Transcripts For CNBC The News With Shepard Smith 20220721 :

CNBC The News With Shepard Smith July 21, 2022

Putins invaders Boris Johnsons final speech to the british parliament. Remember, its not twitter. The two fighting to replace him. Hasta la vista, baby. 50,000 veterans disabled and get the snub from congress the money left out of the defense spending bill depriving them of retirement benefits. The law and order themed cooler linked to a deadly shooting on set. Wildfires rage across europe. And dont do it emmanuel the emu. Dont do it live from cnbc. The facts, the truth, the news with Shepard Smith well, the Housing Market has taken a major turn like everything else, the grocery store, at the gas station, at the mall, housing prices are soaring too but insult to injury, Mortgage Rates are way up and since theres a supply shortage, its just getting worse and worse. Goodbye, American Dream buying a house is now feeling less an attainable goal and more a distant fantasy. Look at the median sale price of a previous owned home, about 285,000 three years ago last month, median price, look at that, 416,000. Thats the highest total on record, according to data from the National Association of realtors came out with just today. The result of the historic prices, people arent buying right now. Demand for mortgages hit a 22year low last week. And the data shows loan applications to buy a home are down nearly 20 from a year ago. Important to note, americans have been facing high home prices for months. Thats not new whats new is people no longer have as much purchasing power. Interest rates almost doubled what they were just in january couple that with inflation, potential home buyers are just getting crushed. Well hear from the former head of the federal Housing Administration first cnbcs Senior Real Estate correspondent, diana olick on americas housing crisis empty nesters allen and his wife thought about putting their bethesda, maryland, home on the market last fall, but they couldnt find anything to buy so they waited until june good if we put the house on the market may 10th, we probably would have sold the house. He said they didnt miss the boat exactly but its not going to be a bidding frenzy where you list a house at a certain price and then you get five bids that are over that price. Were not going to see that kind of market anytime soon because the market has changed markedly fast rising Mortgage Rates, overheated home prices, and growing concern over inflation and the economy have all caused buyers to leap back pretty suddenly i literally felt the rumbling in the ground. Real estate agent joan wolf is in his fifth decade in the business, so she knows whats coming but shes not worried this time. I lived in this market before there are comforts in this market that are different from the crash of 07, 08, 09 in that lenders have become much more stringent that has mitigated foreclosures so now, you wont see fire sales that will drag down prices prices are still up over 13 from a year ago, even though the supply of homes for sale is finally increasing that increased competition from sellers prompted him to drop his 1. 5 million asking price by 100,000 after the first week. And hes encouraging buyers not to worry about offending him i guess what i would say to any potential buyer, dont be hamstrung or limited by saying, oh, i couldnt conceivably make a bid thats more than 5 below the asking price go ahead and make a bid. And another interesting change, wolf told me she just got a call from a Mortgage Lender pushing bridge loans, those are for sellers who might want to buy another house but havent sold the one they have yet. She said she hasnt seen demand for those in several years how are these record prices affecting renters . Because thats a mess too. Rental demand is still high and getting higher rents for Single Family homes and apartments are still hitting new highs, but theyre starting to ease up a little bit. Apartment rents increased by 19 from a year ago in june to an average 1706 a month. Single family rents jumped to 2,071 rents are seeing the biggest gains in florida markets orlando, miami, tampa all up over 20 from a year ago, followed by orange county, california, and raleigh. Markets seeing the smallest gains, minneapolis st. Paul, baltimore, san francisco, chicago, and kansas city thanks very much. Dave stevens is with us, former commissioner of the federal Housing Administration also served as president and ceo of the Mortgage Bankers association. Dave, thanks so much whats the better option right now of the bad options, buying or renting well, you know, youre asking the right question, neither are great options. I would say this prices have to come down the volume of activity needed to slow but they havent. The prices are not coming down its very weird, isnt it . In fact, prices have hit, as you know in june, an alltime historical high, but i would say the one piece of good news which diana highlighted is that the increasing of inventory is getting buyers at least choice if we think about whats gone on the last couple years, particularly last year, multiple offers, all cash offers and you better come in at full listing price or above and it may not be the home of your dreams. Now youre going to get choice i dont know where youre looking, but i real estate doom scroll all the time, and i dont see inventory. I dont see it in south florida where i look, i dont see it in new york where i look. I dont see it i hear it, but i dont see it. One more question. Is there anything home buyers can do to ease the pain . Like Adjustable Rate Mortgages theyre really different than they were years ago, if you do decide to buy . Absolutely. Thats a great