And then there is the fact the realtor could not be more wrong? He supports his side by making stuff up, plain and simple!
I knew all I needed to do was wait and the proof (as close as we can get) would come to me. So, so easy to prove the nasty fellow wrong.
As for his nasty name calling it’s a reflection on this entire forum that he still gets the respect he does. Add to that his obvious fabrications to pimp the market and glean victims from the forum and his ability to constantly get a pass really reduces my respect for some on this board, and I bet I’m not alone. So is it that people are afraid to engage him cause he’s nasty or is that people respect his fallacies…. oops I mean opinions?
Any source of actual numbers and data is immediately pooh-poohed by a select group of people on the forum. As if it’s their goal to marginalize our only sources of tangible truth. Admittedly nothing is going to be 100% accurate, but way more accurate than a realtor making a killing’s feelings and on the street views (which should actually be immediately thrown out)!
The link at bottom is a report on what I was arguing with the realtor, shadow inventory. It’s from a respected source so I’ll call their REVIEW of the accuracy of the data they collected and who they collected it from as trustworthy as we can hope for in this unprecedented foreclosure climate. When I say respected I am referring to the fact that in a market desperate for information many of the top news publications from around the country are quoting stats from this report as reliable data. So it’s this report versus the realtor’s opinion.
The funny thing is what it says about San Diego specifically, which is that it has the 2ND HIGHEST SHADOW INVENTORY as a percent of inventory versus homes available for sale/listings. Which is basically the complete opposite on the extreme scale compared to the realtor’s “beliefs”? Often the truth lies in the middle but in this case not even close.
You read that correctly, only Vegas beats SD in the number of cars on the pain train (copyright TG). Not Tampa and not Detroit or even Phoenix.
Lucky in OC posted some numbers from the FDIC that also fit nicely into this report and someone else brought up the subject of “cure rates” being foreboding for SD.
Exhibit 4: Number of Real Estate Listings within 10 Miles of S&P/CS 20 Cities
1st line = CITY
2nd line = LISTINGS REO
3rd line = LISTINGS AUCTION
4th = NOTICE OF DEFAULT
5th = Total Shadow Inventory
6th line = Total Inventory
7th = Inventory ÷ Actual Listings
Las Vegas, NV
16,765
16,835
14,879
21,135
52,849
69,614
415.2%
San Diego, CA
10,416
5,603
7,727
11,548
24,878
35,294
338.8%
Los Angeles, CA
43,050
16,706
26,789
37,894
81,389
124,439
289.1%
San Francisco, CA
4,176
1,856
2,265
3,355
7,476
11,652
279.0%
Phoenix, AZ
25,340
14,091
30,777
0
44,868
70,208
277.1%
Denver, CO
17,730
3,020
10,867
1
13,888
31,618
178.3%
Detroit, MI
21,396
10,720
5,202
1
15,923
37,319
174.4%
Tampa, FL
24,235
1,198
1,388
13,712
16,298
40,533
167.2%
Minneapolis, MN
8,533
2,296
3,420
0
5,716
14,249
167.0%
Portland, OR
12,673
2,130
5,976
0
8,106
20,779
164.0%
Chicago, IL
42,698
1,317
7,808
16,787
25,912
68,610
160.7%
Miami, FL
35,489
2,373
4,499
12,808
19,680
55,169
155.5%
Atlanta, GA
28,638
6,692
7,883
1
14,576
43,214
150.9%
