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-- the latest report on the housing this morning very exciting -- home price is taking yet another dive with.
19 of the twenty biggest US markets posting declines for the month of October.
But earlier on Fox Business -- coauthor of the S&P case Shiller report Robert Shiller said housing may not be as bad as it appears.
The thing that's positive right now is that confidence.
So the conference board numbers they're still not high but it was a big increase for the last two months so maybe things aren't as.
That I was going to say that I don't see any reason for.
That downtrend to be reversed but maybe this is a reason navy were looking a little bit better.
Our next -- guess couldn't agree more -- -- -- Tino chairman and CEO of north Jersey community.
Bank so frank do you think we've hit the bottom I think we're I think we're closely.
We are either at the bottom or will muddling along near the bottom I don't know that anyone's going to be able tell when we're exactly at the bottom until we're out of it.
But certainly confidence is up we're seeing more homebuilders coming to our bank looking for construction loans next so Condo project recently.
So we're seeing some signs that you know the low interest rates low prices for land are starting to kick in people feeling a little bit better about the economy today.
It was interesting one of the components of the conference board's consumer confidence survey is.
Do you expect to buy new home in the next six months and there was no improvement there -- so what kind of demand facing I think you're just actually referencing this with the demands in in new -- well.
We what we like to see is you know what -- what are architects telling us what -- the homebuilders telling us not necessarily what's the ultimate home buyer telling us.
And we're starting to see those signs architects offices are busy homebuilders are starting to resurface again and say -- we think this is a great opportunity here to jump in with depressed land prices.
Low prices for materials and subcontract services you put that together with the potential of low interest rates for the ultimate home buyer.
I think you get a pretty good environment but don't we still have this tremendous inventory overhang.
We do and there -- there is an overhang in in the foreclosures that are gonna come through the marketplace.
But I'm not so sure we're those foreclosures are coming through the -- coming into every community -- not coming everywhere some of the stuff that's coming onto the market in the foreclosure space.
Is not habitable house.
A lot of it -- Rousseau and a segment recently some towns are actually bulldozing some of the homes that are coming on to the the market so I don't know how big of an effect that's going to ultimately have in certain markets in some markets will be devastating.
And sometimes have to Franken has is gonna jump in here and just ask.
Why would these depressed home prices are we seeing more demand because of the cheaper price like that we actually are starting to see that and that's what I think that's not -- have to make -- meaningful difference so I think it.
Not -- -- north Jersey Manhattan even Westchester book I'd say I -- this is not a barn burner and I -- he's coming out of this in -- V.
But I'm starting to see some very hopeful signs that things are starting to recover.
Even though we now have our regulatory scheme that even the people wrote it can't figured out.
Well that's a threat to the bank says they're going forward is a threat to UK it certainly is -- is in what way all banks.
The look the burden of of regulatory reform hasn't solved for what created the crisis to Begin with.
Yet it's putting a a regulatory.
Burden on top of community banks other banks that are actually making loans today more than a big banks -- -- while the big banks have their own set of problems of their own set of issues.
Community banks -- ever had didn't even partake in you know what caused the crisis.
And yet now we see ourselves in this huge onslaught of additional burden Chevy guys -- also tightened credit standards.
We never really tightened credit standards through this crisis we had.
What would would be considered fairly conservative credit standards going in.
And I think when you look at the banks that are healthy today.
You'll find that their credit standards were healthy before the crisis and they're pretty much the same today -- aren't Tamil question want to thank you you're welcome -- thank -- very very -- continued good you know and happy new.
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