From the brilliant economist and housing market forecaster, Dottie Stein, who can be contacted here, these gems and great Use Of random Capitalization (thanks foo):
SATURDAY, 04/01/06
We still have the lowest inventory in a very long time.
In fact, a few contracts are stating that Buyer(s) will pay above the appraised value - usually with a maximum - (if the appraisal comes in below the Sale Price):
For your information, Lenders will lend only X% of the Contractually Agreed Upon Sale Price, OR the Appraised Value, whichever number is "Lower".
Even the contingency of an inspection is being deleted by some (though only a few).
January 2005 set a record low for the supply of existing homes available for sale (and it hasn't improved significantly since that time).
Here's the incredible imploding current Phoenix inventory trend FYI. Hopefully Dottie and her clients get to see these numbers before doing something stupid:
7/20: 10,748
9/20: 17,516
11/20: 26,616
1/20: 31,457
2/20: 35,455
4/1: 40,143
April 03, 2006
Ah, more gems of wisdom from those dolts over at Realty Times
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6 comments:
They've gotta keep pumpin cause they aint done dumpin.
The funniest thing is I bet many of these greedy RE agents have a bunch of their own cash in the game and are going to keep this bullshit up until they can yank their $$$ out of there.
A really interesting statistic would be some kind of comparison of sales by owners/flippers who are also agents, compared to those by other poor bastards.
someone ought to report her blathering to the AZ Dept of Real Estate...there is a code of ethics that she is violating...really, she is presenting the market in a totally opposite way of what is really going on...disgusting.
Yep, she is definitely in violation of something there.
Maybe she has a low number of units to show under her name because there are so many new agents hogging the rest of the inventory.
If that is true, it's going to be a sad Christmas.
USA Today had the article 4/3/06 and probably first of all the big newspapers to come clean on the ARM seriousness that is breaking the back of tens of thousand and that number is obviously rising. It was a stunning read. Sad stuff for some man !
Seems they are getting forced to come clean with the truth only and none of this half and half crap.
But the Arizona Republic had an article with Mr Fulton Jr today of Fulton Homes and he is certain that we are just in a minor adjusting period. That Phoenix learned from Vegas and San Diego.All is fine and 10 percent from peak prices is the maximum drop we will see and then a rebound Balh blah blah. Quit swettin" and buy a house.
Chris in Mesa
Realty Times *is* an embarrassment. The articles are written whenever but the site automatically changes the date to looks as if they are current/fresh. Like most sites or blogs that schlep advertising, including this one, you have to read between the lines.
Dottie probably paid for the advertorial.
P.S. She's talking about market conditions for January 2005 (15 months ago).
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