the home builders, another update on home builders.to point out towards the year, average home builders up 100%. i want to keep pointing out, a spectacular year. >> right. but does that mean if you have those kinds of gains in those portfolios, do you take money off the table in a significant way benefactor end of the year. >> most of these stocks are fully valued on historic basis where they would normally trade. you'd have to argue about a significant expansion of the multiple, 2013. there's some evidence they will do better. when you get most of them having order increases of 20, 30, in some cases 40%, that's pushing it right now. you can argue both ways whether they have got a lot further to go. certainly orders should go up. >> however, if you've got a gain of 300% in some of these stocks, remember the old commodity adan adage, only pigs get slaughtered. to seema. >> best selling sector of the day, if people feel better about fiscal cliff, tech has more. we've seen a resurgence in the last couple of days. a lot has to do with appl

i think the builders are expensive and a lot built into this. the other parts of the economy, i would go back to cyclicals and industrials. when you start to hear droguegy saying he's seeing a good half in europe and people all over the world saying the world is better, we don't need to be that same engine in growth and will price in that same half in 2013 now. look at german autos and german exporters, i said this yesterday. >> the thing with stocks and cheap stocks, it's reflexive. if it's expensive, going to get more expensive. if it's cheap. you can't get people to buy apple at 5.02 but all they want at 4.32. they're shorting low and buying high. you have to plate. >> buy or sell today? >> we were a seller today. the market finished on a strong note. my only feeling, the market is up more than 6% a month. i think that's a decent reason why some people might think it's a good sell and there's an expectation there will be a resolution and what we're seeing in price action. if you fast forwarded me in six months, would i rather be in stocks or

the national cessation of home builders now with the latest survey showing home builder confidence atince april of 2006. joining me is the ceo of the n h b and a lot of analysts were looking for that 50 mark and the index breaking through and what happened? >> just like everybody else, our members are watching the fiscal cliff discussions and potential implications of raising taxes on small businesses, small-businesses the 70% of the everybody else we are holding our breath and hovering just below 50%. cheryl: what do you remember about the mortgage interest deduction? that is on the table in the fiscal cliff, and you worry about housing? >> absolutely. with this recovery in release stages we are concerned about anything that would kill the markets and raising taxes on small business, and when the signs are positive, just a little more cautious than we thought. cheryl: the three different components of the index, and they're above the 50 mark which is a positive sign for housing. and what will the next six months ago also had 51 and when it comes to buyer traffic there v-6, it we are

and all of the monthly equipment rental rates were fixed and anvil builders, in fact, sbe certified and also have a disadvantage of veteran's business, who actually will be supplying the design and the electrical connections. and they have an agreement with usa hoists to provide all of the equipments which is leased to the project. so the contract will, in fact, exceed the 80 percent sbe. and we agreed with the negotiation of 9.25, approximately a million under the next lowest bid. all of the three proposals were inside of the original estimate. so the staff is really quite comfortable to recommend that the board authorizes the contract for 9.2 million to anvil builders. are there any questions? >> i just have one quick question. and so, being that you had three applicants but two were not responsive, because they didn't submit all of the required documents? did we get an understanding as to why that happened during the process? >> it would appear that that would, pure laziness, frankly and it was obvious in the documents and they signed off the check as to say that they had done all of

. >> three proposals received on december the 14th and anvil builders was selected on september the 20th. and notice of intent to negotiate was issued but this is an as-needed, or you need each piece of equipment and so it is therefore as need and we need to negotiate rates and an appeal was received from one of the other bidders and it was concerning licenses it was reviewed, the licenses were checked and the appeal was denied. we then entered negotiations on the contract, which was completed on october the 25th. what we did basically was to negotiate the labor rates, in fact, not really a negotiation, we insisted that they were all in according to the pla that we have now signed. so those labor rates will vary as the union agreements change over a four-year period. and we have allowed for that, but we negotiated with the contractor of a mixed overhead rate throughout for the whole four years, as a percentage on the labor. and all of the monthly equipment rental rates were fixed and anvil builders, in fact, sbe certified and also have a disadvantage of veteran's business, who actually w

