next up here, your homeownership on hold.what student loan debt is doing to the american dream. >> glor: the existing homes fell 7%, over the year 1.1%. people between the ages of 25 and 33, those critical first time home buyers can't afford the purchase. they have other bills to handle right now. cbs news business analyst jill schlesinger more on this. we're talking about student loan debts. how much. >> 1.2 trillion. how about that. that's a big number. the average kid who has debt now is graduating school with $27,000 in debt. that's a mortgage payment right there. so obviously with that burden, it's very difficult for kids to afford buying a home. it's even hard for them to rent. they're going home living with their parents and these boomerang kids are staying there for a while. >> glor: that's a house down payment does. this group still think of homeownership as the american dream. >> i don't think so. i think when you graduate in the midst of a terrible recession, that it really does impact you and impacts your decision

translated into different, for example, access to homeownership or reentering homeownership.es have damaged credit scores or have a foreclosure on their record. >> what does this mean for the american dream and the ability for each generation to profit more than the next? wax in itself it means that this is a delay for many families. they will have to regroup, recover, rebuild their financial stability. it is too soon to know whether this will be a permanent klein. we have already seen a significant decline in homeownership rates. if the change in credit standards, lending standards persists, it is probably true that we are going to have lower homeownership rates going forward. >> changing the course of the overall economy. leaveunately, we have to it there. thank you for joining me, bill evans. offer -- one of the authors of that study. skills know him for his on the court, but now he is going to the bank and hollywood. plus, comcast is working towards the acquisition of time warner cable. today in ranks, see you back here. ♪ "the scene."or where we bring you the business be

this year open market street alone 5 thousand 5 hundred units 6 housing will be opened up for homeownerships. with that backdrop we can do it with many more projects we need to see hunters point sledder we can do this we're all on the same package and if not supervisor breed is going to make sure shows got a large voice. other questions? >> are you going to adhere new staff to make sure that the projects are going to go faster? >> you know i think we were rode particularly for planning they were rode with additional staff because the whole market the development was increasing in the city so i don't know if there's necessarily increased staff just for the housing i think it's efficiencies because they have budget instructions that don't allow them to increase their budget so it's all about efficiencies it's not about asking for more staff but what processes that are barriers to efficiencies. they've gotten more staff i think they're telling me see other people told me they weren't the problem and we got people together and they were looking at each other as the problem so the response we hav

it will hurt homeownership and more difficult for people. we always love having you on the show.ate you joining us today to talk about stress test. josh rosner, everyone. from red hat's to restoration hardware, we have the top 10 stocks you need to know about today. up six points on the s&p. ♪ >> it is time for your top 10. a smaller down, it quarterly loss than analysts estimated. veryew ceo says, i am pleased the company is back in execution mode. sales of the fourth quarter fell 64% from a year earlier. said, this company is toast. direct quote. >> are you still doing double duty? that is a long day. gm is number nine. the company announced it is pulling its brand out of china. .he brand never caught on it accounted for less than one percent. the company will shift its focus .o build sales in europe >> kind of cool looking. >> i do not sell poorly in europe. gm has so much success in china with buick. u.s.e alpha romero in the .> he hopes that is the case >> number eight is netflix, shares are down one percent. amazon is planning to launch a free streaming service. slip, downt

. >> you're making a case why we should do this if you have elderly homeownerships that are relying onent illegal and if dbi were to shut that down from my prospective i'm trying to help protect the status for the tenant and for the homeowner to have a stream of living wages. >> so let them have the pass through when the tenant is in better shape than the homeowner. the tenant benefits so the unintended consequence if a person is going to be afraid of the expense so they would keep the unit vacant and restore it back into the single-family so the unintended consequence is to have less of the units available for rent and if i could one final comment we've structured a volunteer region we're not forcing the homeowners if they determine they want this but again, we're not saying you have to do this. i appreciate our comments and i'm listening carefully and i'm city still trying to process but thank you >> thank you. >> next speaker. >> good afternoon. i'm president of the small property owners of san francisco. the previous speaker spoke well, we're concerned owners can't pass through the

