):
How do they know?
Speaker 4 (19:07):
Part of it is forecasting.
Speaker 1 (19:08):
You can take a movie which, like F one has,
is going to open in thirty eight hundred theaters. You
can use to pass this prologue as far as having
a general idea of how movies like that will perform.
And there's also advanced ticket sales. They know as far
as how this movie is trending as it goes into
the weekend, the advanced sales, so it's looking like it's
going to do better internationally than it is domestically.
Speaker 4 (19:32):
But as far as forecasting, that's how they usually do it.
Speaker 3 (19:35):
Huh. And this is F one right.
Speaker 4 (19:38):
Yes, stars Brad Pitt and Dempson aegis.
Speaker 3 (19:42):
Whoever he is.
Speaker 2 (19:43):
I know Brad Pitt is obviously F one. I'm a
big fan of Formula one. As a matter of fact,
the television show that's now in his third or fourth year,
fifth year, which follows the Formula one circuit around the world,
has well what it has done for the industry, it's
done for the sport. It has exploded well the viewership
(20:08):
for sure. So here is a question. It's going to
do one hundred million dollars. I want to see it.
I'm not going to go to the theater to see it.
And when a movie is going to do very well,
I'm assuming that it goes to cable or platform later
(20:30):
at a later time than a movie that doesn't do well.
Speaker 3 (20:34):
Or is that all contractual and it doesn't matter how
well the movie does.
Speaker 4 (20:38):
It's a little bit of both.
Speaker 1 (20:39):
And the interesting point here, and I'm glad you mentioned
this is this movie is produced by Apple Films, which
is the movie arm of Apple TV Plus, so it's
locked in that will show up on Apple tv Plus.
This should have a run I'm estimating of about five
to six weeks in theaters. It has a two hundred
million dollar budget. But when you have a movie which
is coming out at the end of June, that means
(21:01):
there are a lot of other blockbusters from other studios
coming right behind it on the fourth of July and
July eleventh week, and we have the new Jurassic World movie.
Speaker 4 (21:10):
You have the Fantastic Four movie July fourth.
Speaker 1 (21:12):
So this movie F one is probably going to get
bumped out sooner because big movies are coming after it,
and when it leaves theaters, it'll go probably to Apple TV.
Speaker 4 (21:22):
Plus it's producing.
Speaker 2 (21:23):
On Okay, and we don't know when it is going
to go. I'm assuming, well, it's our movies contractually established
as to how long they're going to be in the theaters,
no matter how well they do.
Speaker 4 (21:36):
No, not necessarily.
Speaker 1 (21:37):
In other words, if this movie were to bomb in
its first two weeks, it's not uncommon for a movie
theater owners like, well, let me move off this because
it's taking up valuable theater space. Let me put in
the Fantastic Four, which has i'll say, much more buzz
behind it, and most likely we'll fill up the theater easy,
much more easily, and I can get people in during
(21:58):
the week, so some of it may be get guarantee
maybe the first couple of weeks, but after that it's
up to the movie theater owner.
Speaker 2 (22:04):
Okay, on the other side, assuming that a film is
doing way better than expected and is making buckets of money,
does the movie theater owner extend the run of the
movie and either move.
Speaker 3 (22:18):
Back whatever following or just cancel it?
Speaker 4 (22:22):
Absolutely.
Speaker 1 (22:22):
You take a movie like Sinners which overperformed, which is
a terminology it overperformed. It started off with let's say,
maybe twenty three hundred theaters. It actually added the number
of theaters in which it was showing and extended its run.
I think at the end of it all it was
in theaters about eleven weeks. So yes, that movie was
not expected to be in theaters eleven weeks. But since
(22:44):
it did overperform and there was added demand for it,
not only can a movie ad theaters, but could also
stay longer in those theaters.
Speaker 2 (22:53):
And Brad Pitt being an A or a plus actor
in that level, are they in this regard at that level,
are they still getting twenty twenty five million dollars a
picture in this world?
