robert schiller, 2013 nobel prize winner.er key part of a middle class american dream is an education. today the push to get ahead, ends up putting a lot of people behind. >> i feel that we work hard and to provide for our family and once it comes to higher education, we're just kind of forgotten about. >> coming up, we tackle the trillion dollars question. whether you owe money or not, it is your problem too. you are watching an al jazeera special presentation, america's middle class, rebuilding the dream. >> i think it is harder to achieve the american dream today. i'm just coming out of college, so it is difficult right now, just to kind of [ inaudible ] just because i'm just starting out and trying to get a feel for the world. >> the price of education is putting millions of young people deep in debt. and that's jeopardizing their ability to drive consumer spending, which is the engine of economic growth in america. graduates with debt burdens are averaging $30,000. patricia sabga reports, the debt hitting members of amer

joining us now is nobel prize schiller.the prestigious price for his research on irrational behavior by invest orders can create bubbles in stocks and other marks and he is if the schiller bind the most authoritative source on the the housing market. from yale university. bob, good to see you. home prices have come back but america's middle across is finding the dream -- not all the way back but they are coming back. america's middle class is finding this dream of homeownership harder to maintain. ross fell in 2013. >> that's the lowest level since 1995. my question for you, bob is: should homeownership, should the idea of owning a home be a part of the american dream? >> back down to a few %. now, it's the same idea. you used to have a home with an orchard. now, you have a home with a yard and it may be one apple tree. but it's still the same idea. yeah. there is a feeling of belonging, having part of this country that inspires people. >> you know, we have looked at this increase in recent. you and i have actually on this

so there's this new case, and for jeff watching us, what is that the case schiller report measures?so case shimmer gives us an indication of existing home sales to the homes not new homes but the homes that are already out there, and what kay schiller is telling us. almost 12%, and the other big indication that is coming out is that even though home prices are up year-over-year, that trend seems to be coming down a little bit. so they are not rising as quickly as they have been in the past. what was that number 11%? >> 11.9%. >> what explains that rise that's a year to year rise? >> right. so over the course of 12 months and really what we are seeing is that when you have a very low interest rate environment, this is what we had. when you combine that with markets that saw declines of 70, 30,% in the home values. the combination makes it very affordable to buy the house. and so over the last two years you have been seeing people move into the market, take advantage, and buy homes so there's a natural end to that. we saw rates mortgage rates rise. from the a low of 3.3% over the last

schiller with the strike. this one rattling the timber. they went in all square at halftime.errific strike. that would work again not favoring. early in the second half, another strike -- this time again the bar gets in the way. the wood work denies. they broke the gridlock. çç >> hello, and welcome to "the health show." today's program is all about safety, how good advice, along with some ingenious inventions, can reduce accidents and prevent health emergencies. coming up, finding out if the drugs that you're buying are safe, using text messaging

the case schiller survey of 20 major cities showing that home prices in december soared 13.5% this yearand prices for luxury homes are jumping. the average price of a home -- its home increased by 22% last year. it helped hits fourth quarter profits to rise by more than 900%. >>> the head of alabama security commission issuing aern waing about bitcoin. those comments come as the website for one of the largest bitcoin exchange shut down today. >>> an increasing number of elderly americans are unable to care for themselves. up next, we'll tell you about a silent army that is stepping up and becoming caregivers for our nation's loved ones. >>> plus an amazing story about dogs helping out veterans with post tau -- traumatic stress syndrome. ♪ what is this place? where are we? this is where we bring together the fastest internet and the best in entertainment. we call it the x1 entertainment operating system. it looks like the future! we must have encountered a temporal vortex. further analytics are necessary. beam us up. ♪ that's my phone. hey. [ female announcer ] the x1 entertainment opera

. >> there's much more from ali, suze orman and robert schiller, a special on core presentation of america's middle class: rebuilding the dream. that's 3:00 p.m. eastern and 9:00 p.m. eastern on sunday right here on al jazeera america. we often talk about inspiration and aspiration and humanity. all of that is shown in a photograph that won the photo award showing african migrants in east africa trying to capture an inexpensive cell phone signal from nearby somalia. if they can get it they can connect and talk with relatives around the world. it's a common hub for poor migrants preparing to leave the continent as they seek a better life. this imagine was shot for "national geographic." it's just people trying to call loved ones. too many some of us think of migrants or the poor as washed out unfall with technology and alone. the reality is they aspire to a better life as much as we do. they'll use whatever tools are available, and they love their families as much as everyone else. our thanks to john stan meyer and the photo organization for the compelling reminder. that's our show for today.

nobel prize economist robert schiller whose name is on the case chillier index said that home price growthlikely to slow down this year, partly because mortgage rates remain a percentage point above where they were a year ago and rising prices, good news for some, have made homes too expensive for potential buyers. buyers with plenty of purchasing power are making life sweet for home builders who kate tort high end. just ask the largest u.s. luxury home builder, their profits gr grew. the average toll brothers home sold for $695,000. up 10% from 2012. they seem to be in a cautious mood. a recent sentiment plunged 10 points in february. the biggest monthly decline on record. the national association of home builders said unusually severe weather conditions was one of the reasons, even though the report said home builders now believe home sell conditions are poor rather than good. but enough of this big picture tuck. let's get some perspective from a real home builder on the ground. the man we have spoken to before. charles candella, he has noticed the market shifting a bit for the market lo

here's a look at schiller 7 day around the bay forecast for its potential for some showers for the northd cloudy continuing offer cloudy weather for thursday and friday we do have another storm approaching free to have a few scattered showers. i don't think will see any more than a third of an inch of rain. >>darya: thanks a lot. >>: michael sam's coach is speaking out after the university of missouri star defensive player proudly announced that he is gay. it's something his teammates already knew. sphere he has been named the top defensive player in the southeastern conference. and most valuable player by his teammates. head coach gary pinkel says, it was never a big issue for the team. i think overall it was remarkably positive, i thought they embraced him. i'm also not naive enough to think you've got 127 players and they've all got ideas and thoughts and opinions on all kinds of social issues and i think some of the players might not agree and they have their own opinion on it. sam is expected to be drafted into the n-f-l in may -- making him the first openly gay nfl draft prospect.

see in things like the case schiller and x. are going to come out and so eventually we have. ed thank you as always have wished we could talk more about this but that's all for now however you can see all segments featured in today's show on you tube at youtube dot com slash boom bust r t we also hearing from you so please check out our facebook page at facebook dot com slash boom bust r.t. you can see and tweet out us as well to aaron aid at edward and h. from all of us here at boom bust thank you for watching see you next time cal. today on larry king and of the superstar vernon davis cup as part of the n.f.l. is probably. just dealing with the world you have to deal with people who are coming at the left and right i mean you don't know what they want. is but it's obvious that they want your money. injuries. because i want to play plus within the next five to six years you see a lot of. us come out to the world sports will be n.f.l. be the last place i think that if they'll be the first place yes all next on larry king now.

would continue and then therefore the year over year changes that we see in things like the case schiller and x. are going to come and so eventually will be. ed thank you as always have wished we could talk more about this but that's all for now however you can see all segments featured in today's show on you tube at you tube dot com slash boom bust our tour we also hearing from you simply check out our facebook page at facebook dot com slash boom bust r.t. you can see and tweet at us as well to aaron aid at edward and h. from all of us here at boom bust thank you for watching c n x time talf. right. first straight. and i think that you're. on our reporters. in. the in the. help to buy scheme for real estate which is a copycat of fannie mae and freddie mac. debacle which caused the subprime crisis two thousand and seven the british energy corporations are going to take fracking even though in america it's been proven to be completely on economical and environmental disaster but they're going to do it here anyway because why nobody in the media here except for maybe george moby up over the

levels will decline somewhere to the mid-single digits, especially when you look at the snp case schillerndex. those numbers were upwards of 13%. so we don't necessarily expect them to stay at that level. they will probably come down to somewhere around 8%. both numbers were better than consensus estimates. but for 2014, we expect that number to be around for do it -- around 4% or 5%. >> why do you see investors holding back from buying properties? >> a big part of the housing story was investors in the hard-hit market. for many of those investors, we are seeing fewer distressed transactions. foreclosures and short sales are no longer at the peak levels. if we look at the nar's distressed transaction numbers, they are down 14% versus upwards of the peak 50%. so fewer properties are distressed that are in good condition that are left for many of those investors to buy. so we have seen huge increases in prices in many of those target areas. >> senior economist wells fargo securities joining us to discuss housing from our washington bureau. thank you for coming on. always good to see you. >>

