You're watching...
Tanya Marchiol, founder and president of Team Investments, on signs that the real estate market is coming back and the chances of the market bottoming...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- I think.
Home great fish don't answer improvement but our next guest doesn't say -- think that guarantees the housing market's gonna hit a bottom joining us now founder and president of team investments.
Timing archaeology honey I'm so glad to hear why is it that we are Jones in for this bottom is it -- psychological headline.
Market bottomed -- gonna run out but.
That's exactly what it is an honestly only a -- would predict the top or the bottom of any financial market.
This is a great time to purchase real estate prices are low interest rates -- -- but we have to remember there are three million homes is still under water.
That's a lot of homes that still need to come out some way.
Now the banks are holding on to product a little bit longer we bailed them out.
-- profitable now they can hold onto that product and trick -- out without taking the market.
And that's what I think is creating that -- What -- that interest rates.
Don't think that there's something to be set about.
Raising interest rates just a little bit that might panic people enough to say hey I get the -- that -- by some before they go through the roof.
An unfortunate problem right now is that they.
Can't so credit is still very very tight you have to have a verifiable income you have to have good credit.
So even though the interest rates are in extremely enticing right now.
Even if we raise -- a little -- that's not what's holding people back it's really the fact that they can't.
Purchase right now with those low interest rates and I think the people that are purchasing with a low interest rates.
Are seeing that value in diving in head first.
So I don't think raising interest rates is going to create any kind of frenzy I think it's going to be finding a way to -- that credit a little.
I'm area -- let's talk a little bit about this mortgage debt forgiveness we talked about last time you were here.
It is set to expire and this is where the portion of your debt that's forgiven if you short sell.
Tax -- December 31 it goes away -- partly with that.
That's a little scary that actually can slow a process down.
It just terribly bad if they don't extend that because people are still in a position where they need to shorts out.
And -- banks are finally in a position where they understand.
How -- short sale and it's making that money so they really do need to extend that so that the homeowners have a chance.
To really not be hit with that tax that they will be if they don't extent -- Unfortunately we're looking on in no where's bill I'm not yet still I know -- I -- money and you love the mortgage debt forgiveness.
But you hate this notion of eminent domain come -- -- California right the notion that the state basically is gonna take over properties and refinancing them.
That's that is criminal -- in fact.
It eminent domain is used for the betterment of a community is where government comes in takes over property and does something with it creates roads school.
Some things.
And guess who gets to pay part in government takes -- have -- It's very tax Payer so now -- they're asking us if you buy homes so that they can refinance and make money and tax that's mar.
Absolutely not that is the worst idea yet but they're listening to you Tonya.
I -- our -- -- -- -- that's all for this showed today -- -- -- -- --
