realtors already warn that august home sales might be the last hurrah and it appears they might have been right. >> reporter: fewer americans buying homes, facing higher credit rates, tight credit and skyrocketing home prices. >> the buyers out in the market might have felt pressure to go ahead and make a decision on a home purchase and see it throw completion sooner. >> reporter: that may have pulled sales forward as the realtors warned just last week. they said they could tell from agent lock box at listings in august that fewer potential buyers had been coming through. some say that's actually a good thing. >> the pause in the market is going to sustain the recovery cycle in the long-term because some of the metros that we're attracting, showing some very frothy price jumps over the past year. and this will kind of slow that down. >> reporter: prices have been rising steadily in the year, up over 12% from july a year ago according to recent reports. usually home prices rise due to home demand, but right now they're rising more because there's so little for sale. sales of newly bui

in addition i have been a licensed realtor since tick and am currently the number one realtor in the marina for several years from 2007 to the present basically. ~ 2006 and this is across all brokerages in the area. i've known john and angela since 2009 when i purchased a two-bedroom listing of mine on pierce street. they were not my clients at the time. they saut to determine whether the city was indeed their ideal for their post retirement life. ~ sought they came to love living in a flat neighborhood near the water and soon began to process the process of finding a full-time house in the marina. they became my clients with a clear criterion from the start that they would need a house with an elevator. john is very private about his physical condition. i know this because i'm a friend of his as well. and he has had various spinal injuries over 30 years that have left him in pain with physical options despite numerous surgeries and injections. this is greatly curtailed his physical activities, but happily he can still walk for exercise. it is uncertain how long he'll be able to do s

len ramirez show >>> businesses is booming for many bay area realtors. palo alto is especially attractive to wealthy foreign buyers. len ramirez shows us their high- end house hunting experience comes complete with luxury limo service. >>> reporter: when it comes to selling real estate in palo alto it now pays to speak chinese. from shanghai to hong kong, interest in palo alto's priciest neighborhoods is soaring and that has real estate brokers doubling down on new ways to capitalize. here it's all aboard what could be a marketing master stroke mercedes-benzes style. he invested $100,000 into the luxury bus specifically to drive around and show properties to wealthy foreigners four and five families at a time. >> people who are used to the finer things in life so they are not going to want to go out in a cheap refurbished toolbox. >> reporter: the company takes reservations for weekend selling excursions to exclusive neighborhoods. >> it's about as prime as palo alto gets. >> reporter: where the buyers don't blink at the bottom line. >> $5 million range.

now, realtors say they expect sales to drop from here. why? well, fewer distressed homes for sale, down to just 12% of sales in august, the lowest since they bow gan tra began tracking this. 17% of buyers and they had been far higher. and first-time homebuyers, realtors say that segment has collapsed. just 28% of buyers this august. they should be up in the 40 % range. what's holding them out? tight credit. rates are, of course, falling again. they had been up around 4.8% in the past few weeks. they dropped dramatically after bernanke tabled the taper. rates today, depends on your lender, but 4.25% is once again a viable rate, but you would have to likely pay points. the range now is 4.37% to 4.5% in general if you want to point and you're a good credit risk with a large down payment. costs might be higher for the rate and all of this is from "mortgage news daily." what about rates going forward? don't expect them to fall much more dramatically. don't expect them to rise much more dramatically. experts say they should stay right about where th

well it wasn't because realtors weren't trying to sell the land. everybody thought san francisco would expand eventually. all of these real estate guys were trying to sell lots and nobody was buying. it was cold, foggy. there was no good transportation. it just wasn't a good buy. but then one of these real estate guys, who owned a couple of blocks just south of sutro, saw these cars lining up and saw the popularity of them. he decided, well, if you can't beat them, join them. so he made a little deal. he bought 50 old cars, dragged them out to his land just south of sutro in the sanddo you knows. and he said, if you buy a lot from me, $35 up front, $7.50 a month, i'll toss in two cars. so you can pretty much move in today. it's like a starter home. and it kind of helped get attention to the whole thing. he built what he called novel seaside cottages. so this is one of his novel seaside cottages where he basically elevated these cars to a second story. here's one in construction. and off on the right there is his little real estate office, in anothe

