This is a partial transcript from Your World with Neil Cavuto, July 12, 2002, that was edited for clarity. Click here for complete access to all of Neil Cavuto's CEO interviews.
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NEIL CAVUTO, HOST: Rates are down and buying is up. A big portion of first time homeowners, in fact, are women. In fact, more than half of all female-headed households own a home. Joining me now, the chairman and CEO of Coldwell Banker, Alex Perriello. Alex, good to see you.
ALEX PERRIELLO, CHAIRMAN & CEO, COLDWELL BANKER: Good to see you, Neil.
CAVUTO: Women, big factor.
PERRIELLO: Absolutely; 53 percent of the households are owned by women, which is a significant increase that we have seen just over the past two decades, that's gone from 48 percent to 53 percent.
CAVUTO: What is contributing to that?
PERRIELLO: … Women have a lot more opportunities today than they did 20 years ago. They own 40 percent of all the businesses, and employ more than all of the Fortune 500 companies added together. So, they are making a lot of money and they're looking at real estate as an opportunity to enjoy the American dream.
CAVUTO: All right. Now, the fact that they have entered the market in a big way… how do they size up their opportunities? Are they a little bit more suspect to the short-term-type loans or adjustable loans, or do they fix mortgage?
PERRIELLO: … There are fixed loans right now in the six, six-and-a-half percent range… This is the lowest rates we've seen in 40 years. So, that's what is attracting people. I don't think that there's any real difference. It's just a matter of what your options are. Either you own a home or you rent it. And I think that most people who can afford it are moving into the market now and buying.
CAVUTO: Do you worry, though, that there is this talk that inflation is heating up again, we're running budget deficits again. We're seeing the dollar weaken again, and all that is generally bad for interest rates. Do you buy that?
PERRIELLO: I don't know… if you look at the market the way it is today compared to where it is last year at this time, home affordability has actually improved. So… a home is more affordable today than it was just a year ago. Interest rates are driving up. These people's income is going up. So, I don't see that being a factor. Demographics are very, very strong, supporting a strong market.
CAVUTO: OK. Alex Perriello, thank you very much, the Coldwell Banker chairman and CEO. Good seeing you again.
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