it's a unique idea but it has critics including the national association of realtors and several banks. opponents say using eminent domain in this way would hurt richmond's credit rating. there it is not an option to stand on the sidelines waiting for the next wave of foreclosures. that is the risk that is really confronting us. >> reporter: that is richmond mayor gail who has been leading the charge to take over 600 or so mortgages in the city. she says it's something that has to be done. their first option would be to buy under water portages at banks. but eminent dewas tough if a judge will be holing a hour -- a hearing on that lawsuit will be held tomorrow in san francisco. live in richmond alex savidge is ktvu channel 2 news. >>> a bill that would improve the safety of limousines is returning to full state senate for approval. the bill is a result of the limo fire an the san mateo bridge in may. it requires limb moes that -- limos that carry -- the bill passed the assembly yesterday. it's not clear when the senate will vote though. >>> one-half of the bay bridge could get a name c

the national association of realtors said that's 13% higher than a year ago and the highest level inan six years. the average price for a single-family home is now $212,000, 14% higher than a year ago. >>> falling mortgage rates could help push those sales. the average 30-year loan has fallen to 4.5% and more homeowners are making their mortgage payments on time. the credit reporting agency transunion says the late payment rate in 2009 was almost 4% but last year it improved to just under 2%. >>> and more women are joining the work force, but they're getting low paying jobs like waitresses, in-home health care, and housekeeping. according to a study by the national women's law center from 2009 to 2012, 60% of women got jobs that paid $10 an hour or less. anne-marie? >> good news, a little not so good news. >> exactly. >> wendy gillette here in new york. thanks very much, wendy. >>> straight ahead, your friday morning weather. and in sports some brotherly love as andy reid makes his return to philadelphia. aw this is tragic man, investors just like you could lose tens of thousands of

. >> according to the national association of realtors with a break of $7,000 he will not have that in all of the market that better in the midwest $10,000 or 20,000. gerri: you say you get a 10,000 drake on average? >> nationwide in the northeast, why not? if your interested in a bet and breakfast it is now time to putting your offer. >> for people to might be looking but the reality is historically it is low. >> looked at the growth forecast slow growth and mortgage rates our low because of fact. gerri: use a search creatively people dead in their mind what they want. >> we have a five month supply? and then they take their stuff off the market. looking high and dry with the alerts sent to them even if they are even and mildly interested they just want to be averted when there is some sort of movement but in then i am a potential buyer. a given us some context. >> if you are interested in buying a ski house where down in florida that is where people want to go this time of year he will not find these types of discounts but in some of those places why not? the demand picks up when you

the national association of realtors reports that first time home buying rates are lower than they've been since about the eighty's and the u.s. department of housing and urban development estimates that sex with. ration cuts from homeless programs are set to expel about one hundred thousand people from housing and shelter programs sending them back on the street and yet data from the census bureau this month confirms the average size of a new home has hit a record two thousand six hundred and forty two square feet and no one can afford to buy a giant mcmansion but when we build houses we are still building them with excessive luxury apparently builders are only interested in getting rich people's money not building houses that become homes to real people. life amazing photography highlights how in the us we are literally transforming the terrain of our country into an abandoned soulless monument to luxury consumerism. all of these mcmansion will live longer than the greedy bankers who built them leaving us with an honest picture of what america really stands for and that landscape is

the national association of realtors says sales of prefusly occupied homes rose 1.7% last month. experts say many buyers rushing to close deals before interest rates climbed but yesterday's decision by the feds to continue its policy may keep those rates low for noe now. >> get ready to enter the tube. a new simulation determined the hyper loop transportation system could work. musk is the founder ofesla motors and space x, unveiled the concept last month. an elevated tube that could shoot passengers from san francisco to l.a., in just 30 minutes. musk vowed to build a prototype that could take years, now, the company ansis has made a virtual version of the hyper loop and they say the design is feesible and just needs a few tweaks and probably a -- $50 billion? >> right. >> it does seem cooler than high speed rail. >> another big debut for april jell a pay day for nokia's ceo. >> good afternoon. you were just talking about the new iphones apple's big ios 7 update is getting strong reviews. as you've been reporting that is a big win for apple on the eve of the release of the iphon