. >> realtors say suspect home prices to go up in and around noe valley often called northern tip ofilicon valley. the dailies have been looking for a home but so far, no luck. >> it's frustrating and hard. there is so much competition. we need to spend all cash on a house that, is hard and a lot of money. >> realtors say expect the situation to get worse for home buyers now that twitter ask expected to go public. facebook went public many of the new millionaires bought homes in noe valley and liberty hill. realtors expect the same thing after twitter ipo. >> there is pent up demand for other buyer who's haven't been able to purchase. if you add people in there, yeah well. expect it is to drive our real estate market. >> this fixer upper was listed last month at $1.4 million. it sold for $800,000 over asking. at twitter headquarters, employees kept mum, but in the neighborhood reaction is mixed about the anticipated influx of millionaires. the mission district has seen much again tri fiction. >> it concerns me the flavor of the neighborhood changes a little witness. i don't know. cha

says realtor pat lins. if you thought it was bad in 2006, we're going to see that same walk away from your house thing - that's what we're really afraid of. pinellas county property appraiser pam dubov says what can happen to this fragile market would be devastating. just as the market was starting to recover we're going to introduce this things that's going to put the breaks on this recovery, the real estate market is reacting by closings falling through. local officials are lobbying congress to delay the bill from being implemented on october 1. they say floridians have paid 16 billion dollars in premiums to the flood program, but have only made a quarter of that in claims: of course, that can all change if a hurricane hits, which could cause a lot of flooding. for first business news, i'm jackie keenan. florida senators marco rubio and bill nelson are working on ammeding the bill. coming up the hidden price of a government meltdown. plus...is gridlock good for the economy? views from the trading floor ar

if there is a house that has everything they want and you take the value frathe realtor plus the cost and hassle of the construction. if your existing house plus the cost of a remodel is the same as a house you can buy i recommend you go buy another house. it's a very stressful process. the costs only go up. have you to make more decisions than you can imagine. and it's stressful, there's dry rot discovered. pipes in the wrong place. all these drive the price up. at that point when you have that information, this is going to cost around so many dollars, that's when you should look around and see is there another way to get what we want? if you are completely a wed to your house and not going to move and the numbers make sense then you move ahead. that's a good time to evaluate the project and see if it makes sense. >> that's great. that's a terrific approach. it also let's you know what you are getting. what your value is you are adding to your house. looking beyond the scope of your own? >> i lost a lot of jobs that way. >> [laughter]. >> i have a little note about how not to save mo

interesting, though, the realtors say lower rates will not help home sales this fall. closed existing hem sales rose 1.7% in august, boati inbeating expectations. the realtors call that the last hurrah as buyers got off the fence and signed contracts in june, fearing higher rates. they expect sales to fall this fall and into 2014 because of very tight inventory and still very tight credit. there's, of course, lots more, in the one, but two articles online, realty tl check.cnbc.com. >> thanks very much. >>> wells fargo, the largest u.s. mortgage lender says it's going to cut 1800 jobs because of lower demand for refinancing amid those higher interest rates. the stock of wells fargo down 47 cents at $42.85. >>> you can call it a whale of a setment. kayla tausche with the fallout from jpmorgan's $900 million headache. kayla? >> well, tyler, the banks's price tag forty london whale trading debacle has the twoen costly and still growing. other regulatory issues are popping up. why it matters and what's next for that stock. that's up next after this break. you really love, w

