but one more time just so for people who have been following this conversation. if they are concerned that they're going to be one of these people who might be cutoff medicaid. how did they figure out whether that might happen for them? >> i would instruct your viewers to go to medicaid.gov. this is just a reminder that this provision of continuous coverage ends at the end of this month. the end of march. beginning on april 1st is when states will start to redetermine medicaid. and potentially kick people off. we do not want that to come as a surprise to anyone. no time is a good one to lose health insurance but certainly having it happened suddenly can be very devastating. medicaid.gov would be where i instruct your viewers to. go >> for folks who want to learn more, is there a resource available at the robert wood johnson foundation who get lost in all the dog gods? if they can remember the robert wood johnson foundation, are there really sources there for those fox? >> sure, our wjfw slip back

slash medicaid would be where he'd find all of our resources. or wjbf.org. you can peruse all the work that our foundation does across the country. >> doctor avenel joseph is the policy vice president at the robert wood johnson foundation. i will rwjf.gov rwjf.gov >> this afternoon, attorney general merrick garland testifies on president biden's 2024 budget ridge quest for the justice department. live coverage before a senate appropriation subcommittee begins at 2:30 eastern on c-span 3. you can also watch on our free mobile video app. c-span now. or online at c-span.org. lawrence yun. >> -- . . ,,

-- what is the state of the u.s. housing industry? >> good morning greta. thank you for having me. the housing shortage is less of the case now given that buyers have retreated. somewhat high mortgage rates, the fastest rise in mortgage rates for 40 years has led to much fewer buying activity. but we still are short on in the tory. inventory of homes,. on the market today are still below 2019. 2019, pre-covid days. we still don't have enough inventory even though if one looks at a specific market, austin, denver, nashville. they will say that inventory levels have doubled. it is doubling from very low levels, such as cystic caustically correct but reality is still inventory shortage. >> our builders building the right type of house? in other words, what are home

buyers looking for. is it enough of those type of homes on the market? >> the inventory situation is that the builders are active in building a apartments currently. apartment buildings are the highest since the mid 1980s. right now, they're still very strong. but given the robust activity, -- will slowly diminish with these units coming on to the market. single family home construction, actually, i thought there was a little revival last year before the rising mortgage rates. builders became very cautious about single family home construction. and consequently, single family home construction currently in the recent months is below historical normal again. so, right now, it is a mixed picture. active apartment buildings, but less single family construction. >> do we have a glut or you predicting a gut of apartments? >> it parliaments in the overall housing units, how many

housings, whether renting or owning, i would still classify it as we are still short on housing. but of course, there is a desire for people wanting to buy homes. and if they have the chance, they want to accept the rental market and intern be the home buying market. the rental market, i think we could get a little oversupply. but it takes time to build. once they start building apartments, it will take about two years to complete. so right now is active housing multi family starts. so all that conflation would be an 18 months or two years. >> banking, the banks across the united states and in other countries, obviously dominating headlines in recent days. are there troubles due to mortgage backed securities? >> absolutely not. margins -- have government guarantee. just as the u.s. treasury is the safest asset in the world. next-level safest would be the government guarantee of veterans affairs mortgages. fha mortgages with government

guarantees. and most mortgages, which are eventually sold to -- inconsequently government guarantee. the trouble with the silicon valley bank and other original bank's mismanagement of forest. they purchased treasury, they purchased security, but those were of long duration. while when the interest rate increased, they have to pay the depositors 4%. they're getting return on 3% on treasury. that's a mismatched interest rate risk, it's not a sustainable business model. >> what are you watching for as this story continues to unfold? >> one thing is that, believe it or not, mortgage rates have actually come down because of the debacle related to the regional bank, silicon valley bank, signature bank, going under. anytime there is a financial market panic. people seek out safe acids like mortgage backed securities or treasury. so consequently, mortgage rates. middle of last week, it was 4%.

