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Is the Housing Market Seeing Signs of Recovery?

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  • Description

    Prudential Douglas Elliman's Dolly Lenz on the outlook for the housing market.

  • Duration 4:25
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The national association of -- reported today that US home prices posted the strongest quarterly increase of more than six years in the second quarter the -- rose.

In 75% of local market so it's kind of broad spread.

Is this at least the beginning of a sign of a true housing recovery Dolly -- Is with Prudential Douglas -- she is the firm's at number one residential broker in the US has very special clients some of -- might -- to talk about today.

Up but first who are we to believe that may be we've seen the bottom of this.

Mean we're treading along the bottom whether we've seen the exact bottom or not I think waits to be known but -- 7% increase and it's it's broad based it's it's for the high end market in the low end market 71 out of the 100 top districts in America are seeing price increases like this.

I don't know what's -- Libor rate.

You know -- -- all these things are interest and how the numbers later come out and are not exactly perfectly true.

Let's talk about the high end first because as soon as most folks know you do work and personal Joan Rivers she's one of your clients right yes -- you -- -- 25 million dollar apartment.

Thirty.

Thirty million okay and I just I just FY get off the price -- -- -- -- our citizens who is she close to selling this place at thirty.

You know we have a few people interested I think right after the summer when everyone's back and you can imagine that -- August everyone -- that apartment does away.

But right at the summer everyone's back and we'll see how we get them -- going.

But in generally speaking that high -- this is holding up at least in New York.

This still not a volume though you know it's it's holding up price wise but that's different than volume and volume was still not seeing volume.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- So they're basically -- that better than flipping them -- you know today -- days -- were flipping and we know how that turned out.

If the -- month for rent and they're going to -- up so the putting my friend right now focusing on that camp flip them right now that don't have any equity and so that the rent is just a holding pattern until they're able to -- to flip it for a higher -- exactly not I don't see great things in the housing market yet.

It's better written were treading along the bottom that's better than you know not that not there.

But we're not there yet okay we need some sort of good news to be there you know great employment reports consistently.

Shadow inventory being put on the market and absorb.

Talk about the shadow over three million properties are in -- various stages of foreclosure and when they come on -- market what happens while.

They'd -- drop prices they increase inventory they do everything negative to the market so if those things actually come on if they're not held back by the banks you know that really could.

Plus the market altogether.

You're saying before we went on that we could be in this state for ten years -- all I think we -- I think we will unless Sweden.

Six all the head -- issues which are the employment issue is right that the tax issues.

The uncertainty issues than I think what's gonna have confidence to go went out and buy a house.

-- one good thing that's happening here about the supply demand issue we're seeing that the power supply demand is more powerful.

-- the power of the government to try to manipulate supply demand right now -- because that the demand right now is stronger than it was when the government is giving all these tax credits because there really is a strong demand or natural demand in the marketplace.

Yet we need to political natural have the natural demand have people if people are able to buy homes qualify the bias in mortgages to by the Holmes.

Well we'll see it'll increase but without qualifying for mortgage I don't know how that's.

All right now let's talk about mortgages because they're still very hard to get the lending standards -- banks as we all know it needed to be tightened up a little bit some people say it was tighten up too much.

What says -- life.

I believe it was tighten up too much and I believe that they need to either.

Decide how they're gonna loosen it up a little bit.

Or make it faster you know people have to wait so long to find out that I get a mortgage but I also hope to somebody else so we need to do something to streamline the procedures.

And if I want to buy Joan Rivers apartment.

Why negotiate would you -- Joan Rivers because I think I prefer to negotiate would you.

Shown is the ultimate person we negotiate when she she must be good negotiable she is she's brilliant.

His relatives Dolly -- great to see you thank you very.

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