Here is a summary of what he said:
-- We have still not hit the bottom on U.S. house prices. Things have gotten better but there is not a U-shape recovery.
-- Recent uptick in home prices can be seasonal.
-- People moving towards renting and that does not speak good for the home values, specifically for the suburbs.
-- Rates are at record lows but there are still not many people refinancing. Why? Banks fueled the prices and subsequent crisis but same banks have a different mindset now and that is making it difficult to find loans.
Here is the video: