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Down maintain their new home sales fell by eight point 4% in June to the lowest level in five years certainly reversal of recent housing market gains but -- that's.
Guess not surprised he expects housing market data to be -- -- for the next six months.
Joining us is Jeffrey Rogers president and CEO of Integra realty resources Jeffrey thank you for being here -- -- is this as a sign that the market is being held back essentially.
By a lack of inventory.
-- that's one of the reasons I think if you take -- a broad look at what's happening here.
Really this -- it's it's expected because we are faced a lot of headwinds only will state but all markets in general.
And everything will be choppy will be from month to month there will be up and down.
That they will look at -- look back over a longer period say one year two years if you can see the trend line -- up.
Then you can be assured that we're heading in the right direction so we have to be careful -- month to month we won't have some gains -- have some losses.
Because we have -- polling you know we -- the northeast sales fell 6% a lot of that probably do with the weather but let's talk like.
Bottom line as -- housing market -- because we Godzilla saying it did Goldman Sachs saying it did too -- I think.
Oh absolutely we see the same thing week -- housing market has definitely bottom yet to be careful there are about ten different indices that come out.
What we're saying how he's going up how he's going down how the about the same.
We we do like until we do something it's similar to -- looks that not only existing sales but -- look at.
Dusty home values in general whether or not as one market for sale or not.
And one thing we do it's we segment and Integra we segment every.
Every every city and to.
You know one -- war.
-- freedom of real -- runs in the cycle chart right so it's gonna be there were recovery.
Expansion paper supply or recession.
And it -- and that Citi.
You have to dig down deeper into a sub market and it right because real estate is local sold when you start looking -- zip codes if you look at -- call when you have.
How -- that is near good schools.
Good income growth yes -- -- and -- it is segment still valuable to find a relatively healthy housing market.
Hello Jeffrey are we going to be on the bottom for a while here because we still have a lot of this distressed property full -- -- -- banks are not releasing those and those.
Seized properties very quickly that kind of releasing them out slowly trying to get what profit they can on the -- any -- and so seems to me that until vax.
Has all gone through the system -- priced the prices cannot recover properly.
Right -- -- -- like to tell you that this is gonna all be over in the next six to twelve months but.
And -- -- I think -- the united but just not the case to its will be a long sustained recovery and the banks -- -- the banks did this also with commercial real state.
They didn't just pushed -- product out in the marketplace because they.
No that the recoveries when its way may not -- even wait a year to push most of part doubt they ever get better returns.
But the banks don't have any incentive to make loans.
-- mean why why offering you a thirty year mortgage at three and a half percent when they can go to -- and if themselves and make more money overnight.
Tracy that you're absolutely correct -- banking system that will be broken -- only that.
The credit morals that the use today cannot access risk properly.
And so that you have creditworthy borrowers out their potential bars because they can't get loans.
Not able to get loans.
And that's a broken banking systems until the banking system is fixed really then the housing market won't be as well well I think the housing market will get fixed before the banking because the banking systems will take a long -- that's right -- exactly.
Chicken and the egg isn't it all right -- -- of Integra realty resources Jeffrey thank you so much.
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