Speaker 1 (23:07):
Yeah, he's still an A lister and he does fewer
projects and let's say maybe a Tom Cruise or someone else,
but yes, he's still at the top of the food chain,
and he's one of those few actors where it usually
does something with his own production company. He is one
of the producers of F one, so he's commanding the
line's share of the attention and also the proceeds on
(23:28):
the back end.
Speaker 3 (23:29):
Well can it?
Speaker 2 (23:30):
Well, let me ask you this, Someone at that level
an a lister who gets just a ton of money
just for being in the film. And now they're all
in the production arm and they own pieces of film.
Speaker 3 (23:42):
Typically, if a movie does let's say.
Speaker 2 (23:44):
Two hundred million dollars, which is because they are reasonably successful,
what kind of money is the actor of that ilk
going to get?
Speaker 1 (23:52):
I can only estimate, and it varies by deal with
Look you look at someone like Tom Cruise or a
Robert Downey junior. They can get upwards of maybe have
any million on the back end if it does Gangbusters money.
Now it's all relative to how much how much it
does in box office receipts. But yes, you'll see a
lot of a listers get into the production end because
(24:14):
there's more money for that person on the back end
than necessarily on the front end as far as actors salary.
Speaker 3 (24:20):
Got it all right, Mo, thank you.
Speaker 2 (24:22):
We'll catch it tonight seven o'clock, seven to ten every
night and address social address at mister mo Kelly. Have
a good one, Moe, talk soon, always appreciated. That's it, guys,
We are done tomorrow morning. Once again, it starts Friday,
which means foody Friday at eight o'clock. I ask handle
(24:44):
anything at eight thirty, so Friday is always a fun show.
Speaker 3 (24:47):
And then it starts.
Speaker 2 (24:49):
Five am with Amy and Will Will who desperately needs
a shave. That's from five to six. Then it's Neil
and Moa just until about now, and then of course
Cono and and who are always here. This is Oh
and Gary and Shannon are next. Oh, and I'm taking
(25:10):
phone calls forgot. I am taking handle on the law
phone calls. I'm always forgetting when I do that. If
you want marginal legal advice, which I will give you
starting in just a moment. And we don't have breaks
at all, no weather, traffic, commercials, and no patients on
my part, so we move very quickly through the calls.
(25:31):
Eight seven seven five to two zero eleven fifty eight
seven seven five two zero eleven fifty Starting in just
a moment, Gary and Shannon up next. KFI AM six forty.
You've been listening to the Bill Handle Show. Catch My
Show Monday through Friday, six am to nine am, and
anytime on demand on the iHeartRadio app
You're listening to Bill Handle on demand from kf I
am six forty.
Speaker 2 (00:06):
It is a Thursday morning, June twenty six, coming up
to on Saturday night, inviting you to join me at
the Walt Disney Concert Hall.
Speaker 3 (00:19):
And I'm am seeing which I.
Speaker 2 (00:20):
Do every year, the LA Lawyers Philharmonic. These are lawyers
and judges who are in the Philharmonic and their world
class and it's great fun. Phantom of the Opera selections,
Carmina Burana, just great time. And I'm wearing a tux
that I do once a year, and I make an
ass out of myself. Go to La lawyersphil dot org
(00:44):
the La Lawyers phil as In Philharmonic, La lawyersphil dot Org.
Speaker 3 (00:49):
Saturday night, Walt Disney Concert Hall.
Speaker 2 (00:52):
It is Thursday, which means it is time for Joel
Larsgard How to Money, his show Sunday twel pm to
two pm. His social address is at how to Money
Joel Joel, Good morning, morning, Bill. I have not seen
this happen for a while. Homeowners finding themselves underwater. Now,
(01:16):
I have not heard that phrase for a while. Let's
explain what's.
Speaker 3 (01:21):
Going on on.
