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But we'll see it what it.
We'll take it back to beat big city Coldwell Banker announcing a partnership with Manhattan residential real estate firm bill -- group.
Giving call -- -- our presence.
In Manhattan is one of the hottest markets in the country.
-- -- -- -- -- -- Colin -- CEO but Chatzky thank you for coming to Fox Business first by the way thank you very much Cheryl this is a very this -- huge partnership for Belmont this is one of the most high end boutique agencies in New York.
You saw an opportunity here in Manhattan what did you say.
It's a great day for not only bell marketing she -- a -- typical banker because it was extremely important for us as a leading international brand.
To have a strong presence in.
Quite frankly most international city in the US and that's Manhattan.
Was -- spurred by the activity that would seat in Manhattan over the last year with you cut interest rates so low we're getting bidding wars and hundreds -- her upper house and multimillion dollar sales that are going higher is that did that spur.
-- was -- something well.
Unquestionably -- recovery is always leads us to look at growth opportunities so that certainly was a driver but also we've been looking at the worker for a -- and probably more important than anything else as far as her timing was concerned was making sure that we had the right partnership.
And that's what we found within the principles of this great company.
It's a franchise opportunity -- we should say that you've got 83000 agents -- -- fifty countries you -- international -- -- Carlos brought this up and talk about the rest of the country because it may -- this -- -- tick -- just a little bet that.
Frankly April was added 75 -- well that decide that a little bit of a check ups are we missing something well.
We we saw inventories -- up slightly but much like it is between the country and in Manhattan inventory -- new crease but the demand is -- stripping it.
So the absorption is there so.
Quite frankly we're having these bidding wars for having more buyers than we have been -- for units than we have available right now.
I'm foreclosures did take up but -- was probably noted by some already the reality is the banks -- a great opportunity to get the highest possible return.
Right now because of the low inventory and the fact the prices have now been continuing to increase.
According to NA are now median price for fourteen straight months.
Do you think banks actually picking up foreclosure activity now maybe those were some of those homes that were waiting to close on vouchers and well when you think about the foreclosure process millions of the homes that they are now actually taking possession.
Have been in the foreclosure process for a -- It's probably been missed an issue of stalling on -- when you look at kind of the future held for the market.
The amount of delinquencies of mortgages written in the last few years is down substantially so that the best part of is that we are not.
Having future issues with foreclosures were were addressing a problem that was really created from the last few years not going forward.
That is really it's -- upset about mortgage rates for got a mortgage rates out today and -- kicked up again -- -- six straight weeks -- there's a lot of talk about the Fed beginning to pull back sure some of their bond buying activity are you does that worry you a dollar do you think that those interest rates can stay in this in this level.
Least for a few I think the only people be really surprised or shocked by the increase in interest rates would be those people who were maybe too young to remember -- interest rates were historically.
We are still in an incredibly attractive and fire right now.
We know that this has been highly influenced by fed policy.
But one of the things that makes most confident is right now everybody in Washington understands that you can that's simply not ensure continued economic recovery.
Without -- continue recovering housing so.
I think it's going to be a very deliberative process and thoughtful process in terms of any future discussion of -- line.
-- right -- -- the Fed is thoughtful takes -- time we would hope they are.
But thank you very much congratulations on the -- Mike acquisition -- this is -- be partnership if you little.
Both very much a partnership would -- market issue Lawrence I cry during are god you're here -- -- -- thanks but thank you.
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