lawrence, you and the chief economist with the national association of realtors. dr. unit pleasure to have you on the 1st time joining boone, but i want to get right to the crux of this. what's behind the decline after months of increased home sales? was it in editable that we would see this bit of a downturn, or is it a suppliers you? while thanks for having me on the show, the housing market had been quite spectacular ones. the locked down ended. so what the consumers were looking at when the economy we opened was falling mortgage rates going to absolute lowest ever to get to pass up. inherent people took advantage of the low interest rate, and we told the home cells not only recover, but go way beyond the pre pandemic levels. chart show the home cells are retreating from that level, but it is still above dinner. and in the meantime, because of the inventory shortage prices rising at the strongest pace ever in the u . s. 15 percent above one year ago. now when it comes to having been that we've seen over the last year, how much of it here in the u. s. was related

>>> the national association of realtors does show that in may home sales fell for the fourth month in a row. >>> taco bell lovers, you may have to wait a little longer for some of your favorite dishes. the fast food chain has joined a list of companies affected by a recent global ingredient shortage. reporter michelle shealy has the story. >> we've got soft tacos, crunchy tacos. >> reporter: taco bell lovers are always hungry for anything that crunches. >> cheesy fiesta potatoes, everything. we are all good. >> reporter: but lately, some fast food fanatics aren't getting what they'd hoped for. the website explaining to customers that some favorites may be unavailable. >> i heard something about that. i don't know if maybe it's all the restaurants but i definitely heard a couple restaurants here and there, shortage on food and everything. >> the airports are pretty short just in general. there's very few food places. we'll have the lineup at the same food places, which is kind of ironic when we are not supposed to be near each other, but there's only one place open to eat. >> reporter:

june, and that's up almost 25% from a year ago, according to the national retail or national association of realtors. that breaks up the previous record, said in may of this year, nearly 90% of homes are sold within a month. properties were typically on the market for 17 days in june. governor newsom today signed a multi billion dollar plan that he says will expand childcare to thousands of more children across the state. as ktvu tom baker explains, the budget bill more children will have access to care and includes a 15% pay increase for childcare providers. it is my honor to make this a. california is the third least affordable state for childcare in the nation by signing the $2.6 billion traveled care and early education bill 40,000 members of childcare providers, united union and other providers will find new and better resources for the now and future children of the state. we are committed at a completely different level to that next generation, just one of the most significant, an important organization efforts that has occurred in years and years in the united states of america. it should be

we have the chief economist with the national association of realtors is with us trying to flesh some us. first of all, we're seeing these home prices spike. i know phoenix is up 26%. seattle is up 24%. just some perspective there. are the prices over inflated at this point? >> good morning, christi. thank you for having me. certainly housing market has been a positive surprise during the pandemic economy being low interest rate always stems the buying power of a home and that has been the impetus as to why buyers rushed in with a sales point above the prepandemic and with the housing shortage, prices rising, we want to have a sustainable homeownership, successful homeownership. we don't want to have a situation where prices rise and crash and lead to foreclosures. currently it looks like even though prices have been rapid, that it is on a solid footing. >> when we talk about the concern about being a bubble, there's a lot of concern amongst people who want to buy a home, perhaps for the first time, and they can't afford it because of the prices we're seeing. what is the prediction fo

that's according to national association of realtors. ief economists due to high home prices and softening demand, the market may have turned a corner on its low inventory problem >>> and mercedes benz ready to go all electric by 2030. with some conditions it reports it will only sell elect trek cars where mark conditions allow they spend more than $47 billion this decade to electrify its luxury lineup. on wall street, the dow up 25, s&p up 9, the nasdaq up 53 i'm shepard smith on cnbc. it's the bottom of the hour. time for the top of the news get the shot or risk forfeiting the game the new nfl policy ends up getting players fascinated passport emergency [ indiscernable >> a four-month wait has people fed up olympics are hours away from the opening ceremony the application ofguinea is reversing course, they will participate in the supports. they said earlier they would not participate because of covid concerns the games will begin just as tokyo gets a six-month high in cases. the city reported 2,000, the most since mid-january meantime,