we want to be restrained in our enthusiasm, but we are very bullish on home builder equities.e see upseed in 2013. >> your top pick is one that will benefit from home building boom but also a renovation boom that's going on right now. >> you think increased consumer confidence will lead to the release of pent up consumer demand. we have a bullish call on u.s. gypsum. benefits from favorable wallboard prices could rise by as much as 20% in 2013, in response to tighter demand conditions for wallboard from home builders. we see 10% buy-in growth due to increased new residential construction activity. stock is around 26 bucks. we have a $35 price target. big move today. >> and the allegations about price fixing are -- a concern? >> after reviewing what's been put out in the public market is they're unfounded. so, we still like our call. >> bob, good to see you. thank you for copping by. >> thank you very much. >>> let's stick with housing. scott, you saw unusual activity today? >> that's right. bob mentioned that home builders have had a great year and one option trader thinks the

if we were in the era of affairs he would have to have the fate of the pyramid builders but thankfully we are not and he promised not to say anything. last but not least thank my parents who are not here today but i am not sure that watching on tv as they have for many years. i have neglected them too long and i am looking forward to spending more time with them. that said, i reiterate what i said in my farewell letter is that i am a san francisco citizen, there are few places in the world where i would consider living and maybe only two in the u.s. and i am just staying here and i intend to spend some time working park time as a consultant and i intend to remain committed to the ideas of a great city, the city of san francisco. and i intend to remain available to all of you for whatever might be of use in terms of moving the agenda of the transportation authority for the future. >> so thank you very much. and that concludes my report. >> thank you, i was wondering if you your partner did not mind just waving and acknowledging? >> i know that a number of my colleagues want to add to th

home builders and up 300%, get t.uilder was up 100% and bank of america is the all-time leader for the year here, up 100% for the low price. it hasn't had as much impact on the dow jones industrial average. it's a price-weighted index. nonetheless, citigroup helping here. jpmorgan and regional bank lagging the big money bank have had a good year. and just remember, some sense of a little bit of -- i don't want to say silliness. but we see a deal when there's no deal? >> i think it was cashin yesterday who said they are beginning to hear hear the jingle and dangle. and otherwise prohibitive. at least this morning, michelle, it's not moving the stock much. and the construction of stores and shares of the company are up roughly 11%. and stock fell for roughly a week and one lawyer find it most and think it is a stretch. $150 million and to give you some additional corruption finds, is 1.5 billion slush funds with high-ranking executives, and amnesty to any employees, 130 people came forward. thus far, there's no evidence

we've got home builders with huge gains. average home builder up 100% so far this year. again, starting to look at the end of the year numbers. all these, over 100%. bank huge gains, bank of america leading the pack. bottom line, would have helped more, mandy, if there was a higher price in the dow industrials, low stock only moves a little bit. still good overall. >> we'll talk more about financials in this show. thanks so much. rick santelli, the feds trying to keep it low, keeps ticking up. >> fascinating you brought up that point because i personally believe that the fed exit will be prompted more by the market than by the fed, and i got some pushback on it. but i think we have an incubator test showing us that would be the case. remember, if you follow mutual fund flows it's been quite unusual all to the bond fixed income side at the expense of equities. so whether it's because generically a deal makes the economy better, whether it's this next chart and you see how correlations are tight between the bond and s&p, no matter what reason asset allocation looks like it

that's why the builders are saying they need skilled workers. skilled workers like these students here at the potomac job corps who are learning the trade quickly because there's finally demand for them. >> do you see a number of employers in this space doing the training for these people themselves? >> there are places. they've said that in just the past two weeks they have have had calls from builders around the d.c. area, northern virginia. we've spoken to builders in texas who say they're also looking for skilled workers. that demand is great for this program because they've got more than 70 sites around the country where they're training these workers. i'm hoping you're going to ask me about the fiscal cliff because that is the big problem coming ahead, guys. these programs depend on money coming from the department of labor. that is $28,000 per student here. if we go into sequestration, there's going to be trouble with that. not to mention that we're already hearing -- the association of general contractors put out a report on today's jobs