today it's about 6.5%. >> the federal reserve has raised interest rates and has said that they will continue to do so. what has been the impact on the market, the availability, price, et cetera? >> the federal reserve being so aggressive in raising rates, maybe it is due to that they were possibly a little late in trying to contain inflation. but once inflation got out of control, 9% inflation, middle of last year. they were forced to raise interest rate aggressively. consequently, the mortgage rate shot up from 3%. before the rate increased, up to 7%. middle of november. so that essentially killed off the buying market. people wanted to buy, they said, well $2,000 per month mortgage, i can handle that. 3500, i simply cannot. so people were forced to drop out of the market. based on the market for those listings, they're beginning to

lengthen. but again, we still have a shortage of listings in the marketplace compared to pre-covid. >> so it went to a high of 7%, now it's down to five? >> now it's 6.5% since the departmental of the regional banks situation. and, i would actually predict that the mortgage rate could actually go down a little lower. the reason that apartment buildings are robust, rents cannot increase at such a strong rate as it has been. so with increased supply in rental units, the rents will come down. and when the rains come down, the overall consumer price if inflation will come down. we are frustrated about egg prices, but that's less than 1% of the budget. 30% of the budget goes into housing. rant. so on the runs come down, there will be the heavyweight influence in coming down consumer price inflation. >> then what happens with the home buyers? so >> with the inflation coming down. we may say, we don't have to raise interest rates.

or even begin to say, maybe there's a room to cut interest rates. so what the interest rate declining, buyers will want to return to the market. key question is, are we going to have adequate supply to get these potential buyers returning to the market? >> and you say no. >> right now, the supply is not there. >> so then what happens? >> well. >> it goes right back up again? >> we then look to a problem of home prices lying rising fast. but the rent, again, due to the oversupply, the rents gonna rise. so for modern's -- do i pay higher home prices? or do i rent? they may say, well, renting is a better option. but from america's perspective, do we want to rent our society? or do we want an ownership society? i think this is a policy point of view where maybe we need to consider some of the government spending. i mean there's massive government spending out all across. including, infrastructure spending to say. look we need to fix bridge. we also need to build some florida bowl housing. so maybe we can dedicate some of the government incentive

funding, tax credit, instead of to build more housing. including affordable housing. >> >> we're going to divide the lines a little bit differently this morning. homeowners, your line is two 027488000. we want to hear from you this morning. were you looking to buy? are you no longer looking to buy? or and why. then renters, two 027488001. we want to hear from you, what is it like for you to rent? what is the cost for you? how much of your budget does it take? and then all others, you can dial and at two 027488002. that is how we will divide the lines this morning. so, what are you expecting from the fed chair in the next meeting when they decide whether or not to keep going on interest rates? >> it will be interesting. given the regional bank stress, large bank, they do regular stress tests to see what happens to the balance sheet if the interest rate rises. so due to that, many of the

large banks were able to risk manage matter on the interest rate changes. it's the regional banks which are beginning to suffer. and one looks at the balance sheet, you say, tough call for the feds to continue to raise interest rates. this will put additional stress on many regional banks. >> i want to show our viewers and you what the federal reserve chair had to share earlier this month. he was testifying before the house financial services committee. he areas, aspect, texas dramatic congresswoman, sylvia garcia about challenges facing potential first-time minority home buyers. >> i would like to know, follow up a little bit on some of the questions from representative norman. i do have a concern about housing costs. particularly as it relates to equity in the negative impact on minority communities. i think you send in your paper that activity in the housing sector continues to weaken. largely reflecting higher

mortgage rates. as he mentioned, the rates are higher, not only impacting single family housing but also make multi family housing. it's also become an even more difficult for people in my district, which is 77% latino. to be able to buy their first time, first home buyer. the work force entry level housing as financing homes get harder. as mortgage rates rise, the population of home buyers is skewing towards older wealthier and the broader communities. in many cases, they are suburbs. equity forbes are buying at the housing stock. chair, can you please speak about the relationship between federal reserve, interest rate hikes, and housing inequity, and what needs to change or? >> what needs to change is we

need to get inflation under control so that interest rates can come back down. in the meantime, they are high because inflation is hurting all of your constituents. not just the housing sector. all of everybody's constituents. it is our job under the law to get to restore price stability. and also to keep maximum employment. >> is there anything else that congress can be doing in this respect? >> that would be up to congress. there are lots of ways in which congress can support. people in various ways. but really that's in your hands. s a look a>> smart, can you anst question? what can congress do. >> one of the things is to look at some of the mortgage products, for example, fha. he wants to be self-sustaining, meaning that it correlates premiums from the home buyers. but them on the reserve. just so that if there's a default, they will be able to pay the default. -- but the reserved fund has grown

so much because of exceptionally low default home mortgage holders. one other thing is, recently, they reduced the mortgage insurance premium on fha mortgages. popular mortgages for minority home buyers, popular for the first time buyers, so that will begin to save roughly $1,000 a year in mortgage payments. just from the reduction in the morgan transference premium. it was the right decision. but i think to further evaluate, is there room to decline even more the massive buildup in the reserve fund of the fha mortgage. that will be one example. but the second example is we need more supply. so the builders if they are trying to hire construction workers, buying materials, lumber, it's hard. only way to make the numbers work is through tax credit or possibly dedicate some portion of infrastructure building, spending bill. to say look, we need to build

bridges. but we also need to build some housing. >> john in massachusetts, independent. >> thank you for taking my call this is basically history repeating itself again. we've got a bunch of globalists who are pretty much like -- bill gates buying up all the property. some but the world organization who basically was -- and you will be happy. , it scares me? >> you said you will not be happy. that was your last comment. >> and the famous words of klaus swab, you will owe nothing and you will be happy. while wall street is not and basically hide their money in

offshore accounts. and basically buying back their docks that is why there is no free trade because basically the corporations are marketing wall street where other companies can't come in and participate. who are dictating policy over vaccines. okay, john, i leave it there. >> what we saw was that institutional investors, we saw hedge funds or wall street backed investors buying up single family homes. not to listen, but they wanted to lie so that they can rented out which means the first time buyers have to compete with wall street investors but not possible wall street investors are coming in with all cash. first time buyers, prime to qualify for a mortgage, they have to go through various

processes. so, some of the institutional investors have been a much more active with rising rent. they understand there's a housing shortage. they understand rents will be rising. the ramping up the price of their properties. atlanta is one very good example. certain neighborhoods in atlanta, again, single family home, they're all renters. is that the way we want to go? the reason why the wall street investors are responding in this way is because of housing shortage. so, by providing more supply, it just means that wall street investors will not have incentive to go into real estate and going again into other areas. but with housing shortages, they provide the center for the wall street investors to consider ramping up properties. >> david casper, wyoming, a democratic collar. a homeowner there. good morning. >> good morning. thank you for the subject. i recently bought and sold a home in the denver colorado area. i don't know if anybody knows

how hot that area has been. my comments are about, what i've learned about first time home owner buying and selling a house and how much the realtor fees our and what's the -- whatever the reasons for realtor to charge 2.9% of the sale, which in my case added up to $20,000, all the fees that came about when i sold my house, when i bought my house. for the same amount of work that the house was on the market for for one weekend. basically. so, basically, i'm a $20,000 for a weekend of work. and when they have a scale that's 2.9%, if they sold the house that was for 700,000 which would be twice as much as mine, they would've made $40,000 for the same amount of

paperwork which everybody knows the paperwork is about a foot tall. let me take advantage of the home owners -- i was a first time home buyer. they take advantage of this happy time in someone's life and they just go sign his papers, paying whatever, it seems to be a real cryptic business the way that they were paid and the way the money is. if they sell 1 million dollar house, they're going to make $100, 000, or something for the same amount of work. and -- >> all right, we heard that point. lawrence, do you. >> all right, well, one great thing about america's competition. so, the commission rate that the color referred to is all negotiable. and people buying higher property homes, or saying it's an invents of market, san francisco, people are saying that the commission is much more competitive than the expensive mortgage compared to say affordable markets. so, it's all negotiable due to the competition in the

marketplace. and it's fiercely competitive. i mean, in any given year, you have so many new businesses, real estate brokerage, and then others leave because they simply cannot survive. it's the call -- as the caller alluded, during that week, during that time, there are multiple offers. maybe there are 30 offers. one winner and 29 losers. so, what does the 29 other clients have? they have to start the process all over again. so, some realtors may have worked with their clients on purpose on dozen homes over a six month time span not getting paid until the deal is settled. but a great thing again about america's competition. furthermore, and house that is for sale by order, that option is always available. but americans have said, i don't want to do it myself. if i do it myself, i will make as much money. so, their realtor -- will the consumers of their own

volition are 90% working with professionals. commissions are negotiable, and we let the market system work with a consumer choice. >> joni, in california, you rent, joni, what's it like? >> it -- just yesterday i got a notice sent to my door saying that i have to move. people have come in, i believe it is wall street, have come in and have purchased these buildings and they are moving low income people out to renovate the buildings and then move people in with money. i live near the college of santa barbara university. so, we are all being put out. >> where will you go? >> i have no idea. >> how long have you lived there? >> since 2020, i moved in during covid during, the crisis when people could not be

evicted. >> all right, lawrence? >> eviction by process is one of the struggles americans go through. not only that, it disrupts the potential for regaining employment. there are so many issues that come from eviction. for people who are consistently, as i say, taking advantage and not trying to mend -- make rental payments, there are ways to abide by that. but many families, they're struggling because of economic hardship, their setback. and i think this is where the government considers, what do we need to do for the community? so, they have various programs. i think one of the programs emphasized is that maybe they need to start building up eviction prevention. that is to say that if somebody started facing potential eviction, is there an alternate housing that one can provide? provide a rental subsidy?

one thing we should never consider is to say somehow a landlord cannot collect rent. because i mean, it just doesn't make sense. grocery stores cannot collect on what they're selling, then we would not have grocery stores and people would be starving. we need to make sure that -- for the government to build out some of the rental money, during a period of time and look at the individual eviction cases and if the person is on the verge of the fiction, provide the rental subsidy so that they won't have to be evicted. in this particular case, what they need to -- and provide -- to provide alternative housing. but, we still have a housing shortage. that's why the situation of corporate buyers coming in, evicting people, all of this's bottom line due to housing supply shortage. we need to ensure that the builders are not --

hindered in having access to the housing supply. there's plentiful homes for everyone. >> newport, kentucky, gary, homeowner there. good morning. >> good morning. i'm a homeowner. i call into the homeowner line. my present rate -- about my house back in 2020 and i got 3%. but anybody that's thinking about buying a house, 6.5% is not that bad. of course, you have to have the credit to do that, but i remember my first house that i bought back in the late 70s, early 80s, i saw interest rates go up to 16%, 16 and a half percent. i bought a house, and in by the house that i wanted to, but i got like seven, seven and a

half which was not that bad. >> so, gary, let me ask you because you say that six and a half and seven is not that bad, but you are at three. would you move? >> what i move? no. that's the value of the property now. six and a half percent to buy another house -- no, i wouldn't. i would move. if i had to. six and a half is not that bad. >> all right. lawrence? >> that's a very good history of movement in america. 1970s, 19 80s, people ticket mortgages at double digit interest rates, in some cases 16%. those are extremely high. but if you were to ask homeowners, or essentially, you want to talk to their parents or grandparents that say, when you bought the home at that double digit interest rate, how did you feel, how do you feel now? and then they all say, it was one of the best decisions of my