we talked to schiller, how do you see housing shaping up during the course of the year?st rates have calmed down. i like the fact that toll has moved up higher. colony on previously on "squawk" talking about household formation and continued shortage of housing. toll brothers does have the lots, but do you know what, then again, i look at -- you need a spring that really brings in some traffic and you are not getting traffic right now for the home buyers. >> do we want to talk tesla here? >> i think we do. >> because the stock is up sharply, over 7%. that's got to be a new high. >> an all-time high. >> it's got to be. approaching a $30 billion market value is tesla. the morgan stanley note we referenced it at the top of the show. it's not just about cars it also moves into the idea that they can disrupt essentially storage of energy if you will with the revolutionary battery that they are perhaps going to start to mass produce or make a lot more of to help get more cars on the road but what it could mean for storage and for putting in these things all over the country. >

schiller nicknamed me kenny g. >> goep dog. >> how many bones have you broken? wood. >> how many trips to the emergency room? >> a lot. >> probably -- >> between all of us, like, what, 20. >> reporter: always hard at work goepper's mom always encouraged him. >> did you envision in moment? >> i did. i did. i knew he could do it. he's always worked hard. when he has a goal he goes after it. >> reporter: and hoping to inspire their fellow american athletes to do the same, joss, gus and nick have this message. >> bring the morale up. let's get it going. get everyone excited. woo sparked the flame. hopefully people keep crushing it. >> hopefully we inspire the irs of team usa. >> reporter: you see they're all wearing short sleeve t-shirts we were outside for that interview. they told knee they originally to stay in stch but since their big win let's say there have been quite a few opportunities for them back in the u.s. so look for those skiers to be back on american soil probably wearing this time coats because it's cold here. >> one of those opportunities may be st

robert reich, teamster's union james hoffa suzie hormann and robert schiller. we will identify why the middle class is crucial to a thriving economy. who is in the middle class? the pressures they face and what it will take to keep the dream from slipping away from millions of americans. while 90% of americans aspire to be in the middle class, when you dig deeper, you will find only 44% of americans today say they actually belong to the middle class. and that's down from 53% who identified themselves as middle class in 2008 when the recession hit. while there is no accepted definition of what the middle class is, economists often define it by income. for the purposes of our conversation now, we will define america's middle class as households with total incomes of anywhere between 40 and 100,$000 a year. based based on our analysis that encompasses middle americans across america diversity who have similar dreams and aspirations for families, a secure job, owning a home, access to good healthcare and a college education for your children. add to that, some time

the s&p case schiller home price index showing a dip in home prices for the second straight month.his trade for a while. >> yeah. >> although i get the whole trex thing, it's not a home depot. there could be a read through. people still continue to pour money into their homes. this quarter wasn't as good as i thought it would be. the stocks rallied. we'll want to get through the 82 level. they have trouble. make the next push to 90. valuations still somewhat reasonable. their balance sheet is great. >> let's hit another earnings alert. checking in with seema mody. checking in on dream works animation. >> lower on 20 cents missing street estimates of 32 cents. there's a lot of 12 cents per share related to its "turbo" film. revenue missed expectations, $204 million versus $223 million. shares are down 7.8% after hours. back to you. >> sharp dropoff. seema mody, thanks for that. >>> samsung unveiling its latest in barcelona. it is the latest attempt by the company to break into the wearables category. it comes ahead of a rumored smart watch from google as well as apple. i spoke to th

schiller nicknamed me kenny g. >> goep dog. >> how many bones have you broken?ht. >> knock on some wood. >> how many trips to the emergency room? >> a lot. >> probably -- >> between all of us, like, what, 20. >> reporter: always hard at work goepper's mom always encouraged him. >> did you envision in moment? >> i did. i did. i knew he could do it. he's always worked hard. when he has a goal he goes after it. >> reporter: and hoping to inspire their fellow american athletes to do the same, joss, gus and nick have this message. >> bring the morale up. let's get it going. get everyone excited. woo sparked the flame. hopefully people keep crushing it. >> hopefully we inspire the irs of team usa. >> reporter: you see they're all wearing short sleeve t-shirts we were outside for that interview. they told knee they originally to stay in stch but since their big win let's say there have been quite a few opportunities for them back in the u.s. so look for those skiers to be back on american soil probably wearing this time coats because it's cold here. >> one of those opp

schiller, when we were on a trip when i was younger nicknamed me kenny g. >> joss calls me goep dog.reporter: how many bones have you broken? >> i've probably broken eight. >> knock on some wood. knock on some wood. >> yeah, yeah. >> reporter: how many trips to the emergency room? >> a lot. >> probably -- >> between all of us, at least what, like 20. >> reporter: always hard at work goepper's mom always encouraged her son nick to go for it even practicing jumps off the family couch. did you envision this moment where he had a medal around his neck? >> i did. i did. i knew he could do it. he's always worked hard. when he has a goal, he goes after it. >> reporter: and hoping to inspire their fellow american athletes to do the same, joss, gus and nick have this message. >> bring the morale up. let's get it going. get everyone excited. we sparked the flame. hopefully people keep crushing it. >> hopefully we inspire the rest of team usa. >> reporter: you see they're all wearing short sleeve t-shirts. we were outside for that interview. the three medalists told me they originally planned t