on the new side, home builders, many public builders went out of business and many private builders haveeen able to get capital and are out of the marketplace. that's an unfortunate thing fore surviving, those with good capital structure that means a lot of opportunity on the recovery. liz: as the darwinian play shaking itself out and you are among the fittest surviving so far, can we get a prediction for 2013. >> boy, let me put it in perexecutive. housing starts averaged 1.6 million per year for decades. last in, this downturnnwe got down to 500,000 starts. was a million six average. 500,000. everybody is excited today because it is about the 850,000 plus or minus starts. that's good. it has been a big recovery. if i had to venture a guess i would say we'll approach a million starts this year in 2013. a big up tick from where we have been the last few years but, still, well below what's average over the last few decades. david: let's get a little more specific into hovnanian for a second. you have very successfully refinanced a lot of your debt load. >> yes. david: how important has be

i can look in one of the other home builders.ight now i'm out of the space. >>> up next on "halftime" the treasury is getting out of aig. should you be selling, too? traders take their positions. >>> what happens to the dollar if the fed moves to add more stimulus? we're back in two minutes. ♪ [ male announcer ] 'tis the season to discover the kid in all of us. enjoy free shipping and great values on your holiday shopping from l.l. bean. look this isn't my first christmas. these deals all seem great at the time... but later... [ shirt ] merry christmas, everybody! not so much. ho ho ho! this isn't that kind of deal. [ male announcer ] break from the holiday stress. on ground shipping at fedex office. >>> from the cnbc headquarters, coming up at the top of the hour on "power lunch" mission critical, rise above dc. we'll speak to democrats about solutions. wall street says, of course, the fiscal cliff number one threat to the economy. so what are top economists saying if we don't reach a deal? exclusive results from our cnbc fed su

. >> turning wheels has had no difficulty finding bicycle builders.opened registration and within four minutes we closed registration we have a thousand builders. >> corporate sponsers and local fire departments had to compete for a spot for a team to assemble the bicycles. we tried to get a team for the last two years but as you can see they have an abundance of teams and we actually got denied a couple of years but we finally got in and we're having a good time doing it. once people come they come year after year after year. the pictures that i saw from last year of the kids getting there bikes it really made me want to come down and help out. >> the bicycles are distributed to local charities who make sure that deserving children receive a bicycle this christmas. some lucky children got to assemble their own bicycle. >> we actually teach them how to put together a bike which is a lot of fun for them. for director sue runsvold it is all about the season. >> i kind of well up on this day, it's a good day and it's about all of us. it's not about one f

smaller home builders started taking root with larger ones. a lot of times, it was like this. a guy would buy a couple of lots and essentially build two houses and tried to sell them. or live in one. they did that all the way up to the 1940's. one of the last parcels a friend of mine lived on on 28 and cabrilla, which used to be a garbage dump, and in the 1940's, they build it over with sand -- they have lots of that lying around. >> this is parker studio boulevard in the richmond district. you are on the road, which is this piece of land. after the 1906 earthquake and fire, there were a refugee camps for and in a lot of the refugee camps, there were earthquake refugee cottages. these were small little portable cottages built on these camps, and the idea was you could live there, and when the camps closed after a bad year, you could take it away to an empty lot. >> you had to buy it. >> you could, but your rent would go towards the purchase price. by the end, they just wanted to get rid of them. >> in 1930, all of these were declared a substandard structures and the city wante

i'm talking footage, home builders, as well as defense stocks. >> even small caps have done okay. the republicans talk about small caps and businesses mealing some pain on this deal. that's interesting to me. maybe these guys, people investing in these names, feel like there is a deal that can be reached. does it happen january 1st? i'm not sure that will happen. certainly we're getting close to that point. maybe we can put some stop gaps in, the small cap, the business owners can come together and at least be okay. we have been seeing improvement in the unemployment picture and the durable goods orders that are think haing in there. at least on a global economic point, it looks okay. i'm not as bearish as the governor, even if it's a patchwork deal. if we kick the can down the road, it's not the best solution, but some stocks are well poised to move higher as long as you're protecting and still play the market. >> if we don't get a deal, monday the sectors that will feel the most pain, as we've seen in the five-day losing streak. >> home builders will feel pressure because they'r

