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tv   Mornings With Maria Bartiromo  FOX Business  September 28, 2022 6:00am-7:00am EDT

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how do you cashback? chase. make more of what's yours. larry: you know we were talking about climate policy earlier in the show. i want to give you a report from california. in new gas fur nayses, no heaters, no new gas stations and no new gas powered cars. there you go. california. maria: good wednesday morning. i'm maria bartiromo and it is wednesday september 28th, top stories right now 6:00 a.m. on the east coast. rates spiking, stocks falling. the yield on the ten-year hitting 4% for the first time in 12 years as stocks decline and democrats renege on joe manchin's permitting promises. west virginia senator pulling his energy plan to avoid a government shutdown. the senate voting 72 to 23 passing the bill extending government funding until
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december 16th. the bill does include 12.3 billion aid to ukraine. markets are selling off once again as rates spike. dow industrials down 288 points, s&p 500 down 45 and nasdaq lower by 186 after stocks finished down yesterday falling further in bear market territory. dow industrials gave up 125. nasdaq in positive territory up 26 and s&p down 7 and 3 quarters. the dow seeing longest losing streak since february 2020 as rates move higher in fastest rate in 40 years. take a look at ten-year at 4.006% up 5.8 basis points this morning. topping 4% for the first time since 2008. check oil prices which have been going down because of slower demand. price of brent now about fraction this morning, 86 and crude down half percent at 78.13
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after rebounding from 9-month low on supply chain cuts as hurricane ian approaches florida. inventories will give us a better look at 10:30 a.m. this morning. european markets are lower. ftse 100 is down 141 right now. that's better than 2% as british officials try to reassure investors that they are workingg with theback of england to manage inflation and debt after several days of disarray in uk markets and selloff in british pound. take a look at the pound this morning. we are looking at weakness once again. flat at 1.07 versus the dollar. in asia red across the board. hong kong taking the biggest down down 3 and a half percent. hurricane ian is hours away from florida now, more than 2 and a half million floridans are being told to leave their homes as now the category 4 major hurricane is bearing down on south florida with 140-mile an hour winds.
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the storm surge expected to hit florida this afternoon. mornings with maria is live right now. let's go to ashley webster. live from st. petersburg where residents are hunkered down as hurricane ian heads to the state's coast. ashley, good morning to you. ashley: good morning to you, we are feeling impacts of hurricane ian and to give you a sense how big the storm, the center is 17i am standing. we are getting bands of heavy rain and gusty winds sometimes up to 30 miles an hour and it's just going to go downhill from here. as you say, we expect landfall south of here and that's good news for tampa bay and not so much for fort myers area. at one point it appeared that tampa bay was going to take a
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direct hit with catastrophic flooding as the storm surge would push into the bay and create terrible floodings and chances have come down significantly from a storm surge 6 to 10 feet to 3 feet. that's good news. do not believe the severe weather is going the miss the region at all. winds will start picking up possibly 75 miles an hour and wind gusts overnight tonight and torrential rain, more than 12 inches are expected here. maybe more and that in turn can lead to power outages. shallow roots here. roan desantis says we have it covered and we have crews ready to roll as soon as the power start to go out. take a listen. >> there's now over 30,000 personnel stationed and standing by to help with power
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restoration and that's across all of our utilities, electric co-ops. ashley: and i could tell you, maria, i have seen convoys of utility trucks surrounding this area ready to go. the bridges behind me that connect tampa bay to barrier islands, they've all been shut, now it's just a case of hunker down and see what hurricane ian brings. we know it's going to get worse from here over the next 24 hours, back to you. maria: ashley, we will keep on this. we will come back as this develops. thank you so much, ashley webster in florida this morning. two other stories in dc this morning, the stopgap funding bill mover to go final passage in the senate. needs approval from the house before headed to the president's desk before friday's deadline. meanwhile president biden student loan handout is facing first legal challenge. public interest attorney preventing loan handout, bailout
