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When existing home sales for July -- -- weaker than expected but the trend is still ever so slightly up in terms of annual sales.
Let's bring in an excellent joining the company from -- on him off you go with team investments.
Before we go any further I used you know the -- like market I want -- question about it these housing numbers -- -- 27 minutes ago.
With selling existing homes at an annual rate of four point 47 million a year yet.
I doesn't say to me to be a particularly hot number are -- -- it was six or even seven million a year.
-- helping markets nine million a year so we're not even half of the healthy market so yes I agree absolutely.
We need to get back to that level the one thing that I do want to point out because I think we need to understand where we work and where we are today.
Is that between the second quarter of 2011.
And the second quarter of 2012.
These are the statistics the median home price has risen seven point 3%.
And it's -- a 110 out of a 147.
The existing inventory is down 24%.
The -- be distressed properties are down 33%.
And of course our interest rates are down.
So were moving in an upward motion but we have a long -- out.
That's interest because you know you making the cases of very favorable market place for an investor with a fairly long -- horizon.
That's to your broadcasting to -- isn't it okay so that.
Hi there where you're coming from and I want to do -- that look back because about a year ago I think we're gonna put it on the screen.
One of your homes you have emphasize real.
I think -- the time it was 74500.
Dollars and actually sold for that amount and that was almost a year ago.
It was in Phoenix it was three bedrooms two bathrooms as I recall in a nice neighborhood.
-- -- -- 45.
I think we had a contest didn't wait to see you when it was now right.
Right I think we can track that we got it because he gave that away I think we just an honest I mean I have a -- so what does it look now -- It is -- 97000.
So it has absolutely appreciate it when he.
Three per cent that is what is happening in the Phoenix market.
In my time on which election.
-- neighborhood is that and what kind of a community is it.
I'm it's actually community that went that went way down and I would not have touched and then add it started to decline name.
We -- values and the school systems came back in.
So the infrastructure actually was being brought back in and it's really up with -- -- community that's -- there Coke back.
You have to remember that cheap housing.
And cheaper rental rates really force that bone.
That was -- 700 dollar a month -- -- while now that's a thousand dollar month rentals are not only have the prices increase.
But so have their rents and has an investor you need to remember that.
Yet -- we've got to make the point that.
That's one specific market which was horribly depressed but is clearly now coming back Phoenix Arizona and by the way congratulations.
To Kathleen or run up.
As she and -- contest it was was semi full five a year ago what's it was today we'll Kathleen right though.
Got -- absolutely right so congratulations to.
-- knows all about real estate out -- Kathleen around I definitely wouldn't.
So pricing no there is no prize and and honorable mention on this program three times we said the name okay.
Now -- real fast you that you made the point that the home values are going really sharply higher in Phoenix rents are going up.
Do you think this is gonna continue at this pace -- of the bargains -- -- it -- you know we're not gonna make those gains in the mall.
-- so a 100000 dollars it's still a bargain absolutely we have to put this in perspective.
I don't know anywhere else in the country that you can buy a 100000 dollar home rented for a thousand dollars and really make that Catholic -- -- bargains are not -- however what we do need to understand is not missing 23% gains into that and -- We might see six to -- its.
And that's a steady market and that's where we wanna be we don't wanna see sharp -- and sharp down we want to see constant clock.
Okay you got that right -- always good stuff we appreciate being with us again thank you -- -- --