>> mitt rhyme eight clinches the g.o.p. nomination in new jersey putting him over the top moments ago. also with chris christie. house prices are on the rise. know is the time to buy a home. this is the will was report. neil: the republic 10

national convention will swing to night the national debt fund and center striking that $16 trillion. we have senator francois hollande. that moment occurred a few minutes ago new jersey but mitt romney over the top. >> 50. [cheers and applause] >> people thought he was too moderate but now he is the contender for the g.o.p. >> and it congressmen paul ryan will make an outstanding team. this is a movement sweeping

america. they are ready for a change in the white house. neil: the issues and has to find you have been front and center. outspoken in saying we should not spend more than retake and. of does this appeal? >> absolutely. especially americanamerican s who are younger realizing before today's voters were born. also the accumulation of jut -- of debt to and americans are not putting up with the. that is why his candidacy is so appealing. neil: we're spending $4 billion every single day.

$2 million per minute. that number is shocking. the debt clock is on the floor they will see you when it rolls over to the 16 trademark. how can you actually bring this home to america? that is not something they pay every day or does not come out of their account. >> the way we help individuals is you could defied the national debt to a 16 chilean with 300 million americans about $50,000 per person according to taxpayers may be $150,000 per taxpayer. americans have the ability

to understand this hurts our economy and job growth. it cannot continue. mitt romney has a plan and wants to submit a budget. and our president has yet to get one past. neil: bringing up medicare which is a critical issue among voters 49% said the president is better able to handle medicare. do we fundamentally need to reform? >> absolutely. americans understand it is based on principles. current spending practices will destroy the programs we talk about.

the president would jeopardize medicare but president romney could make that sustainable. neil: respectfully, that is a tough argument to make a lot of people are scared of that. >> but at the current spending rate we will spend $1 trillion per year. some say it could be sooner. there will be no more money with the entitlement programs. more than we spend a medicare/medicaid are so security combined. if we continue to borrow at

current rates. >> thank you for joining us to night senator lee. gerri: the big night ahead. at 8:00 p.m. host of governors take the stage as well as john kasich, bob macdonald and mary fallen fallen -- mary fallin and scott walker. and everybody is waiting at 10:00 p.m. when ann romney makes her national debut along with chris christie. you will not have to miss us second to. neil cavuto leads the coverage with every twist and turn. the white house fuel

speculation tapping from the strategic petroleum reserve. jay carney said is on the table. is it the political ploy? we have marsha blackburn from tennessee. great to see you again. is this a political move on the part of obama's? it could have been. >> exactly. this is something clinton did look at when that spr has been opened. you know, obama is considering it with the price of a gallon of guest. gas has doubled and it is too much.

gerri: $3.76 per gallon and it is a time we cannot afford it. what do we need to do to increase drilling? will romney take care of the problem? >> and the. the platform today has an entire section devoted to energy and agriculture. we have specific steps like the keystone pipeline. looking at our reserves, the outer continental shelf, alaska, all steps that should be taken to reduce the work that goes into the permit. so much we could do with our natural resources for the president to talk about

tapping that the 30 spr it is a political move to seven. gerri: now tropical storm isaac has been upgraded to a hurricane taking 90% production out of the of calexico. >> also look at north dakota and what they're doing on land. there are steps taken more quickly to expedite these areas. wells are on private land that have been tapped and they could open those four drilling. that could be a short-term step. but that being best spr to get the gasoline down before

election is not fair to the american people. gerri: watching coverage all day long, what are you looking forward to to night? >> i want to hear ann romney is speech she will talk about her relationship with her husband and their family. and their partnership. the people will look forward to that. i am looking forward to what some many independent women will said it also vice-presidential candidate right and people want answers for the jobs jobs, economy. there waiting to hear the speeches two years pacific's to address it.

gerri: thank you for coming tonight great to have you. the partying is about the role call being completed. 200061 delegates is the final number he only needed 1,144. that is why you see the signs and republicans are partying in the aisles. is it time to call a bottom to the crisis? we have inside analysis. do know how these conventions are paid for? it is not good. taxpayer money. we will be right back.