Speaker 2 (01:21):
You explain what's going on and how the market has changed.
Speaker 4 (01:26):
Yeah, so this is you're right.
Speaker 5 (01:28):
I mean, this is one of those things where in
the Great Recession, the aftermath of the Great Recession, the
amount of homeowners that were underwater was kind of astronomical, right,
And so we saw a lot of foreclosures, a lot
of short sales, and it was I mean, it led
to just a tanking of the housing market across the
United States and right now, like we've had this essentially
(01:51):
since two thousand and nine, and just you know, prices
being so stinking low, it wasn't even funny people slowly
buying into the housing market. And then you know, just
gradually prices increased over time. And then with during the pandemic,
with what people wanted and desired out of housing, the
housing market just continued to take off. Rates were still low,
(02:11):
but then rates crept up and prices were at an
all time high. And so now what we've started to
see is the market become a lot more stagnant. And
then now the market has softened, in particular in some
of those cities and locations.
Speaker 4 (02:24):
Where the price run ups were the.
Speaker 5 (02:26):
Highest, and that's leading to not just the softening, but
really to reduced asking prices and fewer homeowners being able
to sell. And if you bought a home, it's in
particular in the last couple of years, you might find
if you list it, you're getting less than what you
paid for it, which is a problem for a lot
of people having to bring money to the table when
you sell it.
Speaker 2 (02:47):
Yeah, and perfect example is me. And that is because
I bought my home. I closed in December, literally the
last week of December twenty twenty three. There were no
properties out there. I paid effectively top dollar, top of market,
(03:07):
didn't ask goodness, it wasn't a bidding war, and now
I could get my house for a whole lot less.
But it checked all the boxes that I wanted, and
it was And I've never paid market, never paid asking
price in my life, and there it was.
Speaker 4 (03:25):
And that's where a lot of people found themselves.
Speaker 5 (03:27):
And you mentioned even you know, the fact that a
bunch of people trying to buy the same property led
to bidding wars. Some people were paying fifty sixty one
hundred plus thousand dollars more than the asking price because
there were dozens of people lined up to do the
exact same thing. That was kind of an anomaly, a
rarity and it's I think it's good that we're starting
(03:48):
to see kind of the housing market peter out a
little bit, because it was insane, right, anybody knows who
wanted to buy a house that it was truly ridiculous.
And I was just talking to some of the other day,
like about when I bought my first house, and I
feel for youngsters who want to buy their first house now,
who they're in their early twenties and they're saying it's time,
but wow, it's completely unaffordable. We're starting to see that change,
(04:11):
like what's going to happen with interest rates? As anybody's guess,
but I will say too, man.
Speaker 4 (04:15):
I was proved right. There was so much talk, especially
from the.
Speaker 5 (04:18):
Real estate community, well go ahead and buy the house,
because real estate only goes up in value, and you
know what rates, interest rates are going to go down.
Speaker 4 (04:26):
You'll be able to refinance.
Speaker 5 (04:27):
You'll be in the best of both worlds by having
a lower interest rate and having that locked in low
price that you paid for the home. But in some
of these markets, we're seeing, you know, three four seven
percent drops in home prices, especially in places like Texas
and Florida, where prices just went insane and if you
had to have to get out and quick in short order.
(04:48):
This is just another another reason when I talk about
buying a home, you want to buy that home for
a minimum of seven years, likely ten, because even if
you overpaid, time can heal.
Speaker 4 (04:57):
That wound a little bit.
Speaker 5 (04:59):
But yeah, if you if you bought just a couple
of years ago and you find yourself having to sell,
especially with real estate transaction costs, it really could cost
you a pretty penny.
Speaker 2 (05:07):
And if you're going to stay in the house, which
I'm going to, it becomes academic.
Speaker 3 (05:11):
It really doesn't matter.
Speaker 2 (05:12):
But still, you know, the house across the street is
going for less money, and it's effectively.