kay schiller says that in december in its 20-city composite prices overall were down by a tenth of ahe bay area meanwhile was up by two-tenths of a percent and on a yearly basis, the bay area second only to las vegas in overall gain up 22.6% vegas up by more than 25%. nationally, in a -year-old basis, prices were still up considerably 13.4% on a yearly basis, even though they were down slightly from november. >>> linkedin launches its chinese language website today. it's key for the company as it's the main social networker that's over there right now from the united states as facebook, twitter, youtube are all banned in china. and linkedin shares are rising on that news. also tesla headed for a new all- time high today thanks to a big stock upgrade from morgan stanley, where it will build batteries. tesla shares up 10% in the early going. off a strong day on monday the market looks to be pulling back today. let's look at the big board. the dow right now is dropping by 34 points. nasdaq is down a point. s&p is lower by 3 points. linkedin is up 5% on the chinese site launched. >> than

now with -- right by one of the masterminds behind the schiller index. oh is great to see you.ter when we are talking about real estate. what is your sense right now of what is going on in the new york market and what we're seeing in terms of the trends nationwide? >> in new york city, it is hot. residentialny town where we are seeing the strongest market we have rob police iensense reported in the last 25 years. end know we have seen upper real estate still a lot better than the real estate price. qwest do you know what it is? manhattan tends to be a higher price point stock. point, lowprice inventory, home sales in terms of how long it takes to sell your condo, about 90 days instead of the average 177 days. >> that is huge. that is big. qwest 90 days to sell your condo. >> that is liquidity. >> the lack thereof. qwest 90 days to sell your condo. it used to take 170. >> and record breakers. one of the projects we were involved in that we did not announce yet, 1st avenue and 71st read. somebody just picked up 11,000 marketplace.n that first avenue, $3100 per square foot. the qu

. >>> the december case-schiller report will be released.the consumer confidence index, out at 10:00 eastern. it's expected to come in at 79. 8, down from 80.7 in january. >>> mcdonald's is examining the idea of extending its breakfast hours. the head of mcdonald's u.s. told the associated press many customers want to get breakfast after 10:30, especially on weekends. >> absolutely. >> the problem for mcdonald's has been logistics in shifting from breakfast to lunch in a timely manner. this comes as rival taco bell prepares to roll out a new breakfast menu in late march. i've had the reverse problem at mcdonald's. and that is that the fries aren't available until breakfast is over. >> that is true. because they just have the hash browns. >> it's 10:30. >> 100%. >> in l.a., it's still 10:30 in l.a. >> what if you've just flown in. >> on the red eye. >> no. it's 1:30. it's 1:30 back here. >> 1:30 your time. >> basically you got off the airplane -- >> not for me. not for me. for scott and my son. >> he likes french fries. i got it. there's a co

badger is out of custody at schiller turned in april for pulmonary hearing to people went to hospital from turner elementary school. >> : this baseball season major- league baseball now requires that teams must start having fans go through metal detectors nationwide by 2015 the giants are implementing the measures this season. the a's measured the plan before the mandate the new security plans fans will have to remove objects from their pockets and walked through a metal detector. >> : the sea raid as we head into tomorrow rain has been to the north it's gonna be here tomorrow evening. reason was to cut its gods a little foggy to starred vessel will muddy up their temperatures running in the upper '40's and low 50's. as we had a 3:00 hour temperatures will reach right low 60s and bay area. will have a fee charged with three outs, the sixth when the rain is expected to the into the north bay. the clock by the south bay. >> : reyes family and pushed on the sock tomorrow and in the evening hours. the jackass will show you are dry out there 5:00 tomorrow morning currency called disguised

the case schiller home prices came out yesterday.ices across the country did rise 11% in 2013. month over month price gains levels up, so is buying a home still your best bet or should you be renting? >> our guest host of the hour, , he said of trulia.com the time is not to buy not rent. it is an age-old debate. >> nationally, buying is 38% cheaper than renting. that is a national average. big difference is locally, but why does buying still look so cheaper than renting? because mortgage rents at 4.5% are still extremely low. >> the mortgage deduction, if that really part of the calculus? >> it matters. it ships about 10%. so if you are not itemizing your deductions, and we are assuming in your model that you are, if you're not, maybe 25% cheaper to buy than to rent a muslim afebrile difference, but it does van to in favor -- by rents, so it makes a little bit of a difference. >> the whole idea of renting versus buying committee live detroit, michigan, it is 66% cheaper to buy than to rent. the equation changes in austin, texas, 30%