life. home buyers in home values of increased. overtime they have built -- great thing in america, not necessarily available in many other countries is that when mortgage rates go down, one can always refinance. and i've refinance multiple times,, i've done so personally. historically speaking, six and a half percent will be slightly below the average. >> do you think we'll ever see 3% again? >> not in the remainder of my lifetime, i don't think so. >> you don't think? so >> even 4% i would say is a long shot for the simple fact that we had covid emergency stimulus measure coming in. you know, massive monetary policy expansion. it's a unique circumstance. so, if we get 5%, i think that's a lucky rate. six and a half percent today, maybe by year and 6% is

possible for a variety of factors but not for 3%. >> phoenix city, democratic collar, homeowner. >> yes. my question is, what is the fixed rate? now, i make a train evacuee who moved to alabama and i was supposed to get a house for $1 on 1%. i was here before the end of the agreement. they told us that it was over with, but i bought my house at 6.8 -- 6.89%. and i'm very upset because my house that i had a new orleans, i had bought that at $55,000 for 12.9%. and when i came to alabama, they told me 6.8%, in my house is the same, and i am saying, how could that be? if i have 12.9% back in the 80s,

and now i come here and did not get what i was looking for from the federal government. but i'm paying a 6.89%, and my house is the same. and i look at the apr, and the daily interest rates -- >> okay, betty, you're wondering how that could be. >> correct. >> hurricane katrina certainly was a disaster, a horrific disaster at that time. i don't know what special u.s. government progress was submitted in mortgages or in a claim mortgage. but the mortgages -- to the average mortgage rate of 6.5%. those are what most people pick up, 30 year fixed rate mortgages. meaning that for 30 years that interest rate will not change unless one refinances. but in other countries they

have variable mortgages like in canada. that monthly payment may be fixed for the first three years, then it changes depending on with the central bank does. the central bank raises interest rates, while next month, -- some americans to have variable interest rates, probably 90% of americans have fixed rate mortgages. next payments gets -- giving up that mortgage. >> what about paying down the principle? if you pay more than you owe each month and -- what do mortgages say you can't pay down the principle or days ago towards the interest? >> it goes down more than a monthly requirement, that's actually reducing the -- and i'd encourage people, if they want to have savings, pay down the mortgage loan faster. the mortgage's could be paid off not in a few years, but it 22 years, for example by buying

excessively. because whatever access amount is not towards interest, it's totally reducing the mortgage amount. so, we know some people are using that strategy when it's required. >> mark, in staten island, good morning to you. >> good morning, america. i'm 64 years old, i'm planning on retiring next year. i own my own house here in staten island in new york. realty is really good here on the island, but the thing that i'm concerned about, the people that have been selling their houses around -- a lot of chinese people have been buying with cash. and i'm concerned about if i do wind up selling my house next year i don't want to just accept money from chinese communist party -- i have a feeling that's where

my money -- that money that's where it's coming from, people buying with cash. >> okay, we can talk about foreign ownership in general across the country. >> so, in canada, because there are having a housing shortage and they've had many people with chinese ancestry, say from hong kong, which is a, you know, a very pro-america -- taiwan, is pro america. and mainland china which is having conflict. so, we have many chinese purchasing properties out in vancouver or even in toronto or other owners. so, the canadian government essentially put a huge tax to say, if you're not a domestic buyer, you will pay an additional 15%, a stiff percentage, but it was a heavy percentage. so one way to deter foreigners from purchasing and maybe help out the tax revenue is to put that tax on foreigners. i think in florida they're beginning to consider whether or not they want to do that.

