... unexpectedly
Remember....realtor.com has their profession to watch over...I don’t trust websites that protect their members through possible false stats.....
Cap gains taxes skyrocketing next year might have something to do with people being more willing to accept a loss on their property.
If the world was going to Hell in a handbasket, Lawrence would report that, as he had expected, the market is recovering and home sales in the warmer environments have significantly improved the market.
Larry opines...
"Now is a great time to buy a home! Contact a REALTOR today
Lies... liars... and the lies they do tell.
LLS
how many are they listing that are really refinancing?
Just had my home reappraised for a refinance. Value has dropped significantly. I highly doubt that there is a ‘resurgence’ in housing at this point. If sales are up at all its likely because people are desperate to sell and affordability has increased significantly. Also, with a flat economy interest rates have plummeted even further, so it’s a good time for anyone with the cash to buy. None of that means the economy is rebounding.
My experience from the last 30 years spent in the real estate industry is that the NAR cooks the books regularly. Never admit anything negative, even when it is reality. The NAR is a useful reference site because most people know so little about what is truthfully going on in the industry, and Americans will believe ANYTHING that makes them feel better, even for a minute.
WHERE, pray tell, is this ‘improving job market’? There are fewer job losses because there aren’t any jobs left to lose.
The bulk of the purchasers are investors who have the banks so freaked they have made it virtually impossible for a potential resident-purchaser to close a deal. Even a cash-in-hand purchaser is suspect. The same bank that will not look at a 95% offer today may reduce a list price 10% next week. Pure lunacy reigns supreme.
But, Newt’s got it all figured out; all of the out-of-work Americans, NAFTA victims, who are now homeless only need to go back and learn what the founding fathers prescribed in the Constitution, re-educate and re-train themselves, and the blue birds will once again fly and the 50’s will magically re-appear. ARRRRGH!!!
Lots of homes still for sale. The roads are quiet in the a.m. and there are no sounds of auto hammers. When I hear those sounds that wake me up, then I’ll know for sure the housing market and jobs are improving. The only thing I hear early in the a.m. is birds and distant barking. I still see closed real estate offices and mini malls. Bottom line, the economy hasn’t shown any improvement.
The stock market is up huge, with more to come. People have cash and are wiling to spend it again.
“Pending” being the key word. What’s happening in my part of the country (FL) lots of sales fall through, mainly becauuse of appraisals coming in lower than is needed to finance the home.
That probably wouldn’t be the case with a foreclosure though, might be, but probably not.
bump
IF a realtor sold 1 home last year & has sold 2 this year, the headlines from the MSM will read:
100% increase in home sales!!!
According to CoreLogic, the visible supply of unsold inventory was 4.2 million units in August 2010, the same as the previous year. The visible inventory measures the unsold inventory of new and existing homes that were on the market. The visible months’ supply increased to 15 months in August, up from 11 months a year earlier due to the decline in sales during the last few months.
The total visible and shadow inventory was 6.3 million units in August, up from 6.1 million a year ago. The total months’ supply of unsold homes was 23 months in August, up from 17 months a year ago. Although it can vary and it depends on the market and real estate cycle, typically a reading of six to seven months is considered normal so the current total months’ supply is roughly three times the normal rate.
BS these are short sales under hardship.
These are people who have given up and realize there is no chance to save their homes because, modifications are a scam, law firms and banks are given preferential treatment in the courts, AND there is no clear title to be had.