. >>> the national association of realtors, said that penduluming home sales -- penduluming -- pendinge down. the tight supply of homes could be a factor. the mortgage rates have pulled back a little, they're at the lowest level in two months. it dropped to 4.32%. >>> new at 5:00, we're getting the first look at the california website, that people will use for healthcare in days. the one big question that's still out there. >> many of the poor, and uninsured in san francisco are covered under the city's health insurance program. those people will be shifted over, and today, as you said, we got a new look at that website that launches next week, to give us a better idea of what it's like to enroll. he's a full-time student, who can't afford the traditional insurance. >> i have an issue with my knee. >> show me your knee. >> he's covered under san francisco's program. but he'll shift to the new covered california. >> it'll be better for me. >> it's aimed at making choosing insurance easy. >> a lot of times the patients are asking us, when i do qualify for this one or this one? on covered

separately according to the national association of realtors, the number of american signing contractsust, maing the third straight month of declines suggesting that higher rates are holding back potential home buyers. another recall to tell you about. they are recalling nearly 909,000 autos around the globe saying accelerator sensors are caused to stall. the nissan models include the serena minivan, infiniti luxury model and x trail suv and mostly impacts japan, but there some in north america and elsewhere that will be impacted. hertz is adding another model. you can run a tesla sedan. they are joining the dream cars program which it launched this summer. they can get behind the wheel of a ferrari, porsche or aston martin. now you can only rent in los angeles and san francisco. the weather is better for driving there anyway. back to you. >> thanks so much and have a great day. >> it's pretty amazing to see how much further some of our challenged wednesday's children can progress when they are adopted by loving and caring parents. that's what we are hoping if are for isaiah. a faam lo

national association of realtors numbers, number of people signing contracts to buys house.helps us see what is around the corner. not good news. the number is declining, possibly because mortgage rates have gone up. at 4.2's, people saying i'm going to wait and sigh if they go back down. >> jerry, good to see you. thank you. >> trace: new jersey is getting tough women people on the shore who refuse to build protective sand dunes. governor chris christie authorized the state to take legal action against a thousand benchfront property owners owneo won't sign papers giving the government permission to below the sand dunes. critics say it will block their view and devalue property. the state claims the protect jet will protect coastal towns from the type ofipnñ devastation sany caused a year ago, and before the project can proceed the government needs permission from the owners or seize their land through imminent domain. rick is live in new jersey. rick, what are the holdouts there saying? >> they're saying, show me the money, trace. 123 oceanfront home owners here who signed

this unique idea though has its critics including the national association of realtors and a number ofarge banks. there are even some on the city council who worry using eminent domain in this way would cause credit to dry up here in richmond. ultimately hurting homeowners. >> as long as this city has the potential eminent domain, we're not going to get financial institutions willing to lend us any money. >> reporter: but richmond mayor gail says the city has to do something to slow foreclosures and she's been leading the charge to take over 600 mortgages. before the city tries to seize any of those properties there is a lot of legal issues that still have to be settled. several large banks have filed a lawsuit trying to block this controversial plan and a federal judge will hold a hearing on that suit tomorrow in san francisco. live this morning in richmond alex savidge ktvu channel 2 news. >>> there is good news from the fire lines this morning. firefighters now say that huge wild fire that started near clayton on sunday afternoon is 60% contained. and cal fire has lifted the evacuat

this unique idea does have its critics including the national association of realtors and a number ofarge banks but richmond mayor gail who has been leading this charge to take over about 600 mortgages says this will hopefully keep people in their homes. the city has to do something to slow foreclosures. >> we are going to stand up to wall street and for our community. >> reporter: but there are some on the city council that worry using eminent domain in this way would cause credit to dry up in richmond. ultimately hurting homeowners. before the city tries to seize any of those under water properties, there are legal issues that have to be settled. several large banks have filed a lawsuit trying to block this plan. and a federal judge will hold a hearing on that suit tomorrow in san francisco. under this mortgage plan richmond would set up a coalition of cities interested in hoping to rescue struggling homeowners. the mayor believes there are a lot of other cities that would potentially follow suit. live in richmond alex savidge ktvu channel 2 news. >>> it's 6:44. we are going to go b

according to the national association of realtors sales of previously owned homes jumped by 1.7% lastghest level since february of '07. before the start of the financial crisis. still analysts say rising mortgage rates may be restraining any kind of solid rebound in housing. freddie mac reports this week the average rate on a 30-year fixed loan is up by more than 1 percentage point from may. >>> we're also learning more americans are filing first-time claims for unemployment benefits. but we're still near the lowest levels in nearly six years. a sign that fewer workers are getting pink slips overall. jobless claims up 15,000 last week according to the labor department. but keep in mind, people who are fortunate enough to have a job are actually earning less. a top research firm reports household incomes have dropped by more than 4% since the official end of the recession. four years ago. >>> a mixed day on wall street. one day after the federal reserve announced it would not dial back its efforts to stimulate the economy. that helped the dow soar to a record high yesterday but today a