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from going into effect. here is karine jean-pierre yesterday. >> opponents of biden-harris student loan plan are trying to stop it because it will provide much needed relief for working families. anyone who does not want to give debt release can opt out. maria: joining the conversation all morning long fox business dagen mcdowell, king's college of man hat anticipate professor of business and economic fox news contributor brian brenberg and the wall street journal assistant editorial page editor james freeman. i don't know where to start here on the bailout or the stopgap, bill, dagen. they reneged on joe manchin and every time the government is about to run out of money we see the same dirty tricks, they load up the bill so much and they know republicans will never go for it, oh, we need a clean bill so they go for a clean bill so the government doesn't run out of money. dagen: $12 billion in additional
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aid to ukraine. i can tie this all together quickly. there is an actual emergency that's taking place down in florida you have property insurance market on its back and a lot of flooding insurance and a lot of the damage, it will fall to the fema flood insurance program, again, funded by american taxpayers. so we need to pick and choosing when there's an emergency and the covid emergency ended when the vaccine was created almost two years ago. maria: that's right. the ten-year treasury today, the yield topping 4% for the first time in a decade, up fastest pace in 40 years. so what does all this mean? the bond market is going to tell you that you can't keep spending money anymore and we have gotten into a precarious position in terms of our debt in this nation
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and we need to start deciding what is important and what isn't and that half a trillion dollar student loan forgiveness, again, could get its name because it's illegal. maria: we will see. it's not just illegal but how about immoral, how about those people who paid off their loans and the reneging on joe manchin, james, chuck schumer says he will get the promises into ndaa later or another bill, what do you think? james: i don't think so. we see manchin on the screen. his reputation has taken a beating recently and for good reason, he signed on and caved with the huge climate spending bill. 370 bill of climate subsidy mainly funding insufficient energy sources. the reason i went for it i'm getting the permitting done. the permitting bill turned out
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to be possibly harmful which is you want people wanting to deregulate against it because it would have been the big federal regulator that runs electricity transmission powered override lots of states and fund more climate projects, so this is an unmitigated disaster. manchin's argument was that we are going to get deregulation along with the spending and we got taxpayers getting more once again. maria: what was he getting by reneging on promise. dagen: we all puffed up and fluffed up the man's reputation into something that he never was. he's a liberal, he's a democrat pure and simple. he voted for brett kavanaugh the scotus because he was up for reelection but voted down amy coney barrett. get out of town. maria: brian. brian: it was a terrible bill, terrible trade, everybody knew
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it. republicans didn't go along with it and now what are we left with $500 trillion of spending and nothing to say for it on permitting, way to go, joe manchin. maria: no money for the border. brian: there you go. maria: kevin mccarthy says he's not signing anything until he sees money going for the border. dagen: wait till you hear the border stories i heard personally in the last few days. maria: we want to get that. stay with us. we are following hurricane ian's path all morning long. we are live on fox business. we will be right back. ♪ ♪ ♪
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maria: welcome back, stocks are down, we are waiting on final read of second quarter gdp that is out tomorrow morning. right now dow industrials down 68, s&p down 17 and nasdaq down about 100 this as interest rates continue to move higher, stocks were down yesterday falling into further into bear market territory with the dow down 125.