. >> you're making a case why we should do this if you have elderly homeownerships that are relying onent illegal and if dbi were to shut thatow

host: is homeownership a good goal? guest: as far as i am concerned it is. it provides stability in your life. your mortgage stays the same why your income in theory rises a little bit each year. homeownership to me is still the --t -- it is not a guarantee education is the best thing you can get. the next best thing you can get is a good solid investment for your money. that is a home. most of us can afford. it would be massively could all enter at the internet very host: michael tweets in. our high prices for housing good or bad? good for people who own a home and bad for people like my kids who do not. it is always trying to find a balance. -- thece of housing government has not got much they can do. they cannot do zoning and developed in certain areas to increase and decrease the supply. that is a local decision. we can say whatever the price is, if you are close to being able to afford it. it is really the monthly mortgage. i could never-- to buy a home cash on the barrel head. i have to take out a mortgage. is my nevere what going to be and can i affor

have to protect, we have to stabilize, and we have to grow our housing stock and provide both homeownership and rental housing opportunities. we cannot choose one over the other and we have to tackle both challenges concurrently. and that's why i'm supporting senator mark leno's bill which will permit san francisco to close the loophole in the ellis act to protect our city's tenants from losing their homes to real estate speculators. my recent executive directive also encourages building and protecting housing by requiring our city's departments to prioritize the construction of new affordable housing while taking concrete steps to further preserve our existing rental housing stock. the directive incentivizes market rate developers to exceed the city's existing affordable housing requirements by offering a faster review process. this expedited review will move projects through city processes by 3 to 5 months faster from market rate developers that commit to building more than the minimum amount of housing for low and moderate income residents. encouraging more housing production is also why

well, one of the things when they talk about their home is the issue of how we're dealing with homeownership, and with the people who have been under leveraged, underwater. i don't know that their case, but that's something that we're looking at. this woman is a teacher. how do you have a teacher who says it's not worth it for me to get a master's degree when she becomes more skill but she's not rewarded. district after district people like teachers, firefighters, bug drivers who serve us are not seeing the rewards to their service. we have to begin to say we'll reward the people who are serving our public. that has not happened. >> doesn't that tend to mean higher taxes? both of the people, this family, the sivitza teacher and police officer. they're both public services. >> it does mean higher taxes at some level, but taxes on whom. if you look at ways we tax, why not tax the topknot the bottom. i know that's controversial. if i were talking to mitt romney, for example, he would say that this was class warfare. but it's not class warfare. the conversation is about how we provide for people

i mean, ill really worry if we lose the impact the homeownership in our economy, we'll have a cohortpeople when they hit retirement age will be unprepared much worse than the numbers seem to suggest think because people don't count housing and savings people hit retirement age and haven't got the nest egg built up it will be much worse two for all of us. >> thank you for joining us professor of real estate at columbia business school. >>> philadelphia is the city of brotherly love. eagles, rocky and cheese steaks what it's not anymore, middle class, not like it used to be. we'll explainment and he's you were employed, but undaunted next the new york city cab driver who is trying to get off the road and back to his career. >> there were certain issues that i am dealing with namely lack of discretionary income. i stopped saving. in other words, my life isn't on cruise control. >> those stories and more as "real money" continues. >> every sunday night al jazeera america brings you controversial... >> both parties are owned by the corporations. >> ..entertaining >> it's fun to play with

but now, san francisco is >>> homeownership seems like nothing more than a pipe dream for people in manyties but now san francisco offering up to $200,000 for first time down payments for new home buyers and unlike other loans, the city cash won't go on your home payment. it's especially helpful where the median price of a home is to $900,000 is -- >> housing isn't quite as expensive in other places, it could help tremendously. >> but not everybody can qualify. for example, a family of four can't make more than $120,000 a year. a couple looking to qualify can't make more than 93 grand a year, and the income limit for singles is 81,000 a year. so it seems like the middle class is still squeezed out. >> still high qualifications there in order to get that. >> low qualifications. the problem is in the middle. it's an interesting idea, though. what they are doing is give you $200,000 towards down payment, you don't put it on your monthly and then when you cash out or refinance, the city not only gets repaid the money, they get a cut of whatever of the place has appreciated, so they get a cut

