significant given given that this is some of the best numbers we seen coming from the any peace index for some time and the idea that their optimism is picking up steam is consistent with that was the view that we need to get more construction activity going on into the home building market here in order for it to see some proven in terms of the state for borrowers basically well the current homeownership rate in the u.s. it's at sixty three point nine percent which is obviously below the two thousand and five peak of sixty nine point two percent so is this report reason to believe that we could actually see that rate jump up a little bit. i think it's possible that we could see that i think in addition the with millennialists of have been holding back their their home buying activity ever since the financial crisis so i think. the optimism that we're seeing from from home building as well as sort of the jump back into the market by someone else will bode well going forward for homeownership rates well as the fed is expected to have more rate hikes for two thousand and eighteen what kind of effect do you think that could have on current and also future mortgages well you know in terms of the fed rate hikes i think most economists would think there is about three to four of these in play for two thousand and eighteen which would be significant on mortgage rates if it wasn't for the fact that we're talking about rate hikes that affect really the short end of the yield curve however mortgage rates are are really tied more to the to the intermediate part of the curve somewhere in the five to ten year range so i think we'll see this continued flattening of the yield curve maybe a pickup of forty to fifty basis points point fourth point five percent increase that is in mortgage interest rates for the fixed rate thirty year mortgage i still think it will be a good market to be buying into if you're buyer particularly a first time home buyer out there even with these kind of hikes on the horizon some people are predicting to see higher housing prices in the u.s. in two thousand and eighteen and two thousand and nineteen which is double the rate for underlying consumer inflation and wages so is that assessment only taking into account areas with higher housing costs like l.a. and new york or is this really in line with the current health of the housing market. well i think that overall nationwide home prices should appreciate between two and a half or three percent both in two thousand and eighteen and two thousand and nineteen which would be running about parallel or maybe even a little bit higher than inflation so the numbers you were quoting me earlier probably are more reflective of some of the hotter markets the housing markets on the west coast in particular the san francisco's. san jose seattle those i think we can expect to see continued acceleration in home prices for the foreseeable future largely because of tightening in the housing inventory side on a lot of those markets freddie mac's economist john because he wrote that an area where the housing markets weren't prepared for a war coastal housing areas which are in danger polarizing levels do you think that we can think there will estate bubble that could harm the nation or is this something that would have more of a local a fact. well it certainly is a local fact those properties that are that are on the coastal markets will certainly be affected i think some of the studies that you're the shot is referencing there are are saying that the these markets would be hit by a six foot rise in sea levels by the year twenty one hundred so this is not something that i think any of us have to worry about. on. a five to ten year basis even i think this is out there quite a number of years but. certainly it's an issue as you start to think about things like flood insurance programs that are out there. and hazard surance policies that are offered by insurance companies for for homeowners those things if we were to see a continued rise in sea levels even very small levels it might make them start to think twice but overall i'm not i think there are many other things about the housing market that we need to kind of pay closer attention to them than sea level rising in the immediate future i want to ask you now about millennial is what you sort of touched upon earlier in our interview it's very well known that millennial is have quote kaleb the housing market as they have with many other industries continue to rant is by far a handful of reasons a millennialist are getting older now and closer to the age that their parents bought homes for the first time so down the road how big of an impact do you think that will have on the homeownership rate. i think it will have a fairly significant impact if you look back from the years right after the financial crisis of two thousand and eight two thousand and nine what we saw was a lack of of formation household formation coming from. that millennial segment what that did is it really suppressed first time home buying opportunity for quite a while and historically we've seen as much as thirty forty percent of new home purchases coming from the first time home buyers of which two thirds these days are made up of millennial buyers so it's a big deal i think going forward the fact that we have an uptick in millennial interest in becoming home buyers coupled with the next generous the thirty seven of the fifty one year olds that are also showing a bit higher. interest and homeownership will certainly push the market along from what we've seen over the last couple years while it's obviously had a pretty big impact so is there a way to offset the millennial effect on the housing market. in terms of headwinds for for the market and one of the biggest happens to be affordability i think if you look at that among anything in the market today we have to stand back and really assess can people spend the budgeted that is the amount of income for the costs of the