[ female announcer ] they can be enlightening.

hey, bro. or engaging. conversations help us learn and grow. at wells fargo, we believe you can never underestimate the power of a conversation. it's this exchange of ideas that helps you move ahead with confidence. so when the conversation turns toour financial goals... turn to us. if you need anything else, let me know. wells fargo. together we'll go far.

gerri: hope for housing.

today hold prices posted first year over year gain in over two years. vacation index showed 0.5% gain after 21 months of declines for the joining me now from the s&p index committee. good to see you. you say it is not a recovery yet to. what about now? >> [laughter] yes. it was with 2010 but that was the first time homebuyer credit program. before that was the end of 2006 the peak of the housing boom when the bust began. the first year over year gain over the 20 city composite. we're about 32% below

average. gerri: report from goldman sachs says prices are rising more people are buying homes from those who are current. but there are homes that are in foreclosure and not moving. is it a true recovery? >> i think it is. water of reporting this of buying and shortages of homes but many people's mortgages are under water. they cannot even refinance. they probably eight pay 2005 or 2006 interest rates. and it that has to be

tackled. gerri: doesn't it may itself flat over time? the government screws the aims of. lenders to not know what to expect, shouldn't the market find its own mobile? >> lot of people lost money and banks have bad loans. the money is not coming back. home prices are not going up by 30%. that could be several years. gerri: how long will it take back at the level of 2006? >> somebody asked me today. if it is happening in their lifetime.

how old are you? [laughter] thirty% is a long way. typically of the norbert -- normal market it is one or 2%. gerri: along way to go but up so improvement great to see you tonight. are you fired up? drop me an e-mail at gerri@foxbusiness.com. >> political conventions have a huge price tag. taxpayers shell out tons of dough. next. hurricane isaac bears down on your linds seven years after hurricane katrina.

not much about immigration late may but secretary of state from kansas waves than next. "the willis report." you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank.

try the #1 gastroenterologist recommended probiotic. align. align naturally helps maintain digestive balance. ♪ ooh, baby, can i do for you today? ♪ try align today. i can tell you that childhood is a magical time. but for children with diabetes, life is not quite so carefe. e all fun anand games until a taxpayer gets the bill. coming up.oc early detection can save your life. give to save lives and reach for the cure. call now or log on to childrensdiabetesfoundation.org.

gerri: nobody can say they're not groovy. you can expect a big party to night. 23 -- 2300 delegates, 15,000

journalist and in gounod's in the wells to start the convention in turn is. with the speech by chris christie and ann romney. enjoy it. a decent part is paid by your taxpayer dollars. also the democrats next three. the treasury struck the 14.$7 million check in the debt of check for the democrats. 35 point* $4 million out of your pocket. you get balloons. and liquor, hotel rooms, his salary, and newspaper subscriptions. these are two good. also the party.

taxpayer dollars used to pay the 570 taller two -- $572 tab in charlotte. republican spent $176 at on a steak dinner. new have nobody to blame but yourself. it comes from people who check the box to read that -- redirect the money to the politicians. for the record i do not check that box. they should pay for themselves. enough has been raised in july alone. be responsible. pay your bills. should taxpayers fund a political convention? log on and i will share the

results at the end of the show. hurricane isaac the first test for the stronger levies cents katrina. next. questions. when you're caring for a loved one with alzheimer's, not a day goes by that you don't have them. questions about treatment where to go for extra help, how to live better with the disease. so many questions, where do you start? alzheimers.gov. the answers start here.

gerri: hurricane isaac coming to the louisiana coast as category one hurricane. upgraded with 70-mile per hour wind making landfall late tonight. on the heels of hurricane katrina and preached the levies. is the city ready this time? may have the chief for the u.s. are me court of

engineers. give me the latest. >> we have been preparing over the last few-- system is closed down on the east side and is rs -- ready. >> hitting an almost the same time what is the atmosphere? people have left? >> we're not tracking that. we are preparing the system to get closures in place to be locked down from the storm surge. gerri: what about the levees? will they hold? are you confident? >> guess. it is designed to protect against the 100 years storm.