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this is the longest losing streak for the dow since february 2020 as rates move up at the fastest wait in 4 years, the ten-year treasury topped. that's down 2 basis points right now. joining right now anderson capital manage rent chief investment officer, peter anderson. thank you very much for being here. what's the impact of 4% ten year in your view? >> well, maria, in my career i've never seen such repitiy in terms of raising rates. only recently the fed was saying transitory, transitory, now they have totally pivoted into a very, very aggressive rate hiking regime and i am very worried that they've got a blind bold on and not looking at any of the data in realtime even though they have always been bragging that their data
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dependent so this would really end up crushing the market even more and right now there's really no place to hide in equities or even in fixed income. so it really does concern me that they're not looking daily at the data and anticipating the rate hikes that they've already made and impact it's going the have on the economy in the markets in general. maria: we hear central bank officials pushing at jackson hole and combat inflation, minneapolis federal reserve president nile cash kerry spoke with the journal yesterday. >> the economy is sending us a lot of mixed signals. we need to keep tightening policy until we see compelling evidence that underlying core inflation is actually having peaked and heading on its way down and then i think we need to sit there and we need to pause and wait and let the tightening work its way through the economy to see at that point have we
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done enough. maria: so peter, this is in step what we've been hearing from the fed and certainly the dire predictions from so many people about the economy in 2023 continue. here we are at the end of the third quarter, fourth quarter begins next week. are we going the start seeing this in realtime, what you're talking about, an economy that deteriorates as rates move higher in a fast way? >> well, you know, it almost seems like the fed is burning down the village to save it. i mean, some of the things in that quote i just heard, we just heard i agree with but it's a very mixed message and i wouldn't even call it balance. it's one thing if they are going the talk in a balance way but the fact that they are saying let's wait and see if our actions play out. i totally agree with that but they are not acting, the best way to interpret what their real intentions are is to watch what they do and not what they say and so far they are sending a very confusing message and also,
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maria whenever you talk to fed officials across the country, there are many of them, they are not singing from the same hymn note and have separate opinions which compounds the confusion. there's not much of a thesis for holding or even buying stocks at this point. i would say the only thesis that i have right now is the idea and allegation that the fed will get sober and look at the impacts we are seeing from the rate hikes months ago. maria: yeah. they will make announcement saying, hey, everybody, we are starting to see the impact of our decisions an we are prepared to slow down this regime and see how it plays out. maria: dagen. dagen: peter, that's the hope and the fantasy and the dream
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that speculators and investors have been hoping all summer. the fed -- there's only one voice that matters and it's jay powell and he has made it clear the fed is not only trying to fight inflation but they are fighting against what the biden administration continues to do and that's foment inflation. we will tolerate inflation in order to fight inflation. it's shaken their psyches and you can get 4% in a short-term treasury, why put your money at risk when, again, the big thing like apple is ditching iphone production increase because demand is faltering, yeah, tighter monetary policy and weaker economy has consequences and this is going the play out not for a few months but a year and a half from now. >> well, we are not certain how long it's going to take to play
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out. i do agree with a lot of what you said, however, there's always the possibility and i've seen this before when we have maybe one more earnings quarter and the fed does start to say in a more balanced way that we have been acting too aggressively even in spite of all those issues that you mentioned, dagen. it's just too rapid, the changes that they are making and history will show that there are unintended consequences. the fed has a tradition of moving more slowly, more measured and when they accelerate like this, i think it has everybody worried because they don't have any more data than we do and i think it's dangerous to pivot to quickly into keep raising rates the way they have been. dagen: can i add one thing real quick, maria, if you're watching the ten-year, the yield is plummeting, down below 3.9%, so maybe the 4% attracted some
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interest from investors and you're seeing money falling into it other what is happening overseas to britain. maria: peter, good to see you, peter anderson. morning mover, biongen, soaring 42% higher, biogen drug alzheimer's drug japanese pharmaceutical company showed strong results, reduced cognitive and functional decline by 27% for people who received the drug versus placebo. that's big news right there for biogen and the country. quick break, senator joe manchin caves in in order to avoid government shutdown after dems renege him. fed up with philly, citizens outraged of shocking crime and no sign of stopping. it is today's hot-topic buzz.
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hurricane ian strengths to category 4 storms as it barrels to florida. we are tracking the storm all morning long. stay with us. back in a minute. ♪ ♪ ♪ [ "back to life" by soul ii soul ] what if you could change your surroundings with the touch of a finger? now you can. biometric id... inside the innovative, new c-class.
