This morning, MarketWatch got a variety of people ramped up over the article Pace of home-price declines slows: Case-Shiller My concern with the story is that there was no reporting about it being adjusted for seasonal behavior. I can't speak for every market, but the ones I am familiar with ALWA
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04/28/2009
I spent the last two days in training for all aspects of pre- and post-foreclosure - BPO, Loan Modification, Short-Refi, Short Sale, REO. In discussing the moratoriums, an interesting, almost conspiratorial plot was exposed. The "banks" have not participated in the moratorium for the benefit of
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04/28/2009
The other day I posted a San Diego, Single Family Detached Home, Months of Inventory chart showing that our market can be broken down into a seller's, neutral, or buyer's market by price point. Today's chart takes the San Diego residential real estate market and shows a similar division for sing
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04/25/2009
I have five people I'm working with and three of them are investors, one is move-up and one is a first time buyer. It would be silly of me to claim 60% of all buyers are investors with such a small data set. And, like real estate itself, it probably varies by area. But, what are you seeing in
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04/23/2009
For a while now I've referred to our San Diego residential real estate market as being psychotic. Depending on how you looked at it, you would get a totally different, conflicting viewpoint. The lenders and some sellers have played hardball like it was a seller's market. The press and the buyer
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04/22/2009
My client today said, "I don't understand why [the REO seller] needs my FICO scores. They're not giving me the loan; they're the sellers, they shouldn't care... My pre-qual letter should be good enough... I'm not going to go through this effort for the heck of it." I shared that I've been told
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04/22/2009
In a recent interview, NAHB chief economist David Crowe said we "are at or near the bottom of the current housing depression." Former NAR chief economist, has a history of claiming bottom, see http://blogs.wsj.com/developments/2009/01/11/the-bottom-is-here-former-nar-economist-lereahs-rosy-state
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04/15/2009
While at REOMAC, one panel discussion covered institutionalizing short sales. More specifically, the idea was to plan for short sales from the top-down (e.g., the lender), instead of from the bottom-up (initiated by individual borrowers). [Note: 'institutionalized' is my word. I can't quite re
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04/11/2009
I was at REOMAC last week and in one of the panel discussions, a question was raised about why the banks / lenders have so completely failed to be responsive on short sales. Why is it that the bank will refuse multiple offers at a given price but then accept $50,000 - 100,000 less (or worse) onc
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04/10/2009
