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Three for three here this housing did it's been pretty -- -- today be out pending home sales for May marching.
-- matching a two year high third day in a row positive housing data but wait just a second according to our next guest.
No time to buy he's said Anthony Sanders professor of finance -- -- Joins us now from DC are you not convinced -- Tony that this housing market is turned some sort of a -- finally here.
But actually not Connell I think it's I think the housing market we're having a summer bubble.
And we'll see how this pans out at the end of the summer but I'll tell you why would we have a trifecta it's great news I love it.
Problem is that if you take a look at the mortgage bankers association's report this morning.
Purchase applications of actually keep declining -- they're kind of stuck in this red box so it's see it's eight.
A debt free recovery we're not actually stimulating -- the way we did.
In the last decade it's that this so that's with I don't know of the has -- legs when they find out but.
The -- then I think I was.
And and pick up on is the -- is is interesting for a simple regret Bob Shiller on yesterday you may have seen it but -- this Case Shiller Index came out really good discussion on the air.
But then when we got off the air is about to leave and and he said almost exact same thing as sits on -- one will we now you know the when the and then you know what things have actually turned around and -- the -- -- but and this summer we really should have a pretty good idea.
What he didn't know he wasn't willing to make prediction either way but -- -- that's what will now what makes you think.
That's the job conclusion at the end of the summer won't be a positive one.
While the following recent -- first -- If you look at the is the wave of case Shiller -- it goes up in the spring and summer than falls and and they fallen winner.
And again no credit that we are still don't have any credit going out there are so how can you have a sustainable recovery right one.
-- -- scores or credit scores -- 71 -- 730 what does it.
All this gonna change at some point in in in rates are so.
Well again that they have to open up the credit bell we have doubled more lending and should.
The -- actually is up and Fannie Freddie will eventually loosen up the the credit scores.
But my concern is is that further tampering in the market.
Had a very interest thing.
Op Ed in the Wall Street Journal.
Where he was advocating -- agreeing with somebody from Cornell law school that we should be using eminent domain for mortgages.
Had to buy mortgages and write them down.
And principal -- and I'm going -- oh my gosh well that sounds like an intellectually interest an idea that's opening pandora's box for.
You know and that's that and those kind of massive intrusion -- in the private sector are not hopeful the recovery still get government out of our dot Tony's always good to see you.
Anthony Sanders from DC and he did have mania conclusion -- like Bob yesterday willing to make a connection -- them.
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