host: is homeownership a good goal? guest: as far as i am concerned it is. it provides stability in your life. your mortgage stays the same why your income in theory rises a little bit each year. homeownership to me is still the --t -- it is not a guarantee education is the best thing you can get. the next best thing you can get is a good solid investment for your money. that is a home. most of us can afford. it would be massively could all enter at the internet very host: michael tweets in. our high prices for housing good or bad? good for people who own a home and bad for people like my kids who do not. it is always trying to find a balance. -- thece of housing government has not got much they can do. they cannot do zoning and developed in certain areas to increase and decrease the supply. that is a local decision. we can say whatever the price is, if you are close to being able to afford it. it is really the monthly mortgage. i could never-- to buy a home cash on the barrel head. i have to take out a mortgage. is my nevere what going to be and can i affor

-- securing their children's futures through college, through college savings and also through homeownership schemes. when i completed it, i was quite excited. its was an awakening for me a to what i would be doing the rest of the year because i was anticipating getting accepted to hasting. its wasn't clear at the time i what going to be working at merrill lynch for the rest of the year as well. i'm talking about the points of authorities issue or what we call the poa program at merrill lynch. i continued with merrill until 2005 and i took the bar examination at the end of 2005 -- in july of 2005. i was quite excited and happy about that, and it was about the same time that we saw a new senator come to power in the united states. i want to remind you the senate was established after the civil war and these are some of the faces you might recognize from the united states senate. >> thank you very much. let me ask if there -- thank you very much. let me ask if there are any other members of tpu

. >> one of the biggest problems has been a strong rental market eating into overall homeownership.ounder of case-shiller talked about that earlier. take a listen. >> americans seem to be more interested in renting now. there is a natural business of converting to rental. that is part of what investors are doing. it is a healthy sign, but it is not a particularly encouraging sign if people want -- that people want to rent. it is not encouraging for detached, single-family home prices. >> what do you think, dottie? >> i disagree with him. i do a radio show. i'm on all the information. every poll that they've made, most renters are renting because they don't have a down payment to buy. most young people that are in their 20's, 30's, a first-time they arer range, renting because they don't have a down payment or they have some credit issues. if you look at the top 20 big cities, actually buying a home is cheaper than renting. >> especially in new york. do you expect the credit issue and the down payment issue to work its way out for these first-time homebuyers? when would that happen?

some of them are saying homeownership isn't necessarily the place i want to go.troubling for those investors now trying to sell them on the market. always good to talk to you about all of those. adam, over to you. adam: spring has sprung and time for march madness. today is day one. just to give you an idea of the frenzy, but 72 hours ago, there has been more than 135,000 tweets with the hashtag march madness. the ncaa twitter handle has 170,000 followers in the network will 200 hours of life game and studio coverage. the real american from the world of wrestling. hulk hogan is missing issue. police are investigating the theft of an autographed shoe worn by hulk hogan. valued at $5500? and the boys of summer are now going to be called the boys of winter with opening-day march 31 less than two weeks away, ground crews have been thrown a curveball. the ground crew at boston removed delicate operation of snow. you can damage the field. if you're headed to the ballpark for the first pitch the season, there's a decent chance of below normal temperatures all over the e

will rising homeownership act ai a springboard for the stock? all coming up on "mad money." at delta we're investing billions of dollars, improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we'll raise it yet again. [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we'll raise it yet again. ♪ >>> before you can really start making money in the stock market, you have to know how to handle your finances. if only so that you actually have some money to invest. that's a major point. it's s

it begins to take those steps towards homeownership which is ultimately how you begin to battle homelessnessen a family that once owned a home, lost their home as a result of the 2008 collapse, it is now trying on move back into their home and move out of shelters and move out of trailers, i think that those types of incentives are the kind of institutions we should be looking at thank you so much, michael steele. >> you got it. >>> one of the big challenges that both paul ryan and president obama's budget seeks to address is this issue of the working poor. the people who are struggling to find jobs, have jobs but they are still slipping into the icy waters of poverty every day p.m. later this week, we are going to look past the politics we just talked about and talk directly to those affected by the policies. we interviewed from the new york's working homeless to get their perspective on this debate. >> what do you say to people who say this is about bad work ethics or about laziness? >> i have been working ever since i was 18 years old. i have worked two jobs. many times. i have never been

