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MBS managing partner David Lykken weighs in on the state of the housing market and questions why Obama and Romney aren't discussing it in their bid fo...
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Where my going guys -- -- but we're gonna go to the housing debate yeah.
A -- in the -- -- the foundation of the housing recovery existing home sales dropping almost 2%.
After a gain of over 8% back in August and everybody was -- -- on the housing market.
In even though we side gain of 11%.
On a year over year look at these numbers.
My next guest says these numbers from today aren't shocking possibly alarming.
He's joining me now from Chicago David -- in.
Updated look and managing partner and BS David thanks for joining us.
What is -- what do you think so shocking about these -- -- When you -- look at a look at the supply and demand.
The supply we're working through the supply of housing interest rates are at the lowest prices are at the lowest and we're we're seeing that inventory -- diminished.
-- this is an opportunity where we should be actually seeing people dive into this why is that.
Uncertainty in the economic future unemployment in the fact that so many people are trapped in homes -- Undervalued.
Well let me read a quote from Lawrence -- the National Association of Realtors -- economist he said.
That despite occasional months and months setbacks which one could consider this.
We're experiencing he says -- genuine recovery.
Your thoughts on that statement.
Well I've been saying that we're at a place where we could experience -- covering the real estate association -- have been on with fox with him before.
-- -- he's got to put this on the most glass half full perspective as possible hear the part -- that's good -- prices are going up across the country.
And we're starting to see anger encouraging to see that first time homebuyers are starting to come back into the market that's encouraging at the second month on month trend in that area.
But it's the volume of sales were just not seeing people -- actively get out there and get involved in the am buying a home and that's what we need to really half.
David say you sound really pessimistic right now all the -- you're record shows that -- even saying that this market's hit bottom for quite some time.
Do you are you saying that you don't truly believe your forecast right -- and could things get worse than they are today.
Well I've sat there with Neil Cavuto so many times and he's asked BN II.
-- try to put this thing out of we all want to see this thing improved standard but the reality is.
There's significant data points and this election is going to have more impact on housing.
Then people are -- -- they have -- can imagine.
And why we're not hearing the candidates talk more about it -- still -- want to talk about Dodd-Frank is and is actually posted a housing policy on his web -- Thirty Iraq -- we have not seen that from Obama we can only assume we're gonna have four more years of that.
This election is so critical to the future housing and it's not being talked about.
Tomorrow I hit we will leave it at that lord David -- and thank you for joining us.