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maria: welcome back, senate advancing budget bill last night after senator joe manchin
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abandoned his domestic energy permitting plan. his bill was dropped from the budget in order to overt government shutdown. it would have green-lit pipeline in west virginia but critics say it would have pushed u.s. to green energy and jeopardized energy independence and joining us jody, member of house ways and means committee, congressman, good to see you, thank you very much for being here. what happens when this bill makes its way over to the house. congressman: well, i hope republicans will reject it. i think manchin outsmarted himself in the negotiations with his colleagues and probably put too much confidence in chuck schumer but in terms of republicans supporting a cr that adds more spending. i mean, maria, the first thing we have to do is stop the spending that has ignited this inflation. then you have to look at what they are spending on, what their
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priorities are. they didn't get monkey pox and covid which were on the list from joe biden but they are funding the fbi and state department. remember, the last 40 billion funding from ukraine went to the state department and then you've got moneys in there for energy assistance and nothing to get at the underlying problem with this government assault by this administration against the fossil fuels industry. there's nothing about supply chains. there's nothing to do with the drug epidemic we are facing and there's nothing about the root cause of the epidemic which is the flood of drugs coming over our open borders. maria: right. >> for all those reasons i hope republicans act like republicans and reject this. maria: so you'll vote no then? >> from what i understand about what's in there, i would vote note every day. maria: it leads me to your op-ed, you have a recent fox
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news op-ed if republicans take house, here is how they can solve u.s. debt and budget problems. you write this, quote, if we fail to prioritize fiscal reforms and prioritize politics as usual, congress will bankrupt greatest country in u.s. history. $30 trillion plus in debt and colleagues on the left want to do more spending and that's coming in a form of rail agreement after the midterm elections as well. >> yeah, the democrats under this president and single-party rule have spend almost $5 trillion over the last two years and cbo projects and i think it's a conservative projection, we will add $16 trillion to the national debt, half of which is interest payments. we are almost at a half a trillion in interest payments as interest rates go up, we will be
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paying more on interest to service the debt than all of national defense in less than ten years. so to say that this is an unsustainable path is an understatement and republicans have a historic opportunity. i think the window is closing and i think the debt crisis looms large on the horizon and we've got to demonstrate to ourselves and our own party and voters and voting base that we can restore fiscal responsibility, rein in the spending and spending caps. ten-year spending cap has expired. there's no guardrails on spending going forward. these are the things that republicans have to prioritize or we will find ourselves, maria, in a crisis far worse than covid where we can't print enough money or borrow enough money to get out of the crisis. maria: here is brian brenberg. brian: congressman, i appreciate all of that but you have a president with the stroke of a pen decided to give $500 billion
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for a student loan handout even if congress gets religion on spending, the president has the ability apparently to just continue to do things like this, how do you rein that in, congressman? >> well, unfortunately but i guess on the other side fortunately the last line of defense has been a newly appointed court, the federal judiciary has turned over at least half of them under the trump administration and so far i'm very pleased with their decisions and i think this will be another decision where they slap president biden's hand as for overreaching and doing something that was unconstitutional which was erasing an asset on our books and making it a liability just with the stroke of a pen. maria: yeah. >> so i don't think that's going to play out. that's a disst err for sure.
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but, look, we can stop the spending on day one. the democrats are obsessed with the last two years over january 6th and how they can tax the american people and our compiveness and spend us into a bolivian. so republicans can at a minimum stop the spend but i think there's a whole lot more we have to do to rein this out. maria: well, the white house is not listening to the committee for responsible budget and not listening to the cbo which yesterday said the bailout will cost $420 billion, so we will be watching all of that. the -- the committee for responsible budget and cbo confirms its too expensive, congressman. good to see you, jody arrington, we will be watching, thousands of migrants being bussed into big blue cities, leaders still not acknowledging the root of the problem.