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 the series last month. the yield 2.946. well below the market of 297 offered at 296.5. the bid to

and i am a realtor in sunny naples, florida. mm-hmm. and this woman speaks polish. yes. yeah?lse do you speak? slovak. my mom's from poland. my dad's from slovakia. and i'm the first one born in america in my family. well, a big hearty jak sie masz to you. [ cheers and applause ] good to have you here. thank you. hi, rick. hey. rick zapata from kansas city, which is in missouri, i believe, part of it, anyway -- the part you're from. let's hear about you. i know you're proud of your daughter and son. talk about that. yeah, well, i'm originally from los angeles. i have two kids -- a wonderful daughter, sharik, she's 13, and my son, jeremy, who's 21 years old, serving in the united states navy. terrific, yeah. you're a car salesman. i am a car salesman. and a chiefs fan. you want to throw that in. huge chiefs fan. go, kansas city chiefs. there you go. okay. everybody get ready. we'll do another "toss up." this is a $2,000 puzzle. also will determine who starts the first round. and it's a "movie title." here we go. [ bell dings ] and it's rick. "man of steel." that's it! [ cheers

i understand that las vegas realtors a year ago were closing 4600 homes a month, and now we're down tout 3600. >> yeah, what happened a year ago, all of the investors came in and bought the houses and rented them. now that that's the that that has increased, there are actual hedge funds buying large groups of houses, i think they have mainly left the city. >> and we have been following that story, a lot of them are in georgia. there are these patches of renter nation going on across the country. when you have buyers do they need to be cash buyers or are people getting loans? >>, you know, there are a lot of cash buyers that are not investors, but i love the comparison of interest rate at 4.5. when i bought my first home in '77 in new york, my interest rate with perfect credit was 8.5. so your buying power at 4.5 is still so great that yes, the american dream of owning your own home is still intact in the united states. >> i wish you the best of luck out there. i really do hope nevada november -- i hope people are able to stay in their homes. >>> let's get a broader view of what is goin

well, now that our new vision of san francisco is becoming a realtor we should look at the developments to come. we've got plans that will reshape downtown with the central corridor plan. this plan seeks to include growth along the subway to this new important transit line. two transformational projects are already fitting so what this vision. the first is 5 m at the fifth and a mission streets it had been a high tech canvas with a focus on arts and it will - the intersections for the arts and tech shop and yahoo. next, of course, is the expansion of moscone center it's the key place for our tourism economy. the city has taken on this project with creating more space and more thanizing the building it will address much need public safety. did i mention we're keeping moscone in continues operation during the construction. well, the city is engaged in creating a new violation for our waterfront. 3 partnerships are focusing this discussion each looking at to recognize the project. pier 70 this is a 69 acre property in the dog patch neighborhood. it's operated a shipyard since the spanish a

to work with the small business owners and to provide them incentives through dollars to make in a realtor. from the attained for many, many years we've been trying to attract a large service grocery shore and have not be able to do that but if we work with the small businesses and try to help them shift their sales from tobacco but to help them model selling healthy foods. i'm really proud to support this legislation and want to appreciate everyone that was involved >> supervisor mar. >> yeah. things supervisor kim. i want to say how inspiring that was to work with the supervisors in that district. or the youth of vietnamese youth center their collaborative in supporting the small businesses. one of the most spierg piece ofs legislation because of the bottom-up legislation groups and also the people who support the intends it's been a great learning experience to learn from our grassroots folks from the city. thank you >> colleagues can we take a roll call vote on this item? (calling names). >> >> ordinance is passed think is first reading . >> from sixth street subject to specified findi

realtors in the bay area.lthy foreign buyers are snatching up hot propertiesn palo alto. >>> business is booming for realtors in the bay area. wealthy foreign buyers are snatching up hot properties in palo alto. >> len ramirez shows us their high-end house hunting experience comes complete with luxury limo service. >>> reporter: when it comes to selling real estate in palo alto it now pays to speak chinese. from shanghai to hong kong, interest in palo alto's priciest neighborhoods is soaring and that has real estate brokers doubling down on new ways to capitalize. here it's all aboard what could be a marketing master stroke mercedes-benzes style . he invested $100,000 into the luxury bus specifically to drive around and show properties to wealthy foreigners four and five families at a time. >> people who are used to the finer things in life so they are not going to want to go out in a cheap refurbished toolbox. >> reporter: the company takes reservations for weekend selling excursions to exclusive neighborhood