we're confident we can get through it with no impact. gerri: i would think you're analyzing the strength of the storm. it is not as strong as originally thought. what is the danger? the wind tore the rain? >> >> this is pushing some surge in front of it with rainfall. and there is high wind at this point*. a little bit of everything. gerri: thank you for coming on. we wish you the best of luck. this will be an important time. think you. the impact is already being felt and oil prices as oil goes higher waiting to see

how long it will affect oil production. 94% is halted. stopped. hurricane isaac remains category one so the refinery should escape significant damage and could be up and running within hours. some say it could take a few days. the national average is $3.76, up $0.4 from one week ago. and now tonight we could face big increases. now we go back to tampa and they say this could be the speech to remember. not mitt romney are paul

ryan. chris christie. giving the keynote address tonight we have stephen hays for a preview. it is good to see you. the governor will go off and talk from his heart? >> he has indicated he is prepared to do that. i would not be surprised for that promise or threat. mitt romney won it everything been down so they may be a little nervous but it is chris christie. people like him because he goes off script. in the would stand up there to go back and forth and is not chris christie. he probably will do some extra previous speaking.

gerri: he gets high favorability ratings but what is interesting 41 percent cannot rate him and even those who taught said there republicans. will tonight's speech be as important? >> is a really big deal and chris christie will take this opportunity to introduce himself to the rest of the country. chris christie is omnipresence and larger than life. he is funny and easy to cover. but many people including republicans, don't really

know him. this gives him an opportunity to spend 20 minutes to talk about the final 70 days of the candidacy. gerri: if you do not know him. >> you decide what you want to do is put on a show today. i can go back and forth. after you graduate pro-moscow if you conduct yourself like that in the courtroom you will be put in jail 80 it. >> get your self off the beach i am not here to be prom king or change position with the grace of a ballerina. gerri: we are used to him. he beats up on everybody.

the media and his bows in new jersey but will the appeal to the average american? >> i think he will. it is different as a running mate would people think he does not have the temperament? then they might be concerns. but not in a speech like this. people want him to talk and they want youtube moments. it is classic. gerri: now another call john mccain and mitt romney. when asked who was the stronger candidate? mitt romney 74% john mccain 18. >> is remarkable.

it is the paul riney fact. he had trouble breaking that threshold as the strong tea party or strong conservative he now has their support because he picked paul ryan who was very popular with the tea party and rank-and-file and paul ryan gets sustained applause. mitt romney ducked the question of him if he could take a risk and he answered the questions with the one selection. gerri: are you on twitter tonight? >> i am. like crazy. [laughter] gerri: that is the fun watching live.

people chime in and it is a national conversation. i will watch you tonight. >> excellent. gerri: as republicans get ready to present mitt romney to the nation, we will look back at the best line of top five. john kerry. >> i am john kerry and i reporting for duty. number four, from barry goldwater 1964. >> i am reminding you in the defense of liberty -- . gerri: he sounds like ron paul. 1996.

bill clinton. >> i asked all fellow citizens to join me and you to build the bridge to the 21st century. >> number two, introduced to this stage in 2008. >> i love those hockey moms. and know the difference between the hockey mom and eight pit bull? lipstick. >> number one. >> and i will say to them, read my lips. no new taxes. gerri: we know how that turned out to and the most disturbing make out session. between vice president al

gore and his wife. it is scary. is the housing market set for another boom? in-house same questions answered in real republicans toughen their stance? and what he tells romney to do. ♪

gerri: the economy on fire or stock it will determine who is voted in the white house but emigration remains an important issue. lead attorney representing agents against janet napolitano and john morton over obama's recent immigration policies which. kris kobach, welcome to the show. what is wrong with the undocumented workers to stay in the country? >> dbase agree have secretary napolitano toe is agents to stop following federal law. a statute said you must put certain aliens in proceedings and napolitano

said let them stay. that is one problem also circumventing congress. they have 24 different versions and it has never passed. congress understands and it is amnesty but they tried to usurp that legislative authority. gerri: with this policy how well thought out to is it? wouldn't work? >> practically and has huge problems. the directive is telling the i.c.e. agents let them go. they're being ordered to not even asked to prove that he qualifies. in el paso of large young man assaulted the ice agent

and attempted to flee with multiple felonies but then he said i qualify for the dream act and they could not even say prove it to some of it is get out of jail free card anybody who wants to live. >> you are standing on the convention floor currently if you look up the support among latinos 55% support obama. if you push this issue will this reflect badly on the republican candidate? >> no. there is a myth latino voters are motivated by amnesty. but look at voting results

and they were split evenly. look at polling data a majority of hispanic voters favor enforcing laws more favorably. there is a gap but i'm not think you can attribute that to to the immigration issue. jobs of the number one item and mitt romney has a better plan. gerri: what is the next up? >> we go to the pre-trial hearing with federal district court and ask gain for the preliminary down 10 so this could be stopped by the courts to seven thank you for your time. >> my pleasure.