home builders are up nicely. they have been largely side ways since earnings came out. 5% on all the home builders. the treasury many etfs, slowly moving down, maybe deflating a little bit. we will talk about that in the last half hour. i get asked a lot about why is hewlitt packard down so much today? there is a somewhat negative article in the guardian, a london newspaper, questioning meg whitman's leadership, and that's probably it there. that's the only thing i have been able to find. >> ty, back to you. >> using power whatever this office holds to safeguard the nationes a children following the school massacre in newtown, connecticut. raising the prospect that he will good after policy changes to stop gun violence. hampton pearson joins us with the latest. hampton? >> the president spoke eloquently and harshly following the last two. recent example, on the sale of semiautomatic weapons like those used in virginia tech shootings, candidates saying quote i don't need of any self respecting hunter that needs 19

the sec of the home builders. momentum trade. new highs across the board. a catalyst today.ata from the national association of home builders since rising to its best level since to will -- 2006. poultry up about 21 -- two and three 1/4%. these are all very decent moves. battered by five full percentage points. not bad. in terms of what's not working, were always balanced your fox business. some of the flight to safety trade. gold plummeting. down about $30. the selling picked up into the close with a tree gold. stocks getting picked out all along the way. silver down nearly one and 1/3%. remember when people were talking about silver $45? net right now. and right now breaking news. a market maker is meeting at this very second to decide the fate of the company. charlie gasparino has been following every moment of this. he's rushing down here in just a moment with the very latest, but his listening in. time for the floor show. traders of the new york stock exchange, cme group, and the nymex. a teeny little stumble after the comments from harry reid, but are you surprised by

it's different for american mega-yacht builder trinity yachts. it's tough to call these boats with prices in the eight figure range or more. sales have slowed for its customers. >> in uncertain times, they tend to become a bit more financially conservative. unfortunately, the other thing we feel is that we feel that there's class warfare. it's making some of the clients reluctant to be seen purchasing an asset like this. >> reporter: it may be difficult to think of these high-priced luxury items as helping the economy but the builders argue it's not about price, but where that money is spent. >> because of this whole one per cent, class warfare and everything, i think its critical that the public understand that these yachts-- forget who the owner is and everything- that's not the important thing, the important thing is that because they're buying these boats, it gives us a chance to have manufacturing jobs. as one person said, if were really interested in redistributing the wealth, a yacht is one of the most effective ways of doing that. >> comp

what we can tell, no outreach whatsoever has been made to any of the schools or potential housing builders who might be possibly affected by this proposed ordinance. and i think that at a minimum they might have been consulted for their views on ways to address legitimate city interest about housing and how student housing is supposed to work in the city. we don't think that the staff report -- it's a good start, but we don't think it's there yet. we think it needs more work. and it's not clear to us at this point why this ordinance has been proposed. student housing already reports -- and this is the work we did. it has clear reporting requirements to the mayor's office of housing. in addition, schools are required to have institutional master plan. and this appears to be a duplicative unnecessary third layer of reporting. and not sure to what purpose. we've always supported the monitoring and reporting of student housing that takes advantage of the exemptions in the ordinance such as inclusionary housing, f.a.r. bonuses and dwelling unit mixes. but this would require additional reporting

search the home builders have had a nice move, but the companies that supply the home builders are theould be oriented to. and the other thing we think that's been lost totally in this discussion is substantial improvement in the conditions of equities and economies outside of the u.s. in blaur asia x economies where he had reviss being roundly negative have now turned flat to slightly up. and so we think you get support from china and we think you get support from asia k367x economi. >> that's a good point and people we talked a lot about china this morning, i wonder if you have the flexibility to trade both in and outside of the united states, is the better trade, does it continue to be in markets like we see in some areas of eastern europe or china? >> yeah, would probably be a little more towards china and asia x than eastern europe. the potential for -- >> before you finish that thought, i apologize, i just want to take viewers to the senate floor and harry reid. >> under the previous order then, the senate will proceed to appear morning business until noon. this is for debate onl