but in other states, like in new jersey, they said, no. we welcome anybody who can legally purchased whether it's domestic or international purchases. so, how everyone feels about, it may be one needs to talk to the local elected officials or members of congress on this. but in the u.s., right now, foreigners who go through the legal process would be able to purchase rental properties, or maybe they have their kid in the u.s., or university, and i want to buy a condominium and university. >> it's not just canada. there's england that does the same, in other countries have a tax if you're foreigner and you want to purchase in their country? >> so, you know, all countries have their unique way of addressing it. but a key problem, a key issue here is, again, because of the housing shortage, and again, vancouver, they will try to limit. but if they have excessive housing, plentiful supply, then this would not be in issue. so it's a constant issue when

there's a lack of supply. >> alice, in cape coral, florida. hi, alice. >> hi. >> go ahead, we're listening. question or comment? >> okay. i'm a retired person, i got hit by the hurricane recently and as a part of the situation would consider building. now if i had a property available my question was if i would have enough money to sell my house at a loss, because i do get some money from it, it would not be a bad time to try to build this as far as supplies, and when it would hit the market of building it at this moment. >> we have a housing shortage. but one thing to consider since you mention the hurricane is, what is the cost of insurance? because we have seen that insurance rates are rising in more -- regions. especially as a repetitive hit on hurricanes or flooding. we want to have a solid actuarial system. people should be living in --

areas without the risk of flooding, or hurricanes. and of course, we don't know when the tornadoes are gonna hit. so, in the random events, we have normal property insurance, but nonetheless, if you are considering building -- one of the factors you consider is the insurance cost. but overall, we have a housing shortage. so, any building would alleviate some of the shortages that are currently in place or continue to be in place in the upcoming years. >> what about the situation in florida with homeowners insurance and people not being able to get it in that state of florida. how is that impacting housing? >> so, right now, the florida market is one of the most robust. whether people -- viewing the natural disaster risk, but people are continuing to move into florida. the job market is strong. so, florida's market is quite strong even though the property insurance rate on those who are

available, as you mentioned, some people are having a very difficult time obtaining one. >> we will go to connecticut. cam, infill, connecticut. >> hello, good morning, america. yes, i'm a homeowner, writer, and investor. my question is, what is the federal government and congress going to put the power back -- give the power to the public for ownership of the property. what i've noticed is that basically the power has basically been given to the banks for -- to make more money off of higher interest rates. and what they're doing in turn is writing these mortgages, selling them off at higher, you know, to freddy may and freddie mac to make more money off of them. basically, it's a vicious cycle that is not ending in home ownership is dying in our country. >> okay, well, let's talk about

that, cam. lawrence? >> in america, because we live in a democracy, you know, we mentioned the issues to our elected officials. consequently, america said, middle class america's hardworking middle class america should have a decent shot at buying a meeting priced home. not an expensive homebody medium priced home. one way to go about it is to ensure that mortgages are readily available. so, f ha more -- mortgages are -- various -- rocket mortgages, or bank of america mortgages eventually get souls to fanny and freddie, the bank of america guaranteed. so because of the government guarantee, when the government is on a safe asset, a certain percent, i think today it's about 3.5% on ten year treasury, mortgage rates will be a little bit above that because of the government guarantee. today's environment, it's much larger. so larger spread than normal. it's abnormally high.

so, if we had the normal spread. because of the government guarantee, mortgage rates today would be at 5.5%, and we would have more homeowners in america. is that due to lack of competition among the big banks? what are some shares out in the marketplace? because, you know, mortgage backed security investors, do i buy f ha mortgages? and you begin to think, well it has government guarantees so if the borrowers cannot repay, then the government can repay. so, this competition should lead to that normal spread. for some reason, the spread is exceptionally large. having a higher mortgage rate for consumers, but naturally, possibly more profit for large banks is a lack of competition, i'm not sure. but at least there's an abnormal spread. >> what are your concerns are predictions with what banks will do with mortgages in the coming weeks, months, and years? >> i think they will do their