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there's a wide-open border that the administration will not acknowledge. then a live look at hurricane ian's path as it strengths to category 4 storm this morning. what you need to know when we come right back. ♪ ♪ f ♪ ri ameriprise financial. you love closing a deal. but hate managing your business from afar. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit
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business license guidance? ahhhhhh. does it connect with accounting? ahhhhhh. item classification? ahhhhhh. cross-border sales? ahhhhhh. what about? ahhhhhh. ahhhhhh. do you have those budget markups? thank you. mmhm. maria: welcome back, hurricane ian strengths to category 4 storm now as it levers cuba in the dark and heads right for florida's gulf coast, cheryl casone with the details right now, cheryl. cheryl: yeah, maria, we have been looking at imagery. island of cuba is without power this morning, orlando, many parts of the west coast of florida are bracing for ian, power outages already reported in the florida keys right now. orlando international airport the latest travel hub seizing operations. >> we want to make sure that we
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provide safe environment and coordination with weather service, tracking of the storm. we've coordinated with them. cheryl: american, jetblue, spirit, southwest all announcing travelers can change flights without penalties, still some residents say they've been through this before and they are ready. >> i grew up in florida so by all means it doesn't really bother me. yeah, it could be a fun experience for her, my wife is not a fan. she didn't grow up in florida, her hurricane is not on her agenda. cheryl: if you do have travel plans, folks, airline apps are the best way to manage customer agents. internal revenue service sending $1.1 billion in child tax credits to 1 and a half million tax holds last year, the households should not have received that money. additionally the agency apparently failed to send 3.7 billion in payments to over 4 million households that were eligible for the child tax
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credit, the payments were part of the pandemic relief package, the agency is blaming a computer programming error. finally there is this, maria, apple reportedly calling out plans to increase production of iphone model, 14 series after expected demand surge fail today happen. apple told suppliers to rein in planned efforts to increase production of 6 million units for second half of this year. the new projection 90 million, demand for the 14 pro stronger than cheaper versions. there's the stock, down 3 and a half percent. you might see the wall street journal giving global review of the 14 pro anyway. that's what people seem to be buying. maria: well, the halt of production of the other one, though, does not bode well because that's going to hit so many areas consumer, spending, china overall economy, right, that's an indicator in and of itself. cheryl: by the way you mentioned china, the hand set sales are
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11% lower from what we are seeing with china in particular, big iphone market, not happening. maria: make sense, cheryl, thanks so much. major human smuggling bust in texas to report, officials arresting 6 illegal migrants including a previously deported child sexual assault suspect as they were attempting to charter a plane to houston this comes as missouri senator josh hawley would make it legal for states to deport undocumented migrants. joining me texas department of public safety lieutenant christopher oliveras. tell us about the bust. >> good morning, maria, one thing we are starting to see, maria, we are starting to see increase in planes being used to smuggle illegal immigrants further into the state of texas and from there they get further into the interior, we already have disrupted 3 smuggling attempts by plane within 3 days. those are planes that we've been able to catch. the latest one sunday were
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trying to aboard a plane chartered by 3 human smugglers and they were going to be smuggled to houston texas. one of those illegal immigrants which you showed on the screen. one to have males from mexico had a warrant, had a warrant out of wisconsin for sexual assault of a child and was already a previously deported flown. that's a perfect example of unknown got aways that are using planes to make it further into the interior and there's no way of knowing who the individuals are, maria, unless you catch them in the act and apprehend the individuals and vet them and that's why we are able to identify the one individual having a warrant for sexual assault. maria: wow, this is incredible. lieutenant, the fact that you are catching these people now chartering planes, who is paying for the chartered jets? >> it's various organizations and that's one thing because of the crisis it has allowed so many opportunities for the criminal organizations. they've been able to expand criminal network throughout the united states and that's why
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there's so many different smuggling organizations that are involved with human smuggling not only in cars or commercial vehicles or in trains but now they are using planes and we have seen this through various 3 different airports in the rio grande valley. these are private airports that are chartering private planes to move the migrants further into the interior from what we understand the past 3 incident, they are trying to get to houston texas which is the hub for the majority of human smuggling and from there they get further into the interior to other states. again, it's happened before but we are seeing increase and more common using the planes to move the migrants. maria: we are looking at the terrorist screening database encounters. we've already encountered 78 terrorists who have attempted to come through the southern border. these drug cartels are making all of this money not just on human smugglings but also getting terrorists in here along with the drugs that you're referring to. last time that i was at the border with you, you showed me
