i want to bring in bob schiller.or of economics at yale and the co--founder of the famous s & p case schiller home price index which saw the first uptick in seven months in april. bob, sales hit a blip in june. declining after a string of gains. but it seems to me that the vast majority of evidence suggests that housing is back. >> well, i agree there is a lot of positive indicators. and that housing prices will probably go up through the summer at least. but i don't know what you mean by "housing is back." this suggests -- i hear it from a lot of people that we're off to the races again. i think a much more likely prospect is disappointing, at best. the cme futures market has it going up, you know, 1% or 2% a year. just keeping pace with inflation. that's not exciting. why are you so excited? it's not a major break-through we've had. >> because we think -- the reason we're so excited, you're actually the expert on this. the reason we're so excited is because housing creates -- housing prices going up are one of the

home prices in 20 metropolitan areas rose from may according to the schiller home price index double what was expected. it was a mild day for wall street. investors still on standby waiting to hear what happens when the federal reserve ends its two day meeting tomorrow afternoon. >> the dow jones industrial average fell. and the s&p 500 also down 6. >> susie: the fed meeting. our guest tonight does not expect central bank policy makers to announce a big new plan to jump start the economy. the senior adviser at blackrock. >> bob, why don't you think the fed is going to announce a big stimulus program tomorrow? >> i think, susie that stimulus programs of the size qe 1, qe 2, and potentially qe 3 are for emergencies. and while we have a slow economy, it's hardly an emergency like existed before. so i think they're going to need more time to see more slowdown if we're going to see qe 3. they may do things around the edges and extend the time frame, but i don't think the fireworks are coming out. >> you heard the report from erica, that consumers are saving more, spending less, and a sub

in housing, we did get good data points from kay schiller, lenar and kb homes. this is not hope based on nothing here. >> we haven't indeed seen the bottom of housing prices, that is actually great news. i disagree with dan. i don't think what we saw happened on nothing. it was great news. you look at the last 25 or 30 minutes in the s & p, fantastic. midday would you have thought s & p stuck in the range for the rest day of the. broke out to the upside. one thing about the vix, options traders head to be long volatility this time of the year. you have to go back to one day in june to see vix close that low. before that, all the way back to the beginning of may to see vix close this low. while it might all come undone, everybody feels good right now for a reason. >> there are warnings out there. stocks rallied across the board. the two stories that are tied to international growth in europe and asia, nike and ford, they still firned the day lower. even though hope of macro solution on the horizon. stocks hit in those very regions remain high for the day. >> that

robert schiller is founder of the s&p home price index that saw the first uptick in seven months in april bob, have we finally hit the bottom? i know a bottom can be a big, long dangerous place to be. >> well, christine, the people have been asking me that for some years now. there has always been a feeling maybe we're at a bottom. this looks a little better. still, the report that you referred to made it sound more dramatic news than we really have. they talked about a u-shaped recovery in some cities and u-shape suggests to me like we're going all the way back up. i don't think so. >> you even worry about more declines and more home think the home price declines in some places. >> you have to remember that we had some big price increases in some cities between 2009 and 2010. san francisco went up 20%. and then it fell again. so, these things -- also, we're entering the summer season, which is normally strong. so, it's a little bit ambiguous. i think zillow might be right, we might be heading for substantial but not as big as the last time, price increases. on the other hand, it might go

the former teacher and schiller charged with sexually abusing a teenage boy.pens up about the charges against her in a first television interview. and then we will reveal 5 sigrid's to looking younger and feeling fabulous as we age and that is all with a start on it was the morning right here on "today." >> the nine degrees on tv hill. coming up, we'll look at your answers to our water cooler question of the day. >> plus, we'll take a last loo >> time to get to your answers to our water cooler question of the day. >> this morning we asked -- taking into consideration the recent drought condition, would you support a fine for drivers who throw a lit cigarette out a window? >> will post more of your answers on our website, wbaltv.com. >> we have closures to the next three weeks along light street. we start in baltimore county in phoenix. a fatal accident over towards carroll mill. be careful and bel air, traffic lights on flash at 543. light street is closed between baltimore and lombard. here's a quick live look at traffic. this is the west side at baltimore na

case schiller data out today look at where this that seven months just swath of other data pointing to the u.s. economy losing steam let's get to the day's capital account. we have a central bank extravaganza of meetings and front page anticipation of action this week the z.b. meets after mario druggy got markets really excited saying this last thursday these c b is ready to do whatever it takes to preserve the euro spend believe me it will be you know. now this got speculation swirling about whether the e.c.b. may resume its bond buying program now of course the boom does they poured water on this idea that very next day but according to reports people are expecting or bracing perhaps for some action and on this side of the atlantic the fed is meeting and we've seen a number of reports focused on what the central bank may do in the wake of a lackluster g.d.p. report showing one point five percent annualized growth and also below target inflation numbers so in reading the tea leaves about what the fed could do bloomberg compared july rhetoric from ben bernanke himself to february rheto

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. >>> we'll talk home prices with the man who cofounded the ca case-schiller index. >>> and the weekly the third hour of "squawk box" starts right now. ♪ i was born in a crossfire hurricane ♪ ♪ and i howled at the driving rain ♪ >>> welcome back to "squawk box" in cnbc, first in business worldwide, i'm joe kernen along with becky quick and andrew ross sorkin, our guest is barry sternlicht -- [ whistling ] chairman of starwood capital group. >> if i say joining us is barry sternlicht, so wait to do the you'll get it. u.s. equity futures, it's good to look human especially when we think of you almost as superhuman in a lot of ways. >> yeah. let's move on. >> equity futures after a positive day, seven out of nine bad ones? >> seven out of nine bad ones. >> yesterday was good, today looks good. lot of companies with numbers today. >> you bet. let's talk about a few of the major companies that came out with quarterly results this morning, morgan stanley is called lower, the company's earnings and revenue missing expectations, we talked about that a little earlier. xdva it was 16 versus the