You're watching...
Town Residential Managing Director Wendy Maitland on the outlook for the housing market.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
So the real estate recovery could finally be here to separate reports run from -- -- -- from Freddie Mac suggest.
But the how market is finally getting back on the right track -- are gonna -- inventories down to get this.
Mortgage giants Freddie Mac and Fannie Mae both posted huge quarterly profits how -- that possible joining me now as when he Bateman.
Managing director at town residential -- you sold almost a billion dollars and real staying in New York City.
Over a 1000000000.
Billion.
How does that -- -- so price is up 2.5.
Percent from a year ago.
Do you believe that does that -- sound right -- you.
This -- doesn't sound wrong but it's not what -- -- have here to be the market is highly segmented.
-- I wouldn't take it at face value your instincts are correct to question net you know some market segments are -- The luxury segment which we're fortunate enough to be -- here in Eric Citi.
Is booming but there -- some segments that are really not there and not recovering at all so why can't change these different stats show that we put into some sort of -- bottom across the country would you feel safe saying that.
I don't feel safe making a generalized statement about the entire market is -- good indication to me absolutely it's a good sign in the market historically is very resilient yeah especially in products that there's little inventory.
What are big problems though is that volumes really low right prices may be rebounding a little bit on the national level if you you know trying to look at those -- across the board which you point out.
It's tough to do that but it -- -- like.
The volume is still a little bit low what is holding people back at this point.
Well it's not just what's holding people back it's also inventory and product because housing starts have been low for many years.
Because of the lending environment and all kinds of other things so the good news is that.
Things are increasing velocity is increasing and generally speaking consumers had a much more positive mood which is fueled by.
These kinds of reports Fannie Mae and Freddie Mac finally turning a profit you know thank goodness although they still owe us more then you know hundred billion dollars so they've -- -- -- a long time to go to pay it back.
What the market look like without them what do think should happen.
What would the market look like without them I don't know if we can speculate on that since -- are part of how things are right now and there.
Profitability is really a good sign for consumer confidence again consumer confidence.
Is good for everybody and at least it's -- -- in the right direction and says it's a step in the right direction.
Toward the tax payers being -- back yet is huge pent up demand out there for people who want to move up into.
A better house into a house that fits their clearly better but they're just too has -- given everything that's happened in the real estate market.
There is definitely pent up demand in that pent up demand is starting to be realized.
People are definitely starting to spend when they happen.
And -- the market that I men which is the luxury market with a new York and internationally is very very strong and we're seeing something that.
A phenomenon that has previously only been seen in the art market which is that there doesn't seem to even be a ceiling for trophy property there -- it would be -- -- and we appreciate your insight thank you so much Melissa.