he said there is realsters offering big -- realtors offering for them oo sell -- to sell properties.a lot of people have deep roots in the neighborhood -- web tells us he means business. >> reporter: the governor doesn't like it, now this lawsuit aims to keep willie brown's name off the bridge. >> i can see that. something tells me it is just the way. >> cool guy. but i don't know. where is the lisa bridge? >> the western bay bridge named after willie brown, jr. former san francisco mayor, brown himself seemed flattered by the gesture and unphased by critics. >> they are running around, take thoughts. >> reporter: do you have something against willie brown? >> it could have been named after you. >> at some point people have to say no to all the private special interest activities. >> like the new name or not, willie brown in the spotlight always seem to find each other, even on a bridge. >> an aconnic place like the bridge named after an african american in the state of california is earth shaking. >> reporter: this lawsuit won't be in front of a judge till february. live in san fran

there's an onslaught of realtors offering big bucks for mom and pop owners to sell their property. >> i don't think it's right for people to be forced or manipulated. a lot of people have deep roots and don't want to sell. so when there's this constant approach from these brokers, it's harassment. >> reporter: i made repeated calls and sent several e-mails to the archdiocese, so far no comment. reporting live in the mission. >>> looks like an early victory for rich man. a judge said today he will toss out ayla suit that would have stopped the city from using eminent domain to take over homes with underwater mortgages. less than 24 hours after the city council approved the imminent domain plan, today two banks asked the federal judge for an immediate injunction. the judge indicated the request was premature, since richman's plan includes more actions that haven't taken place yet. >>> new bridge, new problem. we've heard from a lot of people who don't think naming the bay bridge after willie brown is such a good idea. but most of them kind of shrug it off. brian webb tells us one guy me

they have both parties in congress, it's hard for them to resist the home builders, the realtors, the mortgage brokers, the panoply of lobbyists. >> they're strong. it is shocking to think five years later the government is standing behind more of the mortgage market. >> is that 90%? >> of the market. >> remember, the only government could create a problem like 2008 where normally there is a pricing mechanism. there is a diversity investments. investors, sure, they're prone to irrational exuberance, but there is a lot of options in the market. government says housing, housing, housing, incentives for individuals, for investment banks, for everyone for the get into this market. that's one of the reasons the price was so difficult to deal with. >> the biggest reform was dodd-frank, it was operated on the premise that the regulators who missed the last crisis, not to mention all previous crises will be so much smarter with new power that they'll predict the next one. that's the premise. >> yeah. >> they have more power. >> yep. >> but is it likely to happen? >> i don't think it's likely

we saw business groups, the realtors, for instance, endorsed terry mcauliffe, and republicans that ises. bet, tant tipping things some to terry mcauliffe,nd it isall about turnout, and ken cuccinelli's people are passionate. >> virginia has voted more like the national outcome in the lalt two elections than any of the other 50 states. this a significt race? becausenot so sure i am not sure this will be determined on policy because there is a heavy shadowing of technical issues. when terry mcauliffe looks slightly cleaner, you know you have a bizarre election. i think it is individudualized d idiosyncratic. >> t the guy kicking himself is the lieutenant governor who is a genuine republin centrist and could have attracted a lot of democratic votes. >> when our side wins, it is a national trend, when the other side wins, it is all because of local issues. >> exactly. [laughter] >> that is it for this week. tune in next week for "inside washington." ♪ all stations come over to mission a for a final go. this is for real this time. step seven point two one two. verify and lock. command is l