see it with homeownership it's rising as well largely because of a severe shortage and housing inventory and from that standpoint i think we really kind of have to look at what opportunities are there to kind of either promote truman and tax credits and other kinds of things to lure people into the housing sector some what we've seen in the past few years do you think the housing market actually created any new protections to create a safety net or prevent anything to housing market bubbles like with zod during the financial crisis. yes there have been out a lot of things that have happened since the crisis four years and probably the biggest i would say is the consumer financial protection bureau has implementation of the so-called qualified mortgage rules which really dramatically changed the underwriting all of the requirements for underwriting that is of home mortgages in other words if you look at the quality of loans being done today versus ten years ago it's dramatically different these are very very low risk assets again and they are the nontraditional mortgages that we want saw and many would say contributed to the crisis in fact that coupled with other improvements better oversight of fannie mae and freddie mac. even though both are in conservatorship. along with other measures have gone a long way to really make sure that what we saw in two thousand and eight two thousand and nine very unlikely to happen again on on our watch for quite some time dr clippard rafi a professor of finance at the smith's will and business at the university of maryland thanks so much for your time today thank you. time now for a quick break but stick around because when we were turning regulators last trans canada as a hoax and changing its proposed route for the x.l. pipeline our teams alison hello that will tell us what happens now as we go to break through the numbers of the closing bell. to. put themselves on the line to get accepted or rejected. so when you want to be president and you. want. to go to the press this is what before three of them or can't be good. i'm interested always in the waters in the. first suit. the single most important social equalizer of our time the internet is under great threat the decision by the federal communications commission essentially gives internet service providers the keys to the internet without net neutrality will be economic opportunity divide only widens for all. i played for many clubs over the years so i know the game inside out it's. football isn't only about what happens on the pitch pull the final school it's about the passion from the fans it's the age of the superman each kill the narrowness and spending two hundred twenty million on one player. so it's an experience like nothing else i want to because i want to share what i think of what i know about the beautiful game a great so one more chance for. a nice minute. i bought it under them i did not cut it in. upon him and if one came it up on this missile but you know me a little much to be still slot. machine of slate feel compelled to. say that. rather than beginning to get it doesn't mean that it doesn't assume the throne of sun to the left about another table the idea that something as innocent. as the minimal this will go down. as become a hot item. in the community and now would condemn most other methods to. come from listener count somehow moments from some solar system a god. he. loved to learn how to live the from the one that hit him. the. european union isn't happy with poland's plan for judicial wherefore and the bloc made that clear on wednesday. when it launched disciplinary measures against the country including the potential suspension of poland's voting rights at summits however hungry quickly came to its defense saying it would block them which is known as the nuclear option the fight stems from the e.u. has concerns about authoritarianism in poland amid the government government's plan to implement judiciary reform and also comes at a time when the refugee crisis and immigration is leading to lots of head butting between member states and in fact the legal proceedings against poland hungary and the czech republic earlier this year were not taking in an effort. on tuesday president trump's nominee for president of the u.s. export import bank was rejected by democrats and our economy has been around since one thousand nine hundred thirty four and the idea is that it will help exports of u.s. goods made in the u.s. goods and you know it did so back in thirty's and after the second world war it was a big part of the marshall plan trying to get exports to france and germany and then you know fast forward to eighty nine when the berlin wall came down trying to get u.s. goods into the former soviet union chuckle slovakia and poland and then the big push by president obama back in two thousand and nine two thousand and ten was to try and get more u.s. exports to india and so they put a billion dollars in in that so the export import bank operates with loans and loan guarantees and while it's funded by the government it's supposed to be self-sustaining and the bank says that it's bringing in one point four billion dollars a year over the next ten years for the government but the congressional budget office did. agrees with that and there's been a lot of controversy surrounding this bank for years but that's what it is that's what it does twenty percent of the funding bianka is supposed to go to small businesses and there's literally been thousands of u.s. businesses that have been helped by the export import bank since it was created as i say back in the one nine hundred thirty s. . at this point what do we know about the rejected nominee former congressman scott garrett well i know a little bit about mr garrett who's a new jersey republican he was on the house financial services committee and so my stuff i followed that he was a really good and thorough member on that committee even though we disagreed on some of the