breakfast with friends, steve in. steve: that s right. i m here with a couple hundred of my new best friends. there you go right there. let s see we are going to be talking about the chiefs coming up. who needs coffee? who needs coffee? here we go. [cheers] of calm find your potential then own it support your immune system with a potent blend of nutrients and emerge your best every day with emergen-c i d like to thank our sponsor liberty mutual. they customize your car insurance, so you only pay for what you need. contestants ready? go! only pay for what you need. jingle: liberty. liberty. liberty. liberty.
$350,000, in just the last two years. if you look apt can i ask you about that, steve. sure. it was early on when the housing market got so hot a lot of people, myself included, were saying this reminds me of 2007, going into 2008, everybody was buying new houses, everybody was buying a second house a condo, extensions on their kitchens. you and many other people pointed out, this is cash. like people aren t extending themselves as you ve always said $2 trillion placed on the sidelines during covid, people have a lot of money to spend. my question is, even with interest rates going up, do we expect this housing market to when is it going to cool down and when is there going to be sort of a return to normal for housing? not soon, joe, because your point is right there is a lot of cash still on the sidelines.
but now they re going up at 15% a year. life is not so much better if you re a better. your rent has gone from roughly $1600 a month to $1900 a month. so sure, there are people who own houses. you re in good shape. people who want to sell houses, you re in good shape. people going into the housing market or want to get another house, you re going to pay a lot more both for the house, the mortgage and if you re a renter for that rental apartment. is that ever going to stabilize or go back down, steve in. at some point, sure. this all moves in cycles and we re in an inflection point. you have interest rates going up, which would usually bring house prices down or keep them from going up so much, but as joe pointed out you have a lot of cash on the sidelines and trz are still relatively low compared to history, so that s not going to happen for a while. we have this housing shortage, and yes, home building has
the western part of the state. some of the worst damage at a candle factory in mayfield. 110 people were inside as the twister hit and the roof collapsed. the governor estimates dozens were killed at that site alone. steve harrigan is live in mayfield now with more. steve in. ■ç reporter: arthel, this is where the candle factory was, right behind me here. at peak efficiency 250 people working there. overnight more than 100, roughly 110 people working overtime late at night trying to make some extra money for the holidays. and as you can see from the movement, this has gone really from a rescue operation to more of a recovery operation. the cranes are idle right now, a lot of first responders standing around. didn t have that frenetic activity that we saw earlier on. the last successful rescue was about 3 a.m. since then we ve been watching a body truck for cadavers here with the coroner s cree here
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