will rising homeownership act as a springboard for the stock? all coming up on "mad money." don't miss a second of "mad money." follow@jim cramer at twitter. >>> before you can really start making money in the stock market, you have to know how to handle your finances. if only so that you actually have some money to invest. that's a major point. it's something we may have neglected on "mad money" over the years, which is every week we're running a new segment called "cramer's playbook," where i teach you everything you need to know about the basics of managing your own money. you can send or post questions on twitter @jimcramer with the #getaplan. please ask away. the more queries i get the better i can understand what you're worried about or concerned. tonight i want to kick off with a question that made me want to tear out the rest of my hair. not that easy, please. from @harrydemp1, who asks what's your preference on etfs versus retail funds #getaplan. i don't want to give harry a hard time. i'm glad he brought this up. you never had more options when it comes to mutual f

will rising homeownership act as a springboard for the stock? all coming up on "mad money." iwe don't back down. we only know one direction: up so we're up early. up late. thinking up game-changing ideas, like this: dozens of tax free zones across new york state. move here. expand here. or start a new business here... and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com >>> before you can really start making money in the stock market, you have to know how to handle your finances. if only so that you actually have some money to invest. that's a major point. it's something we may have neglected on "mad money" over the years, which is every week we're running a new segment called "cramer's playbook," where i teach you everything you need to know about managing your own money. you can send -- post questions on twitter @jimcramer with the #getaplan. the more i get, the more i can understand what you're worried about. tonight i want to kick

. >> encroachment homeownership. >> yes, but encouraging it decisively in a particular way by creating this for taking the mortgage market, you can encourage this in a lot of ways. what we see is george bush followed by oquendo followed by barack obama. so even though you might think of these people as different ideologically, they are actually part of a continuous thread from the standpoint of some of these issues that we are talking about. >> i would add to that that in terms of the unlikely coalition members that sort of sit underneath these bipartisan agreements in the case of the united states, we have activist groups and thinkers through the 1990s merger movement. to the point that the federal reserve board hearing, activists would show up and testify on behalf of the bank of america emerging. so this is not the usual thing you would imagine an activist group taking. do you get these very unlikely partnerships precisely because they straddle partisan lines and they were extremely durable and they made it very hard for any party to deviate from the agreement. >> an interesting coa

they will sign and they make that mistake because the emotion and the connection of homeownership willing dreams, which will be at the bottom of the page. >>> coming up, the video is unreal. a train jumping the tracks and then going up that escalator. and now we have just learned the driver fell asleep at the controls. and it wasn't the first time. >>> then yes, he's too sexy for his shirt. actor christopher milani is here. he has a brand-new movie. we're going to be talking about it. christopher maloney. ♪ ♪ this is for you. ♪ [ male announcer ] bob's heart attack didn't come with a warning. today his doctor has him on a bayer aspirin regimen to help reduce the risk of another one. if you've had a heart attack, be sure to talk to your doctor before you begin an aspirin regimen. >>> time for news by the numbers. first, 19%. that's how much u.s. food prices are up this year. the reason? drought on the west coast. $16 million. that's how much obama's recent vacation to africa and hawaii cost you and that's just for the flights. finally, 40 years. that's how long this 1969 mustang shelby

the regulations on banks will make it more difficult for people to realize their dream of homeownership. all kinds of things. , i understandr her partisan support for the president, that is fine. she needs to ask those questions about her party. it is not the republicans who have been claiming, as harry reid and the president have, that republicans are unpatriotic if they criticize the policies of this president. for david keene of "the washington times comes from the republican line, las vegas. romney would have won the election when he was having that debate. all he had to do was ask president obama when you got caught saying you would be more flexible about -- there's only right or wrong or good or bad. hadad to be something that to do with putin. he had no answer. i would like you to investigate 90nklin raines, who got million dollars from fannie and freddie. the person who wrote the checks is still working for fannie and freddie. how did he get that $90 million for five years? if you want to put a stop to the democrats, there was a sitting congressman at the greta van sussman show.