regulatory things as you might imagine but he had a real penchant and personal dislike for the export import bank and he saw it as competing against the private sector now the charter of the bank and it's been confirmed in law says that it shouldn't compete with the private sector is really the lender of last resort for small businesses who can't get funding either funding or guarantees of funding any other way but mr garrett thought that it was really. against capitalism any thought it was some times that the loans were being made as personal favors and so he thinks it's going to say that he his effort was to save capitalism get away from cronyism was his policy and liberation i guess well some republicans voted with democrats including populists sherrod brown of ohio to think that derek nomination how and why did this republican split happen. well it's not all the republicans of course it really is a split as you say so the chair of the banking committee in the senate is mike craig poe from idaho and he's actually a very fair fellow and he and sherrod brown shirt brown is the ranking democrat from ohio and a progressive member and also really thoughtful fellow and they have actually worked pretty well together this year on the banking committee and that's nice to see given all the political acrimony in the world and in the country and in the congress but this is major league messy with scott garrett and the democrats all postum were two republicans attempts got from south carolina and mike rounds from south dakota who each opposed the most with two republicans and so it's bipartisan support against this guy the vote was thirteen to ten to reject him and it was just sort of a bad deal because you know with former congressman garrett just wanted to do away with the ex-im bank and this is part of a sort of a strategy by the trumpet ministration to put people in place in some of these agencies who actually want nothing more than to tear down the agencies themselves you and i beyond have talked about the consumer financial protection bureau with mick mulvaney who hated the c f p b and now is the director and trying to dismantle it and moving forward forthrightly and then there's scott pruitt at the environmental protection agency the former attorney general in oklahoma who consistently sided with big energy and big money interests over the environment and he's rolling back environmental regulations there so i think you know the senate banking committee just had enough of that sort of thing and they weren't going to put a guy like mr garrett who. like some republicans do they complain that government doesn't work during the campaign cycle and then when they get into government hold power they seek out to play is that it doesn't work so that was i think the bottom line with regard to mr garrett and why he was driven by the banking committee yesterday writes as you just said this seems like another trump appointment of an agency had who is opposed to the agency's mission and the house floor debate on a vote to kill the bank in two thousand and fifteen karat said the bank quote embodies the corruption of the free enterprise system so do you think we're going to see a replay of this fight between republicans with the next nominee. well i hope not you know you and i have spoken enough beyond i like to see everybody play nice and work together and you know the democrats had suggested sherrod brown and others on the banking panel that mr garrett would not be the right guy and lindsey graham the other senator from south carolina he's not on the banking committee but he was public in saying that the administration made a bad move by the president made a bad move by nominating mr garrett and hope that they would withdraw his nomination well now they'll have to the president will have to and they'll have somebody else that will be be nominated and you know if they want to get through somebody to to leave the ex-im bank they're going to have to pick a figure out somebody who can actually gain support from the couple well all the republicans or most of the republicans and a couple of democrats and you know democrats are opposed to the ex-im bank even though they've had some issues over the years so i think ultimately the best course for the president is to figure out who had moderate is somebody that understands this we saw just the other day where the president nominated does somebody to the for a judgeship in d.c. they're the circuit court i believe who had never been in a trial never been in a courtroom i mean clearly unqualified so the people over at what they call the white house office of presidential personnel p.-p. they call it needs to do a good job of vetting these folks to ensure that they at least have a modicum of chance to get through the committee and then on to the full senate of course former u.s. trading commission or part thank you as always. thanks. to brasil regulators have denied a request from the trans canada corporation which hopes to change the route of the keystone x.l. pipeline through the state of the nebraska approved the pipeline last month it's not trans canada's route of choice due to foreseeable delays artie's alex may hell of edge has the story for us in toronto alex what does the latest ruling by the nebraska public service commission mean for the keystone x.l. pipeline. well trans canada is a little disappointed there's not the route they wanted they're going to push the route a little bit further east which is closer to the existing pipeline routes and what they're saying is that this is actually going to create more difficulties for them because it's all about getting permission to going through people's land and that there might be lawsuits popping up and it actually might delay the whole process so that's their argument the commission however voted five to nothing basically saying listen we're letting you go through the state already and you could have to go our way not the way that you would prefer and of course