as well. the housing market is one of the sector that s grown more than any other sector and a lot of people are wondering whether we ll have some kind of a bubble burst here. it is true and it s a great thing that most of the people out there have houses that are worth a lot more than they ever were before except when you go back to 2006, 2007 before that bubble burst. some people say that among the tax changes, getting rid of the deductions for state and local taxes, and minimizing how much you can deduct a mortgage on your house, might be the pinprick that bursts the housing bubble. so there are concerns beyond just the stock market. particularly on the coast and the fed hike. neil: in new jersey, my house is now worth a stuckey s franchise. and i don t know what county you re in, but we could see double digit decreases in the value of our home. neil: do you worry about that, steve, that s the rap that some of the big name invests are having. trouble this housing when you
if we see a fed hike, some say the housing recovery will take a hike, but housing economist neila richardson isn t so concerned about this. where do you see housing going? all year, we ve seen record high demand. we ve seen sales that was outpaced last year and prices that have held strong and that s because rates have been very low. right now, they re under 4% for the 30-year fixed for the sixth week in a row. that s a low rate historically, and nothing the fed does september 17th is going to change the fact that rates are still very low.
they said we re going to do another three or four hikes in 2016. and they really did nothing. i think there always seems to be on a week to week basis and you can t forecast what they re going to do. we re getting a sense that notion of jobs and optimism of jobs that was coming back that was a big theme with donald trump today meeting with technology ceos that they were joined at the hip on the need to see more jobs, whatever their political differences. so when he was gathering it out, we have a spray of the meeting with him, do you think he played a role in the fed move here in the optimism that s been expressed to the markets and his bullish sentiment building for the fed to maybe up the ante when it comes to rate hikes? i think the fed hike was long time coming. we knew it would happen at some point this year. i think i was on as of two years ago saying it was probably going to happen in 2016 at the end of