areas.goes into so many as a nation, with all brave homeownership, and properly so.here are many positive externalities from having safe neighborhoods to lower crime, having people invested in their homes and the neighborhoods. and then again, many americans are not quite ready yet for homeownership that you want to make sure people are in a sustainable home. some of the tools fred mentioned would do exactly this. of course, title insurance. but when he talks about hedging the interest rate and price risk. they are really great tools. one of the problems in 2007, 2008, which exacerbated the downward momentum of the housing market is the phenomenon will -- if people do not want to catch a falling knife. a terrible metaphor. home prices were going down and both homeowners and investors did not want to buy homes in a neighborhood in vegas or arizona or the inland empire and california were home prices were falling and the foreclosure dynamics were such that they could be expected to fall, and that behavior put further downward pressure on prices. there are financial pro

six hundred sales in all of our things in two thousand and thirteen true story now homeownership is out about eighty seven percent but willing sellers are not finding willing buyers the situation is so bad that apparently people are joking that a good way to punish your child is to give your property to them so add is greece apparently you know it's owning property is the punishment now what do you think it is that what is going on here i mean i'd like to own property some want to get their property to prague in greece as well but you know there's a tax implication for the people in greece and obviously the big problem is the decline in their in their economy where you know one thing that was interesting to me as you were going through and talking about is the relationship to detroit but you know i mean i think you know some houses in detroit are signs like a dollar or ten dollars or one hundred dollars because you know no one's living there and that's what happens when an economy is destroyed and so from my perspective it really this is the this is emblematic of what's happened as a re

in this country is especially important and such accounts can open doors to higher education, homeownership and retirement security. third the committee is going to focus on education. this is another area where the tax code doesn't pass the smell test. there are 15 sept right incentives to help defray the cost of education and each has its own set of mindnumbing rules and definitions. there are ways to improve those incentives not just in the short term but for the long-haul through real tax reform so that more americans can secure the economic ability that an affordable high-quality education can give. fourth you can't have big-league economic growth with little league infrastructure. the committee is now working to provide fresh thinking neck and pull some of the billions in dollars of private-sector capital off the sidelines and into infrastructure investments as part new job growth. america will soon need a solution to keep the highway trust fund solvent. we are going to go prospecting colleagues for bipartisan ideas in both areas. in closing this committee is going to focus on other i

they are utilizing the income-based repayment plans just to asuggestion them, but homeownership, all of the things we think contribute to a successful economy and that we want to have happen to drive our economy towards more health are being deferred or delayed because of the debt. >> i would just say that it is a burden, and i concur with what the other individuals have said, and that i appreciate what this committee is doing to help our students be successful not only in school, but in the repayment process. >> well, i appreciate all of you coming here today. i appreciate the work you're doing day in and day out and be, thank you, mr. chairman and ranking member alexander, for having this hearing today. there is no problem that is more urgent in our economy and in our country. we don't build a future if we crush our young people with debt and don't let them have a fighting chance to get a start. thank you. >> senator warren. >> none of you in your teimony's touched on something i also, we also need to look at, and that is the lack of any limits on graduate student loans. prior to 2

businesses will benefit from expanded broadband access. 66,000 people will have to the dream of homeownership as a result of this budget. i think it is important to point out that the budget authority that we are requesting in terms of housing is actually increased. the problem and challenge is that interest rates have driven up the cost of borrowing, which is what will be difficult for us to reach the program levels in the past. this is not a situation where we are cutting. it is a situation where the cost of lending is a little bit increased. people will benefit from community facilities located in their communities improving. these might be police and fire stations, hospitals, levers, or schools that we invest our community facility resources in. and our research facilities will help to support nearly 100 research facilities in the agricultural research service that are currently involved in 800 research projects that over the last five years have 383orted 215 patents and licensing agreements which leads to jobs and small business growth. the nifa competitive grant program is helping to su