there was a lot of argument about the trans canada's preferred route because it would go through you know nebraska it's very pristine territory so that that was the argument back and forth there now from trades canada we have heard from them they are trying to they're saying that you know what they're going to look at this but it looks like it might not put that much of a dent in their budget if they have to do the route that they're that they're being pushed to do we have a quote from them and they're saying it is important to remember that the project has widespread support within the u.s. and canadian federal governments as well as state officials in montana south dakota and nebraska now what trans canada fails to say is that there's not that much support from the people we've seen protests and such in the past and they talk about governments and of course we know that president trump was the one who got this thing going again with keystone x.l. president obama accident while ago back in two thousand and fifteen our president back in march pushed it forward and this is where we stand now but the people really aren't being heard well speaking of those protesters and i'm wondering how they feel about that as one of the the opponents said about that the question. well to them it's a victory of sorts and any type of dent that you can put into this process is a plus so we actually have a quote from a lawyer from the sierra group and this is his name is dr the right here ken winston ken winston says the fact that they're having to consider an alternate route and that their motion was denied continues to make it more complicated for trans canada and any time it's more complicated than a victory for so attorneys of land owners also opposing the pipeline are pretty much saying the exact same thing any problems that trans canada has any problems that this pipeline hence as well as a good thing for environmental as a people that are against the pipeline well that's histone pipeline issue and vision to a number of other factors is being blamed for a drop in the price of oil to north of the border what can you tell us about that major drop we're looking at a four year low when you really when you're doing sort of a comparison. just basically the way the prices are. look at the it's a it's a discounted price that we're talking about so when you're looking at the north american price of oil right now the canadian price is about half of that there's a few reasons for that spill and shutdown of the keystone x.l. pipeline being a big one why do you want why do you think the price could doesn't want to go in through some areas also train movement so a lot of this oil house be moved by train now and guess what candidate sweet and green time so that's what's on most of these trains so they're having problems putting oil in there and just you know there's way more supply than there is demand and that's really the bottom line are two correspondent alex mahalla that's thanks for your time today thank you. on line your views have become an important and highly contested marketing tool for many businesses and now one indiana hotel is being sued by the state attorney general after charging a customer hundreds of dollars for post. and negative review katrina arthur says when she and her husband checked into the abbey and suites like sewage she said quote it was a nightmare when the hotel center an e-mail asking for a review she said she was just the abby in then charged arthur as an extra three hundred fifty dollars and threatened legal action citing a customer review policy that the couple never saw arthur took down the review but then filed a formal complaint with authorities now the indiana time. alone even think they can find private companies to take over the utilities many by the telescope was allowed to miss you guys forgot to put it well on the pier might be cool. been this is. put it over or over time or you run for the lift hill brought up locals are ready to stand up for the basic human right of access to water it's about water but it's also over much more than water it's about to hurt and the redistribution of. their day downwards do you want to. make this manufactured consensus stick to the public well. when the ruling classes protect themselves. with the famous merry go round be the one percent. we can all middle of the room sit. in the. room. you know the palestinians have used the united nations as a weapon of war. against the future of peace both for palestinians and israelis the united nations general assembly has passed more resolutions against the democratic state of israel that it has against north korea iran and syria combined so that you know it is a bubbling cauldron of hatred and anti democracy. how does it feel to be a share of the greatest job in the world it's as close to being a king as any job there is what business model helps to run a prison now we just do or don't like to see nobody you know visitation i don't know when it comes anymore we don't have to serve them anymore is cost effective that's what they want to do that as long as they don't give a damn if you do the chores and there are actually paying us to put a mark and. the louisiana incarceration rate is twice as high as the usa in breach what she could is behind such success. with the. president trump threatens to cut aid to united nations members who voted against america's decision to recognize to reduce the left as israel's capital to these ideas is it dangerous to say here ok thank you i didn't have a correspondent reports on the underestimate mala as palestinians declare another day of rage against donald trump's jerusalem the. social media giant facebook is accused of abusing its monopoly in germany and of inappropriate collection of jesus data. and spread to mere putin says foreign intelligence services are ramping up their activities in russia trying to interfere in the country's internal affairs.

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