ROTFLMAO..Did he actually say numbers dont lie? What a moron. Of course they do, they say whatever you want them to. Back in my CPA days we had a joke. Client walks into his CPA’s office and says what does 1+1 equal? CPA goes over to the window and pulls the shade down before asking “what do you want to equal?”
Lets assume your numbers are accurate (which I know they arent but who gives a damn). There are over 4,000 MLS listings in contingent status (i.e. short sales most likely in those numbers you are quoting). There are 6700 MLS listings in pending status (conservatively 1/3rd of them are short sales). Thats about 6500 properties you are claiming as shadow inventory that are currently being digested by this raging market at full retail prices. There goes more than half of your shadow inventory. Its not hiding anywhere. Its sitting on the MLS under contract with piles of back up offers. That doesnt even consider all the loan mods in process.
Read my post above. It was said by one of the top Bear analysts on Wall St. He understands that the bear case will always appear stronger because it is based on rational current data. He is also smart of to understand that isnt always correct.
I dont want this to end as I am making a killing off it. If the market goes down for at least 2 more years like it has, my business will flourish. If it turns around my business will suffer dearly. I hope you (Rt 66) are right and it struggles for another 5 to 10 years but know and see enough to understand that is unlikely to be true.
Lets be clear on one thing. We are not saying its a great time to buy. What we are saying is “You are a moron!”