banks and the rest are going to make a more difficult for these people to realize their dream of homeownership. there are all kinds of things and yet your caller and i understand her partisan support for the president and that's fine but i think that i think that she needs to ask those questions about her party and about her president because it isn't the republicans who have been claiming as harry reid and the president had that republicans are unpatriotic if they criticize the policies of this president. >> host: the next call for david soap one of "the washington times" comes from joey on our republican line los vegas. hi jelly. >> caller: good morning mr. keene period romney would have won the election hands down all he had to do was ask president obama. when you got caught on the open mic saying he would be more flexible because either right or wrong or good or bad so it had to be something bad that he had intentions of doing with putin. he had no answer to that. also i would like you to investigate franklin rains who got $90 million in five years from fannie and freddie. he's the person

bill but that had unfortunate, unintended consequences that would strip the american dream and homeownership right from under them. and then the question becomes to this congress, what do you do about it? , , i said this before congresswoman waters realized that her name was attached to a bill that potentially would strip homeowners of the american dream, of the largest piece of investment that you pass on from generation to generation and she stepped up and said, that is not what we intended. we're going to fix it. the republican leadership, mr. grimm, stepped up and said, this is unsustainable. and more than that, it doesn't make common sense. so both sides came together to produce a bill that would have affordability, stability and predictability. we talk about rules aum the time that corporations just want to know the rules so they can play by them. well, homeowners want to know that too. and homeowners who built to the building codes and the elevations that they were required to do at the time should not come back and be penalized later. so i just want to again congratulate congresswoma

although i support passage of this vital bill today to protect our families and the american dream of homeownership, we absolutely must do more to help bring premiums down. i thank the speaker for the time. the speaker pro tempore: the gentlelady yields back. for what purpose does the gentlelady from connecticut seek recognition? ms. esty: to address the house for one minute. the speaker pro tempore: without objection, the gentlelady is recognized for one minute. ms. esty: thank you, mr. speaker. mr. speaker, i rise to honor and congratulate f.w.p. post 308 in newtown, connecticut, which celebrated its 75th anniversary this past sunday. since 1939, the members of post 308 have demonstrated a remarkable commitment, specific engage, and community service in everything they do. whether it's assisting tornado victims in oklahoma, or providing college scholarships to deserving high school graduates, or supporting families affected by the tragic shootings at sandy hook elementary school in their hometown the men and women of post 308 serve their community, their state, and country with distinction. i con

the regulations on banks will make it more difficult for people to realize their dream of homeownershipll kinds of things. , i understandr her partisan support for the president, that is fine. she needs to ask those questions about her party. it is not the republicans who have been claiming, as harry reid and the president have, that republicans are unpatriotic if they criticize the policies of this president. for david keene of "the washington times comes from the republican line, las vegas. romney would have won the election when he was having that debate. all he had to do was ask president obama when you got caught saying you would be more flexible about -- there's only right or wrong or good or bad. hadad to be something that to do with putin. he had no answer. i would like you to investigate 90nklin raines, who got million dollars from fannie and freddie. the person who wrote the checks is still working for fannie and freddie. how did he get that $90 million for five years? if you want to put a stop to the democrats, there was a sitting congressman at the greta van sussman show. ex

sick joke to even own property that you might pass to your children the situation is so dire that homeownership nearly eighty seven percent the highest in the e.u. has become cause for black humor the joke now doing the rounds is if you want to punish your children you threaten to pass on property to them greeks traditionally have always regarded property as a secure investment but now it's become a huge millstone given that the tax burden has increased seven fold in the past two years alone this is an example of the globalization as well because let's look at in this context up until the year two thousand and eight the world was rising up on a rising tide of money driven by zero percent interest rates but now since two thousand at the time it's been going out in a de globalized way which means that the financialization has also been diesel orating so a country like greece this is where you're seeing the money being pulled out and the property values are collapsing as a proof as an example of de globalization if greece were going to be part of the globalized world then that spigot of cash would