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Rt.66
Participant[quote=sdrealtor]
The worst has come and gone already. The best is a distant dream but your nightmare predictions did not come to pass nor will they. Take it like a man.[/quote]“The worst has come and gone already” said the realtor. NAR pimp much?
To go along with the good Doctor’s article linked above, here is a look at SD:
RealtyTrac shows that “14696 properties match your search” for:
Preforclosures, Auction, Bank Owned and Homes for sale.Of these “Resale MLS” shows just 1605 properties.
14696 distressed properties versus 1605 on the MLS. Nope, no shadow inventory to worry about (says the realtor). Even those with Elton John sized Rose glasses can’t deny those figures. Before we get into the deny the reality with arguments claiming RealtyTrac is not accurate, keep in mind we could cut that 14696 figure in half it would still be awful and still prove the shadow theory, and that realtors always default to… its a great time to buy, the worst is behind us or some other BS.
My own experience with RealtyTrac is that they UNDER-report. I know of many homes that dropped of RT and remain empty and bank owned. 14696 distressed mortgages PLUS the shadow shadow of deadbeats the banks have not yet bothered to put on notice. This mess is far, far from over.
Participant[quote=sdrealtor]
The worst has come and gone already. The best is a distant dream but your nightmare predictions did not come to pass nor will they. Take it like a man.[/quote]“The worst has come and gone already” said the realtor. NAR pimp much?
To go along with the good Doctor’s article linked above, here is a look at SD:
RealtyTrac shows that “14696 properties match your search” for:
Preforclosures, Auction, Bank Owned and Homes for sale.Of these “Resale MLS” shows just 1605 properties.
14696 distressed properties versus 1605 on the MLS. Nope, no shadow inventory to worry about (says the realtor). Even those with Elton John sized Rose glasses can’t deny those figures. Before we get into the deny the reality with arguments claiming RealtyTrac is not accurate, keep in mind we could cut that 14696 figure in half it would still be awful and still prove the shadow theory, and that realtors always default to… its a great time to buy, the worst is behind us or some other BS.
My own experience with RealtyTrac is that they UNDER-report. I know of many homes that dropped of RT and remain empty and bank owned. 14696 distressed mortgages PLUS the shadow shadow of deadbeats the banks have not yet bothered to put on notice. This mess is far, far from over.
Participant[quote=sdrealtor]
The worst has come and gone already. The best is a distant dream but your nightmare predictions did not come to pass nor will they. Take it like a man.[/quote]“The worst has come and gone already” said the realtor. NAR pimp much?
To go along with the good Doctor’s article linked above, here is a look at SD:
RealtyTrac shows that “14696 properties match your search” for:
Preforclosures, Auction, Bank Owned and Homes for sale.Of these “Resale MLS” shows just 1605 properties.
14696 distressed properties versus 1605 on the MLS. Nope, no shadow inventory to worry about (says the realtor). Even those with Elton John sized Rose glasses can’t deny those figures. Before we get into the deny the reality with arguments claiming RealtyTrac is not accurate, keep in mind we could cut that 14696 figure in half it would still be awful and still prove the shadow theory, and that realtors always default to… its a great time to buy, the worst is behind us or some other BS.
My own experience with RealtyTrac is that they UNDER-report. I know of many homes that dropped of RT and remain empty and bank owned. 14696 distressed mortgages PLUS the shadow shadow of deadbeats the banks have not yet bothered to put on notice. This mess is far, far from over.
Participant[quote=sdrealtor]
The worst has come and gone already. The best is a distant dream but your nightmare predictions did not come to pass nor will they. Take it like a man.[/quote]“The worst has come and gone already” said the realtor. NAR pimp much?
To go along with the good Doctor’s article linked above, here is a look at SD:
RealtyTrac shows that “14696 properties match your search” for:
Preforclosures, Auction, Bank Owned and Homes for sale.Of these “Resale MLS” shows just 1605 properties.
14696 distressed properties versus 1605 on the MLS. Nope, no shadow inventory to worry about (says the realtor). Even those with Elton John sized Rose glasses can’t deny those figures. Before we get into the deny the reality with arguments claiming RealtyTrac is not accurate, keep in mind we could cut that 14696 figure in half it would still be awful and still prove the shadow theory, and that realtors always default to… its a great time to buy, the worst is behind us or some other BS.
My own experience with RealtyTrac is that they UNDER-report. I know of many homes that dropped of RT and remain empty and bank owned. 14696 distressed mortgages PLUS the shadow shadow of deadbeats the banks have not yet bothered to put on notice. This mess is far, far from over.
ParticipantI guess this guy “dont have an understanding of the inner workings of the housing market.” either, LOL.
October 1st, 2009
Shadow Inventory Case Study: Inventory in the Shadows Twice as Big as Normal Resale Inventory in Los Angeles and not on the MLS or for Public Viewing. Foreclosures and Distress Properties Clogging the System.This part is interesting even to the ignorant:)
Keep in mind that this data is only for homes that have action being taken on. There is probably a shadow to the shadow inventory! That is, we have heard and know that many banks are not even sending notice of defaults to some late paying borrowers. In other words, there is a boatload of toxic debt out there.