Speaker 3 (05:19):
The same house. I want to blow my brains out.
Speaker 4 (05:22):
The other thing it really is.
Speaker 2 (05:24):
And the other thing I want to point or ask
about is when do you think we forget about two
and a half three percent money? Because of course, that
made home buying the easiest thing in the world, and
right now at five five and a half percent, that's normal,
that's sort of the.
Speaker 3 (05:43):
Way it should be.
Speaker 2 (05:44):
And at some point we know the two percent, the
three percent money disappears in the far reaches of history,
and now we're in a normal market. Is that affecting
sales and buying homes that people are still thinking about
three percent money?
Speaker 5 (06:00):
Yeah, I mean I think the further we get away
from that reality that used to exist, the less people
are going to bank on that coming back. And we've
kind of have to pull out the binoculars now to
remember right that existing. And yeah, I do think that
that with every single month, every year that passes, people
are less just less thinking along those lines, and these
(06:23):
you know, six plus percent interest rates have become normal.
The only caveat to that is if you are one
of those people who has who did buy in the
twenty seventeens, twenty nineteens, twenty twenty ones even, and you've
got that locked in low interest rate. I mean, I
think it just behooves those people to stay in that
property longer. So it will if rates take down a
(06:44):
little bit, I think it will grease the wheels of.
Speaker 4 (06:45):
The housing market some.
Speaker 5 (06:47):
But because I just think people are reticent, but they're
becoming more reticent or less reticent I think to sell
their homes the further along we get into this era
of higher rates.
Speaker 2 (06:57):
Joel Student Loans. I mean, that is a whole world
onto itself. If I'm not mistaken, student loans now are
at one point two to one point three trillion dollars,
I mean, just astronomical amounts of money, and paying them
back has been a huge problem, to the point where
(07:18):
they're almost impossible.
Speaker 3 (07:20):
To get out of with bankruptcy.
Speaker 2 (07:22):
The federal laws have changed, But what's going on with that,
what's the latest?
Speaker 5 (07:27):
Oh man, it's I mean, it's a complete, complete mess.
And I think partly we set ourselves up for this
with just administrations having completely different takes on student loans.
The Biden administration was basically like, hey, let's make sure
that you guys don't have a payment. Understandably so in
those first days of COVID, but then for many, many
(07:49):
years there were just no student loan payments. It's kind
of like an out of sight, out of mind thing.
And those promises of forgiveness or substantial forgiveness for a
bulk of student loan borrowers that.
Speaker 4 (07:58):
Didn't come to pass.
Speaker 5 (07:59):
And so so now we're in this era where payments
are restarting, and it's a much harsher.
Speaker 4 (08:07):
The administration.
Speaker 5 (08:08):
Current administration is taking much harsher action towards student loan borrowers,
and they're saying, hey, actually, you actually owe this money,
and we're gonna restart payments. And even the safe plan
that the Biden administration attempted to create to put into
practice was declared unconstitutional by the courts, and so this
was going to at least make repayments gentler, the payments,
(08:30):
the monthly payments for borrowers were going to be smaller.
And so borrowers are getting bills and what's happening is
they're saying, wait a second, I can't pay this. I'm
not used to paying this. I didn't know I was
going to have to pay this. And their credit scores
are being docked, and pretty soon we're going to start
to see I think a lot of student loan bars
not just have their credit scores go down, but their
wages garnished. I think, in particular, come the beginning of
(08:52):
next year, when it comes tax refund time, we're going
to see those garners from a lot.
Speaker 4 (08:57):
Of student loan borrowers.
Speaker 5 (08:59):
So it's I think things could get dire for a
decent chunk of student loan barbers.
Speaker 3 (09:04):
And here's the question.
Speaker 2 (09:05):
The Trump administration is effectively saying, hey, guys, you borrow
the money, and the deal was you were going to
repay the money like everybody else does who borrows money.