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 realtors group says retire traffic dropped off significantly in august meaning sales could slow down in the months ahead. tesla is going on auto pilot, elon musk says the company is looking for a automated car in three years. >>> senate hearings have begun for caroline kennedy, president obama's nominee for the necessary ambassador to japan. she wants to carry on her father always legacy of public service. >> this appointment has a special significance as we commemorate the 50th anniversary of my freart's presidency. i'm are conscious to uphold the older that he committed. a more peaceful world. as a world war ii veterans who served in the pacific he had hoped to be the first sitting president to make a state visit to japan. if confirmed as ambassador i would be humbled to carry forward his legacy in a small way and represent the powerful bonds that unite our two democratic societies. i can think of no other country that i would like to serve than japan. >> caroline kennedy would be the first woman to hold that post if confirmed. >>> a big archaeological find, a historically signific

now there's a push by the realtor group that always pushed the realtors and community groups for fhahich will create more problems for fha, so the future is not a good one. tracy: how do you get rid of it? politically, how can you get enough votes, enough backing to finally get rid of this thing altogether? >> it really is a great question because fha has made foreclosures commonplace. the first 30 years it had virtually none. 1975-2000 it had over 3 million. even worse for low income minority borrowers. so really getting rid of it is important. reforming it is important, very hard to reform, very hard to get rid of. the act that came out of the house financial services committee makes a good start at reform, more needs to be done. fha has been very resistant to reform. national association of realtors despite reform at every turn. tracy: what would your suggestion 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

buyers, their realtor has to shuttle them around.. by bu that story and >>> the bay area lousing market is booming but in one spot there are -- housing market is booming but in one spot there are so many they have to be shuttled around by bus. >>> uc-davis reasons developed what they call chemical fingerprints for 60 american whiskeys. the technology reflects the differences in combinations of grains. the barrels, aging and other factors that make each whiskey unique. the goal, to detect counterfeit and fraud to save buyers and sellers a lot of money. . >> college students signing up left and right. >> have a great afternoon, everyone. captions by: caption colorado comments@captioncolorado.com >> hope: [ chuckling ] you did not just say that. >> wyatt: didn't it? >> hope: i mean, you're joking, of course. >> wyatt: mm. hmm? >> hope: oh, my god. stop it. s-stop it. >> wyatt: stop what? >> hope: this thing -- this game that you're playing with me. >> wyatt: i am -- i am not playing games. when you wear this dress, i plan on being the gu

while working on their project ring of steel and realtor williams and george also discovered how open space is transforming and another different way this would be the public street and the public roads that is now being sold to a developer and it's become privatized space so the actual landscape begins to completely change and what you have in these spaces is they're put piece by private security guards and although you have the right to walk down as they can actually choose to exclude you so you have these like strange places that begin to to the compost of the city that all its. welcoming to most people no spaces to linger and the whole idea here is just for you know people to walk through to get somewhere and it becomes about being a consumer or anyone that's outside it gets kind of ours you know present a walk and you're presented with sort of charming flowers which i change every few weeks on the big sign saying all the things that you must on the no circumstances do. i think so i think what's really interesting about it is that visually looking like an architectural render it's

tentacles on both parties in congress and that's very hard for them to exist, the home builders, the realtors, the mortgage brokers, the whole panoply. >> they're very strong. it is shocking to think five years later, the government is actually standing behind more of the mortgage market, after that -- >> what, about 90%. >> about 90% of all new mortgages. and you remember, only government could really create a problem like 2008, where normally there's a pricing mechanism. a diversity of investments. investors, sure, they're prone to irrational exuberance, but there's a lot of options in the market. it's only when government says, housing, housing, housing, for individuals, for investment banks, for everyone to get into this market. and that's one of the reasons the crisis was so difficult to deal with. >> the big reform was dodd/frank. it operated on the premise that the regulators who missed the last crisis, not to mention all previous crisis, will be so much smarter with new power that they'll predict the next one. that's the premise. it's -- and they have more power. but likely to happen?