This is a partial transcript from "Your World with Neil Cavuto," April 29, 2005, that was edited for clarity.
STUART VARNEY, GUEST HOST: From one moneymaker to another. RE/MAX International has teamed up with Coalition to Salute America's Heroes to help injured and disabled veterans rebuild their lives.
Joining me now is Daryl Jesperson, RE/MAX International chief executive.
Daryl, as I understand it, you are asking people to send in their old cell phones, which you then convert into money and give to this cause? Is that accurate?
DARYL JESPERSON, CEO, RE/MAX INTERNATIONAL: Yes, that's totally accurate, Stuart.
The public has an opportunity to drop off their used cell phones at any RE/MAX office. And the proceeds of recycling those used cell phones go directly to a foundation that helps families of troops that are returning injured.
VARNEY: Daryl, I didn't know there was any money at all in a used cell phone. How much do you get for each one turned in?
JESPERSON: I don't know the exact amount, but there are certain parts that can be recycled. And there is also a market for resale.
Of course, everything is taken off the memory, but every little bit helps. And when you think about the real estate industry, we have been cell phone dependent for many, many years. And so, there's many RE/MAX agents that have a drawer full of old cell phones. And this is a great opportunity for them to turn them to a good cause.
VARNEY: It is indeed a wonderful cause. But I have to ask you about real estate before we leave this. The median price for a home, $230,000, up almost 10 percent over the past year. I know you're in the real estate business, but are you going to tell that we can keep on getting price rises like that as we head through 2005?
JESPERSON: I think you're going to see the price appreciation leveling off a little bit. Part of that is going to be driven by increasing interest rates, although the interest rates have stabilized and even dropped a little bit in the last couple of weeks. By the end of the year, we're looking at 6.5, 6.75 percent interest rates.
(CROSSTALK)
VARNEY: All that will do is just slow down appreciation; it won't cause a market real pullback in prices?
JESPERSON: You will see a plateauing of prices in most markets. And it gives the market an opportunity to catch up with the rapid escalation that particularly the Northeast and the West Coast have had over the last few years.
VARNEY: That's true.
Daryl Jesperson, RE/MAX, thanks, indeed, for joining us, sir. And thanks for supporting a very worthy cause.
JESPERSON: Thank you. Nice being with you, Stuart.
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