the trade that keeps on giving, the home builder up 370% this year.ack in august you recommended this stock on this very program. stock is up 150% since that time. >> thank you. the stock has had a great run. i think what i saw about two weeks ago the ceo was selling some of the stock that signaled for us to get out. we've taken some of our money off the table here. we look to re-enter at a lower level but we're not walking away from home builders at all. looking at a name like toll brothers tol, that's where you can put the money in the meantime until you look to hovnanian down in the 550 range. >> what was the name of the book? >> unhedged. >> unhinged. >> it is tremendous. john grisham is very jealous. he's thinking of hanging up the cleats. it's a new age. >> you heard it there first. as the cliff dive looks more likely yield is down 1.5 basis points today and now just above 1.7%. we'll go to the host of cnbc.com's "futures now." >> good afternoon. the action in treasuries confirms what we're seeing in stocks that investors are on the lookout for

four minutes we closed registration we have a thousand builders. >> corporate sponsers and local fire had to compete for a spot for a team to assemble the >> we tried to get a team for the last two years but as you can see they have an abundance of teams and we actually got denied a couple of years but we finally got in and we're having a good time doing it. once people come they come year after year after year. >> the pictures that i saw from last year of the kids getting there bikes it really made me want to come amountthe bicycles are distributed to local charities who make sure that deserving children receive a bicycle this christmas. some lucky children got to assemble their own bicycle. >> we actually teach them how to put together a bike which is a lot of fun for them. >> for director sue runsvold it is all about the season. >> i kind of well up on this day, it's a good day and it's about all of us. it's not about one face or one name it's about all of us. >> over the last eight years turning wheels has given out more than eighteen thousand bicycles. in san jose jeff pierce kro

it's a good name meaning hope and bridge builder. this suggests unity. >> the pope sent a tweet last year from a vatican account. part of the efforts to increase its presence in social media. in order to spread the faith. >> coming up next, michael finney helps a woman settle a dispute with exxon. >> they've been sending her checks to ts wrong place for >>> a san francisco woman inherited her mother's estate, but one company refused to recognize it that is until she contacted michael finney and michael is here now with her story. >> this went on a long time. >> yes. >> her mother died in 2003. nine years ate later she was still battling to get dividend checks which exxon mobile continued to send in her mother's name. gladys shaw remembers her mother's trademark lock autos she's the one with the pretty, curlly hair. >> before her misdemeanor died in 2003, she named gladys exec tore of her will, as her only child, assets, everything went smoothly except for one nagging issue with dividend checks from exxon mobile. >> i couldn't cash th

year-to-date chart, up over 200 this year, doubled in price, still a $5 stock, but the home buildersave come back from really just dismal numbers. there is profit taking today. the big news is how they were smaller than expected, and look, getting hit, 5% is a lot that had been in the stocks take profit, and down 1.5% today, but any investors in the home builders enjoying nice gains seen so far for 2012. moving on, the sectors, one area is big tech. look at apple, down 1.8% in today's trading session, a big selloff experienced over the last couple months, apple cap dipping below 500 billion today. that's a varied market difference in apple all year, and, by the way, liz, handing it back to you, a year-to-date chart here, off the lows of the session, 1420, a bounceback, liz, at the enof the day, and volume very average i'd say at this point. liz: a bounce back of more than 50 # points because join boehner announced through the office he's meeting with president obama 5 p.m. eastern. watching for that as well. he's the fox business market check, the new highs today. do you own these, d

what i've been told, encroaches several feet on a property line to the south side where the builder has eliminated a 5-foot easement between the two properties. i'd like to reiterate what was on the dpw report, that the encroachment is not an appropriate use of public right of way. there is no safe pass for travel of pedestrians separating them from vehicular traffic. ocean view village sits right behind that and a lot of people who live there take niantic to get to the bart station. the bay window is too low and leaves little or no room for emergency vehicles to access the properties on panama street, which i think if the city is concerned about safety, this is a very big issue and i think should be taken into consideration. yes, an error was made, but the city cannot allow this incompetency to be rewarded by a slap on the wrist. i think it goes to issues that affect the entire city and how things are looked at when errors are made and what the city incorporates. thank you. >> thank you. next speaker. if anyone would like to speak, i do see we have cards, i'm sorry, that was glen hatay