normal thing which is that some will end up in the bank. some will be secure ties and be sold to investors -- it could be a wall street firm. you sell it off to the investors in that provides liquidity to the mortgage market by the interesting part is, they liquidity of -- is not as deep with mortgages even with a government guarantee. in recent months. i mean historically it's always been the recent months, not as deep based on that larger spread of the normal. >> why? explain that. >> so, again. if the government borrows 3.5%, what we noticed historically -- at 5.5%. the spread is two percentage points, the spread today is 3% of rents. so, consumers are paying 6.5%. why? i think those are very valid questions. lack of competition among the big banks, some people say the

federal reserve is very aggressive in raising interest rates too fast. it's a shock and market. and some say that there is a shock in the market. at least friction in the marketplace. i expect this abnormal spread to disappear over time, maybe with six months. . if that's the case, mortgage rates will certainly be much more favorable to consumers. >> grant, in savannah, illinois. a renter, grants, what is it like for you there? >> well, choice wise where i live the market seems to favor the home owners. in my case, i live in a place that is owned by what i would call a slum lord. so where i live i've -- after returning here after being gone for 20 something years, you have more air be in

these and you have little choice for renters so -- your only choice if you want to rent is that you have to rent from somebody who does not take care of the home. so, that is one pattern that i've noticed. and looking out to the midwest, where i've lived, it's economically fairly depressed as an area. then there's other social problems along with that. it's a complicated situation. and as an elderly person at this point in my life, i don't know if that makes any sense if you want to try to buy something here, in like 72 years old. >> lawrence? >> some of the industrial midwest where they had a tough job market condition, you had, for example, michigan, related to the auto industry, we

remember the great recession of 2008 all the way to 2010. in michigan, there was not a great recession, that was a great depression for ten years from the year 2000 to 2010. so, some small town had exposure to manufacturing companies where jobs were gone and it was a difficult environment. unfortunately, we're beginning to see job revival in the midwest, whether in akron, ohio, detroit. so, we're beginning to see some jobs where homes are very affordable. and maybe where homes are more affordable in the midwest, some of the office workers who have the possibility to work remotely, may say, i don't want to pay -- i want to buy a mansion out in michigan. so, we may begin to see a little more trend towards the affordable market across the country from this increase in

pattern of the remote work possibility. >> kathy, fremont california, democratic color and homeowner. welcome. go ahead. >> good morning. i just recently repaired my road -- and the house next door for me just one up for sale and it took them a couple of months to fix up the house. could you make a comment about what it takes to fix houses up that needs fixing? thank you? >> you know, everybody makes evaluation on every model. some people want to remodel because they just need that extra space, or they want to have a better condition. and what are the more satisfying aspects that they have to complete the do-it-yourself remodeling project is that, yes, they have the extra room or possibility with the better roof, but the work involved, the sweat equity, that is so satisfying. maybe during the process, it does not appear satisfying, but once it's completed, they'll

say, wow, this was fun, this was so satisfying. so, there is that interest in value that comes from doing the remodeling. now related to the market, many of the remodeling activities, say 1%, $10,000 to say do the kitchen marble table, in selling a home, they may be able to get most of that value back. that is to say that you invest the $10, 000, but homes can be sold for maybe $8,000 more. so, most of that possibly could be returned to the homeowners who are doing these projects. >> if you can't get it all back, and why do it? >> for the enjoyment of having those shiny looking counter tops and the nice polish. >> got it. anthony, in minneapolis, renter. >> yes, good morning washington journal. good morning this gratton -- i'm actually calling, i don't know if you test on this issue or not today, but it involves delivery discrimination.

i noticed recently that a california bank filed a lawsuit for i believe $31 million for discriminating against black -- potential home owners or wanting to inquire about homeowners or loans. also, in minneapolis, here. the minneapolis realtor or real estate association came out publicly and issued a huge apology in a press conference about the deliberate discriminations that were taking place. and then also how wells fargo said that they would come out in support of more diversity and their lending practices in minority homeowners or potential homeowners. >> and leaving this now to hear from u.s. attorney general merrick garland on the justice department budget. live coverage of this and appropriation subcommittee hearing here on c-span 3.