what we've seen since january is the national association of realtors measure of affordability has been. this is a notoriously bad index, because even during the entire housing bubble, it never showed that houses were becoming unaffordable. it said they were less affordable but never breached what the nar says is the affordability level. what it did do and what it's done again, during the last housing bubble, it breached the long-term 20-year trade line. what you see on this chart right here is that we once again have fallen below for three or four months now, the long-term trend line. that's a sign that we may be in a housing bubble. home prices are becoming less affordable because interest rates are going up and home prices are going up. and people's incomes are not rising at that kind of level. so that makes homes less affordable. when you get a lot of months of below trend affordability that's a danger. >> does the crossing of that trend line and the fact that the affordability number is coming down, does that tell you that prices must come down or that prices will stop going up? >>

. >> national association of realtors. >> thank you. inventory's been expanding for seven months slightly. inventory bottomed at the beginning of this year. already some people have decided that prices have risen enough that it's time to start putting their homes on the market. now, it's not been a big enough change for buyers to notice, but the numbers are there. but the bigger issue, much bigger than mortgage rates, is why construction is still so low. >> ask bob. >> sales levels are close to normal. prices are now very close to normal. but construction starts are at 40% below their normal level. two things are going on. first of all, vacancy rates are still high. even though inventory is tight, there are a lot of vacant homes still left off the market. the first thing. the second is household formation is still very, very low. it's about three quarters of a million homes being formed a year. as opposed to usually over 1 million. >> and that's weak economy doing that. >> and that's young people with had aren't back to work. instead the

the national association of realtors puts together what they call their affordability index. it's always -- it always says houses are affordable. not surprisingly constructed by realtors. it's been plummeting lately and the affordability has plummeted below its long-term trend line. the only other time it's done that for months on end, was during the last housing bubble beginning in 2004. that was the indication that be w he were in a bubble then. once again it's an indication we're in a bubble. >> susan, you disagree. tell me why given what john just cited. >> well the plunge is very interesting. how fast that affordability has declined. but still, 60% of -- we have more, the average family has more than 60% of the income they need to buy the median house. >> okay. hold that thought, susan. >> right. well that's definitely true. >> john. >> sorry. >> i have to go to rick santelli. this will involve the housing market because we have the ten-year auction today. what does it look like? >> holy cow. auction gets an a-plus. 21 billion reopened. nine year 11 month we auctioned th

national association of realtors' index fell by 1.6% in august. d lower to 1.4% reaching the 6 year high. the index followed since june, mortgage rates slowing home sales momentum. number of americans filing new claims for jobless benefits fell to a 6 year low, jobless claims dropped by 5,000 to 305,000. the estimate was 325,000. the u.s. economy grew at a 2.5% annual rate in the second quarter. the commerce department says its final economic growth was unchanged from last month's estimate. congress was expecting them to.6%. that is latest from the fox business network giving you the power to prosper. nascar is about excitement. but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on sial media can be a challenge. that's why we partnered with hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans. dagen: robinson cano wants bed in money, and a $3 millio

national association of realtors despite reform at every turn.on be for this behemoth? >> my suggestion is they look back at what made them successful in the first 30 years, which was balancing risk and not putting people into homes they couldn't afford. they got off of that in the 60s and on the risky track ever since. they need to get back to that. or they need to get out of the business and tara leigh and if there's a group of people who need help, help them with down payment assistance, don't put them into more debt, allow them to build up equity over the long-term. fha has created more problems than it solves. tracy: i am not betting my kid's college fund on the fact they will not come back for another bailout. there will be another bailout, i am sure. we will have you back to talk about it. ashley: breaking news on capitol hill. rich edson with the very latest. rich: the senate has sent a clean government funding bill with no other policies attached back to the house. we understand what a house republican counter offer is going to be. this

increase to 5.5 million contracts being signed beating wall street's expectations but the national association of realtors caution buyer traffic dropped significantly in august meaning sales could slow in the months ahead. lori: a second jump in the largest drugstore chain, earnings of $0.03 a share in the second quarter by wall street estimates of $0.04 a share, checking shares of rite-aid up $0.72, expects fiscal year's sales to eclipse $25 billion. adam: eight hundred million was the newest addition to the grand theft auto ceres, blowing past activevision's call of duty which held the record $500 million in sales, grand theft auto would have to sell twenty-eight million copies to take the title of best-selling video game of all time, a title held by activevision's first column do the game, and over 1.5%. >> nintendo passed away today. i will get more information on that because i note that it is quite a loss for the video game industry. follow upon that. problems with the iowa 7, some users are i rate in the software. adam: a shocking number of americans who will never retire. lori: reaction to the fed