Where did we get to the point where somehow in
people's mind student loans became grants.
Speaker 4 (09:27):
Yeah, I mean that's a good question too.
Speaker 5 (09:28):
I think part of what happened, if you want to
get like even just a little more macro with this,
is we have incentivized. We have told people that college
is the only way forward, and then we have said,
and we're going to give seventeen year olds giant loans
to go get whatever degree they want, whether or not
that degree is going to pay off or not. And
(09:51):
so what we've done is seen just this ballooning student
loan debt for and higher and these colleges are saying,
you know what, Hey, if they can take out loans,
We're going to build fancy new buildings, We're going to
hire more administrators. The cost of college is going to
go up to which means that the amount of debt
people have to take on to get that degree has
gone up. Think about what it costs to go get
(10:11):
a degree back in the seventies, eighties, and nineties, and
what it costs to go get a degree now, and
it's we're talking a completely different world that we're living
in as people who want to go get a college degree.
So I mean, my advice as always to young people
who are planning on going to college, is to think
long and hard about what you're going to major, and
think long and hard about where you're going in the
financial aide you're going to get, because if you're taking
(10:34):
on more debt than what you're likely to earn in
your first year out of school, you could be in
for a long, hard slog trying to repay that debt
and it might be Yeah, it might set you up
for misery for many decades.
Speaker 2 (10:46):
Yeah, when people ask me, when kids ask me about college,
I go, don't go.
Speaker 3 (10:52):
Don't go find someplace else to make a living.
Speaker 2 (10:54):
I mean, when you look at the benefits versus the costs.
Speaker 3 (10:59):
A matter of fact, I'm moving in that direction with
high school.
Speaker 4 (11:04):
Don't know, Yeah, don't go.
Speaker 5 (11:06):
Well, I mean I will say this, the facts still remained.
When you look at the average person with a college
degree makes something like a million dollars more over the
course of their life than just the typical high school graduate.
So there is still a college premium.
Speaker 3 (11:22):
Which way down the line.
Speaker 5 (11:25):
Yeah, yeah, I mean you have to be really, really
careful about how much debt you take on and what
you get your degree in, because if you are, you
are likely to be one of those people who benefits
from going to college. But you're right, there's the other
side of the equation, where there is we have a
dearth of blue collar workers and you can start your
(11:46):
own business. You can make big bucks working kind of
what a lot of people would consider an unsexy job.
You're not in the laptop class, but you're out there
pounded the pavement creating your own business, and you can
do incredibly well for yourself, especially since we've said, hey,
we've pointed everybody in the direction of college, a lot
of people could benefit from wisely avoiding college but starting
(12:07):
something on their own. And yeah, over the years, think
about even just the four years you spend to college
building your business instead, you know, ramping something up that
creates income versus taking on all that debt you're going
to have to pay back in the future.
Speaker 2 (12:20):
Now building your own business, you have to be fair.
It takes a lot of motivation.
Speaker 3 (12:24):
It takes a lot of focus to be success.
Speaker 2 (12:27):
Not everybody and not everybody has that, but still, I mean,
if you look at the amount of money you make immediately,
it's yeah, yeah, you're absolutely right. I mean, you know,
I tell my kids. One is going for her master's degree,
and I say, what are you doing? What in God's
name ors are you doing? And her answer is perfect.
Speaker 3 (12:51):
She looks at me and goes, Dad, you're paying for it.
Oh yeah, yeah, I forgot.
Speaker 4 (12:56):
Yeah, okay, it makes tons of sense, you know.
Speaker 3 (12:59):
Yeah, no, no, it doesn't her case. Yeah, for sure.
Speaker 2 (13:03):
I was one of those people that started a five
to twenty nine plan the day the kids were born.
Speaker 3 (13:07):
So that helped a whole bunch. All right, guys, we're done, Joel,
thank you.
Speaker 2 (13:13):
We'll catch you this weekend twelve to two pm on
Sunday and then again next Thursday.
Speaker 4 (13:20):
All right, sounds good. Thanks Bill.
Speaker 3 (13:21):
All right, take care.
Speaker 2 (13:22):
What questions that I'm asked on handling the law, particularly
after the Eaton and the Palisades fire, is.
Speaker 3 (13:30):
Typically during that time. I still get those, Bill.
Speaker 2 (13:32):
I've had a fire, obviously, and all I had was
smoke damage to the house. Nothing actually burnt, but man,
the smoke damage was crazy, and my insurance company won't
pay for smoke damage now in since twenty seventeen, the
(13:54):
fair plan, and this is these are people on a
fair plan.
Speaker 3 (13:58):
What is the fair plan?
Speaker 2 (13:59):
The fair plan is the insurance of last resort when
a homeowner either cannot get insurance or can't afford insurance.
So now we go to the fair plan and it
is more expensive. So these people uninsured are the ones
that can't afford it. But if you can't get insurance
and a lot of companies bailed out, you go on
the fair plan and it is far more expensive. And
(14:20):
all it covers is fire insurance, nothing else, No liability
or anything else, No flood.
Speaker 3 (14:25):
Insurance or any of that. Okay.
Speaker 2 (14:27):
So in twenty seventeen, the plan required that the fire
claims have to have direct physical loss as defined by
permanent physical changes to a property's They made the change
as opposed to all losses without defining what those losses are. Well,
(14:50):
a lawsuit was filed from someone in the eat and
fire and Judge Stewart Right, La County Superior Court judge said,
you know what that fair plan and the way it's
written where all of a sudden smoke damage is not covered.
Speaker 4 (15:04):
Well.
Speaker 2 (15:04):
From twenty seventeen violates the insurance code. It's illegal, that's
it illegal. The Fair Plan must now pay for smoke damage.
I mean it got crazy in terms of the Fair
Plan denying smoke damage. I mean it's I mean just
(15:30):
completely crazy, let me tell you.
Speaker 3 (15:32):
And I'm looking at this in terms of okay.
Speaker 2 (15:37):
In twenty twelve, the Plan amended its fire dwelling policy
and said smoke damage must be visible to the unaided
human eye.
Speaker 3 (15:48):
Before we cover it.
Speaker 2 (15:52):
You have to see smoke damage rather than being perceptible
by subjective sense of the insured. Even laboratory testing doesn't fly.
You have to either see it or you have to
smell it. And if you don't, we're not covering. How
subjective is that?
Speaker 3 (16:10):
Huh?
Speaker 2 (16:12):
You say you smell it, we don't. And the judge said, no, no,
you can't do that. That's violation of the basic insurance
law in California, where if you have a fire insurance policy,
it has to cover the damage that the fire caused,
smoke damage or not. I don't know if you've ever
(16:34):
been in a house that has smoke damage. The smoke
permeates even the dry wall. You have to go down
to the studs and redo the drywall.
Speaker 3 (16:47):
You never get that smell out. I mean it is.
Speaker 2 (16:51):
It literally molds itself to everything in the house, and.
Speaker 3 (16:58):
Maybe you don't even.
Speaker 4 (16:59):
See it.
Speaker 3 (17:02):
And you smell it. But you can't do the laboratory testing.
Speaker 2 (17:05):
They send out an adjuster who goes, I don't smell it.
Speaker 3 (17:12):
Usually people like me. I can get a.
Speaker 2 (17:15):
Job as an adjuster in two seconds because through my
cocaine addiction, I've wiped out my sense of smell.
Speaker 3 (17:23):
I am the perfect adjuster. It is.
Speaker 2 (17:30):
It's to the point now where the judge ruled and
the fair plan and said, well, we were planning unchanging anyway,
so we're not going to appeal the decision. I'm surprised
it took this long. So now and I used to say,
you're out of luck because read the policy.
Speaker 3 (17:51):
Now the policy, Well, it doesn't fly anymore.