luxury home builder. 70% increase in orders.ss margins increased dramatically. 20% gross margins. bottom line is they're doing great. here's the problem. it's really expensive. the stock is a fortune. it's like 30 times forward earnings. that's a lot. most of the other companies competitors are in the 20s in terms of their numbers and even that's expensive. this is going to be a problem. has been for home builders for a while. let's talk about knight capital. i want to get your thoughts on this. offers appear to be heating up a little bit. there are reports that another company is coming in here. this is an expensive offer. offering all cash but we don't know how much. that's the problem. we don't know if it's $3 or more. they'll have to come up with a billion dollars for the company. 500 million for the overall numbers in terms of the cost of the company. we're talking about $1.5 billion. i don't know where this is going. my guess is there's a competing offer and getgo will sit tight and wait for a real offer to come in offerin

i'm a community builder. i've owned harley stores and marine stores. i've been a general contractor. >> you're a job creator? >> i'm a job creator, a community creator. so the folks here in story county look upon me as a business developer, as a community builder, a lot of revenue generated. and then the next level is that i do a lot for the community. i've been heavily involved in tourism in virginia city and all of the events -- we race camels and outhouses and have chili cook-offs up there. the gold mining is fabulous. but my business base in story county for 15 years is generating revenue. that's just the bottom line. >> let me jump in here. a couple of things you said, you said that you believe that the mustang ranch and the bidses that were built -- similar businesses, you say they were positive for the community. some people would say, no way, how are they positives? >> well, they're very positive because they're a great revenue generator. they've taken care of many of the county programs for the last 15 years. they generate -- i've generated ov

he was a huge community organizer and builder and fighter for justice. that drew international press in india and also in the western countries. they were fascinated by this man who was standing up for truth, fighting for rights and justice and doing all that through a kind of nonviolent means. his stay in south africa for 20 years prepared him for his work later in india. he would go back to india for the next 35 years or so. he would fight for the freedom and so many other things, for justice, for uplifting the lowest cast people, for building hope in people in all these processes. he really excelled. he did it all in a marvelous way. he was a lawyer. he was a fighter for -- community organizer. he was a very religious person. he was a politician. he was a holy man. >> he was everything at the time. we will talk more about his life then in india when we come back from this break. >> welcome back. arch diocese of san francisco. with me is father charles, a priest in the arch diocese and is also giving us wonderful images and some stories about a fascina

this center is one of three operated by the ehs life builders.apacity here is 250 but 104 floor mats are set out. >> watering system in place is not a factor during these extreme cold weather months like this. or thes⌟♪ nights wex tried to serve that in better seeking shelter for the night. >> blankets, towels and soap provided with hot meals. homeless can wash, dry their own clothing during their stay. clients say the opportunity to escape freezing weather is a life saver since hostile conditions can lead to sickness, mark wheeler know that's from personal experience. >> it takes a little bit of rain to get clothes wet. then, you're freezing. hype therma. there are people that die out there. it's sad. >> there are armries in sunnyvale going to be open tomorrow night as cold weather shelters. in san jose, abc 7 news. >> good information, thank you. >> coming up, dog that could be key to helping police in the east bay solve a rape case. >> and a major medical group gives okay now to a controversial ingredient banned from children vaccines. >> plus

