You're watching...
Rodney Anderson, executive director of Supreme Lending, on why and where he is feeling optimistic in today’s housing market.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Very good well we've looked at the latest housing numbers -- as we know they're not particularly good -- -- have a guest now.
This is you know what there are some bright spots -- we'll have to see some encouraging trends in the housing market he says.
Joining me now rob Sanderson executive director of Rocky Anderson supreme lending and brought me.
You must be a real optimist does -- do you see the latest -- in this.
Case Shiller report where is the friends there that you'd like I couldn't find one.
Well I like the trend that interest rates have come down over the past month people are starting to get excited get back in the market again.
But you're right homes to home values are definitely dropping.
But that's where we have some of these barriers happening instead of filters one is in the appraisals out there.
The national association of homebuilders came out said one of the major problems were Abbott is appraisals on properties but.
I will tell you.
If we get appraisals under control and we stop having -- -- an appraisal God's.
We have some underwriting standards that that need to be loosened up a little bit -- -- and we need.
And we need to work on the credit scoring system nobody's talked about this but the credit scoring system is holding the US housing market from coming back.
How why is that right -- saying that the the recruit the -- -- -- is too high.
You know people struggle to get the down payment and then they have very strict levels to reach on the credit score is it is that what you'll talking about in particular.
-- a lot of this has to do with disputed items on somebody's credit report if somebody goes in and disputes and -- like on a credit card because of all false charge.
Well Fannie Mae Freddie Mac says that you can't have a disputed item on your credit report try giving these -- especially.
Don't think 3045.
Days and Experian -- union Equifax won't work with you so basically what's happening is there's a lot of buyers out there there's of the -- a lot of delays and closings out there and buyers sometimes we'll just get fed up with the process because lenders are making it too -- and fight go it's making it too tough.
But -- you say a lot of buyers out there but prices continue to say can we hit the bottom because I wouldn't want to buy right now because I feel that may have further to to go down would.
Well we're seeing we're continuing to see foot traffic really picked up.
Low interest rates especially since -- fallen over the last three or four weeks or getting people back into the game.
But I think that we're leveling off here at the bottom the one thing that happens actually we get hit as a consumer.
One way or another what basically happened is about thirty days ago we started seeing a little bit -- our pocket but from -- while now that we start to see those stabilize a little bit then more people are coming back into the housing market but -- what about the the full closure.
Situation mean we still have a lot of distressed properties out there's some.
Probably just sitting some bank -- she is right now that we don't even know about as a huge inventory to get through.
And you're right in the lot of these banks and Fannie and Freddie need to continue to work on these -- -- that they're doing.
Getting more people into Reynolds as we continue to see rental prices rise throughout America.
Those those are rises will cause people to go and buy in real estate right now a lot of people they're coming up to their one year renewals on their leases and -- safe.
Why don't I wanna go -- what my apartment complex is raising me 20% when I can block and body and have a mortgage payment for the same level.
That's a very good point -- are out of time Rodney Anderson a supreme lending Rodney thank you very technically.
