Broadcasting live to New York, Bloomberg eleven Brio to Washington, d C. Bloomberg to Boston, Bloomberg twelve hundred to San Francisco, Bloomberg nine to the country. She is at DAMN Channel one nineteen and around the globe the Bloomberg Radio plus dav and Bloomberg dot Com. This is taking stock from Saratoga, California to Detroit, Michigan. There's several We'll get a couple of thousand miles in between. There's also a very large price gap. The average cost of a homeward almost two
and a half million dollars in Saratoga. That's because of Silicon Valley. Compare that with Detroit, Michigan sixty four thousand dollars. We're gonna be speaking to the new CEO of Coldwell Banker about their latest survey and housing market sentiment. I'm Kathleen Hayes and I'm Pim Fox. Let's go right now to Charlie Pellett in the Bloomberg newsroom for Bloomberg Business Flaghand. I think very much, Pim Fox. We have got twenty
nine minutes to go ahead of the close this update. Bronch, you buy National Realty Managers of New York City cash Flow real Estate, providing you twelve percent annualized returns with immediate monthly distributions. See them at n r i A dot net. Stocks slipping from near records after European Central Bank President Mario Draggy downplayed the need for more stimulus measures to bolster growth. And now we've got the SMP down four points to twenty one, a drop there of
two tents of one percent. Down, industrials down forty six, a decline of three tents of one percent, and has stack down twenty three, a drop of four tents of one percent. The tenure down twenty thirty seconds had yield one point six one percent, Gold down seven fifty the ounce the thirteen thirty seven to drop there of six
tents of one percent. Crude oil surging four point three percent after the inventories report up a dollar nightt six of arrel West Texas Intermediate now at forty seven forty seven. If you want to put your finger on the pulse of the global economy, to talk to an airline executive, Bloomberg News spoke this morning with Sir Tim Clark, President of Emirates it's tough and at the moment is getting a little bit tougher. The global economy is is patched geographically.
We see full off in GDP in many of the country to developing markets that we thought would come ahead and move ahead happen South America, Africa to the extense. So we're having to deal with that. But that's not to say that people are still traveling an airplanes. They are, but they're paying us less, so I'll yields a down. The result of that Pier one imports falling the most in nearly nine months after the home furnishings retailer said
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get prime Time free for your next all hands. Speaking to reporters in White Plains this morning, Democratic presidential nominee Hillary Clinton bashed Donald Trump for his praise of Russian President Vladimir Putin. Clinton says many former presidents would be left shaking their heads. What would Ronald Reagan say about a Republican nominee who attacks America's generals and heaps praise
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Nathan Hagar, Bloomberg Radio Washington officials unveiled a design today for a performing arts center at the World Trade Center site. It will be called the Ronald O. Perlman Performing Arts Center. Perlman donated seventy five million dollars to revive plans to build the center. Global News twenty four hours a day, powered by more than journalists and analysts in more than one twenty countries. I'm Jill Schneider. This is Bloomberg, Charlie,
and we thank you. In the SMP five hundred index down four now a drop of two tenths of one percent down, Industrials down forty seven, a decline of three tenths of one percent. I'm Charlie Pelt. That's a Bloomberg business flash. You're listening to taking Stock with Kathleen Hayes and Pim Fox on Bloomberg Radio. Hey man, I'll be too surprised to learn that the top ten most expensive markets are actually all in one state and one part
of one stadium. Talking about cal Fornia Silicon Valley and actually looking at the latest survey of Cold World Banker real Estate It's home Listings report, and uh, look at again the most expensive, the most affordable markets were happy to welcome now to the show. Charlie Young. He's the relatively new president and CEO of Cold Cold Banker real Estate. Charlie, welcome to the show. Well, thanks to bringing I'm very
happy to be here with you. Well, and you're at a company that you've worked at for some time, worked out and you've certainly been in real estate over the years, so this is I'm sure it's an achievement for you to to reach this head possession. What do you most want to do as CEO of Cold World Banker. Well, I'll tell you what the Coal Banker brand is is one of the great brands, not only in real estate, but in in American culture, where a hundred and ten