. >> so from job seeking soldiers to successful ship builders, but without the veterans and more of them soon, the success could in itself become unemployed. >> police say 7 businesses sold alcohol to people under the age of 21 during a sting this past weekend. a special task force said underage decoys into 31 licensed establishments to attempt to buy alcohol. they served the minors and those people were arrested and could now be criminally charged while the businesses are likely to face administrative penalties. >> police in santa clara county are offering a second chance for people with low level arrest washes. i want to show you a map of the agencies taking part. all this month, people with a warrant for a traffic violation or nonviolent misdemeanor can walk in to get a new court date and avoid being booked into jail over the holidays. >> facebook users -- facebook says users will have a new way to control their privacy settings. the company announced those changes today. one new feature is a privacy box at the top of the news feed i. drop down menu will give them answers to questions

from skinny guy to body builder. big huge guy and hairy guy. >> can you feel the hair?> can you glue some on. >> okay. are they really selling this thing? >> good question, beth troutman. the fellow does exist. they had it at a party, did nowhere to buy the pillow for your girls. i got to get you a christmas present and thought this would be perfect and i couldn't find one to buy. >> i wouldn't want one. >> i would, if it wasn't made out of plastic and if the hair was real. >> a funny guy. >>> that's is for us here at "rtm." we're see you tomorrow, everybody. have a fantastic rest of your day. -- captions by vitac -- www.vitac.com

a well-known builder in the area, an admirer of henry ford, the idea of getting this down, having an assembly line, build this in quick-style. this is a 1932 -- i think he built this house. he was a pragmatic businessman. this has spanish colonial revival elements. a few years later, it is streamlined. modern. stylo-crat. it is better than being aristocratic. to sell them, he had to come up with clever names like that. like lafayette. he went with the popular taste. when the modern architecture started coming in, he was happy because it was less work. >> very little detail. you see detail in brought the city. people took tract homes and tried to individualize them in various ways throughout the cities. here is an example of how they might have done that. >> they had a lot of medallions and reliefs. >> the working class would go out to go swimming in the ocean. the wealthy would stay downtown like in the marines memorial or the elk and they would have heated saltwater. people wanted to swim in salt water. >> how did the water get there? >> there was a pipe that allowed it to flow all

home building and the california housing suprem conso, so she gets support from everybody, from the builders, from the homeowners, from the renters. she has strong support of a broad coalition, and i'd ask unanimous consent to place in the record a letter from the mortgage bankers association. the presiding officer: without objection. mrs. boxer: a letter from -- it looks to me like two or three dozen other housing organizations smed i would ask to put that in as well. the presiding officer: without objection. mrs. boxer: and i would like to read from a letter that we received -- actually, the majority and minority leaders got a letter from the mortgage bankers association, the national association of home build,and the national association of realtors. so these are the business people, and this is what they said about her. "carol galante will bring tremendous expertise and commitment to strengthening the programs. her decades of work in the affordable housing give her a unique perspective on the issues facing our nation's housing and mortgage markets." so here we have a person who understan

very rare miss in home builders. they had disappointing earnings and that has not happened much in the last couple quarters with home builders. >> certainly hasn't been. bob, i will see you later. >> commodities taking a hit after the fed's move. oil is down, gold is dropping below the 1700 level. sharon is at the nimex with a $20 loss in gold, sharon? >> fading quickly from the fed of course after chairman bernanke talked about the fact that you know, this is not offsetting any impact coming from the fiscal cliff. this is where they focus on this morning and we are looking at prices that slid even more so than the wti price. that gained more than wti over the last several sections. but it is right around $108 a barrel right now. natural gas harder hit and that had much more to do with the report that came out today that is very bearish. we are looking at a key technical level, now look for the down side target around 325. that's what traders are looking at. and you mention gold below 1700 and the fact that traders a

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the new report that home builders are building more homes for what they call extended families.nd families are staying together during tough economic times and what do you think there about that? >> if it's tough economic times, and i am shouldn't be billed ago new house. and i'm a grand father and full-time, it would have me moving out. and it's upsetting emotional thing and i want to stay the hell away from it. >> neil: it's interesting, sandra. home prices moving up again and home building stabilize and the not back to the races, but better. >> better. >> neil: are we making too much of this or is this just the flip side of the same story? >> unfortunately, i think a lot of story is talking about grandpa and grandma moving into the house, but i don't see a lot of this as the college student who can't get a job. and moving back with the parents and part making arrangements for this. >> neil: so you've met my daughter. >> i have not, but i'm sure she's lovely. listen, the average life expectancy in this country now is approaching 80 years old. >> that old. >> that's not that ol