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The Fed says the housing market is recovering mortgage rates all right the record lows and the latest report on full -- says -- at a five yellows.
Join in the company now is Richard Smith is the Chief Executive Officer of real estate services firm -- -- The company began trading on the New York Stock Exchange earlier this hour.
-- above its IPO price and CE OMR Smith joins us now so welcome the program.
Morning -- under the give you commotion.
I think that the best investment in America today is a single family home in a good neighborhood news on not going to disagree with me -- -- No sir I would not disagree with that happiness and love bases -- -- perfect time to buy out.
Okay we've got that out of the way you can regulated electric motion we'll look that did real estate rebound.
He's very very modest isn't I mean let's not get carried away here.
The number of sales the prices is a very modest rebound from a pool full load you not looking back good.
Well us in this is that early stage recovery and happiness is a low base right so you're coming off the worst drop in the history of housing in this country.
But it is happening -- happening in spite of -- high unemployment.
The side of regulatory environment that would not land -- for recovery.
But it is happening and -- as -- in -- fairly robust way this year and transaction volumes up about 14%.
The national association real orders forecast another 14% next here.
This is this is sustainable on our view because you're starting to see average price increase -- that simply demand outstripping.
Supply and I'm not gonna ask -- a political question I wanna know -- political preferences -- and you can answer to the CDO now what is now publicly traded company but look.
You want something next year.
You want something to happen in the economy what do you want to see happen in our economy that would really help -- What's particularly interest in.
Weather helped trilogy or -- -- healthy us economy and help housing.
And that is clear definition on Dodd -- too onerous provisions currently that's -- and few are around.
Which is a simple fix from a regulatory standpoint.
-- not -- easing of underwriting standards with the normalization of underwriting standards but have a substantial impact on housing and the US economy.
And does it make any difference which side wins in November to get what you want to and -- that legislation.
I think both sides recognize the importance of housing fundamentally and they also recognize the importance of getting the regulations right.
Now interestingly enough this could've been resolved more than two years ago I do think it's a focus now.
Both the lenders as well as the industry are making it clear this needs to be a high priority was clearly articulated in the presidential debate.
And I think with that alone -- -- -- -- fairly significant change.
In the housing environment in this country if -- were for looking forward to that sometime early next year.
-- dismissal -- the Chief Executive Officer off all the really GI PO today -- above the IPO offering price congratulations.
Thanks for being with us today.
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