Boy, if you read Inman's homepage, you can see the turn for the worse right there. But then there's this from CNN (about Inman posting):
Real estate insiders go bearish in blogs. In mostly anonymous postings, agents are reporting big problems in the markets.
If the secret worries of real estate professionals are any indication, home prices could be heading for a swoon.
When Brad Inman of Inman News, which tracks the real estate industry and is widely read by industry insiders, recently gave real estate agents the opportunity to blog about market conditions, they almost uniformly described them as bad – and getting worse.
"Normally, brokers and agents tend to sugarcoat the news; they don't want to affect consumer confidence," says Inman. "By letting them post anonymously, we gave them a way to really share their thoughts."
Most responded with tales of high inventories, slow sales and languishing prices.
Here's a sampling of their comments:
"Portland, Oregon is mixed . . . more inventory, sitting longer. . . . Sellers no longer king." Posted by anonymous.
"Minneapolis/St.Paul . . . 15 houses per buyer. If we had buyers. Huge inventory in every price range. More foreclosure properties coming on daily." Posted by anonymous
April 19, 2006
Realtors in public "no bubble, now is a great time to buy". In private "sales down 75%"
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3 comments:
Typical standard bullshit. Remember when stock brokers were pumping companies publicly yet selling their personal shares and advising high dollar clients to do the same?
Some went to jail because of schemes like that. Who will be the first real estate agent in jail?
Whatever happened to fiduciary duty?
RE agents represent the seller -- says so in most contracts. Buyers who think otherwise are idiots. Caveat Emptor still applies in 2006.
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