point, is that arms are an alternative. They arent the arms of the prohousing crisis that were very high risk a fiveyear or sevenyear arm can get you from 50 basis points, maybe as much as 100 basis points lower an Interest Rate depending on your situation. And that can help you afford these higher payments that exist today. As you have highlighted, look, renting is going up as well. And its unlikely were ever going to see those 2 or 3 Mortgage Rates we saw a couple years ago because that was a reflection on a very difficult economy where the fed was driving rates low. Were not going to see that repeat itself. Sure, but im a kid of the 70s and 80s. I remember mom and dad trying to buy a house and all of a sudden the rate you were going to get for a mortgage was like 16 , 17 . It was insane. And we didnt get a new house. Is that coming is that are we going to keep going here or how do you see it . No, in fact the Mortgage Bankers Association Just put out a new forecast this afternoon. And you know, thats very consistent with what other economists believe were going to see rates level off here in the high 5 range. Maybe even taper down a bit towards the end of the year. The spike we saw was dramatic and had a lot of other influences that made rates move so rapidly were not going to see that on a Going Forward basis. I hope youre right im going to hold the clip just in case to embarrass you later if youre wrong. Great to see you, dave thanks very much a turn in the war . Well, Ukrainian Forces are now on the offensive, as they fight to take back the russian invaders in a major strategic city the ukrainians ramping up attacks around kherson, a key city in southern ukraine that fell to putins troops way back in march russian state media report the ukrainians have been pounding a vital bridge with rockets. Its a critical River Crossing you destroy it, that would cut off a crucial supply line for the russians, anden escape route for Russian Troops in kherson, according to British Intelligence in recent days we have seen the ukrainians blow up russian ammo depots near kherson. Its suspected theyre using advanced long range rocket systems supplied by the United States to strike those targets today, the pentagon announcing its sending to ukraine even more of the himars rocket systems, as they call them ukrainian Officials Say those weapons have been a real game changer, and sent the russians into what they call panic mode meantime, russia is preparing to annex large swaths of ukrainian territory. Kind of like they did when Vladimir Putin seized crimea back in 2014 thats the warning today from the white house. That includes kherson, where the u. S. Officials say the kremlin has installed a puppet government nbcs ellison barber spoke with ukrainian villagers who sneaked out by foot and bicycle and escaped from Russian Occupation. Life here is hard but its safer than where they were translator when russians came, they put white stripes on us, on our hands and legs. He tells us soldiers threatened to shoot anyone Walking Around without that white tape, and sometimes it didnt make a difference at all. Translator there was a headquarters and ammunition were housed in a school they didnt let anyone come even 100 meters to the school a young boy came closer. He wasnt even 30 years old. A sniper shot him dead Russian Forces control much of the kherson region. The villagers we spoke to claim russian soldiers no longer allow cars to oo leave my wife said, well, they will shoot you anyway, so lets get out of here. Vladamir and his wife decided to bike. They pedaled across uneven terrain until they reached a town controlled by Ukrainian Forces translator im just happy that i stayed alive. Thousands of people reportedly fled kherson the same way. Most leave their bikes and try to move far away from the front lines. There are hundreds of bikes in a shed here. Locals say all of them were ridden by ukrainians fleeing Russian Occupation a lot of these bikes youll notice people had tied white rags to them theres two on the back of this childs seat theyre a symbol, people hope, that Russian Forces will see and know theyre not a threat and allow them to get to safety. The town keeps the abandoned bikes. Hoping that one day the owners will come for them and make their way home barber in ukraine, and ukraines first lady was on capitol hill today to make an urgent and emotional plea directly to our congress Olena Zelenska pleading for more weapons as the brutal invasion grinds on with no end in sight she told lawmakers what we all know, that russia is destroying her people in an unprovoked terrorist war and killing peaceful civilians in peaceful cities the first lady shared horrific stories of children slaughtered in russias indiscriminate onslaught. A warning now, most of you will find these images disturbing zelenska told the story of a 4yearold named lisa, a ukrainian girl with Downs Syndrome lisas mom posted this video of the little girl pushing her stroller to a Speech Therapy session, and then moments later, a Russian Missile killed lisa and severely wounded her mom the first lady showed lawmakers a photoeof lisas body beneath a sheet on the ground, and the same stroller that she had been pushing. The first lady spoke with nbcs Peter Alexander and described how the bloody war has changed her own 9yearold son what does your son dream of, what does he want to be . He wants to be a soldier. He wants to be a soldier. What does that make you think as a mom . Translator you know, before the war, my son used to go to the dance omsawnble. He played piano. He learned english he entered sports club now i cannot bring him back to doing arts and humanities. The only thing he wants to do is martial