national association of realtors index fell by 1.6% in august.ed lower to 1.4%. >>> the u.s. economy growing at 2.5%. annual rate in the second quarter the commerce department says. its final look at economic growth in the spring was unchanged from last month's estimate. economists were expecting 2.6%. that is it from the fox business network. the dow is higher by 45 minutes. we're always giving you the power to prosper. lori: some good news here. vaccination rates on the rise for the flu. the cdc still not satisfied with last season's 45% rate. today encouraging americans to bet vaccinated for the flu asap. joining us now is fox news's dr. marc siegel to discuss what is in store for us in the coming months. dr. siegel, thank you for joining us. what do you expect for the flu? will it be a bad season? >> lori, last year's flu season came very early and it was particularly bad and deadly, with 161 children killed, the highest number of elderly hospitalized since these regards began being kept almost a decade ago. this year, the national foundation

the national association of realtors existing home sales for august, and freddie mac will mortgage rates. some of the list of headlines on c-span radio. >> "washington journal" continues. >> congressman jim mcgovern, democrat, massachusetts, second ranking democrat on the rules committee. a big meeting yesterday. what happened? guest: we met on a bunch of things, including the new chief -- the nutrition bill and the continuing resolution. there is a lot happening in washington, but unfortunately not a lot of it is good. i worry very much that some of the cutbacks that the republican leadership has proposed will .urt the most vulnerable i believe that if government stands for anything, we need to stand for those struggling, who are vulnerable, who need our help. donald trump does not need government. some poor person who lost their job who is trying to put food on their table does. the rules committee met, along meeting, and today -- a long meeting, and today we will debate the rules and we will debate majority leader eric cantor's nutrition bill, which will do a lot of harm to people in

the national association of realtors says home sales are at their highest level for more than six yearster supply. they promised to flush chlorine into the water system to clean it up but the process will take weeks. one resident still feels afraid. >> a new report is calling for more help for those caring for people with alzheimer's. the number of people that suffer from alzheimer's is now about 35 million worldwide and it will be more than triple, 115 million by the year 20. the report recommends more support and funding for those cagive caregivers. >> and a good deed has gone viral and should. when a blind customer dropped a $20 bill on the floor he saw a woman pick it up and put it in her purse. she claimed none was hers and he refused to serve her. she left and joey gave the blind man $20 out of his own pocket. his boss wrote him a note saying you're the type of man i'm proud to know. good for him, willie, brooke, and al, go joey. >> yeah. >> tamron, thanks so much. coming up ne -- >> having trouble sleeping sometimes. >> yeah, sometimes you have trouble sleeping. >> they're rollin

in large part we saw home sales grow in august because of what the national association of realtors isan an entire percentage point in may. that has propelled a lot of potential home buyers to come off the sidelines and lock into rates before they get higher. >> now's definitely the time for sure. but is this also a sign that lenders are loosening up credit? i know that ordinary people were having a tough time getting, say, a 30-year fixed rate loan. >> this is still an issue. we still see tight credit. still a big issue. probably more so moving forward than rates even especially in light of the fact that the federal reserve came out this week and said that they would keep up their $85 billion per month bond buying program. a fact that will probably keep rates at about where they are, keep them from growing at the drastic rates we've seen. tight credit is an issue. another thing weighing on home sales and will be moving forward is the fact that we still see very tight inventory levels. construction coming back but not as quickly as the demands that we see out there. i think we'll see a

the idea has critics including the national association of real teres and several -- real realers -- realtorsfacing foreclosure told me this morning this vote by the richmond city council is a huge victory. alex savidge, ktvu channel 2 news. >> thank you. >>> 8:07. there's a new effort to find the killers of a man in berkeley on this third anniversary of his death. two gunman shot him as he walked home with his fiance near adeline and emmerson. it happened blocks from their home near the ashby b.a.r.t. station. so far there's only a vague description of the two gunmen. a $20,000 reward is being offered for information leading to an arrest. >>> a woman seen on video as she apparently abused three dogs in san jose has been arrested. ktvu first brought you this story monday night after a bystander recordrd the woman yanking and kicking three dogs. she was walking in south san jose. animal control told ktvu the woman was arrested at a homeless encampment on capitol expressway. >>> a pleasanton mcdonald's manager has been arrested accused of robbing his own restaurant. police say he wore a mask wh