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Eight point 2% in February -- the month before and a -- much better than expected so are we near the bottom of the housing market yet this has been a perennial question.
Jason neighbor credential but let's -- real estate is here -- a Fox Business exclusive to tell us the -- Jason like you know I left my crystal ball -- their security would let me take it -- and well seriously what do you think I -- everything -- bottom.
You're not really good signs to see everyone was.
Forecasting that this number would be lower not higher member of the northeast got hit with 22 storms.
This past winter and when the weather goes bad usually people are less likely to go out and make a purchase on -- home however we have -- first time home buyer tax credit expiring on April 30.
And that really seems to be a big factor in bringing people out there.
-- big difference so what happens when that goes away April 30 everybody's expecting to see this massive drop off -- -- worried about what -- -- there -- two -- -- that there are some economists who believe that we've gotten the ball rolling that was the point of the tax credit to get buyers out there to get them looking again it's not just first time homebuyers were out there.
Purchasing right now and they think that will continue others feel after the thirtieth.
Things will quiet down again so remains to be seen that there is a division right now there are two schools.
Thought honest what do you think we've all -- learned our lesson because if you look at the FHA loans that are being given out.
Really there's not a lot of collateral that needs to be put down at Fannie and Freddie are still look big massive mess right I still worry that we haven't.
Shed all the problems we haven't cleanse the system properly what.
-- is where big leap forward from where we -- number FHA loans for buildings even qualify for FHA loans they still have to go through an extensive review process it's not just like -- you get an FHA loan so I think there have been some improvements into the system.
There's certainly it that the lending guidelines are completely different the old joke used to be you had a -- you could get a mortgage and believed that was true.
And that doesn't hold true today so I think we've made some good efforts in the right direction now in February the average thirty year mortgage rate was five point 09% about how our current interest rates and and what happens when the Fed pulls the rug out from under the propped up market -- should interest rates go up that will increase the costs of home ownership -- your -- -- Harry will certainly go up.
-- that may also bring down prices to a degree tutors and it is that relationship between interest rates and prices.
Interest rates being -- are helping bring buyers out because -- beat themselves well.
I can wait a year or two but what -- interest rates go higher wanna get locked in that really good -- and by the way -- a Smart real estate agent because he only waited for what 45.
He's -- -- for your iPad only whenever I went to best buy and everyone knew that that's I.
I -- sure that there was no wider -- -- -- -- Columbus Circle the best buy there there was a very because everybody rushed over to apple there's an Apple Store -- and Lincoln Center and on Fifth Avenue is a tier right between his best buy I think it wouldn't be a big line there.
Right and this is a guy who told Moammar Gadhafi.
Right here -- -- here I'm not interested in lending anything to you or at least will get renting tune here you are first in line and can go like this last Jason -- they think you know if you -- be adjacent neighbor prudential Douglas element realist.
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