I believe the Realtors are faking sales statistics trying to keep the ponzi scheme going. The public are confused and helpless: "Up, down, up, down," report news agencies quoting the same source over and over again.
As it happens, I know a bit more than the average bear. I have traveled the entire west coast in the past two months, interviewing people who sold their homes.
Prices on homes are down all over the west coast between 10% and 25%. But real estate is a spotty animal. Prices on the Oregon coast went up over 100% in a few towns (e.g. Florence) last year. Sticker shock hit very hard. The odd thing about that is there are no jobs in the areas where prices went sky high. The locals were forced to flee because rents also went up. That was later year. Today prices on the Oregon coast are falling again.
Realtors are misleading the public like crazy. They are also being sued by the feds for anti-trust violations (price fixing) right now. In my personal opinion, the feds ought to be prosecuting them under RICO for ponzi scheme games.Read more here
Yesterday's numbers were for NEW home sales. Sales were up, but prices were way down. Today's press release is for EXISTING homes. Overall, housing is doing poorly. I wouldn't celebrate a 16% sales gain if it were accompanied by a 11% price drop.
And of course your expertise is renowned.
What!!! I can't believe you're maligning such an ethical group of fine upstanding business people. I mean, look at the additions they've made to our language:
Cozy = cramped
Step saver kitchen = micro-kitchen with barely enough room for a toaster
Secluded = five miles from nearest paved road
Handyman's special = bring a wrecking ball and Dumpster
Needs 'TLC' = bring two Dumpsters
Natural setting = Hope your DR trimmer has plenty of gasoline
Peek-a-boo view of... = In winter, when the leaves are off the trees, you might be able to see the ... from the bathroom window
Near highway = Interstate noise all day and all night
Yeah, I used to work with them, too.
You're funny. Buy any foreclosures yet? LOL!
I have traveled the entire west coast in the past two months, interviewing people who sold their homes.
How many people?
In my personal opinion, the feds ought to be prosecuting them under RICO for ponzi scheme games.
You don't know what a Ponzi scheme is, do you?
Excerpt:
Housing prices will suffer from a "significant increase in defaults and foreclosures," he said, with affordability still a major issue. Wyss worried how hard the slump will hit already highly inflated housing markets. * * *
"The run up," Yun said, "was an investor-demand driven boom, and it was followed by an investor-driven collapse." * * *
New Home Price Crashed at Least 11% Already . . . plus another 8% says CNN quoting the NAR. The true figure is out there, somewhere (18% - 35%).