years in running, we're going strong. And I think for me, my focus is on how do we point the brand forward in UH into the future. A lot of change happening in real estate markets, a lot of change happening with consumers as well, and want to make sure that we're best positioned to serve those consumers going forward. Charlie Young, what is the Home Listing Report? What does it tell us about homes in the United States? Well, I'll tell you why. First, let's let's start here. The Home Listing
Report is a comparison. In fact, we believe it's the most comprehensive home price in comparison tool on the market. And what we do is we take a four bedroom, two baths home and we we compare that price markets across the United States. And so what it does is it gives consumers a great sense of what we would consider would be the average aspirational housing for the average
American family today, and we can compare that market to market. Well, this goes to show your your challenge to me in California then, because the average aspirational American probably is not
thinking of spending over a million dollars. But if you're anywhere along the coast of California, if you're around on Silicon Valley, uh in your top ten most expensive plas Gatos one point four seven million, Saratoga two point four five, I'm assuming you can sell, you know, as long as the as long as the Silicon Valley continues to be what it is and the money keeps flowing, you're fine. But when you look at the rest of California, is it is it a little bit more challenging because so
many people have been priced out of the market. Well, I'll tell you what I think you're You're right on relative to our top ten. When you look at Sarahtoga California at two point five million dollars, that is a big price point. But understand this, it is right down the street from Apple, Google, UH and Facebook. It is the epicenter of Silicon Valley. And you've got all of the things that be to a really hot real estate market. You've got great jobs, high paying jobs. You have little
room for new development so there's limited housing stock. You've got great lifestyle UH and and quality of life sting in California you can be outdoors twelve months and year. So all of those things point to a really rich marketplace. When you look at California as a whole, at average sales prices in the low five hundred thousands for the entire state of California, and then if you look at the entire homeless the report UH the average sale price for markets for U four bedroom, two bath home is
three hundred and twenty thousand dollars. I think the thirteen hundred markets in the United States that you can live in for that price or less. So you know, America is still a very affordable country. And as it relates to housing now, I noticed that as far as the ten most affordable markets, So one of the things to note is that they are within commuting distance to major metropolitan regions. Tell us about where to go in Florida
and Georgia if we want affordable housing. Well, if you look at that list of the top ten most affordable, number ten comes in and in a town called Plotka, Florida. It's within hour's drive of Jacksonville, Florida. Jackson's got a good economy that's got a strength and health care, in shipping and in military. And so if you are someone who's just getting started out and you don't mind a little bit of a commute, Pelca, it's a great a
great spot to be. In Georgia, it's Augusta, Georgia, and I think when we think of Augusta, we think of the Master's Um, and there's a great quality of life, great culture in that city as well. But I think there's a theme here too. If you look at the most expensive markets and the most affordable markets, there is a common theme, and that is close access to jobs, culture, quality of life. It can be had at both ends
of the spectrum. Well, I know, were Pennsylvania and scrant Pennsylvania really well, and I would submit to I don't think they're close to anything much bigger themselves, but they're growing and interesting. Uh communities. What is your biggest hope? Are you hoping that some new kind of transportationally built so that people can find homes in affordable areas but commute quickly, easily and cheaply to some of these larger metropolitans. Area is that in many cases are going to be
an hour or two hours away. Now, I think really with it with a homeless report, we're trying to provide
information that it's useful to consumers. So often when we look at pricing and housing in America, which becomes the focus on the ultra high end, we also look at media and the household cost of a house, which is stewed often by a marketplace because you're taking the average and not uh you know this this aspirational family home of four beds, uh two baths, and so I think like you can get you know, for instance, you can get the entire lists at Coldball Banker dot com backt
uh slash um HLR and that the consumer is a good sense of where their market banks or where they might be thinking of of moving. Thank you very much. Charlie Young is the president and the chief executive of Cold World Banker real estate subsidiary of Religy. This is Bloomberg fiduciary advisor, fiduciary responsibility, fiduciary rules. Are they doing enough? Maybe not coming up? Elliott Wislooth of High Tower Advisors on Luberg Radio