i read schiller returned from africa. women, af our men and help -- heartfelt thank you for volunteering to be in a very difficult circumstance in some places that are not very nice to protect the interest of the united states. it is very motivating. they are extremely patriotic and making great sacrifices. they do not get thank you's very often for what they do. it again pass on our thanks for the great job they are doing. >> absolutely. thank you for those kind words. youram interested to have take on recent developments in egypt. ,hether the muslim brotherhood we can expect them to have a resurgence with the recent act -- attack their. is that the first of many? can you give us any idea where this is all headed? groupse are a number of that are active inside egypt. there is one group that is carried out -- has carried out many attacks. they have credit for attacks in cairo. there are some in sinai carried out attacks against egyptian security. there are also a lot of violence being carried out by increasing numbers of

monumental men from judgment to schiller's less movies are often at the best one day aluminate historyking about not knowing this true story of bravery and the finance and now they do. this already makes the movie a success but they didn't see rape or europa to movies of that did this earlier. it's based on the it the greatest treasure hunt in history. time is crucial george clooney used his clout to get this moving made and i am grateful for that. from the dissenting good night and a lot were reminded of what a great actor he is but his directing it is somewhat off. some of the movie fills to lose. it's a remarkable story that deserves a little better storytelling but still it's a terrific cast. i'm glad he got it made. i recommend nebraska. thoth 12 years of slaves will fall on wall street not for kids trip. and in nearly 2000 word of the latter. woody allen defend themselves this week against claims that he molested his adopted daughter dylan farrow 21 years ago. alan's response was published by the new york times carried it comes nearly a week after the times released an open lette

i read schiller returned from africa. for all of our men and women, a heartfelt thank you for volunteering to be in a very difficult circumstance in some places that are not very nice to protect the interest of the united states. it is very motivating. they are extremely patriotic and making great sacrifices. they do not get thank you's very often for what they do. it again pass on our thanks for the great job they are doing. >> absolutely. thank you for those kind words. >> i am interested to have your take on recent developments in egypt. whether the muslim brotherhood, we can expect them to have a resurgence with the recent act -- attack their. is that the first of many? can you give us any idea where this is all headed? >> there are a number of groups that are active inside egypt. there is one group that is carried out -- has carried out many attacks. they have credit for attacks in cairo. there are some in sinai carried out attacks against egyptian security. there are also a lot of violence being carried out by incre

to the alternatives with the exception of international stocks which we find a 50% cheaper on the schillerpe right now and a lot of u.s. investors have very little exposure there. we think follow the cheap stocks with high dividend yields, good financial strength, et cetera. right now they are leading to europe. >> are there certain countries within europe that you think are better positioned? >> we have a diverse portfolio so we tend to be in virtually all european countries. uk has excellent candidates. dividend yield exceeding 4%. very, very cheap, cheaper than 90% of the stocks in our universe. same can be said for canon in japan and for china mobile which is actually 95% cheaper than the stocks that we are looking at. so cheapness married to good fundamentals, good dividend yields or good momentum seems to work very, very well in europe, even better, actually, than it does here in the united states. >> can i ask you a question as an account investor? does it bother you at all that the ten year bond right here doesn't have a three handle in front of it? i have been investing for decade

when we were talking to schiller yesterday, you would think you're still getting housing going up notthat same trajectory but lowe's is a beneficiary. both companies are doing well. there's a moment in the home depot conference call where you talk about are you still killing the other guys? and there's a pick-up, remember, there are still little guys in hardware. i still want to know is sears continuing to lose share. >> what do you think the answer is to that? >> yes. >> you mentioned abercrombie, $1.34 does beat $1.03 and they see high single-digit comps down for the remainder of the quarter. >> and low double-digit decline. again, this is this pattern we're seeing -- >> could have been worse that's the pattern? >> i saw abercrombie, and i thought holy cow, they're not down double digits, look at they are not giving away merchandise. they bought back stock. we lowered expectations for this group so below the rest of the market that we're happy with anybody even getting someone in the store. >> you mentioned tjx which by the way i think was a miss by a penny. i haven't seen the numbe