gerri: housing prices down the rise is now the time to buy a new home? we are covering assets. next.

announcer: shelters are the best places to find a new pet. what a perfectly beautiful little lady. announcer: that's where you'll discover healthy, loyal, and loving animals... cute little rascal. eager to become a part of your family. a person is the best thing to happen to a shelter pet. oh, ladies first. be that person. adopt. tramp: this is living,

hey, kid! to find out more, visit theshelterpetproject.org. - [laughing] woman: i used to wonder, why would a jew, a christian, and a muslim ever get together? - hello, hello. woman: and then i finally got it. they had a lot more in common than doughnuts. - ♪ love can build a bridge - ♪ oh, love and only love - ♪ between your heart and mine ♪ male announcer: a message from the foundation for a better life. gerri: the housing market no other investment out there can offer what the real-estate market can.

why you convince did is a good time to buy? >> mention a warren buffett be fearful when others are greedy or greedy when others are fearful. that describes how people feel right now. about 31% from 2006 people are scared given what has happened with mortgages and foreclosures. >> look at mortgage rates. so many people have not seen mortgage rates that low. you cannot overstate that impact? >> people are hung up by

mr. rates at 3.2 five now it is 4%. [laughter] anywhere below 5% is free money people need to remember is the mortgage interest deduction so every year you write that off of your taxes. that amount of money is worth it. that is the advantage over renting. >> people know about the mortgage interest deduction. so many are smart with their money. they say housing is never coming back. what do you say? >> it is a great investment.

you cannot park your money anywhere else. not in the stock market, you cannot part it in bond. so housing is the last place there is a potential for value being created. and it pays off right now. in 100 markets is cheaper to buy and rent. gerri: and 100 biggest markets it is cheaper to buy the and rent right now? >> absolutely. rent is going up. regardless of the subprime mill down and foreclosures,

we have a country population is expanding. people are afraid to buy a home and having trouble getting credit. you cannot run out there with $1,000 to buy half a million dollars. >> the world has definitely changed. great stuff. we hope we see you soon. will be right back to the question of the day. should we fund political conventions? come on. with dedicated support teams at over 500 branches nationwide.

so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade.

it's no wonder so many investors are saying... you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. eams.

test uts us in control. our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. though all energy development comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natural gas... putting us in control of our energy future, now.

gerri: new reports show just how much money taxpayers are shelling out for political conventions going on on right now. u.s. treasury hindering over $18 million to each party for their convention. that is our money. it should tax funders be funding political conventions? here's what some of your posting on her facebook page. stephanie says i don't think so. the ones that are running have all the money that they need. they're only meet richer by u.s. taxpayers paying. yes, taxpayer funds should be used for conventions. i think it is a political party. i think they should pay their own way. we also asked on gerriwillis.com. 98% said no way. here are your e-mails. mike wrote to us that the issue about mitt romney paying taxes, the burden of proof is on harry reid and not mitt romney. we are innocent until proven guilty in the u.s.

and money cannot buy happiness but i'd rather be rich and unhappy and poor and unhappy. we love hearing from you. send me an e-mail to gerri@foxbussiness.com. finally tonight, uncle sam wants to help you whether you like it or not. usa.gov. that is our federal website. it is reminding folks that taxpayer money is open for the taking. a poll showing more americans are relying on their savings and their family for assistance from the government. usa.gov says we want to make sure that you know the benefits that can help you. some folks oohing it the old-fashioned way, the government doesn't like it. forget about the $16 trillion. it seems like the government needs help getting its priorities straight. it comes as no surprise. a website is part of the gsa, which has a horrible track record of