the national association of realtors expects home prices to rise more slowly toward the end of the yearics opening ceremony now just a little more than an hour away. and among those watching closely, china. david culver is live in shanghai for us. china set to host the winter olympics of course in a few months, but that is not the only reason that they are paying attention. tell us more. >> reporter: i don't mean to jump ahead to the next olympics games, but you're right, china is paying close taeattention toe what plays out in japan and it is there is talk that the border will not reopen ahead of the beijing 2022 winter olympics just a few months away. and they will start in february in fact i toured some of the olympic venues and you can bet that they are ready. they have everything set up, the infrastructure is in place. and they want to put on a show. but they are dealing with a huge geopolitical issue. you have questions over the origins of covid that are continuing to raise controversy. you've got human rights allegations that are also bringing up questions of potentially boycotti

this is according to the national association of realtors. 30%. and catch them idaho near the sun valley ski resort, there are plenty of jobs to be had. the problem is they don't pay enough to live there. ca the city councilman can't afford to rent or buy on his salary at a ski shop. thanks for coming on the show. tell us about the predicament you're in. >> you know, my situation is that for the last about a year and a half after my landlord decided to redevelop the property that i was living in that i've been looking for a permanent place to live and there isn't anything available right now. it's the inventory is non- non-existent and with the pandemic it exacerbated the pandemic. my situation is better than a lot of other people in my community because i got my mom's house where i can sleep. i got a friend who has a vacation home. he lets me use it when he's not around. so i can make do but it's indicative of how bad the situation is. you know, even the people that have housing are facing the predicament of at any moment their landlord could

the national association of realtors say the competition are turnoffs. 32% believe that it was a goode to buy a house if you have to buy a house, right? >> but you're telling me i shouldn't try to buy a house. >> you should buy in my neighborhood. >>> all right. the trump organization has removed allen weisselberg as an officer at several of their facilities. they are under indictment for allegedly running a tax fraud scheme. a source saying that his wo weisselberg's role and title could be changing but he will remain at the company. he has pleaded not guilty to 15 state charges including grand larceny. trump told "new york times," i am with him all the way. >>> the cuban government is disrupting communication just a day after thousands staged an unprecedented protest across the country. they are demanding relief from a growing economic crisis and greater freedom. president biden calling on the cuban regime to hear the people and serve their needs. the white house has been forced to turn its attention from russia and china to confront several budding crises just off the u.s. coast. an

that is up almost 25% from a year ago, according to the national association of realtors that breaks vious record set in may of this year. nearly 90% of homes are sold within a month. properties were typically on the market for 17 days in june that today, the biden administration announced the plan to help homeowners who are still struggling from the pandemic. it would allow those with government backed loans to enter programme. that would extend the life of their mortgages with lower monthly payments. homeowners have until september 30th to enter this program. our special show voices for change returns with a new episode this weekend. the show's host and our political reporter, greg lee will take a closer look at the spread of the delta variant and its impact on unvaccinated people. the cdc says. 97% of those hospitalized with covid 19 right now are unvaccinated. we'll hear from experts at community back. that's a coalition of public health experts focused on an equitable vaccine rollout. they will outline some of the reasons for the slowing vaccination rate reasons that go beyond ju

national homebuilders association ceo, weighing in on some of these developments. jerry, always good to have you. it is interesting, i was talking to a number of florida realtorshey said anecdotally people are hedging their bets. they love florida, that hasn't changed, maybe not a high-rise. maybe individual family home or something lower to the ground. is this a trend? what do you make of it? >> well, first of all, neil, our thoughts and prayers go out to the people impacted by this absolute tragedy. i think in terms of the market it is much too early to call anything a trend. people are reacting right now to the severity of this disaster. and rightly so but i think people need to step back, let a little time pass. let analysis take place exactly what happened with this. we need to find out exactly why this occurred so that we can make sure that it doesn't ever happen again. and that will include looking at existing structures, making sure that they are structurally sound and of course building new structures that are built to the newest codes and to the most effective codes we can possibly do. to say it is impacting the market now i think would be a little t