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Coldwell President Sees Signs of Housing Recovery

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  • Description

    Coldwell Banker president Budge Huskey gives his outlook for the housing market.

  • Duration 4:02
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Eastern time.

Freddie Mac outlived its latest mortgage numbers the thirty year fixed mortgage rate nationwide rising above 4%.

For the first time since last October couldn't this drive potential homebuyers.

Way joining me now with his outlook on the Fox Business explosive interview.

But husky is the president and C of Caldwell banker at some questions for something -- -- -- Mortgage rates are nervous and all of mean we -- just felt like things were getting -- Well first of -- great to be -- share of that but let me just say that I think it's only natural to expect her to be some upward pressure on interest rates but that's a reflection of -- shrinking of the economy.

Not all necessarily a bad thing.

But the other part of it is that interest rates still remain even with a slight uptick at historic lows plus.

It's also reaching report were buyers who've been sitting on the fence this is an indication that it may be time to take her life all -- hold and get back and take action.

-- -- -- honestly real estate has become so regional you know we -- each region west east.

Where are you seeing the biggest surprise right now is that -- part of the country that is really surprising you because of the turnaround story.

I think we've seen a lot of strength in the midwest recently but tell you know there's been a lot of discussion about so were the strongest market is.

The last few months last six months we've seen such positive trends and it's been broad brush it's -- across the whole country.

So a lot of the discussions about well it's all weather driven.

You know there has been good weather here no doubt it's had some positive impact in terms of the market but it wouldn't explain what's the positive trends in the other.

Areas of the country.

I that was it should what you're brokers have been saying we should equity got 98000.

-- you're operated 49 countries -- you're you're ever we're pretty much.

59%.

A brokers say that they see their their clients the sellers a lot more -- -- to stage.

More willing to do repairs more willing to come down on their prices does that tell you.

There are finally finally finally gonna get back housing bottom that we've been looking for for -- years.

Well I think so with the results of the survey and it would rather surprising that it would think this -- the time for sellers to to get -- reported being realistic but.

I think the reality is that they're ready to kind of move on.

And and what we're seeing as far as the increased confidence in the market the positive economic data.

Is that those people who said well maybe I'll tell us the market now they're saying I have to get serious because I wanna move on to the next stage -- my life.

-- sales are up but values are down and we saw prices decline last year that hasn't been a big surprise what about 2000 while.

We keep hearing about this glut of foreclosures that are gonna hit the market because the banks -- holding on.

To those properties.

Are your brokers seeing a lot of interest in for closures with their clients on on the buy side.

Extreme amount of interest and foreclosures.

And there's been a battle over the last two years between the investors and first time homebuyers.

Now with this settlement -- the attorney general lawsuit we should anticipate seeing some additional flow -- -- inventory to the market but.

But what we're hearing from our brokers is that it can be absorbed.

They -- there's enough potential activity in the marketplace right now.

In order to absorb -- and is forced the pricing is concerned.

It's really dependent primarily a function of business mix there's been a lot of low -- homes because of the foreclosure sales.

And we have to tend to separate that from what is really happening in the balance of the traditional more.

And budget equipped right let you go second homes we are now seeing people interest and second homes that's and -- one.

This is yet another is dying of that the early stages of housing recovery because.

Instead of just being investors in first time homebuyers -- return to the second home market we're seeing.

Move up buyers the luxury home and in fact I just was speaking with -- my brokers in Florida.

He said that the second home market is back but now they've come with strollers so which even younger that -- -- -- of that market it's a value play and it's a confident.

Some potential buyers for -- but -- -- column -- presidency.

But thank you very much for coming.

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