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the crimes lab where you had seized, you and your colleagues seized all of the fentanyl, all of those pills that looked like colorful drugs and they could be laced with fentanyl. former drug enforcement administration officials now warning parents to watch out for fentanyl after officials seized 15,000 pills disguised with candy. that happened in connecticut. this is one of your colleagues, texas dps officer became ill and was sent to the hospital after being exposed to fentanyl that was hiding in a can while he was conducting a vehicle search. so what happened there? he was searching the vehicle and there was fentanyl hiding out? he didn't even touch it and he still got sick? >> that's correct. that's one thing about fentanyl, maria, and we talked about it so many time when you visited the border and the show. the drug organizations, the cartels are not only smuggling cocaine, methamphetamine, heroin but also mixing fentanyl in with these drugs. again, when our law enforcement officers come in contact with
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these drugs, they don't know what they are encountering. they may think it's cocaine or may think it's heroin, it's very dangerous for law enforcement out there trying to stop this dangerous poison coming into the country and poisoning our kids and every single american in the united states and now that halloween is approaching and we are seeing rainbow colored fentanyl that's plaguing our country, one thing that have to make sure that we stress especially as parents, stress to our kids, educate them and spread awareness of this rainbow colored fentanyl that's mixing in trying to blend in as candy. so it's very dangerous and, again, it all goes back to criminal organizations, these cartels which they don't care who they kill, who they hurt, the loss of life, all they are trying to do is drive addiction and make a profit and that's why it's a perfect example of what governor abbott did last week by signing executive order by identifying these cartels as foreign terrorist organizations. that's what needs to be done so the federal government could put more pressure on mexico and go
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after the chemical weapon labs and stop production of fentanyl that's coming into the united states. maria: seems that greg abbott is the only one doing anything along with texas dps, you and your colleagues, texas has bussed more than 8,000 migrants to washington, d.c. over 2700 to new york city and more than 700 to chicago since sunday there have been a total of 15 migrant buses that have arrived in new york city. eric adams is calling for a national solution but he will not blame president biden, he will not pick up the phone and call biden and tell him to close the border. we are looking at more migrant buses from video from tuesday. tells us what happens in terms of the transition from texas onto these buses to new york? >> so, one thing to make clear is that these immigrants are immigrants that have been processed through border patrol. they have been released already. they are already in custody of ngo's and they want to go on the bus, they voluntary sign waivers
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to go to sanctuary cities. they have a wristband. the wristband will identify all border patrol documents, release documents as well as waiver that they sign to go to sanctuary cities and they are free to get out any time throughout the transport from texas, washington to new york or chicago. they want to go to sanctuary cities because they know for a fact they will receive all of the benefits that these mayors and the local officials have promised from the very beginning and let's keep in mind too, maria, that, you know, the federal government has released over 1 million immigrants since the start of the crisis and immigrants are not staying in texas. they are going to sanctuary cities, they've been going to sanctuary cities. there's never been an outcry from anybody that's taking place and what the federal government is doing. maria: unbelievable. >> now that texas is doing it it's become a problem and creating a national spotlight on the issue. maria: all of those pictures and video that you brought us of people dead in a truck, dead in the rio grande, not a peep from any of them but as soon as 50
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migrants show up in martha's vineyard or 50 people show up in chicago, then all of a sudden we have a crisis on our hands. lieutenant, this story could not be a bigger story. we so appreciate your help in getting to the bottom of it and communicating this to the american people. thank you, thanks for your service as well. christopher oliveras, let me point out that the market has given up much of the loss, just in positive territory but has erased much to have losses because the bank of england is making moves this morning. the boe says that it is starting an unlimited bond purchase program to stabilize the market earlier today the 30-year guilt traded above 5% for the first time in 20 years and it appears because the bank of england is going to start this unlimited bond purchase, try to stop disarray in uk markets, the u.s. market turned around. we are looking at decline in dow of just about 20 points. we will take a short break and have more when we come right back. stay with us.
