This transcript has been automatically generated and may not be 100% accurate.

… the the … or … worse credulous … because … home prices are down … by more than fifty percent in places like Miami and Phoenix over the past six years … but of course she treats a pretty favorable to … Canadians Brazilians Chinese … and in those countries in their home markets are looking a little frosty looking a little overvalued so they’re saying … well I can put my money I can stash in a safe place to place that has already head … of real estate crash … and you know … give the upside there for the mobile home it if they did the rest the question is of a mean that that’s what is predicated on this front … sure but I don’t think they’re that many people that think increases and were down another thirty percent … Monday on … the yen fifty percent on these markets if they can buy a … house for less the replacement cost … and then a lot of these are frankly a trophy purchases to say you have stuff for the high end … um you know Russians of … of Venezuelans in a Miami putting … up buying up a couple million dollar condos and into the bottom you have people buying for poachers do … this and here … is of Singaporean newspaper last year … and this is to buy at fifty eight thousand or two bedroom homes in early and on the Seder … a seventy percent of the middle the precrisis price … I’d yield of fourteen percent of the Church of proposals that are being rented out … and this was that … you know of … the United States on sale come via houses here and make money into rich nice I like that’s a fifty five percent of all by a second five countries Canada China Mexico India on the one that the United Kingdom that surprise me does all this … Deccan is getting rich off oil and is getting rich AmEx is getting rich off the point is to write and in use well um and the UK and that is what what’s interesting here is you also have a lot of folks member countries of Brazil Russia China … people that have not traditionally been … I’m you know … the big sources of wealth you have all these new minted millionaires now … from these countries that are coming and … he ends up … looking at began buying some of these trophy assets here in Manhattan … down Miami condos or seven … year to have new record prices based on some of the students what what what is also investing in these places generally have my swept up … by days giving us out in full Florida in the next it’s it’s sunny and added that the warm weather doesnt right it was a nice places to go and so … even if you’re not looking for the currency outside the home price upside the row appreciation … maybe this one have a nice place to get away from the Canadian wonder … they are not a bad idea … not a lot of the night there that’s all any any chance of this trend is going to come to a screeching halt the thing Corridore is is this does look like it’s a … morbid cyclists by while I think there is a chance that at some point … you do exhaust the appetite for the spires it’s … it’s not clear that this is gonna go on in perpetuity … but for right now you know for places like Miami that having a lot … of these oceanfront class to our condos … I just a few years ago … and it sucked up all that inventory correction building more oceanfront … you know class luxury condos now because there’s all this appetite for Brazilians in Venezuelans in origin times to get in there so … you know develop rulers who will make money while they can