Speaker 2 (17:58):
Smoke damage. You have to actually see it. You have
to have scorch marks on your walls. Okay, we're done.
Oh quick word about Ask Candle Anything. Tomorrow is Ask
Candle Anything. So it's a little late to pitch the questions. Yeah, Neil,
(18:20):
we have enough questions for Ask Candle Anything. Are we
okay in that department? So I don't have to pitch.
Speaker 4 (18:25):
It, pitching them while you're asking.
Speaker 2 (18:27):
Me, Well, yeah, but they only got nine minutes to
make the call because the.
Speaker 4 (18:34):
Never mind, okay, invaluable MO time.
Speaker 3 (18:37):
Yeah yeah, oh yeah, I'm taking all your time. That's
what you get. It's a food chain issue. Oh good morning,
good morning, good.
Speaker 2 (18:45):
Morning, and Mo Monday through Friday seven pm to ten pm.
And one of the wheelhouse issues that Mo is involved
with is the entertainment world.
Speaker 3 (18:56):
And he knows it backwards and forwards.
Speaker 2 (18:59):
So this weekend Brad Pitt new movie set to make
over one hundred million dollars.
Speaker 3 (19:05):
How do they know?
Speaker 4 (19:07):
Part of it is forecasting.
Speaker 1 (19:08):
You can take a movie which, like F one has,
is going to open in thirty eight hundred theaters. You
can use to pass this prologue as far as having
a general idea of how movies like that will perform.
And there's also advanced ticket sales. They know as far
as how this movie is trending as it goes into
the weekend, the advanced sales, so it's looking like it's
going to do better internationally than it is domestically.
Speaker 4 (19:32):
But as far as forecasting, that's how they usually do it.
Speaker 3 (19:35):
Huh. And this is F one right.
Speaker 4 (19:38):
Yes, stars Brad Pitt and Dempson aegis.
Speaker 3 (19:42):
Whoever he is.
Speaker 2 (19:43):
I know Brad Pitt is obviously F one. I'm a
big fan of Formula one. As a matter of fact,
the television show that's now in his third or fourth year,
fifth year, which follows the Formula one circuit around the world,
has well what it has done for the industry, it's
done for the sport. It has exploded well the viewership
(20:08):
for sure. So here is a question. It's going to
do one hundred million dollars. I want to see it.
I'm not going to go to the theater to see it.
And when a movie is going to do very well,
I'm assuming that it goes to cable or platform later
(20:30):
at a later time than a movie that doesn't do well.
Speaker 3 (20:34):
Or is that all contractual and it doesn't matter how
well the movie does.
Speaker 4 (20:38):
It's a little bit of both.
Speaker 1 (20:39):
And the interesting point here, and I'm glad you mentioned
this is this movie is produced by Apple Films, which
is the movie arm of Apple TV Plus, so it's
locked in that will show up on Apple tv Plus.
This should have a run I'm estimating of about five
to six weeks in theaters. It has a two hundred
million dollar budget. But when you have a movie which
is coming out at the end of June, that means
(21:01):
there are a lot of other blockbusters from other studios
coming right behind it on the fourth of July and
July eleventh week, and we have the new Jurassic World movie.
Speaker 4 (21:10):
You have the Fantastic Four movie July fourth.
Speaker 1 (21:12):
So this movie F one is probably going to get
bumped out sooner because big movies are coming after it,
and when it leaves theaters, it'll go probably to Apple TV.
Speaker 4 (21:22):
Plus it's producing.
Speaker 2 (21:23):
On Okay, and we don't know when it is going
to go. I'm assuming, well, it's our movies contractually established
as to how long they're going to be in the theaters,
no matter how well they do.
Speaker 4 (21:36):
No, not necessarily.
