household creation? they are even making it easier to borrow money. you can now put 3% down. leah: the investors have been watching interest rates being kept near zero for quite some time. what are we expecting? we expect the interest rates to go up incredibly slowly. even if inflation is as weak as it is right now the fed will start to raise interest rates. but it will be microscopic. if you have got a down payment you will have a good mortgage even in 2015. you have got to live somewhere, why not pay yourself as opposed to a landlord. leah: i have heard the russian ruble is bad for the economy. it makes invest jars nervous. are we witnessing a supply
something incredibly significant. we have about $30,000 worth of debt per kid. the amount of student debt is $1.1 trillion. more than credit card debt, more than auto loan debt. what that means for the economy, which is why we re focusing, repositioning america, the young people, because they re going to buy a house later. they may be less likely to get a mortgage. they re going to buy a car later, have a household creation, they might get married. the millennials could change the pattern of the american economy because of all these factors. the first thing, the most dangerous thing that might happen is they might not get a job. if you look at what has happened in a place like europe, cyclical unemployment becomes structural unemployment. if you have been unemployed for two or three years you re less attractive to an employer looking around. they tend 2to look for people
one. it is more than credit card debt, more than auto loan debt. what that means for the economy and why we focus and repositioning america, we have to focus on the young people because they will buy a house later. they may be less likely to get a mortgage. they re going to buy a car later. they ll have household creation. they may get married later. the millennials could change the pattern of the american economy because of these factors. the first thing, the most danger thing think that may happen is they may not get a job. if you look to what happened in a place like europe, cyclical unemployment becomes structural unemployment. if you have been unemployed for two or three years, you are less attractive to some employer looking around. when they look around at people they tend to look for people that have five years of good experience at work or somebody fresh out of college or with a diploma because those people are cheap. if you have been out three years, four years, five year
i ll be back at the top of the hour with more live news. now i need to hand it over to your bottom line. the housing market has changed. so have you. what you need to know if you own a home, want to buy one or rent. plus is it ever okay to walk away from that mortgage even if you can afford to pay? let s start with the american dream of owning a home. you re a buyer it s a dream market but only if you can get the loan. with the end of the nation s largest mortgage lenders denying 27% of loan applications last year, that s up from 23.5% in 2009. this is according to wall street journal analysis. if you re a seller it s a nightmare. home prices rose slightly for the first time in eight months. according to the most recent s&p kay schiller index. prices are down 32% from their peak in 2006. home ownership is at the lowest level now since 1998. chris meyer is here. is the worst behind us here? depends where you live. i think in some of the coastal markets in coastal calif