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The market correction still has a ways to go fall in line with historical averages. Once it gets there, perhaps we can stop focusing on treating homes as assets and more like what they are there for, places to live and raise a family.
And don't forget new tax values coming out in a couple of weeks with months lagging on the tax rate. It will be interesting to see how this affects the market.
The announcement by B of A about more layoffs aren't helping any either. I think we'll need to see a turnaround with unemployment #'s before we see this housing market turn.
Where are you getting this information?
I was curious what announcement you are referring to?
I was curious what announcement you are referring to?
jordysmamma, maybe this was what Jake was referring too??
"Bank of America looking for deeper cuts"
Bank of America looks for deeper cuts - CharlotteObserver.com (http://www.charlotteobserver.com/2011/01/22/1999675/bofa-looks-for-deeper-cuts.html - broken link)
Realtors represent the interests of the buyers and sellers.
Look quilter, there are some people that have been on city data for quite awhile and do not buy that line.
Whenever you have a 100% COMMISSION based system, you cannot be objectionable....that is sales 101. Your paycheck is based on VOLUME. You do not make a SALE, you don't eat, period, end of story.
Also, don't get me started on the NAR which is a bunch of lying thieves who don't care about the economy, they just care about home sales whether they are in (or not) the best interest of the consumer.
Some of us contrary to what you may believe did not just fall off the turnip truck and understand a little about real estate...look at the history of the arguments posters like Mikeykid, Ani, & myselft have been beating for 3 years before it was "in vogue" to beat on the housing market....we fought all the cheereleaders/realtors arguments and look where we are now.
NAR and RE agents - if the glass has a drop in it then it's "half full". They are always going to approach rhetoric and "articles" highlighting the positives. To argue differently is ludicrous. Show me a salesperson on commission who will caution you about buying something from them. Please.
I fully realize that there are agendas for all (even those reporting the doom and gloom statistics) so everything related to the housing market has to involve your own due diligence. If you're only listening to one side of the story then you're being foolish. Balance and research is the key.
The main problem and issue for some us is that the "raw data" isn't broadly available for independent analysis - in fact, it's rabidly protected and horribly decentralized... Even then, the RE industry is policed by its own in a market 100% driven by comparable sales. The "value" of a property is determined by an archaic appraisal system and further colluded by small Mom n Pop regional MLS vendors who don't necessarily have all the data because not everything goes through MLS. Oversight and external auditing is non-existent, so there have to be questioned. Trust us - we have the buyer's and seller's best interests in mind because we say we do.
There's much truth in the fact that the housing market is in a complete freefall.
I totally agree with this comment from the article you linked.
"I cannot accept my job being given to a person making 1/8 my salary from a minor tech school in India or China. Note that the smart university educated India and Chinese nationals are not what the bank gets for 1/8 of an American salary. The smart foreign nationals are laid off just like Americans for the cheap H1B Visa folks the banks have been hiring recently."
And this is not recently... only recently the layoffs been occuring.
Read more: Bank of America looks for deeper cuts - CharlotteObserver.com (http://www.charlotteobserver.com/2011/01/22/1999675/bofa-looks-for-deeper-cuts.html##ixzz1Bt70mz6w - broken link)
Quote:
Originally Posted by azhousing
jordysmamma, maybe this was what Jake was referring too??
"Bank of America looking for deeper cuts"
Bank of America looks for deeper cuts - CharlotteObserver.com (http://www.charlotteobserver.com/2011/01/22/1999675/bofa-looks-for-deeper-cuts.html - broken link)
BoA (and the banking industry for that matter in general) needs to look no further then top management compensation... It's disgusting.
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