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shot since memorial day, shootings at any hour of the day, just yesterday 14-year-old died after being ambushed by gunman at high school football scrimmage. over the weekend more than 100 children as young as ten year's old stormed and rand sacked a wawa convenient store. dagen, i feel like philadelphia is the new chicago. dagen: or the new new york or the new los angeles because these crime waves are plaguing all of the left-wing cities. when i got back into to new york i bump intoed my neighbor, not to change the subject she said, oh, i'm glad to see that you're wearing your watch and jewelry, two people have been robbed an beaten on your street in the last couple of days for your watches and on the front page of the new york post today, will no one help us. these are women who repeatedly get assaulted on our subway system and many cases murdered. these are women of color and
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these are minorities. just -- can these da's and these mayors and these governors just giver us a number. how many people need to die before you're going to do something about this? how many people need to get assaulted and these are women you misogynist, people of color to turn it back on them. you racist because that's what you're doing and tolerating. let's just use the language of the left because this is what it is. >> i will just say for the voters in philadelphia who has had enough of this, there's a senate rate going on in pennsylvania. john fitterman who wants to run away from earlier statements and referring to police and occupying force suggesting that they help cause riots when they wear riot gear and fox colleague jessica has done good reporting a year ago he told a bunch of radical attorneys he suggested that people in prison for
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second-degree murder should be freed. campaign is clarifying that that was out of context and he doesn't really think that but it is a long trail of really disturbing comments and if people want more of this, i think they know how to vote. dagen: they believe in violence, they don't believe in incarceration. it's a deincarceration movement. maria: kathy hochul has the nerve to say i won't deal with cashless bail. coming up the housing market is slowing down at historic rate. cheryl casone is next on how much home prices have actually dropped in a short period of time. the most optimal place to buy right now she is going to tell us. hurricane ian is strengthening to category 4 storm. we are taking you live on the ground in florida with a full report. back in a moment. ♪ ♪ ♪
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maria: welcome back. well, the housing market is changing fast. mortgage rates heading north of 6% now and we are getting new data take in just a few moments interest the mortgage bankers association. yesterday's case-shiller report showed a historic slowdown in july. joining us to talk more about this, american dream home host, fox business' cheryl casone. let's go over some of the housing prices where the seller was i guess forced to reduce their asking price, right? cheryl: this has really changed. we're seeing this play out in a lot of different markets. i want to start with the high end reductions that i've seen. this is south hampton, new york,
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west hampton beach, a five bedroom, five bath home, 3620 in square footage, fully renovated, gym, media room, salt water pool. the actual price that they're selling right now, the asking is 2999 and change. had the reduced this by $499,000. they onlily want damage damage originally wanted -- originally wanted three and-a-half million. another market i want to show you, atlanta, georgia. this is a s six bed bedroom, fie and-a-half bath home. it has a fire pit, a children's gym, heated floors. the actual price now, the asking is 1.85, be but they reduced that by $100,000. so these are all reductions that we're really starting to see play out across the country.
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third market, indianapolis, indiana. you i want to show you the outside. this is actually -- the property is basically a lake home. it's three bedroom, two of and-a-half bath. 3,150 square foot. again, lakefront property. it's got 7 acres, a barn, it's got a hot tub. who doesn't want a barn and hot tub? anyway, i digress. that sounds kind of cool to me. the actual price is 649,000, almost 650. they had to he r reduce this onr whatever reason, they reduced it by $50,000, guys. okay. another one yo i found that's really interesting. the city of salt lake city, utah. something is going on in salt lake. it's been really interesting to watch a. this is a four dead room, three and-a-half -- four bedroom, three and-a-half bath, 3400
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square feet, it has a spa bathroom, it's a smart home of which is a big selling point across the done you tri. -- across the country. everythings is technology. before you get home you can turn on the heat, ac, two laundry rooms. $645,000. they had to reduce it by 40,000. what i'm seeing across the country play out, i want to show you the beautiful homes because you know, i'm me, i can't help myself. but we are seeing things really change in the market and i think these are all good examples of hays happening out there. maria: now maybe a home might get a little more affordable but then you've got to deal with the interest payments and with a move as sharp as we've seen in the mortgage market can you're talking about 600, $700 more in some cases a month to take on that mortgage. cheryl: exactly. exactly. what we're seeing, look, interest rates whether it's a 30 year or arm, we're seeing a little more interest, what i'm


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