Speaker 1 (21:37):
In other words, if this movie were to bomb in
its first two weeks, it's not uncommon for a movie
theater owners like, well, let me move off this because
it's taking up valuable theater space. Let me put in
the Fantastic Four, which has i'll say, much more buzz
behind it, and most likely we'll fill up the theater easy,
much more easily, and I can get people in during
(21:58):
the week, so some of it may be get guarantee
maybe the first couple of weeks, but after that it's
up to the movie theater owner.
Speaker 2 (22:04):
Okay, on the other side, assuming that a film is
doing way better than expected and is making buckets of money,
does the movie theater owner extend the run of the
movie and either move.
Speaker 3 (22:18):
Back whatever following or just cancel it?
Speaker 4 (22:22):
Absolutely.
Speaker 1 (22:22):
You take a movie like Sinners which overperformed, which is
a terminology it overperformed. It started off with let's say,
maybe twenty three hundred theaters. It actually added the number
of theaters in which it was showing and extended its run.
I think at the end of it all it was
in theaters about eleven weeks. So yes, that movie was
not expected to be in theaters eleven weeks. But since
(22:44):
it did overperform and there was added demand for it,
not only can a movie ad theaters, but could also
stay longer in those theaters.
Speaker 2 (22:53):
And Brad Pitt being an A or a plus actor
in that level, are they in this regard at that level,
are they still getting twenty twenty five million dollars a
picture in this world?
Speaker 1 (23:07):
Yeah, he's still an A lister and he does fewer
projects and let's say maybe a Tom Cruise or someone else,
but yes, he's still at the top of the food chain,
and he's one of those few actors where it usually
does something with his own production company. He is one
of the producers of F one, so he's commanding the
line's share of the attention and also the proceeds on
(23:28):
the back end.
Speaker 3 (23:29):
Well can it?
Speaker 2 (23:30):
Well, let me ask you this, Someone at that level
an a lister who gets just a ton of money
just for being in the film. And now they're all
in the production arm and they own pieces of film.
Speaker 3 (23:42):
Typically, if a movie does let's say.
Speaker 2 (23:44):
Two hundred million dollars, which is because they are reasonably successful,
what kind of money is the actor of that ilk
going to get?
Speaker 1 (23:52):
I can only estimate, and it varies by deal with
Look you look at someone like Tom Cruise or a
Robert Downey junior. They can get upwards of maybe have
any million on the back end if it does Gangbusters money.
Now it's all relative to how much how much it
does in box office receipts. But yes, you'll see a
lot of a listers get into the production end because
(24:14):
there's more money for that person on the back end
than necessarily on the front end as far as actors salary.
Speaker 3 (24:20):
Got it all right, Mo, thank you.
Speaker 2 (24:22):
We'll catch it tonight seven o'clock, seven to ten every
night and address social address at mister mo Kelly. Have
a good one, Moe, talk soon, always appreciated. That's it, guys,
We are done tomorrow morning. Once again, it starts Friday,
which means foody Friday at eight o'clock. I ask handle
(24:44):
anything at eight thirty, so Friday is always a fun show.
Speaker 3 (24:47):
And then it starts.
Speaker 2 (24:49):
Five am with Amy and Will Will who desperately needs
a shave. That's from five to six. Then it's Neil
and Moa just until about now, and then of course
Cono and and who are always here. This is Oh
and Gary and Shannon are next. Oh, and I'm taking
(25:10):
phone calls forgot. I am taking handle on the law
phone calls. I'm always forgetting when I do that. If
you want marginal legal advice, which I will give you
starting in just a moment. And we don't have breaks
at all, no weather, traffic, commercials, and no patients on
my part, so we move very quickly through the calls.
(25:31):
Eight seven seven five to two zero eleven fifty eight
seven seven five two zero eleven fifty Starting in just
a moment, Gary and Shannon up next. KFI AM six forty.
You've been listening to the Bill Handle Show. Catch My
Show Monday through Friday, six am to nine am, and
anytime on demand on the iHeartRadio app
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I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com