arts and how to use a rifle. Ukrainian president Volodymyr Zelenskyy watched the live broadcast of his wifes speech from kyiv. He says he hopes it helps encourage u. S. Lawmakers to increase their aid more than 100 million americans across at least 32 states under heat warnings or advisories now the alerts stretch from california all the way to new hampshire. Expected across the south and southwest tomorrow, and even in the northeast, when you add in the humidity, it will feel like 100 into the weekend its scorching in europe, too, and wildfires are still raging hundreds of firefighters battling in portugal and spain and italy. And officials in greece say they got a wildfire under control near athens. Then theres the south of france the president Emmanuel Macron visited firefighters there he toured the area where an inferno forced tens of thousands of people to evacuate their homes. The president pledged to step up the fight against Climate Change and to rebuild the area. It was just three months ago that governors in border states began busing migrants to d. C they have not stopped. We were there when the busing began, and now as the resources run out, the mayors stepping in. After just two witnesses, the prosecution against steve bannon rests. Next, the defense and their first move will be a familiar one. Plus, tesla reporting earnings today why the companys winning streak hit the skids. Why do nearly one million businesses choose stamps. Com to mail and ship . No more trips to the post office no more paying full price for postage and great rates from usps and ups mail letters ship packages anytime anywhere for less a lot less get our special tv offer a 4week trial plus postage and a digital scale go to stamps. Com tv and never go to the post office again remember the immigrants the Texas Governor abbott was busing to washington, d. C. . Hes still doing it. Basically every single day thats according to migrant advocates in the Nations Capital. And now, aid workers say theyre running out of resources Governor Abbott started hiring charter buses to take migrants to socalled sanctuary cities back in april. Arizonas republican governor doug ducey quickly followed suit both texas and arizona have sent several thousand migrants to d. C. By this point, and now the mayor there is asking for help cnbcs shomari stone spoke to some of the migrants searching for jobs and places to live. Just a block away from the u. S. Capitol building, migrants lay in the d. C. Summer heat, tired, dehydrated, and in need of refuge. We are having a hard time we dont have a home we dont have anywhere to live francisco migrated to the u. S. From south america. He arrived in texas where he says dhs officials processed him. Handed him paperwork with court dates for his immigration hearing, and sent him on his way. Thats when mendoza along with dozens more, voluntarily took a trip to the Nations Capital but mendoza says texas officials led him to d. C. Under false pretenses. They told us with lies, they told us to come to d. C they have help here. They have work here. They offer you they offer you jobs they tell you that theyre going to help you, but then they just drop you off here like an animal now, mendoza is in search of shelter and a job. We do not have the ability to sustain this d. C. Migrant aid groups say around 100 people are arriving every day. Thats double the amount since april. For some migrants, d. C. Is a pit stop on their journey to meet relatives. But for many more if theyre coming in through texas but need to get to new york, that is an expensive endeavor they lack the resources, leaving them stranded. Its bad because were all here because of the situation in venezuela, it wasnt a good place and i wouldnt go through that journey washington, d. C. Left overwhelmed, unable to manage the influx of migrants were dealing with a federal issue that the district of columbia wont be able to bear it requires the federal response now, fema says it has given d. C. Migrant aid groups 2. 2 million to help with the migration from texas and arizona. But aid groups say its not nearly enough. Fema says it is exploring what their needs are and how the Grant Program can support the services they are providing. Shep shomari stone live in d. C officials in uvalde are set to vote just days from now on whether to fire the School Districts police chief. They scheduled a meeting for this saturday. The agenda for that meeting shows they plan to talk with the District Attorney about issues related to recommended termination for good cause of the noncertified contract of Pete Arredondo School District officials said last month chief arredondo was put on administrative leave. The move ff agencies waited for more than an hour to confront the gunman who killed 19 students and two teachers under the districts active shooter response plan, arredondo would have been in charge. The designated veterans. They say they richly deserve tonight, why theyre calling the latest move in congress to fix the problem a slap in the face an update on the deadly shooting on the set of law and order. The theory investigators are now chasing. And a piece of evidence with and a piece of evidence with ties to the show these folks dont have time to go to the post office they use stamps. Com all the services of the post office only cheaper get a 4week trial plus postage and a digital scale go to stamps. Com tv and never go to the post office again. Did you know that veterans who got wounded and disabled in combat did not get benefits if they didnt serve 20 years they det disability but not retirement and they wont bought a House Committee has shut down a measure that

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