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Stocks today falling sharply disappointing economic news.
Including news that sales of existing homes fell by three and a half percent last month.
That's the third decline in four months economists have been expecting job the and burst that is the see a gain.
For those who can qualify however it is a good time to get a mortgage a buy a house in average interest rate on a thirty year fixed rate loan.
All wind up four point 15%.
That is the lowest interest rate ever and Freddie -- forty years.
Of record keeping joining me now is Richard -- He's the CEO trilogy which is the parent company of a number of prestigious through -- state brands including Coldwell Banker century 21.
Sotheby's and the list goes on Richard good -- good to be here who have disappointing report on existing home sales what do you make of it.
Now it's not a mean this is pretty much as we expected remember we're competing again like I sacked just exactly well I expect right exactly.
We're competing against the tax credit last year which -- essentially so that's to be expected remember we've always said the back half of the year would outperform first.
Because -- -- competing against that tax credits out.
I wouldn't focus on the month over month issues don't focus on the year over year issues -- are better than a month over month.
So you were fighting it just to be a the second half but that's is that the second half of the second half of that what -- both the second half of this year while performed the second half of last year second half -- last year was dismal.
I think this year you're gonna you're gonna see not as it's not going to be as good as you as many expected but still it's gonna outperform.
-- I'm I'm one of those millions of Americans.
Tens of millions of Americans who have a dollar all.
I'm tired of bad news on house I'm tired of bad news on real -- I'm tired of bad news on Washington.
I want to see this country start moving again.
I'm tired of excuses in Washington DC and as I said to Brad Anderson I'm tired of CEOs who whine about how tough things are.
Because I know some CEOs for whom it's really -- And for some reason they're not one.
I wanna see a different attitude what in the world is it gonna take in this country.
This does take leadership.
To that point we've called for a White House summit on -- The position we have taken as we need leadership at the most senior level of government so we've invited the president.
To hold a summit to to invite practitioners not members from academia.
But practitioners people folks are actually know what they're talking about know what they're talking about item to a summit.
Talk through the issues develop ideas and walk away with a list of to do's that would work to turn around announcing but remember.
It used to be about housing this is about the macro economics is about jobs than with the job unemployment rate as high as it is not.
The standard nine -- one -- -- -- -- -- the underemployment rate as 167.
That's and that's not gonna lend well to it turnaround in housing.
And they are two industries that we always relied on and focused upon in this country.
When we talked about jobs and prosper.
If we always said.
If the automobile industry and the housing industry we're going while also would America.
I don't want to even think about what those two.
Those two parts of our economy right now are suggesting for the nation's future or job creation.
What can you do.
What can the president do what can we all do to get this thing turned right.
Well essentially we we feel that there is that we see a lack of a national housing policy -- get you have the GS -- up in the air.
You have very Mac Freddie Mac made -- made our.
What -- -- what what's gonna happen to all -- minutes there's a lot of uncertainty there.
Dodd-Frank a great deal of uncertainty there.
They continue to kick the can down the road on issues that directly impact housing on a daily basis what is the White House saying about your idea for some have no response as -- Mr.
Come off you're going to be -- right you wanna do this again right.
Let's have a summit.
During to see Richard -- my --
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