ParticipantI guess this guy “dont have an understanding of the inner workings of the housing market.” either, LOL.
October 1st, 2009
Shadow Inventory Case Study: Inventory in the Shadows Twice as Big as Normal Resale Inventory in Los Angeles and not on the MLS or for Public Viewing. Foreclosures and Distress Properties Clogging the System.This part is interesting even to the ignorant:)
Keep in mind that this data is only for homes that have action being taken on. There is probably a shadow to the shadow inventory! That is, we have heard and know that many banks are not even sending notice of defaults to some late paying borrowers. In other words, there is a boatload of toxic debt out there.
ParticipantI guess this guy “dont have an understanding of the inner workings of the housing market.” either, LOL.
October 1st, 2009
Shadow Inventory Case Study: Inventory in the Shadows Twice as Big as Normal Resale Inventory in Los Angeles and not on the MLS or for Public Viewing. Foreclosures and Distress Properties Clogging the System.This part is interesting even to the ignorant:)
Keep in mind that this data is only for homes that have action being taken on. There is probably a shadow to the shadow inventory! That is, we have heard and know that many banks are not even sending notice of defaults to some late paying borrowers. In other words, there is a boatload of toxic debt out there.
ParticipantI guess this guy “dont have an understanding of the inner workings of the housing market.” either, LOL.
October 1st, 2009
Shadow Inventory Case Study: Inventory in the Shadows Twice as Big as Normal Resale Inventory in Los Angeles and not on the MLS or for Public Viewing. Foreclosures and Distress Properties Clogging the System.This part is interesting even to the ignorant:)
Keep in mind that this data is only for homes that have action being taken on. There is probably a shadow to the shadow inventory! That is, we have heard and know that many banks are not even sending notice of defaults to some late paying borrowers. In other words, there is a boatload of toxic debt out there.
ParticipantI guess this guy “dont have an understanding of the inner workings of the housing market.” either, LOL.
October 1st, 2009
Shadow Inventory Case Study: Inventory in the Shadows Twice as Big as Normal Resale Inventory in Los Angeles and not on the MLS or for Public Viewing. Foreclosures and Distress Properties Clogging the System.This part is interesting even to the ignorant:)
Keep in mind that this data is only for homes that have action being taken on. There is probably a shadow to the shadow inventory! That is, we have heard and know that many banks are not even sending notice of defaults to some late paying borrowers. In other words, there is a boatload of toxic debt out there.
ParticipantYou missed the point (again). The point is there are many facets to this disaster (you point out some) and all are bad for RE values.
My point is we have a huge inventory of shadow homes AND a growing short-sale epidemic AND a looming Option ARM issue. Oh, and I did not post a time frame for shadow market homes to hit the market.
Did I try to make it sound too simple? I thought I made a case for the situation having many “cars” on the pain train, as in NOT simple, but rather convoluted, with many aspects that effect RE now and far into the future.
ParticipantYou missed the point (again). The point is there are many facets to this disaster (you point out some) and all are bad for RE values.
My point is we have a huge inventory of shadow homes AND a growing short-sale epidemic AND a looming Option ARM issue. Oh, and I did not post a time frame for shadow market homes to hit the market.
Did I try to make it sound too simple? I thought I made a case for the situation having many “cars” on the pain train, as in NOT simple, but rather convoluted, with many aspects that effect RE now and far into the future.
ParticipantYou missed the point (again). The point is there are many facets to this disaster (you point out some) and all are bad for RE values.
My point is we have a huge inventory of shadow homes AND a growing short-sale epidemic AND a looming Option ARM issue. Oh, and I did not post a time frame for shadow market homes to hit the market.
Did I try to make it sound too simple? I thought I made a case for the situation having many “cars” on the pain train, as in NOT simple, but rather convoluted, with many aspects that effect RE now and far into the future.
ParticipantYou missed the point (again). The point is there are many facets to this disaster (you point out some) and all are bad for RE values.
My point is we have a huge inventory of shadow homes AND a growing short-sale epidemic AND a looming Option ARM issue. Oh, and I did not post a time frame for shadow market homes to hit the market.
Did I try to make it sound too simple? I thought I made a case for the situation having many “cars” on the pain train, as in NOT simple, but rather convoluted, with many aspects that effect RE now and far into the future.
ParticipantYou missed the point (again). The point is there are many facets to this disaster (you point out some) and all are bad for RE values.
My point is we have a huge inventory of shadow homes AND a growing short-sale epidemic AND a looming Option ARM issue. Oh, and I did not post a time frame for shadow market homes to hit the market.
Did I try to make it sound too simple? I thought I made a case for the situation having many “cars” on the pain train, as in NOT simple, but rather convoluted, with many aspects that effect RE now and far into the future.
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